Industrial

Industrial Logistics Properties Trust Secures $650M Refinancing for Hawaiian Portfolio

by David Cohen January 30, 2019

OAHU, HAWAII — Industrial Logistics Properties Trust (NASDAQ: ILPT) has secured a $650 million mortgage loan secured by an industrial portfolio in Oahu. The portfolio includes 186 properties, which total approximately 9.6 million square feet. The 10-year loan applies to approximately 57 percent of ILPT’s total owned square footage in Hawaii. As of Dec. 31, 2018, the average remaining lease term for these properties was more than 14 years and the occupancy was nearly 100 percent. “We are pleased to term out our floating rate debt with attractive, long-term, fixed-rate debt and to demonstrate the tremendous value of these unique Hawaiian assets,” says John Murray, CEO of Industrial Logistics Properties Trust. “While the underlying assets had a net book value of less than $500 million at year end 2018, this loan provides us with $650 million of capital to fund value-enhancing external growth opportunities.” Terms of the non-amortizing financing included a fixed interest rate of 4.3 percent. Morgan Stanley, Citi, UBS and J.P. Morgan provided the capital. Sullivan & Worcester LLP provided legal counsel to Industrial Logistics Properties Trust in the transaction. ILPT stock closed at $20.79 per share on Tuesday, Jan. 29, down from $22.47 one year ago. — David …

January 30, 2019

Industrial Leasing Activity South Carolina Southeast

Domino’s Pizza Signs 68,000 SF Lease for New Industrial Facility in West Columbia, South Carolina

by Alex Tostado January 29, 2019

WEST COLUMBIA, S.C. — Domino’s Pizza has signed a 68,000-square-foot lease for a new processing and distribution facility in West Columbia. Construction is expected to begin in the first quarter of this year. Domino’s plans to add 75 jobs to the area. Hiring is scheduled to start in the fourth quarter of this year, with the facility being delivered in the second quarter of 2020. Ken Ashley, John Wilkinson and Whitney Hembree of Cushman & Wakefield, along with Lee Warfield of Cushman & Wakefield | Thalhimer, represented the tenant in the lease negotiations. The developer and landlord were not disclosed.

January 29, 2019

Acquisitions Industrial Northeast Pennsylvania

Markward Group Orchestrates $1.4M Sale of Industrial Facility in Allentown

by David Cohen January 29, 2019

ALLENTOWN, PA. — Markward Group has arranged the $1.4 million sale of a 29,200-square-foot industrial property in Allentown. Located at 2811 Emmaus Ave., the building is currently partly occupied by Jack Williams Tire & Auto Service Center. Ann E. Kline of Markward Group represented the seller, Keller Moving and Storage, in the transaction. The buyer was S.J. Williams Family Partnership.

January 29, 2019

Acquisitions Industrial Northeast Pennsylvania

Endurance Real Estate Acquires Distribution Facility in Pennsylvania for $23.7M

by David Cohen January 28, 2019

BENSALEM, PA. — Endurance Real Estate Group has acquired 450 Winks Lane, a 430,373-square-foot warehouse and distribution center in Bensalem for $23.7 million. The property is currently 97 percent leased to three tenants, National Refrigeration Inc., Rolled Metal Products Inc. and Brenner Aerostructures LLC. Gerry Blinebury, Gary Gabriel, Kyle Schmidt and Jonas Skovdal of Cushman & Wakefield represented the seller, Ivy Realty LLC, in the transaction. Built in 1973 and renovated in 2018, the property includes clear heights of up to 40 feet, LED lighting, 38 dock-high loading doors and six drive-in doors. National Refrigeration, Rolled Metal Products and Brenner Aerostructures utilize the facility for manufacturing, warehousing and distribution.

January 28, 2019

Acquisitions Development Industrial New Jersey Northeast

CBRE Brokers $8M Sale of Development Site in Lyndhurst, New Jersey

by David Cohen January 28, 2019

LYNDHURST, N.J. — CBRE has brokered the $8 million sale of a five-acre development site in Lyndhurst. Located at 1290 Wall St., the property can accommodate up to 85,400 square feet of warehouse and distribution space. Brian Fiumara, Michael Hines, Brad Ruppel, Lauren Dawicki and Thomas Monahan of CBRE represented the seller, Rugby Realty Co., in the transaction. The buyer was Gramercy Property Trust.

