COLUMBUS, OHIO — EFL Expo Freight has signed a 70,955-square-foot industrial lease at Creekside Industrial Center in Columbus. The company will occupy the space in the 155,866-square-foot CreekSide XVI building, one of two speculative facilities nearing completion at the center. The building features 32-foot clear heights. Mike Spencer of Lee & Associates represented EFL Expo Freight in the lease transaction. Phil Rasey of The Pizzuti Cos. represented ownership, a partnership between Pizzuti and USAA Real Estate.
BROOMFIELD, COLO. — Northstar Commercial Partners, with its new equity partner Red Starr Investments, has plans to redevelop a property at 800 Hoyt St. in Broomfield, just east of Boulder. The company is demolishing the existing 110,000-square-foot structure to build a new industrial park on the 20-acre, environmentally remediated site. The finished project will contain two buildings totaling 315,720 square feet of Class A warehouse space. David Eyzenberg and Diana Davidson of Eyzenberg & Co. secured the equity partner for this $37 million development deal.
PLANO, TEXAS — Stream Realty Partners has brokered the sale of Jupiter Service Center, an office/industrial asset totaling 126,485-square-foot in Plano. The four-building property is situated on nine acres at the corner of Jupiter Road and 10th Street, less than a mile from the President George Bush Turnpike. Jamie Jennings, James Mantzuranis, Matt Dornak and Ryan Wolcott of Stream Realty represented the seller, Situs, a Houston-based advisory and management firm. Kennington Property Co. purchased the asset for an undisclosed price.
MINNEAPOLIS — Westmount Realty Capital has acquired a five-building, 845,622-square-foot industrial portfolio in Minneapolis. The purchase price was not disclosed. Located near the Minneapolis-St. Paul International Airport, the portfolio is fully occupied. With this acquisition, Westmount now maintains more than 8 million square feet of industrial space in the Midwest region. Colliers International brokered the transaction. The seller was not disclosed.
MACOMB TOWNSHIP, MICH. — Kennedy Funding Financial has provided a $1.2 million loan for the development of an industrial park in Macomb Township, a northern suburb of Detroit. The 55-acre property is located at 17300 23 Mile Road. The borrower, Elite Sport Ventures LLC, acquired the property in December 2014 with plans to develop it into smaller parcels. A 2.5-acre portion of the site located near 23 Mile Road will be sold and developed into a hotel.
The Columbus industrial market continues to thrive as a hot center for logistics, warehousing and manufacturing. Its strategic location within a one-day truck drive of 50 percent of the U.S. population and one-third of the Canadian population is an important part of this success. Other contributing factors to this success include a strong Midwestern work ethic, low cost of real estate, low taxes, low wages and minimal union activity. With a total population of about 2 million in metro Columbus, central Ohio has 86,000 employees in the manufacturing industry and 80,000 employees in logistics at 4,100 logistics companies. Positive vital signs Central Ohio’s 273-million-square-foot industrial real estate market continues to expand with nearly 5.7 million square feet of new construction in 2017. Year to date, there has been 1.3 million square feet of positive net absorption and vacancy is 4.6 percent, down from 5.1 percent as of year-end 2016. Net absorption totaled 9 million square feet in 2016. Effective rental rates in central Ohio range from $2 to $3.75 per square foot net for larger warehouse and manufacturing spaces. Operating expenses run from 35 cents to $1.25 per square foot. Sales prices will range from $10 to $45 per square …
LACEY, WASH. — Dermody Properties has purchased Meridian Campus Corporate Park, a 777,579-square-foot industrial park in the Seattle submarket of Lacey, for an undisclosed sum. The park is located at 9107, 9127 and 9225 Polaris Lane. Meridian Campus Corporate Park contains three Class A buildings that feature 30-foot clear heights. The acquisition also includes 18 acres of land where Dermody plans to develop a new distribution building. The new facility will contain 318,028 square feet with a 36-foot clear height and 80 trailer parking stalls. Construction is expected to begin this November. CBRE’s Monte Decker and Andrew Hitchcock will market the property for lease. Dermody acquired the park from the California State Teachers’ Retirement System (CalSTRS).
MIAMI GARDENS, FLA. — Bridge Development Partners has acquired a 185-acre site in Miami Gardens, located 15 miles north of Miami, for $28.2 million. The site is the future home of Bridge Point Commerce Center, a Class A industrial development that will total more than 2 million square feet at full build-out. Phase I of the project spans 90 acres and will include three buildings. The first two buildings on the site will total 286,875 square feet and feature 32-foot clear heights. The third building will be a 534,816-square-foot, cross-dock facility with 36-foot clear heights. Phase II of the project will be developed on the western half of the property, situated on the site of a former landfill. In addition, 13 acres on the site will be preserved as green space. Located with direct frontage along the Florida Turnpike, Bridge Point Commerce Center is equidistant to Fort Lauderdale-Hollywood International Airport and Miami International Airport.
CHICAGO — Carter Validus Mission Critical REIT Inc. has entered into a definitive agreement in two separate transactions to sell data centers for a combined $1 billion. The REIT will sell a 251,141-square-foot data center in metro Chicago for $315 million. An affiliate of Digital Realty Trust LP has purchased the property, which is situated on 19 acres of land. Carter Validus has also entered into a definitive agreement to sell a 14-property data center portfolio to Singapore-based Mapletree Industrial Trust for $750 million. The transactions are expected to close in the fourth quarter. Moelis & Co. LLC served as lead financial advisor, along with KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey Inc. serving as co-advisors. Morris, Manning & Martin LLP served as legal counsel.
NEW YORK CITY — GFI Realty Services has brokered the sale of an industrial property, located at 237, 245 and 247 Kent St. in the Greenpoint section of Brooklyn. An undisclosed buyer acquired the property for $5 million. The buyer plans to use property, which comprises three contiguous parcels, as a warehouse and office facility. Sasha Berg of GFI Realty represented the undisclosed seller and buyer in the transaction.