INDIANAPOLIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired two Class B industrial properties in Indianapolis for $16.9 million. Located in Shadeland I-70 Business Park near I-70 and I-495, the portfolio consists of a 562,497-square-foot building and a 44,374-square-foot building. The properties are 94 percent leased to five tenants including Pratt Visual Solutions and MicroMetl. Boston-based Plymouth currently owns and manages 20 properties spanning approximately 5 million square feet of space in six states.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 25,505-square-foot industrial lease at 5910 Techni Center Drive in Austin. Ryan Wilson and Matt Fain of ECR represented the undisclosed landlord in the lease negotiations. Davis Bass of HPI represented the tenant, Kasita Operations LLC, a producer of tiny, prefabricated homes.
SAVAGE AND ELKRIDGE, MD. — Terreno Realty Corp. has sold two industrial properties in metro Baltimore for $40.5 million. The portfolio includes a 99,000-square-foot industrial building situated on roughly 12.6 acres at 8730 Bollman Place in Savage, roughly 18 miles southwest of Baltimore, and two industrial buildings totaling 349,000 square feet that are situated on approximately 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road in Elkridge, roughly 11 miles southwest of Baltimore. Both properties were 100 percent leased at the time of sale. The buyer was not disclosed.
NEWARK, N.J. — Terreno Realty Corp. has purchased two industrial land parcels in Newark for an undisclosed price. The transactions include a 7.2-acre improved land parcel located at 178 Stockton St. and a 10.6-acre improved land parcel at 422-470 Frelinghuysen Ave. Alex Conte, Jason Crimmins, Kenneth Crimmins and Peter Murano of The Blau & Berg Co. represented the buyer and undisclosed seller in the transactions. The properties, which offer easy access to U.S. highways, ports and Newark Liberty International Airport, are currently available for lease.
The data center industry is stepping up to meet escalating demand for storage, according to a new report from JLL, which reveals that data center construction in North America is up 43 percent in 2017 compared to 2016. In addition, industry consolidation powered a $10 billion surge in mergers and acquisitions (M&A) in the first half of 2017. Data center users identified the biggest industry changes projected for the next two years in JLL’s report. Among the predictions: Efficiency programs will install automation to make data center operations more valuable to the core business; Artificial intelligence will help reduce human intervention in data centers and significantly cut time to restore operations in the event of a failure; Artificial intelligence will make greater use of predictive analytics on-site; Processor technology investments will improve cooling and reduce energy usage. Data center markets across the country experienced significant shifts in the first half of 2017. Northern Virginia maintained its status as the top market in the data center industry, and supply is growing at a historic rate, according to JLL. However, a shortage of available big-block spaces is leaving providers scrambling to bring new inventory on line as quickly as possible to capitalize on the …
SHELTON, CONN. — Sun Equity Partners has purchased a flex building located at 710 Bridgeport Ave. in Shelton. RA 710 Bridgeport Avenue LLC, an entity controlled by RNY Property Trust, sold the property for $26.2 million. At the time of sale, the 452,414-square-foot property was 72 percent leased by a variety of tenants, including PerkinElmer Health Sciences and Panolam Industries International. The property is approximately 30 percent office and R&D space, with the remainder warehouse and distribution space. Additionally, the facility features 16 loading docks and nearly 870 parking spaces. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller and procured the buyer in the deal.
PINE BROOK, N.J. — Weiss Realty has arranged the sale of an office and flex building located at 34 Maple Ave. in Pine Brook. iStar Realty acquired the property from a partnership between the principals of CHT Group and Jaime Weiss, managing member of 34 Maple Avenue LLC, for an undisclosed price. Situated on 10.4 acres, the property features 130,180 square feet of space. Prior to the sale, Weiss Realty acted as property manager and leasing agent for the ownership. Greg Sabato and Scott Peck of Resource Realty of Northern New Jersey represented the buyer in the transaction. Meyner & Landis of Newark, N.J., acted as legal advisor to the seller, while Roseland, N.J.-based Mandelbaum Salsburg acted as counsel to the buyer.
JOHNSTOWN, COLO. — A 166,000-square-foot industrial facility in Johnstown has sold to a new user for an undisclosed sum. The Class A facility is located at 3600 Ronald Reagan Blvd., just outside Loveland. The asset was custom built in 2012 for manufacturing. It features modern finishes, including a 45-foot ceiling clear height. The existing tenant’s eight-year lease was bought out prior to closing. CBRE’s Andrew Sandquist, JC Asensio and Briggs Goldberg represented the seller, Broadstone Net Lease, in this transaction.
SOUTH BRUNSWICK, N.J. — HFF has secured $14.9 million in financing for a warehouse distribution building and adjacent 16-acre development site located at 83 Stults Road in South Brunswick. Michael Klein and Eric Tupler of HFF arranged the three-year, floating-rate loan through Malvern Federal Savings Bank for the borrower, a partnership between EverWest Real Estate Partners and Accordia Realty Ventures. Loan proceeds will be used to cover acquisition and closing costs associated with the purchase, pay for planned capital improvements to the property and cover soft costs associated with securing approvals for the development site. The 368,537-square-foot, rail-served warehouse building features 24-foot clear ceiling heights, 23 loading docks, one drive-in dock and 14,745 square feet of office space. The borrower plans to subdivide the property and erect a 200,000-square-foot warehouse on the adjacent land parcel. The existing property is subject to a short-term sale-leaseback with Hermann Services Inc.
MIAMI AND FORT LAUDERDALE, FLA. — Walker & Dunlop has closed 13 loans totaling $96 million for an industrial portfolio located throughout Miami and Fort Lauderdale. The 13-property portfolio totals 1.6 million square feet and houses more than 120 tenants. David Gahagan and Niki Perez of Walker & Dunlop arranged the loans through an unnamed life insurance company on behalf of the borrower.