TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of a 506,723-square-foot industrial park in the Northern New Jersey community of Totowa. Totowa Commerce Center consists of 12 industrial buildings, one office building and a 5.8-acre development site. Building features include clear heights of 21 to 23 feet, 92 loading positions and aggregate parking for more than 1,400 cars. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, New Jersey-based Heritage Capital Group, in the transaction. The team also procured the buyer, Boston-based Longpoint Partners. The park was leased to more than 50 tenants at the time of sale. PGIM Real Estate provided a $63.5 million fixed-rate acquisition loan for the deal.
ELIZABETH, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged an $11 million loan for the refinancing of a 223,000-square-foot shopping center located at 750 Dowd Ave. in the Northern New Jersey community of Elizabeth. Wesley Wilcox and Albert Raymond of G.S. Wilcox arranged the loan, which carries a 10-year term and a 25-year amortization schedule, through a correspondent life insurance company. The borrower was locally based firm Elberon Development Group.
MINNEAPOLIS — Minneapolis-based Värde Partners has provided a $185 million loan for the refinancing of a multi-state self-storage portfolio. The borrower was a joint venture between Metro Storage and Fremont Realty Capital. The portfolio comprises 20 Class A properties in markets across Illinois, New Jersey, Pennsylvania, Minnesota, New York and Wisconsin. With 14,214 units in total, the assets include more than 1.5 million net rentable square feet. Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau and Lauren Maehler of Talonvest Capital arranged the floating-rate bridge loan with a three-year initial term and two one-year extension options.
AURORA, ILL. — Marcus & Millichap has negotiated the $2 million sale of a 23,820-square-foot industrial outdoor storage facility in Aurora. Located at 901 Ridgeway Ave., the three-acre property features four buildings with an expansive lot for outdoor storage and parking. Jeff Rowlett of Marcus & Millichap represented the seller, Ridgeway Partners LLC. Michael Kammes of Re/Max Commercial procured the buyer, RDAA Express Inc. Steven Weinstock assisted in closing the transaction as the broker of record in Illinois.
GOODYEAR, ARIZ. — Dallas-based Formation Interests and Crescent Real Estate has broken ground on the first phase of Formation Park 10, an industrial development at the corner of Bullard Avenue and Celebrate Life Way in Goodyear, a suburb west of Phoenix. Willmeng Construction is serving as general contractor for the project. The first phase of Formation Park 10 will consist of 427,000 square feet spread across two buildings and includes a large, first-of-its-kind park to serve as an amenity for future tenants and the surrounding community.
KENT, WASH. — Davis Property & Investment has acquired Central Commerce Center, an industrial campus located at the intersection of Central Avenue South and 259th Street in Kent, a suburb south of Seattle. Constructed between 2000 and 2001, Central Commerce Center comprises four fully leased industrial buildings with freeway access, ample parking and proximity to numerous walkable amenities. The buildings offer 12- to 16-foot clear heights, on-grade loading facilities and an infrastructure that includes a total of 1400 amps 3-phase 480v power. Brian Bruininks and Shane Mahvi of Andover Co. represented the undisclosed seller in the deal. The price was not disclosed.
CLAYTON, N.C. — Novo Nordisk, a Danish pharmaceutical giant, has broken ground on a 1.4 million-square-foot manufacturing facility in the Raleigh suburb of Clayton. The drugmaker plans to invest $4.1 billion in the development in order to boost the production of diabetes treatment Ozempic, weight loss drug Wegovy and other injectable therapies. Operations at the 56-acre site will include filling and packaging syringes and injection pens. According to CNBC, the demand for Wegovy and Ozempic has outstripped supply in the United States over the past year. The disparity has led to “intermittent shortages,” reports the national news outlet. In 2024 alone, Novo Nordisk is investing $6.8 billion into pharmaceutical production, up from approximately $4 billion last year. “It took us a century to reach 40 million patients, but through this expansion and continued investment in our global production, we’re building Novo Nordisk’s ability to serve millions more people living with serious chronic diseases in the future,” says Lars Fruergaard Jørgensen, president and CEO of Novo Nordisk. “This is yet another real signal of our efforts to scale up our production to meet the growing global need for our life-changing medicines and the patients of tomorrow.” The expansion project will double …
SCHERTZ, TEXAS — Bob Mills Furniture has signed a 114,396-square-foot industrial lease in Schertz, a northeastern suburb of San Antonio. The space within Schertz Corporate Center, which was originally built in 1981, includes retail showroom space. Stewart Skloss and Eva Horton of Newmark represented the tenant in the lease negotiations. Joe Simmons of AQUILA Commercial represented the landlord, a Texas-based entity doing business as PV Schertz LLC. The location is the company’s ninth in the state and 12th nationwide.
IRVING, TEXAS — Fort Worth-based investment firm PHP Capital Partners has acquired Freeport 7, a 56,076-square-foot industrial building in Irving. According to LoopNet Inc., the freestanding building at 9150 N. Royal Lane was built in 1985 and renovated in 2012 and features 18-foot clear heights in addition to 17 dock-high loading doors. At the time of sale, Freeport 7 was fully leased to Inspire Event Solutions, a wholly owned subsidiary of asset manager Ashford Inc. The seller was not disclosed.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of an 8,100-square-foot industrial building in North Houston. According to LoopNet Inc., the building at 21315 Inverness Forest Blvd. was constructed in 2014 and features 28-foot clear heights. Julia Ly and Matt Rogers of Oxford Partners represented the buyer, Pillar Investment Group, in the transaction. Mike Taetz of Colliers represented the undisclosed seller.