Industrial

Platinum Storage Group to Develop 828-Unit Self-Storage Facility in Metro Nashville

by Camren Skelton February 14, 2018

BRENTWOOD, TENN. — Platinum Storage Group has unveiled plans to develop Brentwood Self Storage, an 828-unit, 120,000-square-foot self-storage facility in Brentwood, roughly 10 miles south of Nashville. The property is situated on 2.8 acres at the intersection of Old Hickory Boulevard and Cloverland Drive. The storage facility will feature climate-controlled units, 24/7 surveillance, automatic door locks, individually alarmed units, electronic secured floor access and Wi-Fi throughout. Construction on the building is scheduled to begin in March.

February 14, 2018

Industrial Loans Nevada Top Stories Western

BKM Capital Partners Buys 13-Building Industrial Complex in Las Vegas for $92M

by Nellie Day February 14, 2018

LAS VEGAS — BKM Capital Partners has purchased Hughes Airport Center, a 13-building, multi-tenant industrial complex in Las Vegas, for $92 million. The properties are situated in the industrial pocket between McCarran International Airport and interstates 15 and 215. Hughes Airport Center contains 3.3 million square feet of Class A industrial space and Class B office space. The 420-acre, master-planned business park has access to nearby retail and entertainment amenities like Town Square shopping center, Las Vegas Premium Outlets South, Tahiti Village, Callaway Golf Center, Bali Hai Golf Club and Sunset Park. The business park has recently undergone a slew of improvements, including new paint to building exteriors, asphalt and parking lot repairs, roof repair, and upgraded landscaping, monument signage and tenant signage. Rents at Hughes Airport Center typically range between $0.90 per square foot and $1.30 per square foot. Notable tenants at the center include Geotab, CanvasPop, Medical Transportation Management, Climatec, Credit One Bank, North American Video, LabCorp of America and Harman International. Hughes Airport Center marks BKM’s fifth industrial park acquisition in the Las Vegas Valley. “This is a best-in-class asset, the largest of its scale in the Las Vegas airport submarket and our firm’s biggest transaction to …

February 14, 2018

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Job Growth Bodes Well for Greater Philadelphia Market

by Taylor Williams February 14, 2018

Philadelphia’s office and industrial markets have been on a hot streak for the past year, with lower vacancy rates and greater rent growth than the national average. Office vacancies are enjoying far lower vacancy rates than regional and national averages for both Class A and Class B properties in the central business district and the suburbs. Flex and industrial vacancy rates are below 7 percent overall, well below regional and national averages, with average asking rents at about $5 per square foot. We see this upswing continuing in 2018 as demand keeps pace with or exceeds new development. Philadelphia has experienced seven years of uninterrupted job growth across all sectors, with 1.8 percent growth between August 2016 and August 2017 — outpacing the national average of about 1.5 percent, according to the U.S. Bureau of Labor Statistics. We saw job growth across the board, including the education, health, and leisure and hospitality sectors. But the biggest gain was in business and professional services, where Philadelphia added 16,700 jobs over 12 months. That represents a 3.6 percent year-over-year growth rate in high-end office jobs, compared to a national average of 3 percent. Manufacturing employment declined over the past 12 months, despite …

February 14, 2018

Industrial Self-Storage Texas

Bellomy Arranges Sale of 306-Unit Self-Storage Facility in Metro Houston

by Taylor Williams February 13, 2018

KATY, TEXAS — Bellomy & Co. has arranged the sale of Saums Road Self Storage, a self-storage facility in the Houston metro of Katy that features 306 units across 27,270 square feet of net rentable space. The sale includes additional land for expansion. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the undisclosed seller and procured the undisclosed buyer, both of which are based in Texas.

