GLASSBORO, N.J. — Inland Private Capital Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed an 870-unit facility in Glassboro, about 25 miles south of Philadelphia. The site at 124 Delsea Drive S formerly housed the facilities of Liscio’s Bakery. The two-story, elevator-served facility features 86,700 net rentable square feet of 100 percent climate-controlled space and includes a vehicle drive-thru area with high-speed roll-up doors, as well as multiple unloading locations and epoxy finished flooring.
Industrial
PALATINE, ILL. — S&C Electric Co. has opened a new 275,000-square-foot manufacturing facility in Palatine, a northwestern suburb of Chicago. The expansion created 200 production and engineering jobs. The property is situated about 25 miles from S&C’s headquarters and manufacturing campus in Chicago’s Rogers Park neighborhood. Production in Palatine includes circuit-washers, devices that protect transmission substation transformers and other grid-hardening equipment.
MICHIGAN — District Capital has arranged a $20 million loan for the refinancing of a 240,000-square-foot flex industrial building in Southeast Michigan. Dave Dismondy of District Capital arranged the loan through a life insurance company. The nonrecourse loan allows for a further relaxed amortization if the lease is extended during the loan term.
Lee & Associates Negotiates $58M Purchase of Industrial Land in San Diego’s Otay Mesa District
by Amy Works
SAN DIEGO — Lee & Associates has arranged the acquisition of 37.9 acres of industrial land at 5761 Airway Road in San Diego’s Otay Mesa neighborhood. Hyundai Translead purchased the asset for $58 million in an off-market transaction. The site will support Hyundai Translead’s operations in San Diego, which will allow the company to continue to utilize the location of Otay Mesa as a thoroughfare for its cross-border operations. Rusty Williams, Chris Roth, Jake Rubendall and Andrew Kenny of Lee & Associates – NSDC, as well as Eugene Kim of Lee & Associates LA North/Ventura, represented the buyer in the transaction.
SEATTLE — Gantry has secured a total of $34.3 million of loans to refinance four Seattle-area assets owned by different and unaffiliated entities. Each transaction was placed with one of Gantry’s life company correspondent lenders and each structure provided the borrowers with non-recourse, fixed-rate loans. Mike Wood of Gantry represented three of the borrowers. The financings included:
SUNNYVALE, TEXAS — California-based CapRock Partners has acquired 32.5 acres in Sunnyvale, an eastern suburb of Dallas, for the development of a 518,000-square-foot industrial project that will be known as Clay Road Business Park. The development will consist of three shallow-bay buildings with 32-foot clear heights, dock-high and ramp loading doors, ESFR sprinklers and trailer parking. Construction is scheduled to begin in 2025 and be compete in 2026. Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King of JLL represented CapRock in the land acquisition.
HOUSTON — Bel Air Lighting has purchased a 112,667-square-foot industrial building in North Houston. According to showcase.com, the building at 16622 Hafer Road was constructed in 2023 and features 32-foot clear heights, 22 dock doors, two drive-in doors and 130 car parking spaces. Jeremy Lumbreras and Garret Geaccone of Stream Realty Partners represented the seller, locally based firm Alliance Industrial Co., in the transaction. The sales price was not disclosed.
HERCULANEUM, MO. — The Jefferson County Port Authority (JCPA) has purchased approximately 18 acres along the Mississippi River in Herculaneum, a southern suburb of St. Louis. Riverview Commerce Park LLC (RCP), along with the operations of RCP, sold the acreage in a $20 million transaction. The site will serve as the first publicly owned terminal facility in Jefferson County. The port terminal at RCP is situated below any lock and dam system, providing a direct shot to the Gulf of Mexico. The terminal has more than 3,000 square feet of rail spur, located directly off the Union Pacific Railroad, and is less than two miles from I-55. The port facility and surrounding acreage anchors a broader 300-acre site that received Port District zoning earlier this year, making way for redevelopment as an intermodal transportation hub and industrial park. Under the terms of the deal, the port facility will continue to be operated by RCP in partnership with JCPA. Approximately 1 million tons of freight moved through the port in 2023. In 2022, JCPA received $25 million in funding from the State of Missouri to help support port development. This funding enabled JCPA to enter into this agreement and begin planning …
AURORA, ILL. — SVN Chicago Commercial has arranged the sale of a 45,000-square-foot industrial building in Aurora for $1.5 million. Located at 325 S. Union St., the 111-year-old property, once utilized for manufacturing World War II vehicle parts, is slated to be converted into multifamily units. James Mead of SVN represented the undisclosed seller. The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to complete the project.
DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 25,970-square-foot industrial lease in southwest Dallas. According to LoopNet Inc., the building at 4301-4311 Shilling Way was originally constructed in 1971 and totals 74,373 square feet. Canon Shoults and Mitch Cantwell of Holt Lunsford represented the landlord, Boston-based private equity firm Taurus Investment Holdings, in the lease negotiations. The representative of the tenant, Sunmetals Products of America, was not disclosed.