MIDDLETOWN, PA. — CIT Real Estate Finance has provided a $32.9 million senior-secured loan to a joint venture between AEW Capital Management and Woodmont Industrial Partners. The financing will be used to redevelop Capital Logistics Center into a Class A, six-building, 1.5 million-square-foot industrial park in Middleton. AEW owns the property on behalf of AEW Partners VI. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not released.
MARINE CITY, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 153,000-square-foot industrial facility in Marine City. LTC Roll & Engineering purchased the property located at 7177 Marine City Highway for an undisclosed sales price. LTC Roll & Engineering is a manufacturer of metallic components and assemblies supplying the automotive, building products and alternative energy market segments. Jason Capitani and Joe DePonio of L. Mason Capitani represented LTC Roll & Engineering in the transaction.
DORAL, FLA. — PS Business Parks Inc. has purchased a 148,618-square-foot, Class A industrial building located in the Miami International Commerce Center. Dubbed 2323 at MICC, the industrial building is located at 2323 N.W. 82nd Ave. in Doral and is 100 percent vacant. The property features a two-story open office space, air-conditioned warehouse with 16- to 24-foot clear heights and a fully fenced parking lot.
LOS ANGELES – An 8,900-square-foot industrial building in Los Angeles has sold to E.R. Mehr-Grand LLC for $3 million. The building is located at 1314-1320 S. Grand Ave. E.R. Mehr-Grand was represented by William O. Morrison and Thomas M. Williams of Heger Industrial. The seller, South Grand LLC, was represented by Mollie Dietsch, Jim Halferty and Mike Smith of Lee & Associates-Commerce.
DENVER – Gladstone Commercial Corporation has acquired a 189,210-square-foot industrial building in Denver for $10 million. The building is located in an industrial park near Downtown Denver. It is fully leased to Premium Pet Health (PPH) through December 2024. The building serves as PPH’s headquarters, as well as its manufacturing and distribution center. PPH specializes in the sourcing, production, sales and distribution of all proteins used by the pet care industry. PPH is a wholly owned subsidiary of Smithfield Foods.
CORONA, CALIF. – A 31,068-square-foot industrial building in Corona has sold to CFA LLC for $3.7 million. The building is located at 369 Meyer Circle. The property was purchased by the existing tenant, which has occupied the building since 2010. CFA was represented by Larry Null of Lee & Associates. The seller, Maddie LLC, was represented by Scott Smith of the same firm.
FORT WORTH & BRYAN, TEXAS — Lee & Associates has negotiated the sale and lease back of a two-building industrial portfolio in Fort Worth and Bryan. Mark Graybill and Adam Graham of Lee & Associates’ Dallas/Fort Worth office represented the unnamed seller for the two properties. The portfolio consists of a 48,000-square-foot industrial building located at 7200 Jack Newell Blvd. in Fort Worth, and a 26,000-square-foot industrial building at 2801 N. Earl Rudder Freeway in Bryan. Both properties are manufacturing facilities with outside storage and long-term leases. Triple Net Acquisitions purchased the property and was represented in-house in the transaction.
LOS ANGELES – Selective Real Estate Investments has acquired an 82,660-square-foot industrial complex in North Hollywood for an undisclosed sum. The three-building complex is located at 11605 & 11611 Hart Street. The seller, Bobrick Washroom Equipment, has occupied the space since 1965. Selective Real Estate was represented by David Young and Chad Gahr of NAI Capital’s Encino office.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $17 million sale of a 279,828-square-foot Staples distribution facility in Oak Creek. The sale equates to $61 per square foot. Situated on a 28-acre parcel at 120 W. Opus Drive, the building features 20,000 square feet of office space and 259,828 square feet of warehouse space with a clear span of 33.5 feet. The building can be expanded by an additional 51,748 square feet. The facility is part of two-property, single-tenant industrial portfolio. The other asset, a 63,740-square-foot FedEx freight terminal in Aurora, Ill. sold for $15.9 million in May. Opus Group developed the property. Nick Manganais and Matthew Fitzgerald of Marcus & Millichap arranged the transaction for the seller, an Illinois-based family trust.
CHARLOTTE, N.C. — Beacon Partners has purchased four fully leased industrial building in Charlotte’s Northwest submarket totaling 386,000 square feet. Beacon Partners has re-branded the park “NorthWest Industrial Park” and has planned capital improvements to the property, including enhancements to the building entrances, truck loading areas, building exteriors, signage, landscaping, parking lots and lighting. The industrial park is rail-served and features outside storage, trailer storage and 22- to 28-foot clear heights with dock-high and drive-in loading. Pete Pittroff and Brad Cherry of JLL represented the seller, Carlson Real Estate, in the transaction. Wells Fargo provided acquisition financing. Pete Kidwell of Beacon Partners will handle NorthWest Industrial Park’s leasing responsibilities.