NEW YORK CITY — Marcus & Millichap has brokered the $8.5 million sale of two industrial and office buildings in the Long Island City area of Queens. The adjacent properties are located at 37-11 Vernon Blvd. and 814 37th Ave. and include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings also feature 20-foot ceilings, conference rooms and overhead crane space. Jakub Nowak of Marcus & Millichap represented the seller, Vernon Associates LLC, in the transaction and procured the buyer, an undisclosed local private investor.
WEST SACRAMENTO, CALIF. — Lee & Associates has arranged the sale of a heavy industrial-zoned property at 3961 Channel Drive in West Sacramento. Yara North America sold the asset Greencycle Properties, an affiliate of Teichert Inc., for $17.9 million. Alex Weiss and Greg Pieratt of Lee & Associates represented the seller in the transaction. The site, which was formerly used by Yara International as a fertilizer supply port, was decommissioned a year ago. Situated on 23.4 acres, the asset includes one existing building, rail spurs, 5.5 acres of undeveloped industrial land and direct access to the Sacramento Deep Water Ship Channel.
ITASCA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 59,735-square-foot industrial building in Itasca for an undisclosed price. Constructed in 1972 and located at 700 District Drive, the facility features clear heights ranging from 18 to 24 feet, three docks, two drive-in doors and parking for 77 cars. Venture One signed a long-term lease with a tenant prior to closing on the property. Jeff Janda of Lee & Associates represented the undisclosed seller, while Cal Payne of CBRE represented Venture One and the tenant. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
LAKELAND, FLA. — Equus Capital Partners Ltd. has acquired a two-building industrial property located at 900 and 920 N. Chestnut Road in Lakeland, about 35 miles east of Tampa. An affiliate of High Street Logistics Properties sold the 299,241-square-foot property for $38 million. Frank Fallon and Jose Lobon of CBRE represented the seller in the transaction. Equus Capital purchased the property on behalf of a programmatic joint venture between one of its affiliates and a domestic public pension plan. The two industrial buildings were built in 2021 and were fully leased at the time of sale to two tenants: Gruma and Safelite. The property sits 1.5 miles from I-4 and a little over four miles from Lakeland Linder International Airport.
PASADENA, TEXAS — Alterra IOS has acquired a five-acre industrial outdoor storage site in the eastern Houston suburb of Pasadena. The site at 5100 Underwood Road currently houses 57,500 square feet of warehouse space and was acquired off-market via a sale-leaseback with the seller and tenant, an undisclosed national industrial chemical cleaning company. The sale-leaseback agreement spans 10 years and also includes two other properties.
NAMPA, IDAHO — LDK Ventures has completed the disposition of Building C at Madison Logistics Center in Nampa to Marlay Partners for $21 million. The facility sits approximately 21 miles west of Boise, Idaho via I-84. Building C is one of the industrial park’s three 115,008-square-foot buildings, which in total offer 345,024 square feet of industrial space. At the time of sale, Building C was fully occupied by tenants including a Fortune 50 retailer, UTZ Quality Foods and Carroll’s. Madison Logistics Center features 32-foot warehouse clear heights, an ESFR sprinkler system, ample dock doors, trailer parking stalls and roofing prepped for solar panels.
LINTHICUM HEIGHTS, MD. — Rockefeller Group has broken ground on a 136,500-square-foot distribution center located at 1305 Furnace Road in Linthicum Heights. The New York City-based developer has dubbed the project “Rockefeller Group Logistics Center BWI” given its three-mile distance to Baltimore/Washington International Thurgood Marshall Airport (BWI Airport). The Class A property will feature 36-foot clear heights, 54- by 50-foot column spacing, a 60-foot-wide speed bay, 147 car parking spaces and 33 dock doors with two additional drive-in doors. The development will also feature one acre of industrial outdoor storage. The project team includes Morris & Ritchie Associates (civil engineer), Morgan Gick McBeath Associates (architect) and FCL Builders (general contractor). John Boote, Jarred Testa and McLane Fisher of Cushman & Wakefield will oversee leasing of the project on behalf of Rockefeller Group, which plans to deliver the facility in fourth-quarter 2025.
CAROL STREAM AND ELMHURST, ILL. — JLL Capital Markets has negotiated the sales of two Class A industrial assets in Chicago’s North DuPage County submarket for undisclosed prices. Carol Stream Logistics Center in Carol Stream totals 185,796 square feet, while I-290 Distribution Center in Elmhurst spans 150,010 square feet. Kurt Sarbaugh, Ed Halaburt, Sean Devaney and John Huguenard of JLL represented the seller in both transactions. Brian Walsh, Lucas Borges and Matt Stewart of JLL arranged acquisition financing through a life insurance company for I-290 Distribution Center. Constructed in 2020, Carol Stream Logistics Center features a clear height of 32 feet, 190-foot truck court depth, full concrete parking lots, ESFR fire protection and ample trailer parking capacity. The building, situated in the Carol Point Business Center, is fully leased to a single tenant with approximately five years of lease term remaining. Prologis was the buyer. The I-290 Distribution Center, completed in 2022, features a clear height of 32 feet, separate ingress/egress for truck and car traffic, ESFR fire protection, LED motion sensors, a 130-foot truck court, 15 dock-high doors and 138 parking spaces. The property is fully leased to a global packaging manufacturing company.
BOLINGBROOK, ILL. — Colliers has brokered the sale of a three-building industrial portfolio totaling 187,485 square feet in the Chicago suburb of Bolingbrook for an undisclosed price. The properties are located on Territorial Drive within the heart of the I-55 Corridor, which links the Joliet intermodal yards to metro Chicago. The buildings are fully leased to two tenants with a weighted average lease term just under two years. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, an institutional real estate investor. The buyer was an institutional real estate private equity fund.
DALLAS — Grey Swan I, a general partner equity fund backed by North Texas-based development and investment firm M2G Ventures, has purchased a two-building, 150,000-square-foot industrial portfolio in southwest Dallas. The multi-tenant, shallow-bay buildings are situated on a seven-acre site at 4647 Mint Way. According to LoopNet Inc., the site is located within Mint Way Business Park, and the buildings were constructed in 1975 and feature 20-foot clear heights. Chase Miller of NAI Robert Lynn represented M2G Ventures in the transaction. The seller and sales price were not disclosed.