LAS VEGAS — A limited liability company has purchased Sahara Mini Storage, a 52,672-square-foot self-storage facility in Las Vegas, for $3.4 million. The facility is located at 8140 West Sahara Ave. It was about 62 percent occupied at the time of sale. The seller, a personal trust, plans to donate all proceeds of the sale to charity. Cameron Glinton and Christopher R. Secreto of Marcus & Millichap represented both the buyer and seller in this transaction.
QUAKERTOWN, PA. — Bensalem, Pa.-based Roddy Inc. has arranged the sale of an industrial property located at 472 California Road in Quakertown. The buyer, 472 California Road LP, acquired the 125,091-square-foot property from 472 California Road Partners LP for $3.8 million. The fully heated building features a sprinkler system, 18 tailgate loading doors, three drive-in doors and approximately 24,718 square feet of office space. Ceiling heights range from 15 feet to 23 feet throughout the building. Sean Durkin of Roddy Inc. represented the seller, 472 California Road Partners LP, in the transaction.
CONCORD, N.C. — Beacon Partners has broken ground on a new 309,536-square-foot spec industrial facility within RiverOaks Corporate Center in Concord, a northern suburb of Charlotte. RiverOaks is a master-planned, 1.4 million-square-foot manufacturing and logistics park located at the corner of Poplar Tent and Derita roads near Concord Regional Airport. The new building (Building D) is slated for completion in the second quarter of 2016. The project team includes general contractor Choate Construction, architect Merriman Schmitt and civil engineer ColeJenest & Stone. Wells Fargo is financing the project.
SAN ANTONIO — Strategic Storage Growth Trust (SSGT), which is sponsored by SmartStop Asset Management, has acquired a self-storage facility in San Antonio for $12.3 million. The facility consists of 385 self-storage units and 49,250 square feet of storage space. In addition, the property contains 5,800 square feet of cold storage space, 8,300 square feet of office space and 9,000 square feet of warehouse space. The property, located at 875 E. Ashby Place, will offer climate-controlled units.
YORK, PA. — Alliance HSP has acquired two industrial properties located at 2925 E. Market St. and 789 Kings Mill Road in York. D&D Distribution sold the assets, which total 566,000 square feet, for an undisclosed price. As part of the transaction, Alliance HSP entered into a full-building, three-year leaseback with D&D Distribution for the 180,000-square-foot property at 789 Kings Mill Road and a long-term lease totaling 250,000 square feet with Stauffer’s Biscuit Co. at the 386,000-square-foot building at 2925 E. Market St. Alliance HSP has started a capital improvement plan at 2925 E. Market St. The improvements, including a new roof, enhanced loading docks and improved truck circulation, are slated for completion in April. Gerry Blinebury of Cushman & Wakefield represented D&D Distribution in the transactions.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an industrial site located at 102 Sandford St. in Brooklyn’s Bedford-Stuyvesant neighborhood. American Almond Products sold the property, which served as its national headquarters, sold for $11.9 million, or $409 per square foot, in an all-cash transaction. The 37,500-square-foot property features a 29,125 square feet of factory and warehouse space and approximately 8,375 buildable square feet for additional development. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The name of the buyer was not released.
Atlanta’s industrial market is hotter than the proverbial pistol. Second-quarter activity set a single-quarter record with more than 18.2 million square feet leased or sold. When added to the activity from the previous three quarters, Atlanta strung together more than 59.6 million square feet of completed transactions. This represents the second highest activity level ever recorded for a four-quarter period. There was more than 6.3 million square feet of positive net absorption. Combined with the previous three quarters, Atlanta shows a total of more than 19.7 million square feet of positive net absorption for the last four quarters. For the second quarter, the availability rate dropped one-tenth of a percent to 14 percent — the lowest it has been since the fourth quarter of 2000. And just four to five years ago, the overall availability rate was above 20 percent. Development and construction are absolutely booming. With more than 7 million square feet of new construction recorded during the second quarter, the market also set a record for new construction in a single quarter. When looking at the four-quarter total, we see more than 18.8 million square feet of new construction — a level not seen since 1998. Of that …
MESQUITE, TEXAS —Binswanger has negotiated an industrial lease of 300,283 square feet at Skyline Business Park Building 1, located at 951 Town E. Blvd. in Mesquite. The lease was arranged on behalf of the tenant, We Pack Logistics. We Pack Logistics is a national supply chain management firm providing clients with contract packaging and distribution services. The company is launching operations in the facility this month for a new client contract in the food and beverage industry. Skyline Business Park Building 1 is a rail-served, 457,076-square-foot warehouse/distribution facility located on 27.7 acres. The property is located at Chase Road and Skyline Drive, adjacent to the Union Pacific Railroad Intermodal yard with access to I-635 and US-80. Holmes Davis of Binswanger’s Dallas office handled the transaction for the tenant. John Hendricks with CBRE represented the landlord, LIT Industrial.
PHOENIX — REIT Industrial Property Trust has purchased a five-building industrial portfolio based in northwest Phoenix for $38 million. The transaction comprises the Lincoln Deer Valley and Lincoln Pinnacle Park assets. The Lincoln Deer Valley project is located at 21420 and 21430 N. 15th Lane in Phoenix. Lincoln Pinnacle Park is located at 23040 N. 11th Ave., also in Phoenix. They total 340,646 square feet. The two parks were constructed between 2005 and 2006. They are 97 percent leased with staggered triple-net lease expirations. Notable tenants include Petsmart, Alstom, Reynaer’s, US Air Conditioning Distribution and California Closets. The seller was Lincoln Property Company (LPC). The company will continue to serve as property manager for both assets. CBRE’s Darla Longo, Barbara Emmons, Dan Calihan and Pat Feeney represented LPC in this transaction.
Greater Waco’s economy is on a roll. Positioned halfway between Dallas and Austin, Waco is a prime destination for companies and individuals wanting access to large metro areas without the hassles of traffic, expensive real estate and labor shortages. With newly completed facilities such as Baylor University’s McLane Stadium and major downtown redevelopment projects, Waco is hitting the radar for new development opportunities. October 2015 marked 43 months of positive economic growth for the area, with 4.8 percent growth in the third quarter of 2015 alone. Major organizations, including Baylor, continue to aid in elevating the status of Waco as a dominant player in the Central Texas region. Just as Texas has seen significant growth since 2008, so too has Waco. One major contributor to Waco’s economic success has been employment growth. Employers are creating new jobs in the area, with 1,600 more positions now in place, 113,700 compared to 112,100 in October 2014. Construction, manufacturing, healthcare, hospitality and logistics remain strong drivers for the economy. The result is a community with a 4.8 percent unemployment rate and residents with more disposable income. In fact, real median household income for the Waco MSA grew 5.8 percent, to $43,184, between the …
