BOISE — L M Construction Co. has broken ground on a 119,200-square-foot industrial building in Boise. The facility will be located at 8485 Federal Way. The cross-dock, multi-tenant building is a design-build project for Brass Cap Development. The project is currently 50 percent pre-leased. The future tenant, Teffco, is currently headquartered in nearby Nampa. Teff is an ancient grain and the staple of Ethiopian and Eritrean diets. Teffco hires local Idaho farmers to raise Teff for these communities, supplying them with American-grown teff. The concrete tilt-up building boasts a clear height of 30 feet and includes an ESFR fire sprinkler system. The balance of the project’s divisibility can be as small as 14,900 square feet or as large as 59,600 square feet. The facility is scheduled for completion this October. It is situated directly across the street from Micron Technology and is visible from Interstate 84.
WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, according to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings.
NEW YORK CITY — Cushman & Wakefield has brokered the $12.8 million sale of a commercial building and lot in the Gowanus neighborhood of Brooklyn. Located at 80 4th St., the purchase includes a 180-by-107-foot lot and a 17,942-square-foot, single-story, brick warehouse. Winfield Clifford and William Barrett of Cushman & Wakefield represented the seller, sculptor Tom Otterness, in the transaction. The final closing price of $12.8 million equates to approximately $714.40 per square foot and more than $300,000 above the original asking price. The buyer was The Brooklyn Home Company. The property is located in an M3-1 zoning district, allowing for 35,954 square-feet of commercial development.
PAWCATUCK, CONN., DELAWARE, OHIO and POUGHKEEPSIE, N.Y. — Affiliates of Phoenix Investors have acquired three industrial properties totaling 1 million square feet in Pawcatuck, Delaware and Poughkeepsie. The sales price was $12.8 million. The seller was Industrial Realty Group. The properties range in size from approximately 250,000 to 450,000 square feet. The occupancy rate across the portfolio averaged 65 percent and included a diverse roster of 20 tenants at the time of sale. Phoenix intends to renovate these assets in order to attract new users. Following the transaction, Phoenix affiliates own approximately 22 million square feet of industrial real estate across 23 states. Walker & Dunlop Commercial Property Funding LLC provided senior mortgage financing for the purchase.
MURPHY, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage facilities, will open Murphy Self Storage, a 635-unit facility in Murphy, a northeastern suburb of Dallas. The property will feature both climate- and non climate-controlled units. The grand opening is slated for Saturday, April 21. The Jenkins Organization plans to open three other facilities in the Dallas-Fort Worth (DFW) area this year.
GRAPEVINE, TEXAS — Stream Realty Partners has negotiated a 66,052-square-foot industrial lease at International Airport Center, a 356,530-square-foot distribution warehouse located in the Dallas metro of Grapevine. Built in 2001, the building is situated adjacent to Dallas-Fort Worth (DFW) International Airport. Ryan Boozer of Stream Realty represented the tenant, Hanes Industries, in the lease negotiations. Steve Koldyke of CBRE represented the landlord, International Airport Center Inc.
NAPERVILLE, ILL. — Lagestee-Mulder has acquired a 47,000-square-foot industrial building in Naperville for an undisclosed price. The property is situated on 4.3 acres at 1600 Shore Road. Built in 1989, the property is fully leased to nine tenants that occupy spaces ranging in size from 3,118 to 9,429 square feet. Lagestee-Mulder’s investment fund, LM Value Investors II LLC, was used to acquire the newly renovated property. John Whitehead and Adam Johnson of NAI Hiffman represented the seller, Midwest Industrial Funds.
SACRAMENTO, CALIF. — BKM Capital Partners has acquired Expo Centre, a 122,253-square-foot, multi-tenant industrial business park in downtown Sacramento for $10.1 million. The seven-building park is located alongside the SR-160 at 1761 to 1791 Tribute Road. Expo Centre is currently 81 percent leased with in-place rental rates that are about 18 percent below market value. BKM plans to implement a series of capital improvements to reposition the property. BKM acquired the property from a private syndication managed by Sperry Equities. Palmer Capital represented the seller in this transaction.
WALL TOWNSHIP, N.J. — G.S. Wilcox & Co. has arranged a $9.8 million loan for the refinancing of three flex buildings in the Allaire Corporate Campus in Wall Township. Thrivent Financial for Lutherans provided the 10-year term loan. The borrower was a repeat client of G.S. Wilcox. The property, which is currently 100 percent leased to three tenants, is located less than two miles from I-95.
DAYTONA BEACH, FLA. — Monmouth Real Estate Investment Corp. has acquired a new industrial building located at 1341 N. Clyde Morris Blvd. in Daytona Beach for $30.8 million. The seller, VanTrust Real Estate, completed the 399,440-square-foot, build-to-suit facility for B. Braun Medical Inc. in 2017. The Pennsylvania-based medical device company manufactures, markets and sells healthcare products worldwide and is a subsidiary of B. Braun Melsungen AG, based in Germany. The property is net-leased to B. Braun for 10 years. The building is situated on 27.5 acres, roughly four miles from Daytona Beach International Airport and near Interstate 4.