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Industrial

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AcquisitionsCaliforniaIndustrialWestern

Longpoint Acquires Light Industrial Portfolio in Fremont, California for $31.5M

by Amy Works

FREMONT, CALIF. — Boston-based Longpoint has acquired a three-building light industrial portfolio in Fremont for $31.5 million. Known as The Silicon Valley Portfolio, the 122,168-square-foot asset is Longpoint’s first acquisition in the Bay Area. The portfolio is situated on the East Bay area near the major transportation corridors of Interstates 680 and 880. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark’s Western region team handled the transaction. The name of the seller was not released. Joe Kelly of Newmark serves as the leasing advisor for the portfolio.

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AcquisitionsIndustrialWashingtonWestern

Cushman & Wakefield Negotiates Sale of Auburn Park 167 Industrial Property in Metro Seattle

by Amy Works

AUBURN, WASH. — Cushman & Wakefield has brokered the sale of Auburn Park 167, an industrial park at 3703 and 3941 I Street NW in Auburn, approximately 20 miles south of Seattle. Terms of the transaction were not released. Situated on 17.6 acres, the 385,986-square-foot Auburn Park 167 features two industrial warehouses with a variety of bay sizes, 30-foot clear heights and grade/dock-high loading doors. Currently, Auburn Park 167 is 100 percent leased. Bryce Aberg, Jeff Chiate, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s national industrial investment advisory group represented the seller in the transaction.

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IndustrialLoansNortheastPennsylvania

Tremont Realty Capital Provides $27M Loan for Refinancing of Industrial Property in Wayne, Pennsylvania

by Taylor Williams

WAYNE, PA. — Tremont Realty Capital, a division of metro Boston-based investment firm RMR Group, has provided a $27 million loan for the refinancing of a 138,065-square-foot industrial property in Wayne, a northwestern suburb of Philadelphia. The building at 400 Devon Park Drive was originally constructed in 1969 and features clear heights of 20 to 24 feet. JLL arranged the loan, which was structured with a three-year initial term with two one-year extension options. The borrower was a joint venture between Mainstreet Capital Partners and Contrarian Capital Management.

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DevelopmentIndustrialNortheastPennsylvania

Hankin Group Breaks Ground on 70,000 SF Industrial Flex Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has broken ground on Phase II of Haywood Business Park, a 70,000-square-foot industrial flex project in Exton, about 35 miles west of Philadelphia. Phase II of Haywood Business Park is being developed on a speculative basis and will consist of two 35,000-square-foot buildings that can support light manufacturing, warehousing and research-and-development uses. Leasing is underway on the first building, which features a clear height of 20 feet, four dock doors and 54 parking spaces. Construction of that building is slated for an early 2025 completion. Phase I of Haywood Business Park delivered 105,000 square feet of product.

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AcquisitionsIndustrialNortheast

Colliers Brokers $8M Sale of Central New Jersey Warehouse

by Taylor Williams

EDISON, N.J. — Colliers has brokered the $8 million sale of a 29,000-square-foot warehouse in the Central New Jersey community of Edison. The building at 6 Olsen Ave. includes 3,000 square feet of office space and 100 parking spaces. Jacklene Chesler and Patrick Norris represented the seller in the transaction. Christopher Galiano of NAI DiLeo-Bram represented the buyer, which also plans to occupy the building. Both parties requested anonymity.

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AcquisitionsIndustrialSoutheastVirginia

SL Nusbaum Brokers $9M Sale of Former James River Transportation Building in Richmond

by John Nelson

RICHMOND, VA. — S.L. Nusbaum Realty Co. has brokered the $9 million sale of an industrial property located at 915 N. Allen Ave. in Richmond. James River Transportation formerly occupied the property, which totals 16,560 square feet situated on 4.3 acres. Jefferson Street Partners II LLC, an affiliate of Academy Bus Lines that acquired James River Transportation last year, was the buyer. Douglas Tice III of S.L. Nusbaum represented the seller, Storyland Properties, in the transaction.  

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DevelopmentIndustrialTexas

Standard Real Estate, IDV to Develop 463,000 SF Spec Industrial Park in Northwest Houston

by Taylor Williams

HOUSTON — A partnership between Standard Real Estate Investments, a development and investment firm with offices in Los Angeles and Washington, D.C., and locally based firm Investment & Development Ventures (IDV) will develop Veterans Memorial Business Park. The 463,000-square-foot speculative industrial project will be located in northwest Houston and will consist of three front-load buildings that will span 219,000, 151,000 and 93,000 square feet. The buildings will feature 32-foot clear heights and will be able to accommodate users with requirements as small as 46,000 square feet. Construction is scheduled to begin in the fourth quarter.  JLL arranged the partnership between the two developers.

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AcquisitionsColoradoIndustrialOfficeWestern

Libitzky Property Cos. Sells Rampart Center Office/Flex Property in Englewood, Colorado for $18M

by Amy Works

ENGLEWOOD, COLO. — Libitzky Property Cos. has completed the sale of Rampart Center, a two-building asset in Englewood, just south of Denver. River Rise Capital acquired the asset for $18 million. Located at 7173 and 7245 S. Havana St., Rampart Center offers 100,455 square feet of office/flex space spread across two buildings. The single-story properties were originally built in 1999 and have gone through recent improvements, including the addition of a fitness center. At the time of sale, Rampart Center was 94 percent leased to five tenants in a variety of industries, including government services, healthcare, engineering and co-working. Larry Thiel and Sean Whitney of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.

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AcquisitionsIndustrialNevadaWestern

CapRock Acquires Two Industrial Buildings in Sparks, Nevada Totaling 177,100 SF

by Amy Works

SPARKS, NEV. — CapRock Partners has purchased two industrial properties totaling 177,100 square feet in Sparks, just east of Reno. An owner-user sold the assets for an undisclosed price in an off-market transaction. The 94,000-square-foot building at 120 Greg St. features eight dock-high doors and three grade-level doors. Initially constructed in 1995, the building is currently divided into four suites ranging in size from approximately 20,000 square feet to 27,000 square feet. Located at 250 Greg St., the second, 83,1000-square-foot building offers three dock-high doors and eight grade-level doors. Constructed in 1980, the building was expanded in 1995 and 2001 and offers suites ranging in size from 9,000 square feet to 36,000 square feet. CapRock plans to renovate the two buildings and implement extensive capital improvements to enhance functionality. Planned renovations include adding storefronts, building new offices, refreshing existing offices, installing LED lighting, new interior and exterior building paint, and improvements to the site’s parking lots and landscaping. Brian Armon, Tony Machabee and Derek Carroll with NAI Alliance facilitated the transaction.

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IndustrialLoansNew YorkNortheast

JLL Arranges $10M Permanent Loan for Warehouse, Distribution Building in Montgomery, New York

by Taylor Williams

MONTGOMERY, N.Y. — JLL has arranged a $10 million permanent loan for an 80,260-square-foot warehouse and distribution building in Montgomery, about 75 miles north of Manhattan. The facility at 18 Leonards Drive, which was completed earlier this year and was fully leased at the time of the loan closing, features a clear height of 36 feet, 16 loading docks, two drive-in doors and parking for 50 cars and 14 trailers. Michael Klein and Max Custer of JLL originated the fixed-rate debt on behalf of the borrower, Frassetto Cos. An undisclosed life insurance company provided the loan.

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