CLEARWATER, FLA. — Pinch A Penny, a swimming pool retail, service and repair franchise, has sold two industrial buildings totaling 224,192 square feet in Clearwater. The buildings are located at 14480 and 14550 62nd St., three miles west of St. Pete-Clearwater International Airport and 19 miles west of downtown Tampa. Pinch A Penny sold the assets after vacating the property to expand its footprint into new facilities. The buyer was not disclosed, but the Tampa Bay Business Journal reports Blue Steel Development acquired the two industrial buildings. The buyer plans to significantly renovate the two Class C buildings. Rick Narkiewicz of Newmark Knight Frank (NKF) represented the seller in the transaction.
ROLLING MEADOWS, ILL. — Krusinski Construction Co. has completed a 112,500-square-foot distribution and packaging facility for School Health, a provider of health supplies, services and solutions. The two-story building is located at 5600 Apollo Drive in Rolling Meadows. School Health is relocating from Hanover Park. The project included the demolition of an existing building onsite. The new facility features a clear height of 32 feet, more than a dozen dock doors, LED lighting and 30,000 square feet of office space. The project team included architect Ware Malcomb, civil engineer SpaceCo Inc. and Trammell Crow Co. as the owner’s representative.
ELGIN, ILL. — Brown Commercial Group has negotiated the sale of a 26,000-square-foot industrial building located at 2475 Millennium Drive in Elgin for an undisclosed price. Foderaro Investment Partnership Corp. purchased the building, which will house V&F Transformer Corp., a manufacturer of custom-designed transformers and reactive magnetic components. Built in 2002, the building is situated on a 1.5-acre site within an industrial park near I-90. Jim Pietrarosso of Brown Commercial represented the buyer. Dan Brown of Brown Commercial represented the seller, 2475 Millennium Drive Holdings LLC.
NORTHBOROUGH, MASS. — Steris Corp., a manufacturer of medical devices, has purchased a warehouse in Northborough, located about 30 miles west of Boston, for $6.8 million. The property, 425 Whitney St., is a 45,718-square-foot warehouse with office space. Steris already owns the neighboring property, 435 Whitney St. CBRE’s Bob Gibson, Rachel Marks and Chelsea Andre represented the seller, a fund managed by DRA Advisors LLC.
LAS VEGAS — Invesco Real Estate and TA Realty Advisors have purchased 10 fully leased industrial buildings in Las Vegas from a private family trust for $117 million. Atlanta-based Invesco acquired four of the buildings, totaling 651,210 square feet, in North Las Vegas, while Boston-based TA Realty purchased the remaining six buildings, totaling 350,000 square feet in Southwest Las Vegas. Michael Kendall, Gian Carlo Bruno, Spencer Pinter, Dan Doherty, Paul Sweetlands, Chris Lane and Jerry Doty of Colliers International represented the seller in the deal.
HOUSTON — Cypressbrook Co. has negotiated the sale of a 28,896-square-foot office/warehouse property located at 23219 West Hardy Road in Houston. According to LoopNet Inc., the property was built on 1998 and features 22-foot clear heights. Greg Usher of Cypressbrook represented the seller, WHRM Hardy Investments LLC, in the sale. Margaret Ann Cook of Fritsche Anderson Realty Partners represented the buyer, ieSmart Systems LLC.
FLINT, MICH. — U-Haul has opened a retail and self-storage facility at 3083 Miller Road in Flint. The site was formerly home to a vacant Kmart store. U-Haul offers a full line of moving supplies, boxes, hitch accessories and bike racks. The store also offers truck and trailer sharing, self-storage and propane. U-Haul acquired the 99,269-square-foot building last October and renovated it to house approximately 800 indoor self-storage units. Originally constructed in 1963, the building had sat vacant since 2016.
Developers of self-storage properties in major Texas cities are consciously putting the brakes on new construction as they wait for excess supply to be absorbed and for positive rent growth to return to the market. The market has been moving in this direction for some time. While property owners have generally maintained occupancy rates that meet pro forma thresholds for profitability, rent growth has been and will likely remain stunted. Supply growth has led to competitors cannibalizing each other’s market shares. In addition, ever-rising construction costs and a dwindling inventory of buildable sites are also governing the pace of new self-storage development. While certain pockets of developable sites still exist here and there, lenders and equity providers have also taken note of the saturated landscape and are tightening their purse strings for self-storage projects. “With respect to major markets, there’s no question that the pipeline is thinning out, and for projects that haven’t yet started construction, probably half of those proposed won’t come to fruition during this cycle,” says Bill Brownfield, owner of Brownfield & Associates, the Houston-based branch of industry-tracking firm Argus Self-Storage. “Markets are largely stabilized in terms of occupancy. But rent concessions and discounts have not only …
ATLANTA — The Ardent Cos. has acquired three industrial buildings totaling 112,935 square feet within the Armour Yards district in Atlanta. The buyer plans to reposition the space into office loft space. The three buildings are 279 Ottley Drive (49,500 square feet), 221 Armour Drive (47,775 square feet) and 219 Armour Drive (15,660 square feet). The properties are located off Interstates 75 and 85, between Buckhead and Midtown near Sweetwater Brewery. A timeline for the renovations was not disclosed. Michael Anderson of Cresa Global Inc. represented the buyer in the transaction. The seller was DH Pace, parent company of Overhead Door Co. According to Atlanta Business Chronicle, Ardent cquired the buildings for $14.7 million and Overhead Door will vacate the buildings in the fourth quarter of 2019.
ROCKAWAY, N.J. — Cushman & Wakefield has arranged the sale of a 170,000-square-foot industrial asset in Rockaway, a city located about 30 miles west of New York City. The six-building complex at 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies. Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald, Jordan Sobel and Stephen Sander of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The team also procured the buyer, New York-based investor Davco Group.