LAKEWOOD, COLO. — CAM Lakewood LLC has purchased Garrison Business Park, a 49,000-square-foot flex-industrial property in Lakewood, for $7.5 million. The property is located at 9195-9197 W. 6th Ave., about seven miles outside of downtown Denver. The fully leased property is occupied by tenants like Pinkard Construction and Golder Associates. The seller, Pathfinder Partners, purchased the property in December 2012 from a CMBS special servicer’s real estate-owned (REO) department.
DENVER — Sovran Self Storage Inc. has purchased the 521-unit Extra Space Storage self-storage facility in the Denver submarket of Thornton for an undisclosed sum. The sales price equates to $203 per square foot, the highest price paid per square foot for a self-storage facility in Colorado, according to Marcus & Millichap, which represented both the buyer and seller, TRC Companies, in this transaction. The facility is located at 9000 Gale Blvd., about 10 miles north of downtown Denver. It was built in 2011. Adam Schlosser and Chico LeClaire led the Marcus & Millichap team.
CHICAGO — Cushman & Wakefield has arranged the sale of two newly renovated industrial properties along Chicago’s I-55 corridor for $14.3 million. 51st Holdings LLC purchased the assets, which total 391,483 square feet, from Venture One Real Estate LLC. Venture One acquired the properties in 2014 and completed a renovation that included restored roofs, facade improvements, updated loading docks, revamped office space, lighting and electrical upgrades, and interior and exterior painting. 6500 West 51st St. was vacant at the time of sale, while 6400 West 51st St. was fully occupied by NADC Group, a logistics and supply chain management firm. Larry Goldwasser, Sally Macoicz, Colin Green and Michael George of Cushman & Wakefield represented both parties in the transaction.
CLINTON TOWNSHIP, MICH. — FM Capital has acquired a $2.8 million non-performing loan that is secured by three K&S industrial buildings in Clinton Township, approximately 25 miles northeast of Detroit. The three facilities total 54,000 square feet and were constructed between 1989 and 2002.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an industrial/office building located at 14-29 112th St. in the College Point neighborhood of Queens. Excavators Union Local 731 acquired the asset from RJB Realty LLC for $4.2 million, or $200 per square foot. The two-level building features 21,058 square feet of industrial and office space. Located within a M1-2 zone, the property also features up to 14,002 square feet in air rights. Stephen Preuss of Cushman & Wakefield represented the seller in the transaction.
ARLINGTON, TEXAS — Ridge Development, the industrial development arm of Transwestern Development Co., will break ground in the second quarter of 2016 on Park 20/360, a speculative, 1.6 million-square-foot industrial park in Arlington. The location feeds into the Great Southwest Industrial District, one of the largest individually platted industrial districts in the country. A joint venture between Invesco and Ridge Development owns the 119-acre project. Phase I will consist of four buildings totaling 1.2 million square feet and is expected to be complete in the first quarter of 2017. Phase II will also include four buildings and will total 356,060 square feet. It is scheduled to break ground in the third quarter of 2017 and be completed in the second quarter of 2018. Transwestern’s Joe Rudd and John Brewer are providing leasing services. Park 20/360’s buildings will accommodate users from 20,000 square feet to 715,000 square feet. Alliance Architects Inc. is the project’s architect, Pacheco Koch Consulting Engineers is the civil engineer and Professional Services Industries Inc. will handle geotechnical and environmental aspects of the project.
MISSOURI CITY, TEXAS — Conor Commercial Real Estate and joint venture partner USAA Real Estate Co. have completed Phase I of Gateway Southwest Industrial Park. The multi-building development is located in Missouri City, a southwest suburb of Houston. Situated on 36 acres at the interchange of Beltway 8 and U.S. 90 Alternate, the business park provides visibility along both highways. Phase I includes two Class A, speculative industrial buildings designed to provide warehouse and distribution services for single- or multi-tenant configurations. Building 1 is a 131,560-square-foot facility with 28 dock doors and divisibility to 31,460 square feet. The 217,440-square-foot Building 2 offers a cross-dock design with 66 dock doors and tenant suites from 54,360 square feet. Phase II of Gateway Southwest Industrial Park will consist of Building 3, located on a site that can accommodate up to 176,800 square feet. Edward Bane and Jon Michael of Bridge Commercial Real Estate represented Conor Commercial/USAA Real Estate in the land acquisition, and serve as marketing agents at the new industrial business park. Cadence McShane Construction Co. and Powers Brown Architecture provided the design/build construction services.
ROWLETT, TEXAS — Bart Dickinson of NorthMarq Capital’s Dallas office has secured the $4.4 million, 25-year refinancing of Lone Star Self-Storage, an 86,249-square-foot self-storage facility located in Rowlett. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Carriage Point Mango has purchased a 27,000-square-foot industrial facility located at 20221 Carriage Point Drive in Houston. Patrick Wolford and Ryan Searle of Lee & Associates Houston represented the seller, 1705163 USA Inc., in the transaction. Mike Whitsell of Mike Whitsell & Associates LLC represented the buyer.
LOWER NAZARETH, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have acquired a 90-acre site located at 4815 Hanoverville Road in Lower Nazareth for the development of Lehigh Valley Trade Center. Construction is slated to begin later this month for two Class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Building A will comprise 947,000 square feet with cross-dock loading, 36-foot clear heights, the capacity for more than 240 loading dock doors, and ample car and trailer parking. The second building will total 297,000 square feet and will feature rear loading and 32-foot clear heights. Clarion Partners acquired the property on behalf of a commingled fund that it manages.
