HUTCHINS, TEXAS — VMInnovations, an online retailer of brand-name sports products, electronics and home goods, has signed an industrial lease in Hutchins, a southern suburb of Dallas. The company will occupy 416,891 square feet at Core5 Logistics Center at Wintergreen, a 43-acre development. Mark Collins and Adam Campbell of Cushman & Wakefield represented VMInnovations in the lease negotiations. Matt Elliot of NAI Robert Lynn represented the landlord, Atlanta-based Core5 Industrial Partners.
RICHLAND HILLS, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has arranged the sale of Boulevard 26 Storage, a 305-unit facility located in Richland Hills, a northeastern suburb of Fort Worth. The property, which was built in 1950 and repurposed into a self-storage facility in 2007, features a nine-space, 8,500-square-foot retail center that was also included in the sale. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, an Austin-based private partnership, in the transaction. The team also secured the buyer, a Philadelphia-based self-storage owner/operator.
HOUSTON — GBP Properties, a Monterrey, Mexico-based investment firm, has acquired a 30,000-square-foot industrial building located at 11150 Equity Drive in northwest Houston. GE Oil & Gas has occupied the space for the last five years. Tom Lynch and Mark Redlingshafer of CBRE represented the seller, Houston-based Investment & Development Ventures LLC, in the transaction.
ATHENS, PA. — An affiliate of Phoenix Investors has acquired a 402,000-square-foot industrial and office building located at 101 N. Main St. in Athens, about two miles from the New York state line. The sales price was not disclosed. The property, which was built in 1910, is a vacant former Ingersoll Rand manufacturing plant. Phoenix intends to fully renovate the facility. Phoenix Investors is a national private commercial real estate firm headquartered in Milwaukee.
SAVANNAH, GA. — Capital Development Partners, in a joint venture with Greenfield Partners, has broken ground on the $125 million Savannah Port Logistics Center. The 2.3 million-square-foot campus is being developed to meet the needs of Port of Savannah’s import, export and e-commerce customers. Operated by the Georgia Ports Authority, the Port of Savannah is the largest single-container port in the United States. The 190-acre Savannah Port Logistics Center will offer dual rail service via Norfolk Southern and CSX Tier 1 railroads, and will include two buildings totaling 1.1 million square feet and 1.3 million square feet. Both buildings will feature 40-foot ceiling heights and cross-dock capability. Building I is slated for completion in April 2019, and developers expect to break ground on Building II later this year. Atlanta-based Capital Development Partners is a national developer of industrial infrastructure facilities. Greenfield Partners is a private equity real estate firm headquartered in Westport, Conn., with $3.3 billion in gross assets under management. To date, the company has invested more than $5 billion in equity across multiple sectors, including 25 million square feet of industrial.
COSTA MESA, CALIF. — DAUM Commercial Real Estate Services has arranged the sales of two industrial warehouses in Costa Mesa to two private buyers. Mike Barreiro of DAUM represented the seller, Keller & Sons Construction, in both transactions. Constructed in 1971 and 1972, the warehouses both feature secured fenced yards, drive-in/grade-level doors, 13-foor clear heights, warehouse skylights, office space and upgraded roofs. In the first transaction, Steven Card and Christopher O’Connor of Savills Studley represented the buyer of the 6,498-square-foot property located at 1621-1625 Ohms Way, which sold for $2.5 million. In the second deal, a separate private buyer purchased the 6,897-square-foot property at 1635 Ohms Way for $2.6 million.
ADDISON AND GLENDALE HEIGHTS, ILL. — Darwin Realty has brokered the sale of two industrial buildings in Illinois. Westwind Industrial, a general contractor specializing in medical, industrial and commercial property reutilization, purchased a 37,560-square-foot property in Addison for $2 million. The seller, AIM Inc., will leaseback the facility. Noel Liston and Nick Krejci of Darwin brokered the transaction. The duo also represented Comtelco Industries in its sale of a 13,500 square-foot facility in Glendale Heights. IVM Chemicals Inc. purchased the property for just under $1 million. G. Pat Ryan of Combined Commercial Realty represented IVM, which is a European-based distributor of industrial chemicals and pesticides.
HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $14.4 million bridge loan for the acquisition of two neighboring apartment communities in Huntsville: Hillside Village and Twickenham Village. David Eyzenberg, Jeff Conti and Diana Davidson of Eyzenberg arranged the loan through SunTrust Bank on behalf of the borrower, a partnership between Blue Magma Residential LLC and Auerbach Opportunity Fund I LP. The loan was used to fund a portion of the acquisition and subsequent renovation of the properties. Hillside Village is located at 4515 Bonnell Drive N.W. and includes 223 units. Twickenham Village, located a half-mile away at 5001 Galaxy Drive N.W., comprises 152 units. The communities are situated less than two miles from the University of Alabama at Huntsville and roughly five miles from Huntsville’s central business district.
The industrial market is enjoying a moment in the sun throughout the West. Much of this is due to the retail sector’s continued technological advances, which have placed increasing demand on speedy delivery as manufacturing, distribution and warehousing needs are more important now than ever. “The market fundamentals for industrial properties are the best they have ever been,” says Bob O’Neill, senior vice president of acquisitions at CapRock Partners in Newport Beach, Calif. “Industrial absorption, lease rates and sales prices are at all-time highs, while market vacancies are at historic lows and construction in the Western United States remains in check.” Michael Collins, vice chairman of DAUM Commercial Real Estate Services in Los Angeles, has witnessed a similar trend in his market. He notes industrial assets in LA typically sell for $140 per square foot to $200 per square foot, with a vacancy rate of less than 2 percent in Southern California. “Developable land is becoming more scarce and the Los Angeles County industrial marketplace remains very vibrant,” he notes. “Lease rates throughout Southern California have reached an all-time high and sales values are at unprecedented highs, with actual prices based on building age, location, functionality and amenities.” Those looking …
MOUNT OLIVE, N.J. — HFF has arranged a $28.5 million refinancing for 350 Clark Drive, a three-building industrial warehouse facility in Mount Olive. The 443,030-square-foot facility was originally constructed to house the headquarters of Calvin Klein Cosmetics and is now 97 percent leased to office and industrial tenants. The property features 24- to 30-foot clear heights, 26 loading docks, two drive-in doors and 20,000 square feet of freezer space. HFF represented the borrower, Commercial Realty Group, to place a 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.
