Industrial

HFF Arranges $159.2M Recapitalization of Industrial Portfolio Located Primarily in the Midwest

by Kristin Harlow March 26, 2018

CHICAGO — HFF has arranged a $159.2 million recapitalization of an 11-property industrial portfolio totaling 2.8 million square feet in Georgia, Illinois, Michigan, Minnesota, Ohio, Pennsylvania and Texas. HFF represented the seller, a joint venture between Brennan Investment Group, Arch Street Capital Advisors LLC and Gatehouse Financial Group Limited, as well as the buyer, a new joint venture between Brennan Investment Group and Sidra Capital. Goldman Sachs provided a 10-year loan on behalf of the new owner. The fully leased portfolio, known as USIPA, is triple-net leased to nine tenants and features single-tenant buildings ranging from 90,000 to 578,000 square feet. Clear heights range from 17 feet to 34 feet. Claudio Sgobba, Christopher Carroll, Robin Stolberg, Kurt Sarbaugh, Matthew Schoenfeldt and Jules Sherwood of HFF made up the debt and equity placement team.

March 26, 2018

Acquisitions Industrial Midwest Minnesota Self-Storage

US Storage Centers, Harrison Street Acquire Two Self-Storage Facilities in Minnesota

by Kristin Harlow March 26, 2018

WHITE BEAR LAKE AND LAKE ELMO, MINN. — US Storage Centers, in partnership with Harrison Street Real Estate Capital LLC, has acquired two self-storage facilities in Minnesota for an undisclosed price. Both properties, which feature climate-controlled units, will be rebranded as US Storage Centers. One of the facilities, a 922-unit, 83,264-square-foot property, is located in White Bear Lake, about 20 miles northeast of Minneapolis. The other is a 790-unit facility with 69,038 square feet of self-storage space in Lake Elmo, about 24 miles east of Minneapolis. US Storage Centers currently manages approximately 8 million square feet of self-storage space nationwide.

March 26, 2018

Illinois Industrial Leasing Activity Midwest

NKF Negotiates 125,000 SF Industrial Lease Renewal for Leslie’s Poolmart in West Chicago

by Kristin Harlow March 26, 2018

WEST CHICAGO, ILL. — Newmark Knight Frank (NKF) has negotiated a 125,000-square-foot industrial lease renewal on behalf of Leslie’s Poolmart Inc. in West Chicago, about 38 miles west of the Windy City. The property is located at 320 Industrial Drive. Phoenix-based Leslie’s, which sells swimming pool and spa supplies, will use the space for warehousing products. Jerry Jacobs of NKF represented Leslie’s in the lease transaction. Adam Marshall and Mark Deady of NKF served as local advisors. David Prell of CBRE represented the landlord, Colony NorthStar Inc.

March 26, 2018

Development Industrial Nevada Western

SunCap Property, Colony NorthStar Acquire Site for 752,838 SF Industrial Campus in Las Vegas

by Amy Works March 26, 2018

LAS VEGAS — A joint venture between SunCap Property Group and Colony NorthStar has acquired a 40-acre development site located at the southeast corner of N. Las Vegas and N. Lamb boulevards in Las Vegas. The partnership plans to develop SunPoint Crossing, a Class A light industrial campus on the site. Spanning three buildings, the campus will feature 752,838 square feet of industrial space. Divisible to 35,000 square feet, the buildings will feature tilt-up concrete construction, 32-foot clear ceiling heights, ESFR sprinklers, dock-height and grade-level doors with trailer parking. Construction is slated to begin this summer for delivery of shell buildings in summer 2019. Jeremy Green and Tyler Ecklund of CBRE’s Las Vegas office is handling marketing for the development.

March 26, 2018

Acquisitions Industrial Top Stories

FRP Holdings to Sell 41 Warehouses to Blackstone for $358.9M

by Taylor Williams March 26, 2018

JACKSONVILLE, FLA. — Jacksonville-based investment firm FRP Holdings Inc. (NASDAQ: FRPH) has entered into an agreement to sell 41 warehouses to an affiliate of The Blackstone Group (NYSE: BX) for $358.9 million. Two of the properties include adjacent lots that were included in the sale. The individual locations of the warehouses were not disclosed. However, according to the company’s 8-K form filed with the Securities & Exchange Commission (SEC), FRP’s portfolio is largely located in the Baltimore and Washington, D.C. metro areas. The sale is expected to close during the second or third quarter of 2018. Following the transaction, FRP will continue to own a portfolio of properties. Some of the retained assets are located within the RiverFront on the Anascotia development near Capitol Hill. The company will also retain ownership of properties situated within the Windlass Run Business Park in Baltimore County, as well as a large parcel in Hampstead, Md. For several of the assets, the company will offer first rights of refusal purchase options to the tenants. FRP Holdings plans to use proceeds from the sale to pay off existing debt and implement capital improvements on its remaining properties. The company also plans to reinvest a portion …

