MORROW, GA. — Dallas-based Sealy & Co. has sold a 209,210-square-foot industrial property in Morrow, roughly 14 miles south of Atlanta, for an undisclosed price. The company’s investment offefring, Sealy Strategic Equity Partners, executed the sale to enhance the fund’s key performance metrics.
The Atlanta industrial market is in the beginning stages of its third growth cycle since 1990. Vacancy has declined over the past 18 quarters, and asking rates have seen a positive trend over the same time period, increasing by 14.9 percent. These improving metrics should come as no surprise to those familiar with the history of Atlanta’s industrial market. Although the Atlanta metro is the nation’s ninth-largest metropolitan area, its industrial market represents the fourth-largest by volume. Total vacant space in the market has fallen to a 13-year low 8.7 percent, meaning the metro is once again poised for industrial expansion. Cycles One, Two and Three Atlanta’s growth cycle in the 1990s lasted just under 8 years, from 1994 until 2002, where 135 million square feet of new product was added to the market. That constitutes almost a quarter of the total 549 million square feet in the metro today. Total vacancy had fallen to 9.2 percent in the middle of 1994 and asking rates hit what was then an all-time high of $3.26 per square foot. These factors triggered a 40 percent rise in construction volume. As this cycle closed in 2001, vacancy rose back above 10 percent in …
POMONA, CALIF. – Universal Shipping has leased 142,000 square feet of space at the Chino Crossroads Business Park in Pomona. The lease is valued at $9 million. The space is located at 2855 S. Reservoir Street. The third-party logistics provider is currently expanding its presence in the U.S. and abroad. The company was represented by Barry Saywitz of the Saywitz Company. The landlord, Northwestern Mutual Life Insurance and Financial Service, was represented by Bill Budge of William A. Budge Inc.
GLENDALE, ARIZ. – A 120,000-square-foot industrial manufacturing facility in Glendale has sold to AMERCO Real Estate Company for $5.7 million. AMERCO is a provider of real estate and development services for U-Haul. The facility is located at 6112 N. 56th Ave. AMFORM will occupy the building. It will allow the manufacturing division for U-Haul to triple in size from its present facility in Glendale. AMFORM plans to occupy building in about six months. David Wilson of Daum Phoenix represented both the buyer and the seller, American Park ‘n Swap, in this transaction.
PLYMOUTH, MINN. — CPA:18 – Global, a non-traded REIT managed by W. P. Carey Inc., has acquired a 208,900-square-foot warehouse and distribution facility in Plymouth. A private investment group sold the property for $17 million. The facility is net leased to Core-Mark International, a subsidiary of Core-Mark Holding Company Inc., for a period of 13 years. Originally constructed in 1975, the facility has been expanded twice and features more than 23,000 square feet of cooler/freezer storage space. The seller is contributing $1 million for tenant improvements to the office space and to enhance the HVAC and lighting of the warehouse.
PLANO, TEXAS — Marcus & Millichap has negotiated the sale of All Star Self-Storage, a 90,600-sqaure-foot self-storage facility located in Plano. 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, a limited liability company. All Star Self-Storage is located at 800 Fulgham Road. The 185-unit property comprises seven buildings constructed in 2002 on 4.8 acres and features garage-style doors, standing seam metal roofs, steel framing, brick facades, perimeter fencing and lighting, video surveillance, an on-site manager’s office and personalized key-pad entry/exit gates.
NEW ORLEANS — Cushman & Wakefield has brokered the $15.5 million sale of a 358,060-square-foot distribution center located at 1420 Sams Ave. in Elmwood Business Park, a 33 million-square-foot industrial park in New Orleans. Built in 1984, the property was 95.6 percent leased at the time of sale. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Columbus Nova, in the transaction.
GRAPEVINE, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged financing for the DFW Corporate Drive portfolio in Grapevine. CBRE worked on behalf of JLL Income Property Trust to obtain a $17.7 million non-recourse loan. The 10-year, interest-only loan has a fixed interest rate of 3.23 percent and was secured through one of CBRE’s correspondent life companies. The DFW Corporate Drive Portfolio consists of two industrial warehouses totaling 643,429 square feet. The buildings are 100 percent leased to tenants including Kay Chemical, Fleetpride and Harland Clarke. The portfolio is located in the DFW Airport submarket. Greg Greene, Scott Lewis and Matt Ballard with CBRE’s Dallas office originated and secured the financing on behalf of the borrower.
BAYTOWN, TEXAS — Lee Jones and Tommy LeBlanc of Avison Young represented the Hunt Family in the sale of 44 acres near the Grand Parkway to Guy Pfitzner, who was represented by Brenda Wagner of Mary Dunn Real Estate. The property is located a half mile east of Highway 99 on FM 565 in Baytown.
COLUMBIA, MD. — CBRE has arranged a lease on behalf of Deutsche Asset & Wealth Management for 122,044 square feet at Gateway Commerce Center in Columbia, a suburb of Baltimore. The property is situated near I-95, Baltimore/Washington International Thurgood Marshall Airport and Columbia Town Center. National Retail Systems Inc., which includes Keystone Freight Corp. and National Retail Transportation Inc., will utilize the property at 8700 Robert Fulton Drive to provide logistics support for T.J. Maxx. Built in 1971 and remodeled in 1997, Gateway Commerce Center spans more than 48.7 acres with a total of 700,945 square feet and features dock and drive-in loading, an ESFR sprinkler system and 28- to 50-foot clear heights. John Wilhide and Ed Harris of CBRE represented the landlord in the lease transaction.
