Industrial

Extra Space Storage Buys SmartStop Self Storage for $1.4B

by Nellie Day June 17, 2015

SALT LAKE CITY — Extra Space Storage has acquired SmartStop Self Storage for $1.4 billion. Extra Space will acquire 121 SmartStop stores and will assume the property management for its 43 third-party managed stores once the transaction is complete. SmartStop is based in the Orange County submarket of Ladera Ranch, Calif. It currently operates 169 self-storage properties in 21 states and in Canada. SmartStop is the seventh-largest owner and operator of self-storage facilities in the U.S. Certain SmartStop assets will be sold for about $120 million at or prior to the closing of this transaction. This includes one store in California, beneficial interests in two Alabama stores and five stores in Toronto. The stores in Alabama and California will be managed by Extra Space following the disposition. Salt Lake City-based Extra Space Storage is a self-administered and self-managed REIT. The company owns and/or operates 1,100 self-storage properties in 35 states, Washington, D.C., and Puerto Rico.

June 17, 2015

Industrial Midwest Minnesota

NAI Everest Arranges $13.7M Sale of Former Superior Plating Site in Minneapolis

by Katie Sloan June 16, 2015

MINNEAPOLIS — NAI Everest has arranged the sale of a 5.45-acre property located at 315 First Avenue NE, two blocks from the Mississippi River, in Minneapolis for $13.7 million. Superior Plating previously owned the site for nearly 90 years. The company went bankrupt in 2011. The property was then sold to First & University Investors LLC, which sold the site to Lennar Multifamily Communities. The first phase of development will include 278 apartment units as well as 22,000 square feet of commercial space.

June 16, 2015

Industrial Midwest Missouri

Hilliker Corp. Arranges Sale of 114,000-Square-Foot Industrial Property in Missouri

by Katie Sloan June 16, 2015

HAZELWOOD, MO. — Hilliker Corp., a St. Louis-based commercial real estate company, has arranged the sale of a 114,000-square-foot property located on more than 11 acres in the St. Louis suburb of Hazelwood. The building is located at 5800 Fee Fee Road and contains 18-foot clear ceiling heights, 16 docks with five drive-in doors and a partially fenced parking area for large trucks and trailers. Meade Summers of Hilliker Corp. represented the buyer, Fenton Heavy Manufacturing LLC, and Mark McNulty of CBRE represented the seller, Jefferson Bank and Trust, in the transaction. A logistics company currently leases 75,000 square feet of the property.

June 16, 2015

Illinois Industrial Midwest Retail

NGKF Arranges Sale of Chicago Loop Property for $7.1M

by Katie Sloan June 16, 2015

CHICAGO — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a triple-net, ground-leased property located at 137 S. State Street in Chicago for $7.1 million. NGKF’s Geoffrey Kasselman, Andy Gallas, Gino Tabbi and Boris Shraybman led the brokerage team on behalf of the seller, a local family trust. The property was sold to a California-based private investor at a capitalization rate of 3.1 percent. A 50,530-square-foot cooling plant operated by Enwave Energy Corp., a division of Brookfield Infrastructure Partners LP, occupies the property. The ground floor of the property is leased to CVS/pharmacy; with floors two through four reserved for the plant’s chillers, pumps and ice machines. The plant provides chilled-water cooling services to more than 100 commercial buildings throughout the Loop via an underground network of pipes. The ground lease extends through December 2043 and Enwave has a one-time, 49-year lease option.

June 16, 2015

Industrial Michigan Midwest

Signature Associates Arranges 18,300-Square-Foot Industrial Lease in Michigan

by Katie Sloan June 16, 2015

ROMULUS, MICH. — Signature Associates has brokered the lease of 18,300 square feet of industrial space located at 28420-28448 Highland Road in Romulus. Brad Viergever and Larry Kelly of Signature Associates represented the tenant, Morse Moving & Storage Inc., in the transaction. Signature Associates is an independently owned and operated company that is a member of the Cushman & Wakefield Alliance.

June 16, 2015

Arizona Industrial Uncategorized Western

DCT Industrial Trust Buys Distribution Building in Tempe

by Nellie Day June 16, 2015

TEMPE, ARIZ. – DCT Industrial Trust has acquired a 49,956-square-foot distribution center in Tempe for $3.3 million. The freestanding center is located at 402 W. Geneva Drive within Broadway Industrial Park. It is occupied by Wayne Dalton Garage Doors (dba NationServe). DTZ’s Will Strong, Mike Haenel and Andy Markham represented both the buyer and seller, West Geneva Building LLC, in this transaction.

June 16, 2015

Industrial Texas

M&M Brokers Sale of 72,775 SF Self-Storage Facility in Metro Dallas

by Haisten Willis June 15, 2015

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of All Star Self-Storage, a 72,775-square-foot self-storage facility located in Fort Worth. Brandon Karr of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Karr also secured the buyer, another private investor. All Star Self-Storage is located on two parcels totaling five acres at 7400 N. Blue Mound Road. The property, which was built in 2008, consists of eight single-story buildings and one two-story management office/residence. The property includes perimeter fencing and lighting, wide concrete driveways, video surveillance and personalized keypad gated entry.

June 15, 2015

Industrial Texas

Crow Holdings Leases 143,000 SF of Industrial Space in Metro Dallas

by Haisten Willis June 15, 2015

GRAND PRAIRIE, TEXAS — Crow Holdings Industrial (CHI) has leased 143,000 square feet of Class A distribution space to Dart Warehouse Corp. The space is located in Regency 1, a 419,520-square-foot building located at 1025 Post and Paddock St. in Grand Prairie. Holmes Davis of Binswanger’s Dallas office handled the transaction for the tenant. Michael Spain of Bradford Commercial Real Estate Services handled the transaction for CHI. Dart Warehouse Corp. owns and operates more than 7 million square feet of industrial property nationwide and offers supply chain services including order fulfillment and e-commerce, transportation, third-party management, public and dedicated warehousing, cross dock services and property management and development.

June 15, 2015

Industrial Texas

Public Storage Opens New Location in Metro Houston

by Haisten Willis June 15, 2015

LEAGUE CITY, TEXAS — Public Storage has opened a new self-storage facility in League City. The facility is located on Highway 96 and the Gulf Freeway at 1250 W. League City Parkway. The 716-unit storage facility was acquired from High Point Storage. Self-storage options at the location include covered parking spaces and climate-controlled storage on-site.

June 15, 2015

Industrial Michigan Midwest

Signature Associates Inks 14,350-Square-Foot Industrial Lease in Wixom

by Jeff Shaw June 15, 2015

WIXOM, MICH. — Signature Associates has negotiated the lease of 14,350 square feet of industrial space located at 48152 West Road in Wixom. Steve Kozak, Steve Gordon and Angela Thomas of Signature Associates represented the tenant, Profiroll, in the transaction. Steve Kozak and Steve Gordon also represented the landlord, International Development, in the transaction. Signature Associates is an independently owned and operated company that is a member of the Cushman & Wakefield Alliance.

June 15, 2015

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