Industrial

Transwestern Fund Acquires 1.5 MSF Industrial Portfolio in Columbus

by Kristin Harlow April 23, 2019

COLUMBUS, OHIO — On behalf of its TSP Value and Income Fund II, Transwestern Investment Group has acquired a 1.5 million-square-foot industrial portfolio in Columbus for an undisclosed price. The portfolio includes three buildings: a 706,162-square-foot building at 3880 Groveport Road; a 403,122-square-foot facility at 3800 Lockbourne Industrial Parkway; and a 398,471-square-foot building at 4150 Lockbourne Industrial Parkway. The portfolio is approximately 50 percent leased to four tenants. The properties feature clear heights of 22 to 24 feet and more than 500 car and 400 trailer parking positions across the three assets. Kurt Sarbaugh and Robin Stolberg of HFF represented the seller, a joint venture between Singerman Real Estate and Green Door Capital. Ken Martin and Brian Carolton of HFF arranged acquisition financing with TBK Bank.

April 23, 2019

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Arranges Sale of 58,590 SF Self-Storage Facility in Utica, Michigan

by Kristin Harlow April 23, 2019

UTICA, MICH. — Marcus & Millichap has arranged the sale of EZ Storage, a 58,590-square-foot self-storage facility in Utica. The sales price was not disclosed. Located at 12700 E. Utica Park Blvd., the 547-unit property includes both climate-controlled and non-climate-controlled units. The facility is 98 percent occupied. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property for sale on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.

April 23, 2019

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 43,325 SF Industrial Building in Chicago

by Kristin Harlow April 23, 2019

CHICAGO — Cawley Chicago has brokered the sale of a 43,325-square-foot industrial building in Chicago for an undisclosed price. The property is situated on 1.8 acres at 4834 S. Oakley Ave. and includes fenced parking and outside storage. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, MPC Real Estate LLC. Draper and Kramer represented the buyer, Bridgewater Studio Inc., which will occupy the building.

April 23, 2019

Acquisitions Industrial Midwest Nebraska Self-Storage

StorageMart Adds Four Self-Storage Locations in Greater Omaha

by Kristin Harlow April 22, 2019

OMAHA, NEB. — StorageMart has acquired the Omaha Mini Storage Portfolio, adding four self-storage facilities to its footprint. The properties, located on Harrison Street, I Street and Industrial Road, offer climate-controlled units as well as drive-up units. StorageMart plans to make renovations to the facilities, including adding perimeter fencing, gates with keypad access and LED lighting. Plans also call for renovated offices, new paint and paving repairs. StorageMart is based in Columbia, Mo.

April 22, 2019

Development Industrial North Carolina Southeast

Chewy to Open $55M Distribution Center in North Carolina, Create 1,200 New Jobs

by Alex Tostado April 22, 2019

SALISBURY, N.C. — Online pet products retailer Chewy will open a $55 million distribution center in Salisbury, a city located roughly midway between Charlotte and Greensboro. The project is expected to bring 1,200 new jobs to the area. Local media outlet The Salisbury Post reports that the facility will span about 700,000 square feet, and that the groundbreaking will be held in May with completion slated for June 2020. The property will be the ninth fulfillment center in the country for Chewy, which is headquartered in Boston and Dania Beach, Fla. In April 2017, PetSmart acquired Chewy for a reported $3.35 billion.

April 22, 2019

Industrial Leasing Activity Massachusetts Northeast Office

R.W. Holmes Negotiates 14,011 SF Lease for Flex Space in Burlington, Massachusetts

by Taylor Williams April 22, 2019

BURLINGTON, MASS. — R.W. Holmes Commercial Real Estate has negotiated a 14,011-square-foot lease for flex space at 141 Middlesex Turnpike in Burlington, about 20 miles northwest of Boston. The tenant was Zimmer Northeast, a subsidiary of Zimmer Biomet (NYSE: ZBH), which manufactures and distributes orthopedics products. Mike Ogasapian and Garry Holmes of R.W. Holmes represented the tenant in the lease negotiations. Jordan Yarboro and Madison Chambers of JLL represented the landlord, The Berman Cos.

April 22, 2019

Kennedy-Greens-Distribution-Center-I-Houston

Development Industrial Texas

Clay Development Breaks Ground on 524,528 SF Spec Distribution Center in Houston

by Taylor Williams April 22, 2019

HOUSTON — Clay Development & Construction Inc. has broken ground on Kennedy Greens Distribution Center I, a 524,528-square-foot speculative industrial facility that will be located near George Bush Intercontinental Airport on Houston’s north side. The 29.2-acre site on which the facility will be situated is housed within Clay’s 145-acre Kennedy Greens South Business Park and allows for additional expansion of up to 500,000 square feet. The building will be designed as a cross-dock facility with 36-foot clear heights, 60-foot speed bays, 107 dock-high doors, 130-foot truck courts, 300 employee parking spaces and the option of 130 trailer parking spaces. Completion is slated for the fourth quarter. Clay will work with CBRE on marketing and leasing of the property. Trustmark Bank provided construction financing for the project.

April 22, 2019

Industrial Leasing Activity Texas

NAI Partners Negotiates 12,000 SF Industrial Lease in Houston

by Taylor Williams April 22, 2019

HOUSTON — NAI Partners has negotiated a 12,000-square-foot industrial lease at 8020 Leghorn St. in Houston. According to LoopNet Inc., the property was built in 1998, offers 26,000 square feet of rentable space and features 18- to 20-foot clear heights. Andy Parrish and Lesley Rice of NAI Partners represented the landlord in the lease negotiations. The tenant was Texas-based Cooper Flooring.

April 22, 2019

Acquisitions California Industrial Western

Innovative Industrial Properties Buys Southern California Industrial Portfolio for $27.1M

by Amy Works April 22, 2019

SAN DIEGO — Innovative Industrial Properties (IIP) has acquired a five-property industrial portfolio in Southern California for $27.1 million. The assets total 102,000 square feet of industrial space. This acquisition marks IIP’s second investment in California, following the company’s acquisition in Sacramento earlier this year. The company claims to be the only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a licensed cannabis operator. The tenant intends to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities in accordance with California regulations.

April 22, 2019

Arizona Development Industrial Western

Conor Commercial, Globe Corp. Assemble 18.8-Acre Land Parcel for Airport 40 Spec Industrial Project in Phoenix

by Amy Works April 22, 2019

PHOENIX — Conor Commercial Real Estate and Globe Corp. have assembled 18.8 acres within the Sky Harbor Airport submarket of Phoenix for the development of Airport 40, a 320,700-square-foot speculative industrial development. Construction is slated to begin in June, the two-building project will include Building 1, a 211,900-square-foot rear-load facility featuring 40 dock-high doors and six drive-in doors; and Building 2, a 108,800-square-foot property with 28 dock doors and four drive-in doors. Both buildings will feature 32-foot clear heights, built-to-suit office space, ample vehicle parking and 75 oversized truck trailer stalls. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the purchase of the parcels in three separate transactions for a combined total of $8.1 million.

April 22, 2019

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