PEMBROKE PINES, FLA. — Strategic Storage Growth Trust Inc., a non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 870-unit self-storage facility in Pembroke Pines, roughly 23 miles north of Miami. The property is located at the intersection of Pines Boulevard and S.W. 186th Avenue. The 84,000-square-foot, climate-controlled facility was completed earlier this year and comprises one two-story and one three-story building. The sales price was not disclosed.
The Raleigh-Durham industrial and flex market, totaling approximately 129 million square feet, continues to be strong with overall positive absorption. Vacancy is trending lower, making the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any city in North Carolina. Available industrial land is diminishing for development in high-demand areas, and that typically signifies a significant barrier to entry for developers helping keep supply in check. The rental rate for new industrial product is currently in the mid-$5.00 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6.00-plus per square foot market for institutional-grade warehouse space. However, when comparing rental rates to markets like Austin and Boston, Raleigh-Durham is still a very competitive option. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport. Most of these distributors are delivering to the local market and need the central location and access to Interstate 40. The highest rates and prices can be found in this submarket and then start to decrease further out. Due to the lack of available land …
SAN FRANCISCO — Kilroy Realty Corp. has purchased Oyster Point Tech Center, a 146,000-square-foot laboratory and office property in San Francisco, for $111 million. The property is located at 345-349 Oyster Point Blvd. in the South San Francisco submarket. The asset contains three two-story buildings. It is 80 percent occupied, with 66 percent of the project leased a global healthcare diagnostics company.
SAN DIEGO — Stos Partners has sold a 91,541-square-foot industrial building in the National City submarket of San Diego for $21 million. The single-tenant building is located at 901 Bay Marina Drive. The asset is fully occupied. An undisclosed Fortune 500 company anchors the building. A large institutional investor acquired the property after it underwent several improvements, including a new roof, new exterior paint, an upgraded parking lot and new monument signage. CBRE’s Anthony DeLorenzo, Matt Pourcho and Gary Stache represented Stos in this transaction.
BRIDGEPORT, CONN. — Southport, Conn.-based Angel Commercial has negotiated the sale of an industrial building located at 146 Davis Ave. in Bridgeport. Black Rock LLC sold the property to J.E.T. Corp. for $1.2 million. The buyer is a Bridgeport-based manufacturer of non-ferrous sand castings. Situated on 1.7 acres, the property features 17,088 square feet of space. The building was previously occupied by Black Rock Fireproof Column Co. Jon Angel of Angel Commercial facilitated the transaction.
STAMFORD, CONN. — Henkel, with Ware Malcomb as architect, has completed its North American consumer goods headquarters, located at 200 Elm St. in downtown Stamford. The 155,000-square-foot space accommodates 425 employees from Henkel’s Beauty Care and Laundry and Home Care businesses, with room for growth. The three-story facility integrates Henkel’s previous locations into one, with the largest numbers of employees being from the company’s former consumer goods headquarters in Scottsdale, Ariz., and from Wilton, Conn.-based The Sun Products Corp., which Henkel acquired in 2016. The property features research and development space on the first floor and office space on the remaining floors. Founded in 1876, Henkel is a global manufacturer and marketer of brands, including Persil, Purex, all detergents, Snuggle fabric softeners, Dial soaps, Right Guard antiperspirants, Schwarzkopf hair care, and göt2b hair styling projects. Ware Malcomb provided interior architecture and design, lab planning and branding services for the project. Turner Construction served as general contractor, and CBRE provided brokerage and project management services.
KANSAS CITY, KAN. — Phillips Development and Realty (PDR) has acquired a 1.5-acre land parcel on Southwest Boulevard in Kansas City. The firm plans to build a 100,000-square-foot, 710-unit self-storage facility on the site. Construction of the Class A development is slated to begin during the third quarter of 2018 and be completed in the third quarter of 2019. Kansas City presents opportunities for development as the population continues to grow and employers expand, according to Donald Phillips, managing director of Tampa, Fla.-based PDR. Kansas City’s metro area population ranks 30th on a list of the 382 metropolitan statistical areas within the United States.
GLENVIEW, ILL. — The Missner Group has acquired a 45,000-square-foot flex industrial building in Glenview, about 20 miles northwest of Chicago. The purchase price was not disclosed. The single-story building, constructed in 1999, is located at 2323 Ravine Way in North Shore Corporate Park. The purchase is part of a sale-leaseback with the current owner, printing company DreamWorks Graphic Communications. DreamWorks acquired the building in 2014 and hired The Missner Group to complete building renovations at the time. The property features a clear height of 26 feet, four exterior truck docks, one drive-in door and 13,000 square feet of office space. Ed Adler of The Missner Group led the acquisition for the firm. Larry Much of NAI Hiffman represented both the buyer and the seller in the transaction.
MENOMONEE FALLS, WIS. — Connected Technology Solutions Inc. has signed a 42,590-square-foot industrial lease in Menomonee Falls, about 20 miles northwest of Milwaukee. The kiosk hardware and software solutions provider will occupy the entire building located on Garwin Mace Drive. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. Inc./CORFAC International represented the landlord, AJR Properties South LLC, in the lease transaction. Brett Garceau of NAI/MLG Commercial represented the tenant.
BIRMINGHAM, ALA. — Birmingham-based GCP has secured a $60 million loan from MetLife for the refinancing of a seven-property industrial portfolio located throughout Atlanta, Charlotte, Alabama and Florida. Speake Financial advised GCP on the 10-year, fixed-rate loan. The properties comprise nearly 1.8 million square feet of GCP’s 7.2 million square foot inventory across the Southeast. The refinanced portfolio includes Progress Center and Troon Circle in Atlanta, which total 611,200 square feet; the 465,0000-square-foot Twin Lakes in Charlotte; and four properties across Alabama and Florida totaling 707,834 square feet.