February 13, 2018

California Industrial Self-Storage Western

The Magellan Group Sells Two LA-Area Industrial Assets for $77.6M

by Nellie Day February 13, 2018

LOS ANGELES — The Magellan Group has sold two Los Angeles-area properties for a total of $77.6 million. The transaction includes Commerce Business Center and Magellan Storage – Commerce, both located in the Commerce submarket. Blackstone Property Partners acquired Commerce Business Center, a 290,000-square-foot industrial facility. The project included 90,000 square feet of new construction built by Magellan to meet demand for smaller tenant spaces in the market. U.S. Storage Centers purchased Magellan Storage – Commerce, a 1,348-unit, 144,000-square-foot self-storage facility. Magellan’s value-add strategy for the project entailed the redesign and redevelopment of a former industrial building. NKF represented Magellan on the business center sale, while Cushman & Wakefield represented the seller on the self-storage transaction.

February 13, 2018

District of Columbia Georgia Industrial North Carolina Southeast

Brennan, Arch Street Acquire 2.3 MSF Industrial Portfolio Across Four States in Sale-Leaseback Deal

by Camren Skelton February 13, 2018

CHICAGO — Chicago-based Brennan Investment Group LLC, in a joint venture with Arch Street Capital Advisors LLC, has acquired a 2.3 million-square-foot industrial portfolio located throughout four states in a sale-leaseback transaction. The sales price was not disclosed. The four buildings were net-leased back to the seller, BlueLinx Corp., a building and industrial product distributor. The buildings are located in Boston, Raleigh-Durham, Atlanta and Washington, D.C. Since 2011, Brennan and Arch Street have acquired more than $1 billion of single-tenant, net-leased industrial assets.

February 13, 2018

Industrial South Carolina Southeast

CBRE Brokers Sale of 201,500 SF Industrial Park Near Charleston

by Camren Skelton February 13, 2018

MONCKS CORNER, S.C. — CBRE has brokered the sale of Foxbank Industrial Park, a 201,500-square-foot manufacturing and distribution facility located at 2550 U.S. Highway 52 in Moncks Corner, roughly 30 miles north of Charleston. Patrick Gildea, Bob Barrineau, Brandon Redeyoff and Matt Smith of CBRE arranged the transaction on behalf of the seller, JL Woode. CCP Commercial Real Estate acquired the park for an undisclosed price. Foxbank Industrial Park is situated on more than 30 acres and features 25- to 35-foot clear heights, 10,280 square feet of office space, existing bridge cranes, 18 oversized ground-level doors and an outdoor storage area. Sea Fox Boats, a manufacturer of saltwater boats, anchors the property.

February 13, 2018

Industrial New Jersey Northeast

Marcus & Millichap Facilitates $9M Sale of Industrial Building in Ridgefield, New Jersey

by Amy Works February 12, 2018

RIDGEFIELD, N.J. — Marcus & Millichap has brokered the sale of an industrial building located at 730 Grand Ave. in Ridgefield. A private investor acquired the property from a limited liability company for $9 million. Renovated in 2015, the 81,870-square-foot property was 93 percent occupied at the time of sale. Steve Lim of Marcus & Millichap represented the seller and buyer in the deal.

February 12, 2018

Industrial Self-Storage Texas

Bellomy Arranges Sale of 524-Unit Self-Storage Facility in Rio Grande Valley

by Taylor Williams February 12, 2018

EDINBURG, TEXAS — Bellomy & Co. has arranged the sale of Superior Storage, a 524-unit self-storage facility located in the Rio Grande Valley (RGV) metro of Edinburg. The facility offers a mix of climate- and non climate-controlled units across 70,640 net rentable square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Texas-based seller and procured the California-based buyer. Both parties requested anonymity.

February 12, 2018

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 36,203 SF Industrial Building in Sussex, Wisconsin

by Kristin Harlow February 12, 2018

SUSSEX, WIS. — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 36,203-square-foot industrial building in Sussex, about 19 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Main Street. Sussex Crossings LLC purchased the asset from Rosenow Creek LLC. Nick Keys and Zach Noble of the Dickman Co. brokered the transaction. Three units are currently available for lease at the property.

February 12, 2018

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