MILLSTONE, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $10.3 million sale of a self-storage facility in the Central New Jersey community of Millstone. CubeSmart operates the facility, which was built in phases on a 10-plus acre site between 2021 and 2023. The property totals 59,605 net rentable square feet across 488 units (340 climate-controlled and 148 non-climate-controlled). Milton Braasch II, Ben Tracy and Simon Assaf of Matthews represented the undisclosed seller/original developer in the transaction. The buyer was also not disclosed.
ROMULUS, MICH. — PACE Loan Group has provided a $1.5 million C-PACE loan for a 475-unit self-storage project under construction in Romulus. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, high-efficiency HVAC, plumbing and LED lighting. The property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven one-story buildings with a mix of 298 climate-controlled units and 177 drive-up units. Completion is slated for summer 2025. Extra Space Storage will manage the property. The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years. A local bank provided a senior loan of $5.5 million.
DENVER — Hercules Industries has acquired a 100,175-square-foot industrial property located within Stapleton Business Center in Denver from Anchorage-based Pacific Acquisitions for an undisclosed price. Situated on 5 acres at 4690 Florence St., the property features 84,000 square feet of 30-foot clear warehouse space, 16,000 square feet of office space and ESFR sprinklers, as well as functional loading and parking. The locally based manufacturer and distributor of HVAC products will use the Class A asset to support operations for a new business line. Mike Wafer Jr. and Mike Wafer of Newmark represented the buyer in the deal, while Jim Bolt of CBRE represented the seller.
FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has negotiated the sale of a 13,465-square-foot industrial building in northeast Fort Worth. According to LoopNet Inc., the single-tenant building at 7200 Midway Drive was constructed on 3.8 acres in 1986 and features 16-foot clear heights. Chris Wong of Bradford represented the seller, an entity doing business as RBE Midway LLC, in the transaction. Doc Perrier of Outpost Partners represented the buyer, Regis Berkeley A&R Properties LLC.
BEDFORD, MASS. — A partnership between Boston-based Camber Development and Connecticut-based Wheelock Street Capital has completed a 147,000-square-foot industrial and life sciences project in Bedford, about 20 miles northwest of Boston. The project represents Phase I of a larger manufacturing campus known as 44 Middlesex, and the second phase will also center on the delivery of a 147,000-square-foot building. Construction of that facility is expected to begin in 2025 and to last about a year. Both buildings will be two-story structures and will have 105,000 square feet on the ground floor and a 42,000-square-foot mezzanine space on the second floor, as well as clear heights of 36 feet. Newmark is the leasing agent for the development.
NEW BRUNSWICK, N.J. — JLL has arranged a $13.6 million acquisition loan for a 35,800-square-foot industrial outdoor storage facility located outside of Trenton in New Brunswick. The site spans 6.4 acres and houses three buildings totaling 10,300, 19,500 and 9,000 square feet. Buildings feature 24- to 28-foot clear heights and a combined 26 dock positions. Michael Klein, Max Custer and Benjamin Morgenthal of JLL arranged the three-year, floating-rate loan through Byline Bank on behalf of the borrower, regional investment firm Ridgecut Road.
ELLABELL, GA. — VanTrust Real Estate has sold Building C of Interstate West, an approximately 1.2 million-square-foot industrial facility located near the Port of Savannah in Ellabell. Transwestern Investment Group (TIG) purchased the property from VanTrust for an undisclosed price. Britton Burdette, John Huguenard, Matt Wirth, Dennis Mitchell and Jim Freeman of JLL represented VanTrust in the transaction. Located at 77 Logistics Drive, Building C is fully leased to Webstaurant Store Inc., a subsidiary of Clark Associates Inc. Built in 2022, the property features 185-foot truck court depths, 212 dock-high doors, four drive-in doors, 244 auto spaces and 270 trailer spaces. VanTrust is also underway on a 2 million-square-foot build-to-suit project for retailer Burlington within the 515-acre Interstate West industrial park.
WEST CALDWELL, N.J. — NAI DiLeo-Bram has negotiated the sale of a 30,000-square-foot industrial building in the Northern New Jersey community of West Caldwell. The buyer, 85°C Bakery Café, will use the space for warehouse and distribution purposes to support its new retail locations that are opening in Cherry Hill and East Hanover in the coming weeks. David Simon and Kyle Gerace of NAI DiLeo-Bram represented the owner-occupant in the transaction. The seller and sales price were not disclosed.
TUCSON, ARIZ. — Lincoln Property Co. has broken ground on I-10 International, a Class A industrial project on 79 acres in Tucson. The $75 million Phase I totals 373,811 square feet across two distribution buildings: the 158,944-square-foot Building 1 and the 214,867-square-foot Building B. Phase I will also include a 188,434-square-foot Building 3. All buildings at I-10 International Phase I will be cold capable with 32-foot clear heights, 14-foot tall glass entrances, full concrete truck courts, generous use of clerestory windows and an R-38 insulated roof deck system. The project team includes Brinkmann Constructors as general contractor, and Butler Design Group and Ware Malcomb as architects. Jesse Blum of PICOR/Cushman & Wakefield is providing leasing services on behalf of Lincoln Property Co.
ILLINOIS, IOWA, MICHIGAN AND WISCONSIN — TPG Angelo Gordon has acquired a 780,000-square-foot, seven-building manufacturing portfolio in a sale-leaseback transaction with Douglas Dynamics Inc., a manufacturer and upfitter of commercial work truck attachments and equipment. The transaction involves the company’s facilities in Huntley, Ill.; Manchester, Iowa; Madison Heights, Mich.; Milwaukee; and Rockland, Maine. The transaction is valued at $64.2 million, and Douglas Dynamics is expected to receive net proceeds of approximately $50 million. The company intends to use the net proceeds to pay down its term loan debt and for other corporate purposes. The initial lease for the assets is 15 years, with two 10-year options to renew.