Industrial

Bob Moore Construction Delivers 350,000 SF Distribution Center in Metro Dallas

by John Nelson January 9, 2018

WILMER, TEXAS — Bob Moore Construction has completed Interpoint Distribution Center, a 350,000-square-foot industrial facility located at 3800 N. Interstate 45 in Wilmer, roughly 15 miles southwest of Dallas. The developer, Houston-based Skyhawk Partners, purchased the site along with J.A. Billip Co. Other members of the project team include leasing agent Colliers International and architect Alliance Architects. The facility is situated near the Union Pacific Intermodal and near facilities leased to FedEx, Procter & Gamble, Amazon and Shippers Warehouse.

January 9, 2018

Blackstone Property Partners to Acquire Pure Industrial Real Estate Trust for $3.8B

by Katie Sloan January 9, 2018

VANCOUVER, BRITISH COLUMBIA — An affiliate of Blackstone (NYSE: BX) has entered into an agreement to acquire Vancouver-based Pure Industrial Real Estate Trust (PIRET) (TSX: AAR-UN) for $8.10 per trust unit — $3.8 billion — in an all-cash transaction. The transaction price represents a 21 percent premium to the closing price of PIRET units on the Toronto Stock Exchange on Jan. 8. Blackstone will complete the acquisition through its real estate investment arm, Blackstone Property Partners. “The trust has accomplished tremendous growth in the 10 years since the initial public offering in August 2007,” says Rick Turner, chairman of PIRET’s Board of Trustees. “Since inception, we have generated a total return in excess of 345 percent and we have built a platform that has made us a leader in the Canadian industrial REIT space.” The transaction is structured as a statutory plan of arrangement under the British Columbia Business Corporations Act. Completion of the transaction, which is expected to occur in the second quarter of this year, is subject to customary conditions. PIRET will continue to pay its normal monthly distributions through closing of the transaction. BMO Capital Markets is acting as financial advisor to PIRET, while Greenhill & Co. Goodmans …

January 9, 2018

California Industrial Western

Rexford Industrial Purchases 416,843 SF Industrial Portfolio in Southern California for $62.7M

by Nellie Day January 8, 2018

LOS ANGELES — Rexford Industrial Realty has acquired a four-property industrial portfolio in Southern California for $62.7 million. The portfolio contains a total of 416,843 square feet. The assets are fully leased with below-market, in-place leases rolling over in the next 20 months. The transaction includes 302 S. Rockefeller Ave. and 4355 E. Brickell St. in Ontario, along with 12622-32 Monarch St. in Garden Grove and Hanan Way in the Pico Rivera submarket of Central Los Angeles. Rexford also sold 77-700 Enfield Lane in Palm Desert for $2.4 million.

January 8, 2018

Industrial New Jersey Northeast

NKF Brokers Sale of 254,000 SF Industrial Portfolio in Northern New Jersey

by Amy Works January 8, 2018

NORTHERN NEW JERSEY — NKF Capital Markets has arranged the sale of an industrial portfolio of four assets located throughout Northern New Jersey. Tulfra Real Estate sold its 100 percent interest in the properties, which total 254,000 square feet, for an undisclosed price. The single-tenant properties, ranging in size from 38,000 square feet to 141,000 square feet, are occupied by a diverse tenant roster for a wide range of uses, including plastics manufacturing and assembly, light industrial, storage, office and private label supplement development. Kevin Welsh, Brian Schulz and Jason Emrani of NKF represented the seller and procured the buyer, a private high-net worth investor based in Airmont, N.Y. Additionally, Jordan Roeschlaub, Dustin Stolly, Dan Fromm and Robert Tonnessen of NKF Capital Markets Debt & Structured Finance team secured acquisition financing for the purchase.

January 8, 2018

Connecticut Industrial Northeast

Western Express Acquires 12.8-Acre Facility in Plainfield, Connecticut, for $1.7M

by Amy Works January 8, 2018

PLAINFIELD, CONN. — Western Express, a truckload carrier, has purchased a 12.8-acre facility at 1293 Norwich Road in Plainfield. P. Camp LLC of Jewett City, Conn., sold the property for $1.7 million. The property comprises two adjacent parcels and a 30,740-square-foot building. This is will be ninth location for the Nashville, Tenn.-based truckload carrier. Ron Lyman of Lyman Real Estate Brokerage & Development represented the seller and buyer in the deal.

