HOUSTON — Locally based brokerage firm Finial Group has negotiated a 15,000-square-foot industrial lease in southeast Houston. The building at 11026 Bay Commerce Drive is located within Gulfpoint Business Park. William Alcorn and Jason Gibbons of Finial Group represented the undisclosed landlord in the lease negotiations. Jack Perelman of Mohr Partners represented the tenant, industrial supplies distributor Alliance SouthernCarlson.
CARNEYS POINT, N.J. — Atlanta-based developer Portman has completed Carney Commerce Center, a 587,000-square-foot industrial project in the Southern New Jersey community of Carneys Point. The site is located about 10 miles from the New Jersey-Delaware border and 30 miles from Philadelphia. The cross-dock facility features a clear height of 40 feet, 140 dock doors, 2,000 square feet of office space and parking for 318 cars and 244 trailers.
WEST ROCKHILL, PA. — JLL has arranged an undisclosed amount of construction financing and joint venture equity for a 330,000-square-foot industrial project in West Rockhill, located roughly midway between Philadelphia and Allentown. The building will be situated on a 29.6-acre site and feature 36-foot clear heights, 85 loading positions and parking for 280 cars and 76 trailers. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL worked on behalf of the developer, J.G. Petrucci, to arrange the loan with Provident Bank and structure the joint venture with Boston-based Cabot Properties.
LINCOLN PARK, N.J. — CBRE has negotiated a 48,650-square-foot industrial lease renewal at 132 Beaverbrook Road in the Northern New Jersey community of Lincoln Park. The tenant is Richelieu American Ltd., a wholesale distributor of specialty hardware, accessories, supplies and tools. Kevin Dudley, Chad Hillyer, Nicholas Klacik and Kate Granahan of CBRE represented the landlord, Northbridge Partners, in the negotiations. The tenant representative was not disclosed.
DENVER — Malman Commercial Real Estate has arranged the sale of 11100 E. 51st Avenue in Denver. GS 51st LLC, a Colorado limited liability company, sold the property to Las Vegas Lucky Investment LLC, a Nevada limited liability company, for $10.7 million, or $178.51 per square foot. Pioneer Interests, a multi-state institutional cannabis operator, fully occupies the 59,940-square-foot industrial building. Situated on 1.5 acres, the building is zoned I-B and offers heavy power and ample parking. Jake Malman of Malman Commercial represented the seller, while Jun Zhou of Centaline Investment Inc. represented the buyer in the deal.
CHARLOTTE, N.C. — Despite strong fundamentals and a plethora of buyers waiting to transact, the industrial sector is experiencing dwindling sales as the industry is still reeling from the impact of rising interest rates. The U.S. industrial sector recorded $82 billion in sales volume in 2023, a 46 percent year-over-year decline and the lowest sales volume in about six years, according to data from Matthews Real Estate Investment Services. Newmark tallies the first three months of the year totaling $16.9 billion in U.S. industrial sales volume, which would be the seventh consecutive quarter of annualized declines. Michael Brennan, co-founder, chairman and managing principal of Brennan Investment Group, said that the rising cost of debt inherently makes values a moving target even in a healthy sector like industrial real estate, especially with such a massive upswing in interest rates over a short time frame. “Interest rates are the No. 1 problem for real estate,” said Brennan. “Buyers and sellers can’t see eye to eye. And make no mistake, prices went down, though maybe not as much as we thought they would have.” The data backs Brennan up as the average price per square foot was recorded at $130 at the end …
PLANO, TEXAS — Cushman & Wakefield has arranged the sale of the Plano Industrial Portfolio, a collection of eight buildings totaling 846,261 square feet located on the northeastern outskirts of Dallas. The buildings range in size from 53,833 to 210,560 square feet. At the time of sale, the portfolio was 100 percent leased to 15 tenants with an average tenure of 10 years. Jim Carpenter, Jud Clements, Robby Rieke, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was New York City-based investment firm DRA Advisors. The sales price was not disclosed.
JACKSONVILLE, FLA. — BGFP International, a partnership between BG Capital, Saoud Development and FreezPak Logistics, has secured $72 million in construction financing to develop a 275,000-square-foot cold storage facility in Jacksonville. The capital providers include senior lenders Valley National Bank and the Israel Discount Bank of New York (IDB), as well as Nuveen Green Capital, which provided Commercial Property-Assessed Clean Energy (C-PACE) financing. Tyler Huffman and Joseph Byrne of BG Capital originated the debt execution on behalf of BGFP International. Construction is underway and expected to be completed in November. FreezPak Logistics will lease the entirety of the complex, which will feature 212,000 square feet of freezer space and a 41,000-square-foot cooler dock. Situated on 20 acres, the property will offer 53,000 new pallet positions, 34 loading docks, 132 trailer parking stalls, 90 container plug-ins and clear heights of 67 feet. The new Jacksonville facility will represent the third build-to-suit facility for BGFP International, joining developments in Philadelphia and Houston.
NEW YORK CITY — A joint venture between Turnbridge Equities, Dune Real Estate Partners and Sterling Project Development has completed Bronx Logistics Center, a 1.3 million-square-foot speculative industrial project on the borough’s south side. The site at 980 E. 149th St. is an assemblage of five parcels and spans 14.2 acres. The multi-story facility offers a clear height of 32 feet and more than 1,500 parking spaces. ARCO Design/Build provided architectural and general contracting services for the project. The project was first announced in September 2020.
NEW YORK CITY — An affiliate of international lender White Oak Global Advisors and California-based Thorofare Capital have provided a $21.5 million loan for a self-storage conversion project in Manhattan’s Tribeca neighborhood. The borrower, CSP Properties LLC, will use the proceeds to acquire the site at 78 Walker St., which currently houses a vacant office and industrial building, and convert the property into a 300-unit self-storage facility. Public Storage will operate the facility, which will span 30,540 net rentable square feet.