TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of 44,000 square feet of industrial space at 1825 W. Price St. in Tucson. FRC Holdings of Tucson LLC purchased the property from WAA 1825 W. Price LLC for $3.6 million. Robert Glaser of Cushman & Wakefield | PICOR represented the buyer in the deal.
MONTGOMERY, N.Y. — PrimeSource Building Products has signed a 312,567-square-foot industrial lease in Montgomery, about 80 miles north of New York City. The manufacturer and distributor of construction materials will occupy the entirety of Maybrook Logistics Center, a facility that was built on a speculative basis on a 40-acre site at 134 Neelytown Road. Building features include a clear height of 36 feet, 74 loading doors, two drive-in doors and parking for 98 cars and 129 trailers. Tom Consiglio and Scott Peck of Resource Realty represented the landlord, Brookfield Properties, in the lease negotiations. Frank Puskarich and Art Ross of Newmark represented the tenant.
TRUMBULL, CONN. — Aphorio Carter, a data center investment firm and division of Carter Funds, has acquired a colocation facility in Trumbull, located in southern coastal Connecticut. The facility, which was originally built in 1960, spans 8.2 acres and comprises two data center pods and one disaster recovery pod. In addition, the 227,552-square-foot property features a power capacity of 15 megawatts and was leased to five tenants at the time of sale. The seller was not disclosed.
ANNAPOLIS, MD. — Annapolis-based transportation real estate investment and management firm Realterm has purchased a national portfolio of 13 industrial outdoor storage (IOS) properties spanning 131 acres for $277 million. Brookfield Asset Management sold the portfolio, which comprises 13 single-tenant truck terminals and maintenance facilities totaling 631,604 square feet. The addresses were not disclosed, but the properties are concentrated in gateway markets such as Dallas-Fort Worth, Northern New Jersey, Orlando, Seattle, Chicago and both California’s Inland Empire and Bay Area. The portfolio had an occupancy rate of 97 percent at the time of sale. “The portfolio represents a rare opportunity to acquire, at scale, a collection of transportation-advantaged IOS truck terminal assets in key markets,” said Ben Andreycak, vice president of investments at Realterm. “Realterm recognizes the mission-critical nature of the assets in the portfolio for logistics use.” Nick Murphy and Brian Budnick of New York City-based advisory firm Eastdil Secured arranged the portfolio sale on behalf of Brookfield, which acquired the assets between 2017 and 2022. The properties are leased to 10 different tenants, primarily in the logistics space. “Investor demand for IOS properties has surged due to the increasing need for storage and logistics solutions that support supply …
The U.S. industrial real estate market continues to sustain, with national vacancy rates steadily creeping toward 7 percent (6.8 percent at the time of this writing). Over the past three years, the industrial real estate market continued to set records and became known as the darling asset class within the commercial real estate community. However, the market is showing signs of reversion to historical velocity and vacancy rates. The industrial vacancy rate is steadily climbing in the Washington, D.C., metro area as demand softens for third-party logistics in second-quarter 2024. Vacancies are up to 6.5 percent after reaching an all-time low of 3.8 percent at the end of 2022. The market remains tight by historical measures. However, normalized leasing velocity, a few large tenant moveouts and reduced demand is expected to provide upward pressure on the vacancy rate in 2025. Subleasing activity trended upward in the past six to 12 months to over 1.3 million square feet. A few examples of large sublets include 393,000 square feet put on the market at Capital Gateway in Brandywine; Builders First Source moved out of 135,000 square feet at Plaza 500 in Alexandria; and in the second quarter, Western Express vacated 102,000 square …
DALLAS — A partnership between two Dallas-based firms, Lincoln Property Co. and Tradition Holdings, as well as infrastructure provider Gigabit Fiber, will develop an 800,000-square-foot data center campus in South Dallas. The site spans 131 acres in the Red Oak submarket. The campus will comprise four facilities that will have a total power capacity of up to 540 megawatts at full build-out and that will support users in cloud computing and artificial intelligence, among others. Construction will be carried out in phases, starting with the development of a 7,500-square-foot, two-megawatt facility in the first quarter. A completion date for the entire development was not disclosed.
FORT WORTH, TEXAS — Affinius Capital has provided a $77.4 million construction loan for West Worth Commerce Center, a 992,000-square-foot industrial project in Fort Worth. The site is located off I-820 between interstates 30 and 20, and the development will consist of four buildings that will feature 32- to-36-foot clear heights, 274 dock-high doors, 12 drive-in doors and parking for 235 trailers and 912 cars. The borrower is a joint venture between Forefront Commercial Real Estate and a fund backed by Ares Management Real Estate. A tentative completion date for West Worth Commerce Center was not disclosed.
WESLACO, TEXAS — Arlington-based investment firm Skywalker Property Partners has purchased two industrial properties totaling 176,700 square feet in the Rio Grande Valley city of Weslaco. The acquisitions include a 108,000-square-foot warehouse at 715 W. Pike Blvd. that was fully leased at the time of sale to Jefferson Electric and can support future expansion and a two-building facility at 308-320 S. Utah Ave. that is home to seven different tenants. Skywalker plans to invest about $750,000 in capital improvements to the properties. The seller and sales price were not disclosed.
MESA, ARIZ. — Canyon Partners Real Estate LLC has completed the disposition of Broadway 101 Commerce Park, a Class A multi-tenant industrial park on 53 acres in Mesa. Irvine, Calif.-based CIP Real Estate acquired the asset for $168.3 million. Broadway 101 Commerce Park offers 809,230 square feet spread across 11 buildings, which were built from 2005 to 2007. The project is currently 98 percent leased to a roster of 34 tenants. Located at 2140-2360 W. Broadway Road, the industrial park features 125 grade-level doors and 109 dock-high doors. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the deal. The firm’s Mike Haenel, Andy Markham, Phil Haenel and Justin Smith provided local advisory services and were retained by the buyer to continue leading leasing for the project. Additionally, Rob Rubano, Brian Share and Joseph Lieske of Cushman & Wakefield Equity, Debt & Structured Finance arranged a $93.8 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management on behalf of CIP Real Estate.
CHANDLER, ARIZ. — EastGroup Properties has acquired Akimel Gateway, a Class A industrial property at 17500 S. 40th St. in Chandler, from Trammel Crow Co. and CBRE IM for $83 million. Situated on 38 acres, Akimel Gateway offers 519,112 square feet of industrial space. The property’s four buildings are located alongside the Loop 202 freeway frontage with immediate access to the diamond interchange at 40th Street and Loop 202. Built in 2022, each of the buildings are fully occupied and feature 139 dock-high doors, 24-foot to 32-foot clear heights, 2,500 amps to 3,000 amps power and drive-around capabilities with multiple points of ingress and egress. Rusty Kennedy, Joe Cesta, Cooper Fratt, John Werstler, Tanner Ferrandi and Mike Parker of CBRE represented the seller in the deal.