Industrial

Dayton Street Partners Buys 42,000 SF Industrial Property in Chicago for $2.8M

by Kristin Harlow September 18, 2018

CHICAGO — Dayton Street Partners has acquired a 42,000-square-foot industrial property in Chicago for $2.8 million. The vacant building is situated on 1.7 acres at 2501 West Fulton St. Constructed in the 1960s, the property features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street plans to renovate the property with new LED lighting and parking lot improvements. Scott Duerkop and Dominic Carbonari of JLL represented the seller, Keystone.

September 18, 2018

Industrial Leasing Activity New Jersey Northeast

Humanscale Signs 155,000 SF Industrial Lease in Piscataway

by David Cohen September 17, 2018

PISCATAWAY, N.J. — Ergonomic office solutions provider Humanscale has signed a 155,000-square-foot lease at the Rockefeller Group Logistics Center, currently under construction in Piscataway. The 2.1-million-square-foot logistics center will be comprised of five buildings ranging in size from 200,000 to 725,000 square feet. Cushman & Wakefield represented the owners, Rockefeller Group and joint venture partner PCCP LLC, in the transaction. Humanscale was represented by Lennard Commercial Realty.

September 17, 2018

Acquisitions Florida Industrial Self-Storage Southeast

Marcus & Millichap Brokers $12.7M Sale of Self-Storage Facility in Broward County

by Camren Skelton September 17, 2018

MARGATE, FLA. — Marcus & Millichap has arranged the $12.7 million sale of Life Storage, a 64,629-square-foot self-storage facility located at 5185 Coconut Creek Parkway in Margate, a city in Broward County. Brett Hatcher and Gabriel Coe of Marcus & Millichap arranged the transaction on behalf of the seller and procured the buyer. Both parties were undisclosed limited liability companies.

September 17, 2018

Acquisitions Industrial Midwest Net Lease North Dakota

Boulder Group Brokers $5.7M Sale of Property Net Leased to Insurance Auto Auctions in Fargo, North Dakota

by Kristin Harlow September 17, 2018

FARGO, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Insurance Auto Auctions Inc. in Fargo for $5.7 million. The property is situated on 19 acres next to Hector International Airport. There are over 17 years remaining on the lease, which expires in November 2035. Randy Blankstein and Jimmy Goodman of Boulder brokered the sale. An institutional investor purchased the asset from a Southwest-based private developer.

September 17, 2018

Mira-Mesa-Distribution-Center-San-Diego-CA

Acquisitions California Industrial Western

Sukut Real Properties Buys 293,800 SF Mira Mesa Distribution Center in San Diego

by Amy Works September 17, 2018

SAN DIEGO — Orange County, Calif.-based Sukut Real Properties has acquired Mira Mesa Distribution Center, a multi-building distribution park located in San Diego’s Sorrento Mesa submarket. The Sickels Group sold the property for an undisclosed price. The property resides on a ground lease, which has approximately 68 years remaining. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Dean Asaro and Brant Aberg of Cushman & Wakefield’s San Diego and Orange County offices represented the seller in the deal. Located at 5960 Pacific Mesa Court and 5985 and 5995 Pacific Center Blvd., Mira Mesa Distribution Center comprises three buildings totaling 293,800 square feet. Developed in 1989, the campus features flexible divisibility options, efficient warehouse and office layouts, dock and grade loading and ample parking. At the time of sale, the property was fully leased to 10 national and international tenants.

