NEW YORK CITY — New York City-based Kamber Management Company is under contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side. The portfolio consists of three parking garage condominiums, located at 80, 100-120, and 220-240 Riverside Boulevard. The portfolio, which comprises space at the base of five luxury residential towers, is a strong cash-flowing asset fully leased to Icon Parking Systems. Meridian Capital Group arranged the deal. David Shechtman was the exclusive broker for the sellers, and Kamber Management Company was represented by Steven Levy.
RIVERSIDE, CALIF. — MAT Holdings Inc. has purchased a 303,100-square-foot industrial building in Riverside for $28.2 million. The Class A facility is located at 6975 Sycamore Canyon Blvd. The company plans to use the building as its West Coast distribution center. The seller was Investment Building Group.
FORT MYERS, FLA. — Knott Realty Group has purchased 27 acres of land located at 10400 Meridian Center Parkway in Fort Myers with plans to develop an industrial park at the site. The Baltimore-based company purchased the site from Meridian Airport Park LLC for an undisclosed price. Dubbed Meridian Center, the park will include two speculative buildings totaling 350,000 square feet that are suitable for distribution, warehousing or manufacturing. The property is situated roughly one mile from Southwest Florida International Airport. Knott Realty will initially construct a single-story, 200,000-square-foot manufacturing and distribution facility equipped with 32-foot ceilings, multiple drive-in and loading dock doors and parking accommodations for more than 350 vehicles. The building is slated for completion in summer 2018. Following completion of the first building, the company will begin construction on 150,000 square feet of additional space in a second facility.
ROCK HILL, S.C. — Ware Malcomb, an international commercial real estate design firm, has helped deliver Legacy Park West, a 558,000-square-foot industrial property in Rock Hill, a South Carolina suburb of Charlotte. The development is located roughly one mile from Interstate 77 and includes two speculative industrial buildings, with a third building planned for the future. The one-story buildings feature concrete tilt-up wall panels, insulated steel roof structures and 30- and 32-foot clear heights. Evans General Contractors was the general contractor for the project, and Scannell Properties was the developer.
LOUISVILLE, KY. — Molto Properties, in conjunction with Verus Partners, has acquired 30.4 acres of land to develop a 677,685-square-foot logistics building within the Air Commerce Business Park in Louisville. The project launches the third phase of construction for the industrial park. The new building will feature 36-foot clear heights, trailer parking and car parking. The development is located roughly eight miles from Louisville International Airport. CBRE will market the property and handle the development’s leasing assignment. Phase III is slated for completion in the second quarter of 2018.
WHEELING, ILL. — The Missner Group and Sitex Group are developing an 84,000-square-foot speculative industrial building in Wheeling. The ground-up facility will be located on a 5.3-acre site at 1075 Chaddick Drive. The building will be designed to accommodate both small and mid-size users, for either a single-user or divisible up to two tenants. The warehouse building will feature 30-foot clear heights, 10 exterior loading docks, two drive-in doors and 90 vehicle parking spaces. Ron Cinkus and Dan Castrogiovanni of The Missner Group will lead construction on behalf of the firm, while Harris Architects will provide design services. Completion is slated for early 2018.
NORTH RANDALL, OHIO — Amazon (NASDAQ: AMZN) has unveiled plans to open an 855,000-square-foot fulfillment center at the former site of Randall Park Mall in North Randall, roughly 15 miles southeast of Cleveland. “Along with Team NEO and the Village of North Randall, the Cleveland Port Authority and the Greater Cleveland Partnership, we are pleased to partner with Amazon to revitalize and bring jobs back to a property that has stood vacant for too long,” said John Minor, JobsOhio president and chief investment officer. “Amazon’s investment at a site where the nation’s largest shopping mall once stood will now support digital retail jobs.” The new center will create approximately 2,000 full-time associate jobs with benefits. Employees will work with Amazon Robotics to pack and ship smaller customer items such as electronics, toys and books. Amazon currently employs more than 4,500 full-time hourly associates at its two existing Ohio fulfillment centers in Etna and Obetz. “Our ability to expand in Ohio is the result of two things: incredible customers and an outstanding workforce in the state,” said Sanjay Shah, Amazon’s vice president of North American customer fulfillment. “We very much appreciate the state and local elected leaders who have supported Amazon’s arrival …
PHOENIX — Nicola Crosby Real Estate has acquired Cabot Business Center, a 109,805-square-foot industrial/flex business center in Phoenix, for $11.3 million. The multi-tenant property is located at 3802-3922 E. University Drive. This is the first Phoenix-based asset for Nicola Crosby, a subsidiary of Nicola Wealth Management Ltd., a real estate asset management company that acquires and manages properties for the SPIRE Real Estate Portfolios. Darren Tappen, Peter Beauchamp, Aric Adams, Mike Kasulaitis, and Matthew Ault of Kidder Mathews represented the seller, Dunbar CBC, in this transaction. The firm will also manage the property.
NANTUCKET, MASS. — Strategic Storage Growth Trust (SSGT), a public non-traded REIT sponsored by SmartStop Asset Management, has purchased an 840-unit self-storage facility in Nantucket. Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition. The property includes 17 climate-controlled wine storage units that serve the Nantucket Wine & Food Festival. The SSGT portfolio currently consists of 21 operating self-storage facilities located in 10 states comprising approximately 13,700 self-storage units and approximately 1.6 million net rentable square feet of storage space.
DESOTO, TEXAS — Dallas-based construction firm ARCO/Murray has completed a 145,000-square-foot warehouse project in the Dallas metro of DeSoto for SEW Eurodrive, a South Carolina-based motor manufacturing firm. Construction on the $10 million facility, which also includes 20,000 square feet of office space, began in June 2016. The property is a fully conditioned tilt-wall assembly plant with 28-foot clear heights, including bridge cranes, paint booths and mezzanine storage.