NEW YORK CITY — Seagis Property Group has purchased three warehouse buildings in South Brooklyn in three separate transactions. The properties are a 22,000-square-foot building at 931 Stanley Ave., a 42,500-square-foot building at 1010 Stanley Ave. and a 70,000-square-foot property at 1970 Pitkin Ave. The three buildings were vacant at the time of acquisition and are immediately available for lease. These transactions add to Seagis’ existing portfolio of 40 properties totaling 750,000 square feet in New York City.
LEBANON, TENN. — Ridgeline Property Group (RPG), in a joint venture with USAA Real Estate Co., has unveiled plans to develop Park 840 East Building 100, a 558,600-square-foot distribution and logistics facility in Lebanon, roughly 30 miles east of Nashville. The Class A property will be developed on a 29-acre site at the southeast corner of Central Pike and Interstate 840. Steve Preston and Hayes McWilliams of CBRE will handle the building’s leasing assignment. The project will feature concrete-tilt panel construction, 36-foot clear heights, 56- by 50-foot column spacing, 62.5-foot speed bays, 96 dock doors and 113 trailer stalls. Construction is slated to begin in the fourth quarter, with completion estimated for the second quarter of 2018.
MIAMI — Jernigan Capital Inc. has invested $14.7 million for the development of a 69,175-square-foot self-storage facility in Miami. Ocoee, Fla.-based Self Storage Associates Inc. is developing the ground-up project, which will be located at 4250 S.W. 8th St., roughly one mile from the central business district of Coral Gables and approximately two miles from the University of Miami. Construction on the multi-level, climate-controlled facility is expected to begin in the first quarter of 2018, with completion slated for the second quarter of 2019. Jernigan Capital and Self Storage Associates have co-invested in four other self-storage development projects.
NORTHBROOK, ILL. — Barnett Capital has sold a 20-property industrial portfolio to Brennan Investment Group for $84 million. Approximately 75 percent of the roughly 2.1 million-square-foot portfolio is in the Midwest. Five properties totaling 535,800 square feet are in Illinois. The largest property is a 378,325-square-foot building located at 1100 Corporate Drive in McHenry, Ill., a northwest suburb of Chicago. Developed in 1999, the property is leased to Brake Parts. Three of the properties are located in Missouri, three in Ohio, two in Indiana and one in Wisconsin. Other properties are located in Tennessee, Pennsylvania, South Carolina and Texas. The portfolio was 100 percent leased at the time of sale. Ryan Bain and Zach Graham of CBRE represented both parties in the sales transaction. Northbrook, Ill.-based Barnett Capital is the investment arm of the Barnett Family Office. Chicago-based Brennan Investment Group is an industrial property owner with nearly 29 million square feet in its portfolio.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 117,600-square-foot industrial building in Milwuakee. The sales price was not disclosed. The property is located at 8200 N. Faulkner Road. Roger B. Siegel, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction on behalf of the buyer, Faulkner Road LLC, and the seller, Faulkner Road Property LLC.
ELK GROVE VILLAGE, ILL. — Continental Bindery Corp. has purchased a new headquarters facility in Elk Grove Village for an undisclosed price. The binding firm sold its current headquarters, located at 700 Fargo Ave., and purchased a 29,856-square-foot industrial facility at 1250 Pratt Blvd. Brian Carroll and Tom Gath of Newmark Knight Frank (NKF) represented Continental Bindery in both transactions. Adam Marshall of NKF represented the Pratt Boulevard property seller, which was an affiliate of Midwest Industrial Funds. The Village of Elk Grove, represented by Chris Nelson of Lee & Associates, purchased Continental Bindery’s previous 51,412-square-foot headquarters. The city will demolish the property and construct a new fire station and training center in its place. Continental Bindery will begin occupying the new headquarters this fall.
IRVING, TEXAS — Lee & Associates has arranged the sale of a 40,250-square-foot industrial building located at 2109 Vanco Drive in Irving. Corbin Blount and Adam Graham of Lee & Associates represented the seller, Premier Technical Plastics, a manufacturing of petrochemicals with offices in Texas and Arkansas. The buyer and sales price were not disclosed.
CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Clute Affordable Storage, a 452-unit self-storage facility located at 508 E. Main St. in Clute, a Gulf Coast-area city approximately 50 miles south of Houston. Nicholas Ling of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the buyer, a limited liability company. Other terms of sale were not released.
DALLAS — A partnership between Boston-based Cabot Properties Inc and Stream Realty Partners has broken ground on International Logistics Center, a 646,796-square-foot industrial asset located near the Dallas-Fort Worth International Airport. The property consists of three buildings: a 118,634-square-foot rear-load building, a 203,476-square-foot front-load building and a 324, 686-square-foot cross-dock building. International Logistics Center also offers access to State Highways 360 and 183. A timetable for completion has not yet been established
RICHARDSON, TEXAS — Colliers International has closed the sale of an 83,140-square-foot office/warehouse property located at 1501 Plano Road in Richardson. Lizzy Blake of Colliers represented the seller, Addison-based investment firm Silver Tree Partners, and procured the buyer, Prattco Creekway Industrial. The property was 60 percent leased at the time of sale.