September 17, 2018

California Industrial Loans Multifamily Western

Ready Capital Closes Two Loans Totaling $8.1M in California

by Amy Works September 17, 2018

BALDWIN PARK AND SAN FRANCISCO, CALIF. — Ready Capital Structured Finance has arranged two loans totaling $8.1 million for properties in California. In the first transaction, Ready Capital secured a $5.8 million loan for the acquisition, renovation and stabilization of a 23,000-square-foot industrial property with 3.4 acres of exterior storage space. The property is located in Baldwin Park within the San Gabriel Valley industrial submarket. The non-recourse, interest-only, floating-rate loan features a 24-month term and flexible pre-payment options. Additionally, the financing includes a facility to provide future funding for capital expenditures, working capital and operating shortfalls during the renovation and lease up. In the second transaction, the company arranged $2.3 million for the refinance of a multifamily property located at 6-8 Nottingham Place on the border of San Francisco’s North Beach and Financial District. The undisclosed sponsor operates the 11-unit property as part of its co-living portfolio. The non-recourse, fixed-rate loan features a 60-month term with flexible pre-payment terms and partial-term interest-only payments.

September 17, 2018

Acquisitions Industrial Texas

Ridgeline, Archway to Develop 685,400 SF Industrial Project in Metro Houston

by Taylor Williams September 17, 2018

HUMBLE, TEXAS — A partnership between Atlanta-based Ridgeline Property Group and Texas-based Archway Properties will develop Park Air 59, a 685,400-square-foot industrial project in Humble, a northeastern suburb of Houston. The cross-dock property will feature 40-foot clear heights, 153 dock-high doors, 180-foot truck court depths, 242 trailer parking spaces, 332 auto parking spaces and an ESFR sprinkler system. The groundbreaking of Park Air 59, which offers convenient access to Beltway 8, is scheduled for late September. Completion is slated for the second quarter of 2019.

September 17, 2018

Hines-Greens-Port-Industrial-Park-Houston

Acquisitions Industrial Texas

Hines Sells 447,605 SF Manufacturing Plant in Houston

by Taylor Williams September 17, 2018

HOUSTON — Houston-based Hines has sold a 447,605-square-foot manufacturing plant located within Greens Port Industrial Park in Houston. Situated on 41.5 acres, the property offers quick access to the Houston Ship Channel. The buyer was an undisclosed investor that acquired the property via a 1031 exchange. At the time of sale, the plant was fully leased to AFGlobal Corp., a Houston-based technology and manufacturing specialist. The sales price was also undisclosed.

September 17, 2018

Development Industrial Self-Storage Texas

GYS Development Opens Three-Story Self-Storage Facility in Metro Houston

by Taylor Williams September 17, 2018

PEARLAND, TEXAS — Grow Your Storage (GYS) Development, a builder of self-storage properties in Texas and the Western United States, has opened Blackhawk Self Storage, an 809-unit facility in Pearland, a southern suburb of Houston. The three-story property totals 107,000 square feet. GYS partnered with Colorado-based All Pro Capital Inc., which secured debt and equity for the project.

September 17, 2018

Acquisitions Delaware Illinois Industrial Midwest Minnesota Northeast Pennsylvania Texas Top Stories

Investcorp Acquires 56 Industrial Properties Across U.S. for $300M

by Taylor Williams September 17, 2018

NEW YORK CITY — The American investment team of Bahrain-based Investcorp has acquired 56 industrial properties totaling approximately 4.5 million square feet across seven major American markets. The purchase price was roughly $300 million. The portfolio includes nine warehouses in Minneapolis; 16 warehouse/flex buildings in Dallas; 14 warehouse/manufacturing buildings in Chicago; nine warehouse and flex buildings in Philadelphia and Delaware; five warehouse/manufacturing buildings in Phoenix; two industrial properties in Houston; and one industrial asset in San Antonio. All of the infill properties offer last-mile proximity to major population centers. The seller was not disclosed. “This acquisition gives us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the U.S.,” says Mohammed Alardhi, executive chairman of Investcorp. “This investment further reflects our commitment to growing Investcorp’s footprint in the U.S., which is a key driver of the firm’s overall growth strategy.” At the time of sale, the properties were collectively 90 percent occupied by tenants in the e-commerce, manufacturing, design, wholesaling and food services industries. The sale marks Investcorp’s ninth industrial portfolio acquisition in the last 36 months. Since 1996, Investcorp has purchased more than 550 properties with a total value in excess of $14 billion. …

September 17, 2018

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