SOUDERTON, PA. — A partnership between regional developer Endurance Real Estate Group and Greystar-Thackeray has broken ground on a 176,000-square-foot industrial project in Souderton, located roughly midway between Philadelphia and Allentown in the Lehigh Valley. The building at 205 Schoolhouse Road will be known as 205 Commerce Center and will feature a clear height of 36 feet, 27 overhead dock doors, parking for 180 cars and 31 trailers and an ESFR sprinkler system. Completion is slated for the fourth quarter. JLL is marketing the property for lease.
JOLIET, ILL. — Venture One Real Estate, in partnership with DRA Advisors, has acquired a 624,654-square-foot industrial building in Joliet for an undisclosed price. Located at 2700 Ellis Drive, the property was vacant at the time of acquisition. Constructed in 2006, the building sits on 52 acres and features a clear height of 30 feet, 63 exterior docks, 17 drive-in doors and a 13-acre paved and secured lot that can accommodate more than 500 trailer stalls. Venture One plans to construct 2,500 square feet of office space. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. Traci Payette, Jeff Kapcheck and Rowan McDonnell of CBRE have been hired to market the property for lease. The building was acquired in a partnership of Venture One’s acquisition fund, VK Industrial VII, and a fund managed by DRA Advisors. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
Barry Co. Brokers Sale of 56,000 SF Industrial Building in Milwaukee Slated for Apartment Conversion
MILWAUKEE — The Barry Company has brokered the sale of a 129-year-old industrial building in Milwaukee’s Menomonee Valley neighborhood for an undisclosed price. The 56,000-square-foot property will be transformed into an apartment development. The four-story building was listed on the market for more than 20 years, and the site’s redevelopment was made possible after an extensive re-zoning process. Kurt Van Dyke and Jim Barry III of Barry Co. brokered the transaction. Kendall Breunig of Sunset Investors purchased the property from an affiliate of the Read family.
EDISON, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of a portfolio of two industrial buildings totaling 113,211 square feet in the Central New Jersey community of Edison. The portfolio, which was fully leased at the time of the loan closing, comprises a 53,950-square-foot building that was constructed in 1982 and a 59,261-square-foot building that was completed in 1988. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan on behalf of the borrower, Summit Associates Inc. The direct lender was not disclosed.
SAN ANTONIO — Austin-based investment firm Evergen Equity has acquired a 309,347-square-foot distribution center in San Antonio. The property at 2 Winnco Drive is located on a 22-acre site at the junction of interstates 410 and 35 on the city’s northeast side and was fully leased at the time of sale to two tenants. Elliott Dow, Jonathan Bryan, Randy Baird, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the seller, GSK Industrial, in the transaction. The sales price was not disclosed.
BAYTOWN, TEXAS — CBRE has arranged a 122,963-square-foot industrial lease in Baytown, an eastern suburb of Houston. The site is located within the 258,248-square-foot Building 2 of Portside Logistics Center. Grant Hortenstine and Susan Haysom of CBRE represented the tenant, Borusan Pipe, in the lease negotiations. Tyler Maner and Jeremy Lumbreras of Stream Realty Partners, which owns Portside Logistics Center via a joint venture with Principal Asset Management, internally represented the landlord.
AURORA, COLO. — Brinkmann Constructors, in partnership with United Properties, has broken ground on a speculative industrial project situated on 169 acres in Aurora. Spanning 817,500 square feet, the Aero70 project will include two speculative warehouses, over-lot grading and pad preparation for two future buildings, as well as associated private site civil infrastructure. Additionally, Brinkmann will build nearly two miles of public off-site infrastructure, including roads and utilities, to connect the site to the city’s existing systems.
PHOENIX — Discount Tire, through its affiliate real estate division Halle Properties LLC, has purchased Desert Ridge Corporate Center I and II in Phoenix. Terms of the transaction were not released. Desert Ridge includes 275,208 square feet of multi-tenant office space across two four-story office buildings originally constructed in 2005 and 2007. The asset also offers a three-level parking structure. Discount Tire currently occupies an entire floor at Desert Ridge, which houses a part of the national retailer’s corporate functions. Founded in 1960 by Bruce T. Halle, Discount Tire operates more than 1,200 tire retail stores across the United States, as well as an online tire and wheel shopping platform. The 12.2-acre Desert Ridge site is located 4.7 miles from the Discount Tire headquarters and one mile from the 35-acre site Discount Tire acquired in December 2022.
PULASKI, WIS. — NAI Pfefferle has brokered the sale of two self-storage facilities totaling 441 units in Pulaski, about 20 miles northwest of Green Bay. The sales price was not disclosed, but the asking price was $4.3 million. The properties total 98,740 square feet. Jonathan Glassco and Nick Schmidt of NAI Pfefferle arranged the sale.
ROSEVILLE, MINN. — Realterm has acquired a 6.3-acre industrial outdoor storage facility in the Minneapolis suburb of Roseville for an undisclosed price. Developed in 2021, the Class A property at 2340 Rose Place West features five oversized drive-in doors, four dock-high loading positions and a two-story, 7,300-square-foot office component. The site is fully leased to an asset-light freight and logistics company that provides services across the United States and Canada. Chris Weirens of Transwestern facilitated the transaction and represented the undisclosed seller. The transaction marks Realterm’s third acquisition in the region.