CARLSBAD, CALIF. — West Coast-based Peregrine Realty Partners has completed the disposition of Carlsbad Oaks Commerce Center and El Fuerte Business Park, a pair of multi-tenant industrial business parks in Carlsbad. Irvine, Calif.-based CIP Real Estate acquired the portfolio for $34.2 million. Situated on a combined 9.3 acres, the seven-building, 126,964-square-foot portfolio is currently 98 percent leased to approximately 60 tenants. Built in 1990 at 5931-5933 Sea Lion Place, Carlsbad Commerce Center consists of two buildings totaling 48,638 square feet on 3.7 acres and is currently fully leased to 21 tenants. Built in 1989-1990, El Fuerte Business Park consists of five buildings totaling 78,326 square feet on 5.6 acres. Located at 2788, 2790, 2792, 2794 and 2796 Loker Ave. W, El Fuerte Business Park is fully leased to 39 tenants. Bryce Aberg, Louay Alsadek, Maddie Mawby, Charlie Jacobs and Ryan Demarest of Cushman & Wakefield represented the seller in the transaction. Conor Boyle, Joe Crotty, Tyler Stemley and Brant Aberg of Cushman & Wakefield provided local market advisory.
Industrial
NEW YORK CITY — JLL has arranged a $115 million loan for the refinancing of a portfolio of nine self-storage properties that are located in various areas of New York and New Jersey. The portfolio spans 723,664 net rentable square feet across 9,578 units. Properties are located in The Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights areas of New York and in the New Jersey communities of Haledon, Elizabeth, Linden and Perth Amboy. Steven Klein and Robert Tonnessen of JLL arranged the loan through Nuveen Real Estate on behalf of the borrower, Atlanta-based owner-operator Storage Post. Specific loan terms were not disclosed.
Avison Young Negotiates $12.5M Sale of Edmond Russell Triangle Industrial Facility in Las Vegas
by Amy Works
LAS VEGAS — Avison Young has arranged the purchase of Edmond Russell Triangle, an industrial property in Las Vegas. A California-based private investor acquired the asset from a local development group for $12.5 million, or $249.50 per square foot, in an off-market transaction. Loomis U.S. fully occupies the 50,100-square-foot building, which is located at 5780 Edmond St. Chris Lexis, James Griffis and Joe Leavitt of Avison Young represented the buyer in the transaction.
JANESVILLE, WIS. — Marcus & Millichap has negotiated the $2.3 million sale of Interstate Secure Storage, a 233-unit self-storage facility in the Milwaukee suburb of Janesville. Built in 2015, the property totals 44,250 rentable square feet. There are expansion plans for two additional buildings totaling 25,950 square feet. Dan Bowar of Marcus & Millichap represented the buyer, Hastings Property Group LLC. The seller was undisclosed.
Cushman & Wakefield Commercial Advisors Brokers $63M Sale of Memphis Industrial Facility
by John Nelson
MEMPHIS, TENN. — Cushman & Wakefield Commercial Advisors has brokered the $63 million sale of a manufacturing and logistics facility located on 35.7 acres at 5106 Tradeport Drive in Memphis. AAON Inc., an HVAC equipment manufacturer based in Tulsa, Okla., purchased the 787,000-square-foot property from Conwood Co. LLC, an affiliate of tobacco manufacturer American Snuff Co. Landon Williams, Katie Hargett and Mark Jenkins of Cushman & Wakefield Commercial Advisors represented the seller in the transaction, and John Beach and Susan Arledge of Newmark represented the buyer.
TAMPA, FLA. — JLL has arranged a $24.5 million loan for the recapitalization of a last-mile industrial facility in Tampa leased to Amazon. Built in first-quarter 2022, the 112,000-square-foot property is located in the city’s Southeast Hillsborough submarket near the Port of Tampa Bay and Tampa International Airport. Brian Gaswirth, Jimmy Calvo and Val McWilliams of JLL arranged the fixed-rate loan through Reinsurance Group of America Inc. on behalf of the borrower, an entity doing business as AGS TRIP Corp.
ARLINGTON, TEXAS — California-based investment firm Bendetti has acquired two industrial properties totaling 114,390 square feet in Arlington. The building at 1173 109th St. totals 35,000 square feet, and the property at 1114-1118 W. Harris Road comprises two buildings totaling 79,390 square feet, including 1,400 square feet of office space. Both facilities were fully leased at the time of sale. Stephen Bailey of Newmark represented the seller, Dallas-based CanTex Capital, in the off-market transaction. The sales price was not disclosed.
COLLEGE STATION, TEXAS — Colliers has brokered the sale of a 14,165-square-foot industrial building in College Station. The building at 5936 Imperial Loop Drive sits within Aggieland Business Park, a 133-acre development on the city’s southwest side. The property is a build-to-suit for global agricultural company Advanta Seeds. Todd Moore, Connor Duffy and Zack Martin of Colliers represented the seller, Dark Horse Real Estate, in the transaction. Bill Byrd of Colliers and Judd Harrison of KBC Advisors represented the undisclosed buyer.
WEST BRIDGEWATER, MASS. — National Development has completed a 210,600-square-foot industrial project in West Bridgewater, a southern suburb of Boston. The facility at 586 Manley St. can support warehousing and distribution uses and can also be subdivided to accommodate multiple tenants. Building features include a clear height of 36 feet, 37 loading docks, two drive-in doors and abundant vehicle and trailer parking. Cranshaw Construction served as the general contractor. National Development has tapped JLL as the leasing agent.
Indus Realty Trust Acquires Majority Interest in 4.3 MSF Carolinas Industrial Portfolio from Childress Klein
by John Nelson
NEW YORK CITY — Indus Realty Trust, an industrial owner-operator based in New York, has purchased the majority interest in a logistics portfolio in the Carolinas from Charlotte-based Childress Klein. The 4.3 million-square-foot logistics portfolio spans 21 properties. The transaction amount was not shared, but the Indus Realty Trust investment puts the value of the portfolio at $575 million. Childress Klein will retain a minority stake and continue to operate and lease the properties. Eastdil Secured represented Childress Klein in arranging the transaction. The Carolinas portfolio was 94 percent occupied at the time of the recapitalization. Sixteen of the porftolio’s buildings are located in the metro Charlotte region and five buildings are in the greater Charleston market. The portfolio features a mix of last-mile and bulk facilities that average 205,000 square feet in size and 13 years in age.