THE WOODLANDS, TEXAS — Bellomy & Co. has arranged the sale of Affordable Self Storage The Woodlands, a 465-unit self-storage facility located on nearly five acres in The Woodlands. The Class A facility spans 90,800 rentable square feet across five buildings. The property includes climate-controlled and non-climate-controlled units and fully enclosed spaces for RVs and boats. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, an undisclosed company based in The Woodlands. Bellomy and Johnson also procured the Houston-based buyer.
CHICAGO — Taurus Investment Holdings LLC has acquired a 2.9 million-square-foot industrial portfolio in metro Chicago for $201 million. The purchase was the final investment for the company’s US Logistics Fund I LP. The portfolio includes 51 assets. Currently 91.5 percent occupied to tenants such as Amazon, Ryder and Armacell, the properties are located in 11 of the 19 Chicago industrial submarkets, according to Taurus. CBRE and Capital One advised Taurus on the transaction. Venture One Real Estate was the seller.
NEW ALBANY, IND. — The Sazerac Company has purchased the former General Mills Pillsbury plant in New Albany near Louisville. The seller was a joint venture between New Mill Capital Holdings LLC and Tiger Group. Sazerac, a distilling company, intends to utilize the 460,000-square-foot plant for expansion of its processing, blending, packaging and distribution capabilities. Sazerac plans to invest $66 million and eventually create more than 100 jobs. The facility, located at 707 Pillsbury Lane, closed in 2016. Sazerac anticipates starting operations as early as this November.
COMMERCE, GA. — GE Appliances will invest $55 million to build a new Southeast Region Appliance Distribution Center in Commerce, a city roughly 70 miles northeast of Atlanta. Georgia Gov. Nathan Deal announced Thursday, June 14 that the household appliances manufacturer will create 100 new jobs at the new facility upon completion in April 2019. GE Appliances will have the ability to deliver products in three days or less to 90 percent of U.S. homes from the new center. Louisville, Ky.-based GE Appliances already has a strong presence in Georgia, with 1,960 employees at Roper Corp., a wholly owned subsidiary in LaFayette, and 50 employees supporting its Factory Service Operations based out of Atlanta. GE Appliances’ offerings include refrigerators, freezers, cooking products, dishwashers, washers, dryers, air conditioners and water filtration systems.
CONWAY, ARK. — Binswanger has brokered the sale of a 288,137-square-foot industrial building located at 1800 Sturgis Road in Conway. Holmes Davis of Binswanger arranged the transaction on behalf of the seller, Nucor Corp. Eliken Property Management acquired the asset for an undisclosed price. The single-story facility was constructed in 1995 and features reinforced concrete floors, insulated metal panel walls, an insulated metal roof, eight dock-high doors, 21,149 square feet of office space, lighted parking for approximately 200 cars and a 300-foot interior rail spur with service provided by Union Pacific Railroad. The building is located roughly 10 miles form Conway Regional Airport and 30 miles from Little Rock Adams International Airport.
After several years of strong absorption in leasing and robust sales volume, there’s no question that Miami’s industrial real estate market is the desired location for national tenants and institutional investors alike. But many insiders are questioning if sustaining that level of growth is possible and if there are still profitable transactions to be found. The answer is a resounding yes. There is little indication that the Miami industrial real estate market will slow down with vacancy rates hovering in the low 4 percent range. The rise of e-commerce, strong population growth and the region’s role as the gateway to Latin America all bode well for continued leasing growth and have solidified the region as a top-tier industrial real estate market. It’s been exciting to watch Miami earn a rightful place among the nation’s top brass. The keys to staying relevant in Miami’s increasingly competitive and sophisticated market are to search for opportunities that support the demand for large-scale industrial space for single-users, take a closer look at previously passed over deals, get creative about a parcel’s potential and remain focused on infill strategies. Although Miami’s growth will continue, there will likely be fewer buildings to purchase. According to the …
JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $47.8 million sale of One Imeson Distribution Center, a two-story, 1.7 million-square-foot industrial building located within Jacksonville’s Imeson Industrial Park. The property includes a 12.3-acre container storage area, as well as a 24.2-acre site that can accommodate an expansion or future build-to-suit development. Mike Davis, Karl Johnston, Tyler Newman, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GIV Imeson LLC. Arsenault Holdings LLC acquired the asset. One Imeson includes 1.5 million square feet of industrial space and 248,317 square feet of office space. The building was 74 percent leased at the time of sale to tenants such as Bacardi, General Dynamics, Komyo America (Honda), Venus Swimware, the Jacksonville Supervisor of Elections and Samsonite. The property was constructed in 1974 and was last renovated in 2015. Improvements included an entire new roofing system, new chillers, lighting upgrades and various cosmetic improvements.
ITASCA, ILL. — United Business Mail (UBM) has signed a 203,000-square-foot industrial lease in Itasca. The company will fully occupy the space at 801 Bryn Mawr Ave. UBM’s former facility in Bensenville is under contract to an undisclosed buyer. The new Itasca property will serve as UBM’s Midwest hub and features a clear height of 24 feet, 15 exterior docks, one drive-in door and 6,100 square feet of office space. At 2,500 amps, the building has more than five times the power typically found in these types of properties. UBM will use the increased power capacity to run dozens of mail sorting machines and air conditioning systems. Steve Kohn of Colliers International represented UBM in the lease transaction. The landlord was not disclosed. UBM provides commingle services, which involves presorting mail to maximize savings on postage.
WEST CHICAGO, ILL. — Lee & Associates has negotiated a 75,539-square-foot industrial lease on behalf of MAPEI Corp. in West Chicago. The property is located at 1701 W. Hawthorne Lane. Wise Plastics occupies the remaining portion of the 150,000-square-foot facility. Michael Androwich Jr. and Nick Eboli of Lee & Associates represented MAPEI, an international manufacturer of adhesives, sealants and other chemical products for the building industry. Michael Magliano of Cushman & Wakefield represented the owners, Cabot Properties and Blackstone Group.
HOUSTON — Liberty Property Trust (NYSE: LPT) has begun work on a 727,600-square-foot distribution center in north Houston. The project is a build-to-suit for Grocers Supply, a division of C&S Wholesale Grocers, which has signed a long-term lease. The property will feature 40-foot clear heights, 65-foot speed bays, 75 dock doors and parking for 211 trailers and 667 cars. Completion is slated for the second quarter of 2019. Liberty Property Trust has also sold 34 acres located adjacent to the project site to the tenant.