RIDGELAND AND CANTON, MISS. — Strategic Storage Trust Inc. (SSTI), a publicly registered non-traded REIT that invests in self-storage properties, has purchased two self-storage properties in Ridgeland and Canton for a total purchase price of approximately $10.7 million. The two properties include 900 units and 149,000 square feet combined and will be rebranded under the SmartShop Self Storage trade name. SSTI purchased all of the properties’ interests from several investors during a period of months.
MARIETTA, OKLA. — Dollar Tree, Inc. has plans to expand its 603,000-square-foot distribution center in Marietta by an additional 400,000 square feet. The $25 million expansion is anticipated to bring more than 100 full-time positions to the firm. Dollar Tree will finance the expansion using available cash. The Marietta facility currently supplies products to stores in 11 states. Construction on the expansion is scheduled to begin in February and will wrap up in the fall of 2013.
SACRAMENTO, CALIF. – A joint venture between Westcore Properties and a fund managed by DRA Advisors LLC has purchased an 11.1-million-square-foot industrial portfolio for $600 million. The 110-building portfolio is composed of 8 million square feet in Sacramento, along with nearly 3 million square feet throughout the Midwest. According to Jones Lang LaSalle, this was California’s largest industrial acquisition in 2012. It was also the second largest industrial acquisition in the U.S. over the same period. Mark Demetre, Bill Niethammer, Matt Lofrano and Mike Zimmermanof the firm’s Sacramento office represented both the buyer and the seller, JB Properties, in this transaction.
LA PORTE, TEXAS — Meritex has sold two industrial facilities, located at 9701 and 9705 State Highway 225 in La Porte, totaling 312,964 square feet. DCT Industrial Operating purchased the facilities, as well as development rights to an adjacent land parcel. Neither party was represented by a brokerage firm in the transaction.
SACRAMENTO, CALIF. – A joint venture between Westcore Properties and a fund managed by DRA Advisors LLC has purchased an 11.1-million-square-foot industrial portfolio for $600 million. The 110-building portfolio is composed of 8 million square feet in Sacramento, along with nearly 3 million square feet throughout the Midwest. According to Jones Lang LaSalle, this was California’s largest industrial acquisition in 2012. It was also the second largest industrial acquisition in the U.S. over the same period. Mark Demetre, Bill Niethammer, Matt Lofrano and Mike Zimmermanof the firm’s Sacramento office represented both the buyer and the seller, JB Properties, in this transaction.
PORTLAND, ORE. – An 84,000-square-foot industrial warehouse in Portland has received $2.8 million in first-mortgage refinancing. The single-tenant building is located at 7320 NE 55th Ave. It is occupied by Sapa Profiles. The loan boasts a 10-year term and a 20-year amortization schedule. Financing was arranged by Stuart Oswald of NorthMarq’s Seattle office on behalf of Skyport Properties, LLC. The funds were arranged through the firm’s relationship with a correspondent life company lender.
LAUDERHILL, FLA. — Lauderhill Industrial Portfolio, a three-building small bay warehouse portfolio in Lauderhill, has sold for $2.4 million. The portfolio totals 102,641 square feet and was 57 percent occupied at the time of transaction. The buyer was a Plantation, Fla.-based private investor, and the seller was a Miami-based limited liability company. Douglas Mandel and Greg Zeifman of Marcus & Millichap represented both parties. The portfolio is located at 1711 N.W. 38th Ave. in Lauderhill.
WARREN, MICH.– Signature Associates has negotiated the lease of 55,000 square feet of industrial space to WR America Logistics. The building is located at 26155 Groesbeck Highway in Warren. Peter Walocko, Joe Hamway and Ben Wilkiemeyer of Signature Associates represented the landlord, Fairlane Tool Co., in the transaction.
PORTLAND, ORE. – An 84,000-square-foot industrial warehouse in Portland has received $2.8 million in first-mortgage refinancing. The single-tenant building is located at 7320 NE 55th Ave. It is occupied by Sapa Profiles. The loan boasts a 10-year term and a 20-year amortization schedule. Financing was arranged by Stuart Oswald of NorthMarq’s Seattle office on behalf of Skyport Properties, LLC. The funds were arranged through the firm’s relationship with a correspondent life company lender.
WIXOM, MICH. — West Tech Development has acquired a 31,152-square-foot industrial property at 46925 W. Road in Wixom. Bruce Morrison and Steve Gordon of Signature Associates represented the seller, Bank of America, in the transaction. Jim Montgomery, also of Signature Associates, represented the buyer.