ELK GROVE VILLAGE, ILL. — Midwest Industrial Funds has acquired a 59,000-square-foot industrial space located on over four acres of land at 700 Chase in Elk Grove Village, about 25 miles northwest of Chicago. The property was purchased from a private investor and is fully leased to Acme Industries. Midwest was represented in-house by Sergio Chapa and Michael Prost. Rick Delisle of RD Strategic represented the seller in the transaction.
CLINTON TOWNSHIP, MICH. — Signature Associates has negotiated the sale of 20,660 square feet of industrial space located at 21481 Carlo Drive in Clinton Township, northeast of Detroit. The buyer in the transaction was Carlo Investments LLC. Ben Wilkiemeyer and Paul Saad of Signature represented the seller, M + L Industrial Properties. Signature Associates is an independently owned and operated member of the Cushman & Wakefield Alliance.
DESOTO, TEXAS — Marcus & Millichap has arranged the sale of U Store, a 45,285-square-foot self-storage facility located in DeSoto. Danny Cunningham and Brandon Karr of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Cunningham and Karr secured the buyer, a private investor based in California. U Store is located at 1209 East Belt Line Road. The facility was built in stages in 1974, 1982, 1985 and 2001, and features an on-site manager’s residence, garage-style doors, video surveillance, and personalized keypad gated entry and exit. The property is comprised of 365 units, of which 51 are climate-controlled.
SAN JOSE, CALIF. — A 181,800-square-foot, Class B research and development industrial property in the Silicon Valley submarket of Milpitas has received a $26.2 million loan. The loan will refinance the property and fund its renovation. The credit facility contains a $12.4 million short-term loan, along with future funding of $13.8 million for capital expenditures, tenant improvements, leasing commissions and other expenses. The borrower is Stephens & Stephens LLC, the industrial real estate investment arm of D.R. Stephens & Company. The loan was provided by Calmwater Capital, formerly known as Karlin Real Estate Lending.
OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged a lease renewal between landlord Bigs Mortgage LLC and tenant AIM Distribution Services for a 112,140-square-foot industrial space in Oak Creek. The building is located at 525 W Marquette Ave. Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.
The South Dallas industrial submarket has emerged and is here to stay. As one of the hottest up-and-coming industrial submarkets, South Dallas has all the components to continue to thrive for the foreseeable future. For the last five years, South Dallas has been a basin for major industrial development. Located south of downtown, the well-positioned submarket provides several key logistical advantages. The convergence of several major arteries makes South Dallas an ideal distribution market, and the ability to import, store and export goods, particularly from Mexico, California and the Port of Houston, greatly benefits the area. Supply can easily move along I-20 or I-35 while avoiding some of the worst congestion of the DFW Metroplex. This infrastructure, coupled with intermodal access, allows for a faster and more efficient transport of goods. Additionally, unlike the other major industrial submarkets, South Dallas contains an abundance of land at favorable pricing. Since early 2010, South Dallas has dominated the market in terms of new construction. It has been the fastest growing submarket, accounting for over 25 percent of the total delivered construction in the entire Metroplex in the last five years. Historically, South Dallas has been considered a big box market. The latest …
MEMPHIS, TENN. — MDH Partners LLC has acquired 22 industrial properties in Memphis totaling 3.1 million square feet. The Atlanta-based investment firm purchased the portfolio from Belz Enterprises for an undisclosed sales price. The portfolio was 95 percent leased at the time of sale. The assets span the Northeast, Southeast,and Desoto County submarkets and are located in the following industrial parks: Shelby Oaks, Southridge, Democrat Square North, Meltech, and Metro (Desoto County). The acquisition marks MDH’s first investment in the Memphis market. With this transaction, MDH has now acquired 51 buildings totaling 6 million square feet since May 2014 with plans to double its assets again over the next year. Hank Hall of Colliers International arranged acquisition financing through MetLife Real Estate Investors on behalf of MDH Partners. Cushman & Wakefield | Commercial Advisors has been tapped to lead the leasing efforts, and JLL will provide property management on behalf of MDH.
NASHVILLE, TENN. — Duke Realty Corp. has signed UNARCO Material Handling Inc. to lease 155,390 square feet of industrial space in Nashville Business Center II. UNARCO is a national manufacturer and distributor of structural and roll-formed pallet racking and warehouse storage systems. The company will use the building, located at 3438 Briley Park Blvd., as a product distribution center. UNARCO’s lease brings the building to 78 percent occupancy. Nashville Business Center II is a 501,300-square-foot building that features 32-foot clear heights, 42-foot by 50-foot bay spacing and auto and trailer parking around the building. Improvements made on behalf of UNARCO include constructing a demising wall, adding a new building entrance, establishing separate electrical service and reworking the office area. Charley Hankla of DTZ represented UNARCO in the lease transaction. Duke Realty was represented internally by Lonnie Russell.
MCDONOUGH, GA. — Compass Self Storage, a member of the Amsdell family of companies, has purchased a 72,000-square-foot self storage facility at 2140 Jodeco Road in McDonough, a southern suburb of Atlanta. Compass Self Storage will continue to operate the property, which features drive up access, indoor climate controlled units, digital surveillance, electronic access, online payments, outdoor parking and a line of moving and packing supplies. The facility is the eighth Compass Self Storage location in the metro Atlanta area and the sixth store that Compass has opened under the Compass flag in 2015.
Chicago’s 1.2 billion-square-foot industrial market has weathered the Great Recession and is now showing strong growth through expansion of the region’s traditional boundaries and by way of redevelopment in land-locked areas. At the center of this trend is O’Hare International Airport — sixth in the nation and 17th in the world in air cargo tonnage. All totaled, the O’Hare industrial submarket contains 103 million square foot of product. Since the vacancy rate peaked at approximately 13 percent in 2010, the O’Hare industrial submarket has rebounded in a big way. In fact, the submarket has recorded positive absorption every year since 2011. The vacancy rate fell to 7 percent in 2014 due to an improving economy and the aggressive deal making of the larger industrial owners such as Prologis, KTR and Hamilton Partners. Development Ramps Up Shrinking vacancy rates and a lack of available Class A logistics facilities led to the delivery of multiple speculative developments in 2014. These projects were the first built since 2007. Panattoni completed 208,000 square feet at 1925 Busse Road in Elk Grove Village and leased the entire facility to CEVA Logistics. The project was subsequently sold to AEW Capital Management at a record-setting cap rate …