STAFFORD, TEXAS — A partnership between locally based developer Lovett Industrial and Los Angeles-based PCCP LLC has broken ground on Stafford Logistics Park, a 785,000-square-foot speculative industrial project that will be located on the southwestern outskirts of Houston. The development will consist of a 520,000-square-foot, cross-dock warehouse and a 265,000-square-foot, front-load warehouse. Building features will include 36- and 32-foot clear heights, respectively, as well as parking for 190 trailers and 380 cars. JLL will market the development for lease.
Industrial
36th Street Partners Purchases 17,360 SF Multi-Tenant Industrial Property in Ontario, California
by Amy Works
ONTARIO, CALIF. — 36th Street Partners has acquired a multi-tenant industrial property, located at 1804-1828 E. Elma Court in Ontario, from a private investor for $3.5 million. Built in 1982 on 1.3 acres in the Inland Empire region, the 17,360-square-foot property includes 13 units that are 100 percent occupied with tenants using the spaces for office and warehouse purposes. JW Capital is 36th Street’s equity partner on the deal. Brian Tressen of Martin Associates represented 36th Street Partners.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 5,500-square-foot industrial lease in South Fort Worth. According to LoopNet Inc., the newly renovated building at 9727-9733 South Freeway was built in 1978 and totals 16,060 square feet. Taylor Stell and Schaefer Amos of Lee & Associates represented the landlord, Bleecker Partners, in the lease negotiations. The name and representative of the tenant were not disclosed.
MECHANICSBURG, PA. — JLL has arranged the $78.5 million sale of an 812,425-square-foot distribution center in Mechanicsburg, located just outside of Harrisburg in the central part of the Keystone State. The facility was built on 44.3 acres in 2002 and offers 182 dock-high doors, two drive-in doors, 329 parking spaces, 109 trailer stalls and 195-foot truck court depths. John Plower and Ryan Cottone of JLL represented the undisclosed seller and procured the buyer, a joint venture between Lightstone and an affiliate of Cerberus Capital Management, in the transaction. Peter Rotchford, Andrew Scandalios, Michael Pagniucci and Tyler Peck of JLL arranged a $65 million acquisition loan through Argentic Investment Management on behalf of the new ownership.
BECKER, MINN. — Marcus & Millichap has arranged the $1 million sale-leaseback of a 14,380-square-foot industrial facility in Becker, about 47 miles northwest of Minneapolis. The property is located at 14105 Commerce Drive. Brandon Houghtaling and Peter Doughty of Marcus & Millichap represented the seller, a private investor. The property was offered as a sale-leaseback with an initial five-year lease term. The buyer was undisclosed.
FAIRFIELD, N.J. — Cushman & Wakefield has negotiated a 22,523-square-foot industrial lease in the Northern New Jersey community of Fairfield. The recently renovated building at 123 Lehigh Drive features a clear height of 24 feet and two dock-high doors. Bill Waxman, Morgan Nitti, Jeff Volpi, Mindy Lissner and David Gheriani of Cushman & Wakefield represented the landlord, The Stro Cos., in the lease negotiations. Brian Wilson of Resource Realty represented the tenant, Moda Foods. The deal brings the building to full occupancy.
HOUSTON — New York-based global investment firm GTIS Partners has begun construction on Port 225 Commerce Center, a 484,000-square-foot industrial project located near Port Houston in southeast Houston. The development will consist of a 355,071-square-foot, cross-dock building and a 128,999-square-foot, rear-load building on a 26-acre site. Building features will include 36- and 32-foot clear heights, respectively, and combined parking for 382 cars and 93 trailers. Construction is scheduled for a fall completion. Other project partners include Angler Construction, Powers Brown Architecture, Langan Engineering and Cushman & Wakefield as the leasing agent.
GLENDALE AND SUN VALLEY, CALIF. — Palatine Capital Partners has acquired two industrial parks in the San Fernando Valley. A private investor sold the multi-tenant assets for $30.6 million. The properties are a 46,335-square-foot building on 1.9 acres at 820 Thompson Ave. in Glendale and a 98,295-square-foot facility on 2.8 acres at 7764-7766 San Fernando Road in Sun Valley. Both industrial parks are currently 100 percent occupied, with some rents below market. The buyer plans to add value during future lease-ups as new tenants come in. Kelly Betpolice of Kidder Mathews represented the buyer in the transaction.
RENTON, WASH. — Marcus & Millichap has arranged the sale of a 12,000-square-foot industrial building at 61 Shattuck Ave. South in Renton, a suburb southeast of Seattle. A limited liability company sold the asset to an undisclosed buyer for $2.3 million. Anne Goldman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the deal. According to the firm, the transaction represents a record price per square foot for 1970s vintage construction in the submarket.
EL PASO, TEXAS — Dallas-based developer Provident Realty Advisors has delivered Gateway Logistics Park, a 308,270-square-foot industrial project in El Paso. The site is located 13.5 miles from El Paso International Airport and 7.5 miles from the Ysleta-Zaragoza port of entry. Building features include 32-foot clear heights, 190-foot truck court depths, 67 dock-high doors, two drive-in ramps, 93 trailer parking spaces and 2,500 square feet of office space. CBRE is the leasing agent for Gateway Logistics Park.