MONTGOMERY, N.Y. — GJT REIT has purchased an industrial building located at 201 Neelytown Road in Montgomery for an undisclosed price. Situated on 43 acres, the 248,370-square-foot distribution facility is leased to FedEx Ground on a 10-year term. GTJ REIT now owns 49 properties, totaling approximately 6 million square feet, in the Tri-State area. The name of the seller was not released.
NEWBURYPORT, MASS. — Valencia Realty Capital has arranged $4.5 million in acquisition financing for a cold-storage warehouse facility in Newburyport. The financing covers nearly 100 percent of the acquisition cost. The undisclosed borrower acquired the vacant 89,000-square-foot facility, located at 2 Opportunity Way, from a national REIT. Built in 1994 and expanded in 2008, the property features 26-foot clearance heights and approximately 14 percent of the building is office space. Stephen Smeke of Valencia secured the financing from a commercial lender for the borrower.
LINDEN, N.J. — Colliers International has arranged a 181,000-square-foot industrial lease for ASA Apple in Linden. The transportation and logistics solutions company has signed a long-term lease for the industrial building located at 55 Wildcat Drive. ASA Apple is a public warehouse and intermodal transportation company operating in the Port of New York region. Richard Mirliss, Richard Madison and Alex Vitro of Colliers represented ASA Apple, while Tom Monahan of CBRE represented the property owner, Prologis.
JACKSON, GA. — Liberty Property Trust has unveiled plans to develop Liberty Commerce Center, an 840,000-square-foot distribution center in Jackson, roughly 35 miles south of Hartsfield-Jackson Atlanta International Airport. The developer purchased the 80-acre site at the corner of Windy Lane and Midway Road in May. Upon completion, the building will feature 40-foot clear-heights, 56- by 51-foot column spacing, 161 dock doors, a 70-foot speed bay, ESFR sprinkler systems, a truck court with 175 spaces and 445 parking spaces. In addition, the building will be designed to meet LEED and Energy Star certification. Future tenants can use the remaining land to either develop a second 240,000-square-foot rear-load building with car parking, build a 266-spot trailer parking area with storage or develop an up to 1,070-space car parking area with storage.
CHICAGO — Cushman & Wakefield has arranged the sale of a four-building industrial portfolio in West Town’s Kinzie Industrial Corridor in Chicago. The price was not disclosed. A joint venture between Clear Height Properties and Diamond Realty Holdings purchased the portfolio with plans to fully reposition it. Located at 404-434 N. Armour St. and 1514 W. Kinzie St., the properties span 45,568 square feet. By demolishing 1514 W. Kinzie and combining that site with the neighboring building at 1515 W. Hubbard and a vacant 14,000-square-foot site at 401 N. Ashland that the joint venture already owns, the new complex will support 46,000 square feet of space suited for flex/office, last-mile delivery or high-tech manufacturing. Larry Goldwasser, Colin Green, Matt Cowie and Michelle Maguire of Cushman & Wakefield brokered the transaction. The team will also oversee lease-up of the redevelopment.
MENOMONEE FALLS, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 42,590-square-foot industrial building in Menomonee Falls, about 20 miles northwest of Milwaukee. The price was not disclosed. The property is located on Garwin Mace Drive. Keebler Co. sold the property to AJR Properties South LLC. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the buyer in the transaction.
LIVONIA, MICH. — MSC Industrial Supply Co. has signed a 14,334-square-foot industrial lease in Livonia, a western suburb of Detroit. The warehouse property is located at 37007 Industrial Road. The building will serve as MSC’s vending machine division beginning in November. Gary Glotzhober of Colliers International represented the tenant in the lease transaction. MSC currently operates five locations in Michigan.
BEAVERTON, ORE. — A joint venture between Vista Investment Group and Acre Valley Real Estate Capital has purchased Nimbus Oaks, a 171,828-square-foot flex/business park in Beaverton, for an undisclosed sum. The park is located at 9000-9560 S.W. Nimbus Ave. in the 217 Corridor submarket. Notable tenants at Nimbus Oaks include XO Communications, Opus Agency, Kingcom and the Northwest Regional Education Service District. The asset was built between 1984 and 1985. Andrew Kirsh of Sklar Kirsh represented Vista in this transaction. Kidder Matthews will handle leasing and property management.
RIVERSIDE, CALIF. — Allianz Real Estate of America has provided $55 million to refinance a 507,000-square-foot cold storage facility in Riverside. The property is located at 1001 Columbia Ave. The asset was developed in 2011 on a 25.3-acre site within Hunter Park. It is fully leased to an investment-grade credit tenant. The 10-year, fixed-rate loan will refinance the property’s existing loan. HFF’s Kevin MacKenzie and AJ Manas represented the borrower in this transaction.
MCDONOUGH, GA. — Cushman & Wakefield has secured a 295,800-square-foot lease with TravelPro, a provider of travel goods, at 1500 Medline Place in McDonough, roughly 30 miles south of Atlanta. Ray Stache, Lisa Pittman and Greg Dikerson of Cushman & Wakefield represented the landlord, Medline Industries, in the lease transaction. The lease marks TravelPro’s first location in the metro Atlanta market. Constructed in 2016, 1500 Medline Place was 100 percent leased in less than 12 months following completion. The facility features 37-foot ceilings, 77 dock doors, LED lighting and access to 13 UPS and FedEx centers.