January 8, 2018

Industrial Southeast Tennessee

Equus Capital Partners Acquires 1.3 MSF Industrial Portfolio North of Nashville

by Camren Skelton January 8, 2018

PORTLAND, TENN. — Equus Capital Partners Ltd. has acquired a four-building, 1.3 million-square-foot industrial portfolio in Portland, a city roughly 40 miles north of Nashville, for an undisclosed price. The acquisition was made on behalf of Equus Investment Partnership X LP, a $361 million discretionary equity fund managed by Equus. The portfolio includes three Class A assets located at 1115 and 1125 Vaughn Drive and 1042 Fred White Blvd., all constructed between 2002 and 2007. The properties feature 32-foot clear heights, ESFR sprinkler systems, ample loading, 125- to 175-foot truck courts and efficient column spacing. The two larger buildings include cross-dock configurations. In addition, the portfolio includes one Class B building located at 104 Challenger Drive. Constructed in 1996, the building was renovated in 2007 to include T-5 lighting and an ESFR sprinkler system. Cushman & Wakefield arranged the sale of the portfolio, which was approximately 90 percent leased at the time of sale.

January 8, 2018

Industrial Midwest Minnesota

PCCP, Capital Partners Acquire 1.2 MSF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow January 8, 2018

MINNEAPOLIS — PCCP and Capital Partners LLP have formed a joint venture to acquire a 1.2 million-square-foot industrial portfolio in metro Minneapolis. The purchase price was not disclosed. Artis, a Canada-based REIT, sold the seven-property portfolio, which is 82 percent leased. The assets feature a mix of bulk warehouse, light industrial and flex product types. The properties include France Avenue Business Park (Brooklyn Center), Northpoint Industrial Center (Fridley), Eagan Industrial Warehouse (Eagan), Corporate Square (Eagan), Braemar Business Center (Bloomington), Burnsville Business Center (Burnsville) and Round Lake Business Center (Arden Hills).

January 8, 2018

Industrial Texas

McCarthy to Build Hangar Facility for Southwest Airlines at Houston’s Hobby Airport

by John Nelson January 8, 2018

HOUSTON — McCarthy Building Cos. Inc. has been awarded the contract to build the Southwest Airlines Tech Ops MX Hangar project at William P. Hobby Airport in Houston. The two-bay hangar maintenance facility will be able to house up to six 737 aircraft and will include paved aircraft parking areas, aircraft wash facilities, taxiway connections, parking and loading docks. The construction includes demolition of existing facilities and utility relocation. Totaling 240,000 square feet, the hangar will also feature offices, parts storage and other support areas. McCarthy Building’s previous projects for Southwest Airlines include its new office building and Leadership Education and Aircrew Development center in Dallas. The contractor’s other aviation work includes projects at Hartsfield-Jackson Atlanta International Airport, Dallas/Fort Worth International Airport and Phoenix Sky Harbor International Airport.

January 8, 2018

Industrial Lee & Associates Texas

Lee & Associates Negotiates 445,695 SF Industrial Lease Extension, Expansion Near Dallas

by John Nelson January 8, 2018

COPPELL, TEXAS — Lee & Associates Dallas/Fort Worth has completed a lease extension and expansion totaling 445,695 square feet located at 777 Freeport Parkway in Coppell, about 22 miles northwest of Dallas. Bob Gibson of CBRE represented the tenant, C&S Wholesale Grocers Inc., a wholesale grocery supplier and leading supply chain company for the food industry. Ken Wesson and Mark Graybill of Lee & Associates represented the landlord, GLP, a developer of logistics facilities based in Baltimore.

January 8, 2018

Connecticut Industrial Northeast

Calare Properties Acquires 175,000 SF Industrial Facility in North Haven, Connecticut

by Amy Works January 5, 2018

NORTH HAVEN, CONN. — Calare Properties has acquired a warehouse distribution facility, located at 33 Stiles Lane in North Haven, for an undisclosed price. Situated on 14 acres, the property features 175,000 square feet of warehouse and distribution space. Along with the purchase, Calare secured a 10-year lease with a supplier of chemical additives and measuring instruments, bringing the building to 100 percent occupancy, including the current tenant Millwood Inc. The one-story steel-frame warehouse features 32-foot ceilings, 18 tailboard docks and three drive-in doors. The name of the seller was not released.

January 5, 2018

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