CENTENNIAL, COLO. — An undisclosed buyer has purchased a 533-unit Extra Space Storage facility in Centennial for $11.3 million. The community is located at 7059 S. Kenton St., 16 miles southeast of downtown Denver. The facility was built in 2009. Adam Schlosser, Chico LeClaire and Brett Hatcher of Marcus & Millichap executed the transaction. Richard Bird is the firm’s broker of record in Colorado.
ROUND ROCK, TEXAS — Leon Capital Group has begun construction on its first self-storage construction project. The 105,987-square-foot development, which is located at 215 N. A.W. Grimes Blvd. in Round Rock, will be owned and operated by Leon Capital Group and managed by CubeSmart, a national owner and operator of self-storage facilities across the U.S. The Round Rock facility is the third investment for Leon Capital Group’s self-storage platform, which operates out of the company’s Austin office. The company is set to break ground on two additional Austin-area self-storage developments by the end of this year. Construction on the Round Rock self-storage development is slated for completion in late December. Embree Construction Group Inc. is the general contractor for the project.
STOUGHTON, MASS. — Calare Properties has acquired a warehouse and retail building located at 301 Page St. in Stoughton. The 119,000-square-foot property was purchased for an undisclosed sum. The Class A property is currently fully occupied by Boston Interiors. Built in 2004, the property features 10,000 square feet of office space; 9,000 square feet of showroom space; and 100,000 square feet of high-bay warehouse space. Situated on 17.1 acres, the facility also features 36-foot clear ceiling heights, 16 dock-high doors, two trash dock doors and 113 surface level parking spaces. The name of the seller was not released.
GURNEE, ILL. — Venture One Real Estate LLC has purchased a single-tenant 21,672-square-foot distribution center in Gurnee, approximately 45 miles northwest of Chicago, for an undisclosed price. Chenille Kraft Co. sold the building, which is located on 1.4 acres at 65 Ambrogio Drive. Venture One plans to rehab the property. David Liebman of Merit Partners represented the seller, and Venture One was self-represented.
ORLANDO, FLA. — Cite Partners has brokered the $10.7 million sale of Shader Industrial Park, a 300,000-square-foot industrial property in Orlando. The asset was 90 percent leased at the time of sale. Cite Partners represented the undisclosed buyer in the transaction. Cory Kroeger and Greg Rebman of KR Properties represented the seller, an unnamed entity that has owned Shader Industrial Park since 1983.
The continued emergence of the e-commerce sector, and continued healthy deal volume among New Jersey’s “traditional” industrial tenants are generating significant momentum for the state’s industrial market. This includes the food, retail and consumer products industries. Strengthening fundamentals have reinforced this theme consistently over the past 24 months, or longer. During 2015, robust demand for modern warehouse space fueled the markets along the New Jersey Turnpike, pushing the state’s warehouse and distribution vacancy to a 15-year low (6.4 percent). This marks a significant five-year drop from a peak of 11.2 percent at the close of 2010. Additionally, the state’s industrial net absorption reached an all-time annual high (12.5 million square feet). Of this, 84 percent occurred within warehouse/distribution product. Big-box demand continues unabated. Currently, we are tracking multiple 1 million-square-foot requirements — the most we’ve seen in many years. Additionally, and importantly, the heightened focus on last-mile delivery is drawing tenants to small and mid-size infill sites. These range from close-in locations providing immediate access to New York City and Philadelphia, to densely populated hubs all along the New Jersey Turnpike. As vacancy rates approach all-time lows and available inventory tightens, an increasing number of deals involve Class B assets. …
WAUKEGAN, ILL. — HSA Commercial Real Estate has arranged a 120,249-square-foot industrial lease at the Delany Commerce Center in Waukegan, approximately 40 miles north of Chicago. Trifinity Partners, a third-party logistics firm, will occupy space at the distribution center located at 2431 Delany Road. HSA Commercial and Great Point Investors developed the 218,500-square-foot building. There is approximately 100,000 square feet of space still available at the facility, which features 30-foot clear heights, 14 truck docks, a drive-in door and 300 parking spaces. Tim Thompson of HSA Commercial represented the ownership in the transaction, and Tom Boyle and Jared Paff of Transwestern represented the tenant.
YORK, PA. — A joint venture between an affiliate of Endurance Realty Estate Group and a commingled fund managed by American Realty Advisors has completed the disposition of a bulk distribution facility located at 325 S. Salem Church Road in York. An undisclosed buyer acquired the 785,400-square-foot property for $60 million, or $76.39 per square foot. The property is currently fully leased to Target Corp. and is utilized as the company’s Northeast distribution center for its e-commerce platform. Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners represented the seller in the deal.
GREENWICH, CONN. — Colliers International has arranged the sale of a historical industrial building located at 330 Railroad Ave. in Greenwich. 330 Railroad Avenue LLC, a partnership between Rich Granoff and Jeff Mendell, acquired the property for $8.3 million. The buyer is planning a complete renovation and repositioning of the building by converting the Depression Era-built industrial asset into a boutique high-end office building with approximately 30,000 square feet of office space. Granoff Architects will be the anchor tenant of the renovated property. Jeff Williams, Enzennio Mallozzi and Hollis Pugh of Colliers represented the buyer and undisclosed seller in the deal.
TETERBORO AND NORTHVALE, N.J. — The Stro Companies has acquired a three-building industrial portfolio totaling 95,000 square feet for $7 million. The portfolio includes a three-unit, 27,000-square-foot flex industrial property located at 370 North St. in Teterboro; a three-unit, 50,000-square-foot flex industrial property located at 235 Pegasus Ave. in Northvale; and a single-tenanted, 18,000-square-foot industrial building located at 245 Pegasus Ave. in Northvale. The Teterboro property is fully occupied and 235 Pegasus Avenue is 80 percent occupied, with the majority of the building being leased to Deluxe Media. Lori Zuck and Alex Previdi of Transwestern brokered the transaction. The name of the seller was not disclosed.
