CINNAMINSON, N.J. — PGIM Real Estate has provided a $129.1 million loan for the refinancing of Box Park Logistics Center, a 1.2 million-square-foot industrial property located in the Southern New Jersey community of Cinnaminson. The development currently comprises a single building that can be expanded by 300,000 square feet. Building features include a clear height of 40 feet, four drive-in doors, 188-foot truck court depths, an ESFR sprinkler system and parking for 549 cars and 216 trailers. Both parking figures are also subject to expansion. The borrower is Chicago-based Logistics Property Co.
WHEELING, ILL. — Principle Construction has completed Phase I of a renovation project for SMW Autoblok in Wheeling. This initial phase prepares the facility for a future expansion encompassing office and warehouse space. Principle previously completed a significant expansion for the tenant at the same address in 2008. SMW Autoblok, a manufacturer of turning and grinding machine tools, is implementing an automated parts picking system with the Kardex system. Phase I of the project involved constructing a walled enclosure for the Kardex system, a new shipping office and a pump room. The next phase will add a new showroom, main conference room and general office upgrades. Partners in Design was the project architect.
WILMINGTON, DEL. — Law firm Heyman Enerio Gattuso & Hirzel LLP has signed a 13,918-square-foot office lease in Wilmington, Del. The space is located within PNC Bank Center in the downtown area. John Kaczowka of CBRE represented the landlord, Douglas Development, in the lease negotiations. Cindy Fleming of JLL represented the tenant, which is taking space on the ninth floor of the newly renovated building.
LOUISVILLE, KY. — Stellar Snacks, a snack manufacturer based in Carson City, Nev., has officially opened its new $137 million pretzel bakery in west Louisville. The company held a ribbon cutting ceremony attended by various dignitaries, including Kentucky Gov. Andy Beshear and Louisville Mayor Craig Greenberg. The new Stellar Snacks factory is located within an existing 434,000-square-foot industrial building at 1391 Dixie Highway. The factory will create 350 full-time jobs over the next 10 years, which makes it the largest economic development project in west Louisville over the past 20 years. Stellar Snacks currently operates its original 101,000-square-foot facility in Carson City, where it employs more than 170 people. The company was founded in 2019 by mother-daughter duo Elisabeth and Gina Galvin, making Stellar Snacks the first woman-owned pretzel manufacturer in the United States. The pretzel maker distributes products to more than 5,000 grocery and retail stores nationwide.
SUMMERVILLE, S.C. — A partnership between Portman and CapitaLand Ascendas REIT has broken ground on Summerville Logistics Center, a two-building industrial campus located along U.S. Highway 78 in Summerville, a Charleston suburb within Dorchester County. The site will include two rear-load facilities — one 313,000 square feet and the second 236,000 square feet — with a shared truck court that will be constructed simultaneously. The park will be situated near I-26 and roughly 25 miles from the Port of Charleston. Truist Bank is providing an undisclosed amount of construction financing, and Lee & Associates will lead the leasing efforts for Summerville Logistics Center. The project team also includes general contractor Frampton Construction, civil engineer Seamon Whiteside and architect McMillan Pazdan Smith. Portman and CapitaLand Ascendas REIT plan to deliver Summerville Logistics Center by the end of 2025.
FORT WORTH, TEXAS — Adolfson & Peterson (AP) Construction has completed Mid Cities Logistics, a 908,300-square-foot industrial project in southeast Fort Worth. Designed by metro Dallas-based Alliance Architects, Mid Cities Logistics comprises five buildings on a 65-acre site at the intersection of Buttercup Lane and Boswell Drive. All five buildings can support storage, distribution and light manufacturing uses. Construction began in early 2023. An entity doing business as Mid Cities Logistics LLC owns the property.
PHILADELPHIA — JLL has brokered the sale of three self-storage facilities in the Philadelphia area. The facilities, which traded as part of a 468,266-square-foot portfolio deal that includes three other facilities in South Florida, are located at 1354 Hook Road in Sharon Hill, 3952 N. Providence Road in Newtown Square and 4440 E. Bristol Road in Trevose. A partnership between Metro Self Storage and Heitman sold the portfolio to Andover Properties, which will rebrand the facilities under its Storage King USA flag. Brian Somoza led the JLL team that brokered the deal.
LOS ANGELES AND MILPITAS, CALIF. — Gantry has secured $18.9 million in permanent loans for three self-storage facilities in California. The Saf Keep-branded properties offer a total of 2,654 units, with two facilities in Los Angeles and one in Milpitas. Tom Dao and Erinn Cooke of Gantry represented the borrower, a private real estate investor. The three 10-year loans were provided by one of Gantry’s correspondent life company lenders and feature 30-year amortization schedules. The loan terms were structured with exact nonrecourse provisions, generous prepayment windows, ease of execution and competitive rates.
BILLERICA, MASS. — Marcus & Millichap has arranged the $5.7 million sale of a 40,000-square-foot industrial flex building in Billerica, a northwestern suburb of Boston. The building sits on a 2.9-acre site at 4 Federal St. and was fully leased at the time of sale to Boston Semi Equipment. Harrison Klein, Luigi Lessa and Mattias Edenkrans of Marcus & Millichap represented the seller in the transaction. Peter Kim of Berkshire Hathaway procured the buyer. Both parties requested anonymity. Miguel Encarnacion of NAI | Parsons Commercial Group was also involved in the transaction.
CAROL STREAM, ILL. — Development Solutions Inc. (DSI) has broken ground on a 200,000-square-foot warehouse expansion for Frain Industries at 245 E. North Ave. in the Chicago suburb of Carol Stream. The addition will connect to Frain’s existing 330,000-square-foot facility, resulting in a combined footprint of 530,000 square feet. Upon completion, Frain Industries will operate the largest privately owned facility in Carol Stream, second in size only to the local post office, according to DSI. Completion is slated for June 2025. Headquartered in Carol Stream, Frain works in the packaging and processing industries.