MALVERN AND LANGHORNE, PA., FRANKLIN, MASS. — Goldman Sachs Asset Management Private Real Estate (GSAM) has acquired a portfolio of five industrial flex properties in suburban Philadelphia and Boston totaling 525,000 square feet for an undisclosed amount. The properties are located in Malvern and Langhorne Pa., and Franklin, Mass. The addition of the five properties brings GSAM Private Real Estate’s industrial portfolio in the Northeast and Mid-Atlantic regions to 13 properties totaling 2.4 million square feet. GSAM Private Real Estate represented itself in the transaction. The seller was not disclosed.
GARLAND, TEXAS — Stream Realty Partners has arranged the sale of a 54,000-square-foot industrial building located at 2601 W. Kingsley Road in the Dallas metro of Garland. Kingsley Industrial LLC sold the property to Snell Motor Co. Inc. for an undisclosed price. Matt Dornak and Ryan Wolcott of Stream Realty Partners brokered the sale.
STOCKBRIDGE, GA. — U-Haul Co. has acquired a 324,000-square-foot warehouse located at 471 Eagles Landing Parkway in Stockbridge, roughly 19 miles southeast of downtown Atlanta. Other terms of the deal were not disclosed. U-Haul Mobility & Storage at Eagles Landing will be repurposed to offer 1,800 indoor self-storage units for rent. The facility will include a mix of climate-controlled and non-climate-controlled units and security features. In addition, the warehouse will house a new regional office for U-Haul. The company’s operations will encompass 108,000 square feet, and the remaining 216,000 square feet will be available for lease. The facility will employ approximately 20 people when fully operational, and will feature a sidewalk expansion for customers who arrive by golf cart, an electrical charging station for golf carts and a walking and biking path. In the coming weeks, U-Haul will allocate warehouse space to store more than 300 U-Box portable moving and storage containers and lot space to accommodate 40 U-Haul truck boxes, providing immediate storage solutions for customers while self-storage rooms are under construction. A construction timeline was not disclosed.
CHICAGO — HFF has arranged a $159.2 million recapitalization of an 11-property industrial portfolio totaling 2.8 million square feet in Georgia, Illinois, Michigan, Minnesota, Ohio, Pennsylvania and Texas. HFF represented the seller, a joint venture between Brennan Investment Group, Arch Street Capital Advisors LLC and Gatehouse Financial Group Limited, as well as the buyer, a new joint venture between Brennan Investment Group and Sidra Capital. Goldman Sachs provided a 10-year loan on behalf of the new owner. The fully leased portfolio, known as USIPA, is triple-net leased to nine tenants and features single-tenant buildings ranging from 90,000 to 578,000 square feet. Clear heights range from 17 feet to 34 feet. Claudio Sgobba, Christopher Carroll, Robin Stolberg, Kurt Sarbaugh, Matthew Schoenfeldt and Jules Sherwood of HFF made up the debt and equity placement team.
WHITE BEAR LAKE AND LAKE ELMO, MINN. — US Storage Centers, in partnership with Harrison Street Real Estate Capital LLC, has acquired two self-storage facilities in Minnesota for an undisclosed price. Both properties, which feature climate-controlled units, will be rebranded as US Storage Centers. One of the facilities, a 922-unit, 83,264-square-foot property, is located in White Bear Lake, about 20 miles northeast of Minneapolis. The other is a 790-unit facility with 69,038 square feet of self-storage space in Lake Elmo, about 24 miles east of Minneapolis. US Storage Centers currently manages approximately 8 million square feet of self-storage space nationwide.
WEST CHICAGO, ILL. — Newmark Knight Frank (NKF) has negotiated a 125,000-square-foot industrial lease renewal on behalf of Leslie’s Poolmart Inc. in West Chicago, about 38 miles west of the Windy City. The property is located at 320 Industrial Drive. Phoenix-based Leslie’s, which sells swimming pool and spa supplies, will use the space for warehousing products. Jerry Jacobs of NKF represented Leslie’s in the lease transaction. Adam Marshall and Mark Deady of NKF served as local advisors. David Prell of CBRE represented the landlord, Colony NorthStar Inc.
LAS VEGAS — A joint venture between SunCap Property Group and Colony NorthStar has acquired a 40-acre development site located at the southeast corner of N. Las Vegas and N. Lamb boulevards in Las Vegas. The partnership plans to develop SunPoint Crossing, a Class A light industrial campus on the site. Spanning three buildings, the campus will feature 752,838 square feet of industrial space. Divisible to 35,000 square feet, the buildings will feature tilt-up concrete construction, 32-foot clear ceiling heights, ESFR sprinklers, dock-height and grade-level doors with trailer parking. Construction is slated to begin this summer for delivery of shell buildings in summer 2019. Jeremy Green and Tyler Ecklund of CBRE’s Las Vegas office is handling marketing for the development.
JACKSONVILLE, FLA. — Jacksonville-based investment firm FRP Holdings Inc. (NASDAQ: FRPH) has entered into an agreement to sell 41 warehouses to an affiliate of The Blackstone Group (NYSE: BX) for $358.9 million. Two of the properties include adjacent lots that were included in the sale. The individual locations of the warehouses were not disclosed. However, according to the company’s 8-K form filed with the Securities & Exchange Commission (SEC), FRP’s portfolio is largely located in the Baltimore and Washington, D.C. metro areas. The sale is expected to close during the second or third quarter of 2018. Following the transaction, FRP will continue to own a portfolio of properties. Some of the retained assets are located within the RiverFront on the Anascotia development near Capitol Hill. The company will also retain ownership of properties situated within the Windlass Run Business Park in Baltimore County, as well as a large parcel in Hampstead, Md. For several of the assets, the company will offer first rights of refusal purchase options to the tenants. FRP Holdings plans to use proceeds from the sale to pay off existing debt and implement capital improvements on its remaining properties. The company also plans to reinvest a portion …
CLEBURNE, TEXAS — La Moderna, Mexico’s largest pasta manufacturer, has opened a $50 million production facility in Cleburne, roughly 30 miles south of Fort Worth. The 150,000-square-foot property, which took three years to build, is situated on 16.5 acres and will serve as the company’s U.S. headquarters. Specific features include office space with conference rooms and elevated workstations, as well as food safety and production analysis labs. The rail-served facility is capable of producing nearly 4,000 tons of pasta per month and will ultimately account for the creation of 400 direct and indirect new jobs in Cleburne.
SAN ANTONIO — Skyview Advisors, a Tampa-based brokerage firm specializing in self-storage, has brokered the sale of a 763-unit Extra Space Storage facility in San Antonio. Approximately 97 percent of the units at the Class A facility are climate-controlled. The property sold during lease-up at 50 percent physical occupancy, according to Ryan Clark of Skyview, who represented the seller in the transaction. California-based FollettUSA purchased the property for an undisclosed price.