January 28, 2019

Acquisitions Industrial Texas

G-Tech Buys 32,606 SF Industrial Property in Brookshire, Texas

by Taylor Williams January 28, 2019

BROOKSHIRE, TEXAS — G-Tech Development LLC has acquired a 32,606-square-foot industrial property located at 35002 Cooper Road in Brookshire, about 40 miles west of Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the seller, Koomey Building LLC, in the transaction. Glen Dickerson of NewQuest Properties represented the buyer.

January 28, 2019

Acquisitions Arizona Industrial Western

C&W|PICOR Negotiates $3.9M Acquisition of 44,736 SF Industrial Building in Tucson, Arizona

by Amy Works January 28, 2019

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the purchase of an industrial property located at 4551-4571 S. Alvernon Way in Tucson. Walter & Sons LLC acquired the building from HS-Tucson AZ LLC for $3.9 million. Rite Way Heating, Cooling & Plumbing will occupy the 44,736-square-foot building. Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the buyer, while William Di Vito of CBRE represented the seller in the transaction.

January 28, 2019

Acquisitions Colorado Industrial Top Stories Western

Etkin Johnson Sells 19-Property Industrial Portfolio in Colorado to Berkeley Partners for $247.5M

by Taylor Williams January 28, 2019

DENVER — Etkin Johnson Real Estate Partners, a Denver-based investment and development firm, has sold its portfolio of industrial assets in Colorado to San Francisco-based Berkeley Partners for $247.5 million. The deal represents the largest industrial portfolio sale ever closed in Colorado. The portfolio, which was 93 percent leased at the time of sale, comprises 19 properties totaling approximately 1.95 million square feet of industrial space. The facilities range in size from 26,078 to 293,510 square feet. Etkin Johnson acquired the properties between 1990 and 1998. All 19 assets are located in cities within Colorado’s Front Range, including Denver, Boulder, Colorado Springs, Aurora and Golden. “This was a very well-constructed portfolio of infill industrial,” says Matt Novak, partner at Berkeley Partners, which has more than $625 million in assets under management. “The Denver metro has been experiencing rapid growth, and this acquisition provides us a critical mass of properties in the market. Our goal is to hold these assets for 10- to 20-plus years, benefiting from the favorable long-term industrial supply-demand fundamentals.” Jim Bolt, Jeremy Ballenger, Tyler Carner and Mike Winn of CBRE represented Etkin Johnson in the transaction, which marks Berkeley Partners’ first acquisition in Colorado. — Taylor Williams

January 28, 2019

Development Industrial Texas

Majestic Realty Breaks Ground on 423,280 SF Spec Industrial Project in Laredo

by Taylor Williams January 25, 2019

LAREDO, TEXAS — California-based Majestic Realty Co. has broken ground on a 423,280-square-foot speculative industrial project within Port Grande Logistics Port in the south Texas city of Laredo. The development follows a 200,000-square-foot lease with Source Logistics, a third-party logistics firm, which brought the property’s first building to full occupancy. The new building will feature 32-foot clear heights, 120 dock-high doors, 242 trailer parking spaces and 208 automobile parking spaces. Completion is scheduled for the fourth quarter. Majestic acquired the 2,000-acre Port Grande Logistics Port from a subsidiary of Mercedes-Benz in 2015.

January 25, 2019

Industrial Loans New Jersey Northeast Self-Storage

Tulfra Secures $10.3M Construction Loan for Self-Storage Facility in New Jersey

by David Cohen January 25, 2019

ROCHELLE PARK, N.J. — Tulfra Real Estate has secured a $10.3 million construction loan for a self-storage facility in Rochelle Park. Located at 120 W. Passaic St., the planned 100,0000-square-foot property will include 823 units. The lender was First Bank of Hamilton. Terms of the financing were not disclosed. The new self-storage facility will be managed by CubeSmart.

January 25, 2019

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