March 26, 2018

La-Moderna-Production-Facility-Cleburne-Texas

Development Industrial Texas

Mexican Pasta Maker Opens $50M Production Facility in Cleburne, Texas

by Taylor Williams March 23, 2018

CLEBURNE, TEXAS — La Moderna, Mexico’s largest pasta manufacturer, has opened a $50 million production facility in Cleburne, roughly 30 miles south of Fort Worth. The 150,000-square-foot property, which took three years to build, is situated on 16.5 acres and will serve as the company’s U.S. headquarters. Specific features include office space with conference rooms and elevated workstations, as well as food safety and production analysis labs. The rail-served facility is capable of producing nearly 4,000 tons of pasta per month and will ultimately account for the creation of 400 direct and indirect new jobs in Cleburne.

March 23, 2018

Acquisitions Industrial Self-Storage Texas

Skyview Brokers Sale of 763-Unit Self-Storage Facility in San Antonio

by Taylor Williams March 23, 2018

SAN ANTONIO — Skyview Advisors, a Tampa-based brokerage firm specializing in self-storage, has brokered the sale of a 763-unit Extra Space Storage facility in San Antonio. Approximately 97 percent of the units at the Class A facility are climate-controlled. The property sold during lease-up at 50 percent physical occupancy, according to Ryan Clark of Skyview, who represented the seller in the transaction. California-based FollettUSA purchased the property for an undisclosed price.

March 23, 2018

Acquisitions Industrial Texas

Moody Rambin Arranges Sale of 19,200 SF Warehouse in Houston

by Taylor Williams March 23, 2018

HOUSTON — Moody Rambin has arranged the sale of a 19,200-square-foot warehouse situated on 1.4 acres at 3511 Jensen Drive on Houston’s north side. Zachary Taylor and Doyle Toups of Moody Rambin represented the buyer in the transaction. The seller and sales price were not disclosed.

March 23, 2018

Industrial Loans Massachusetts Northeast

JLL Arranges $36.3M Loan for 775,000 SF Industrial Portfolio in Suburban Boston

by David Cohen March 22, 2018

LITTLETON AND MIDDLEBOROUGH, MASS. — JLL Capital Markets has arranged a $36.3 million loan for L&B Realty Advisors to finance the purchase of a two-building industrial portfolio in suburban Boston. L&B Realty Advisors acquired the portfolio on behalf of an institutional client. The 775,000-square-foot portfolio consists of two warehouse distribution buildings, one in Littleton and the other in Middleborough. Both buildings are fully leased, with the 275,000-square-foot building at 154 Campanelli Drive in Middleborough occupied by a single tenant. The 480,000-square-foot building at 1 Distribution Center Circle in Littleton is leased to six tenants. A life insurance company provided the 10-year loan.

March 22, 2018

Acquisitions Industrial Texas

Binswanger Arranges Sale of 700,644 SF Grocery Distribution Center in Houston

by Taylor Williams March 22, 2018

HOUSTON — Philadelphia-based Binswanger has arranged the sale of a 700,644-square-foot grocery distribution center situated on 70.2 acres at 10700 Telge Road in Houston. The facility was formerly leased to Randalls, a grocer owned by Idaho-based Albertson’s that operates 44 stores in Texas. It includes 517,500 square feet of dry and perishable grocery warehouse space, 113,200 square feet of frozen warehouse space and 6,200 square feet of office space. Other features include 25- to 40-foot ceiling heights and an ESFR sprinkler system. Holmes Davis of Binswanger represented the seller, Albertsons Cos., in the transaction. Cory Driskill and Will Mundinger of Crow Holdings Industrial represented the buyer internally. Crow Holdings plans to expand the facility by developing three additional buildings on the site.

March 22, 2018

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