Industrial

Colliers Brokers Sale of 221,736 SF Industrial Portfolio in Metro Columbus, Ohio

by Kristin Harlow January 31, 2024

HILLIARD, OHIO — Colliers has brokered the sale of Northwest Corporate Plaza, a 221,736-square-foot light industrial portfolio in Hilliard, a northwest suburb of Columbus. The two-building portfolio is situated on 18 acres along Leap Road directly west of I-270 and near I-70. The buildings are home to seven tenants, including Micro Center, Yokowo Manufacturing of America, E-Cycle and Mectron North America. Alex Cantu, Alex Davenport and Shane Woloshan of Colliers represented the seller, Transwestern Investment Group. Diamond Properties was the buyer.

January 31, 2024

Industrial Loans Utah Western

JLLS Arranges $112M Financing for Industrial Property in Salt Lake City

by Amy Works January 31, 2024

SALT LAKE CITY — Jones Lang LaSalle Securities (JLLS), a member of JLL Capital Markets, has structured and placed a $112 million credit tenant lease and equipment financing for a newly completed industrial facility located at 6320 W. 300 South in Salt Lake City. JLLS served as placement agent for the developer, Riverbend Management. The lease financing and tenant improvements loan was structured to mature with the initial lease term and provide the borrower a single source of financing at a competitive, long-term, fixed rate. The loan allowed Riverbend Management to refinance an existing construction loan in addition to funding more than $80 million of equipment manufacturing improvements. Following tenant improvements, Riverbend will convert the 309,489-square-foot industrial property into a manufacturing facility. Bill Cavagnaro and Austin Johnson of JLLS represented the borrower in the financing. Additionally, JLL Work Dynamics represented the tenant on selection of the manufacturing site, and JLL Project and Development Services served as construction monitor.

January 31, 2024

Acquisitions Industrial Utah Western

Joint Partnership Sells 243,232 SF Industrial Building in Salt Lake City

by Amy Works January 31, 2024

SALT LAKE CITY — A joint partnership between a fund advised by Crow Holdings Capital, Gardner Batt and BCG Holdings has completed the disposition of a newly constructed industrial building on 32 acres within Mountain View Industrial Park in Salt Lake City. A global investment manager acquired the Class A asset for an undisclosed price. A logistics company fully preleased the 243,232-square-foot building prior to its delivery in November 2023. The asset is part of Phase II of Mountain View Industrial Park, a multi-building, multi-phase warehouse and distribution project totaling approximately 1.3 million square feet. The second phase consists of the 243,232-square-foot Building C and the 179,400-square-foot Building B, both of which were completed in late 2023. Phase I featured an 833,280-square-foot building that was completed in 2022. The partnership acquired the 92-acre site at 300 South and 5960 West, where the entire project sits, in October 2020. Mountain View Industrial Park features offices finished to suit, 32-foot clear heights, abundant dock loading, heavy power, clerestory windows, skylights throughout the warehouse areas and ample trailer parking. Jeff Chiate, Rick Ellison, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s …

January 31, 2024

Acquisitions Industrial Washington Western

Dalfen Industrial Buys Industrial Asset in Auburn, Washington for $5.2M

by Amy Works January 31, 2024

AUBURN, WASH. — Dalfen Industrial has acquired an industrial property at 214 21st St. SE in Auburn, approximately 20 miles south of Seattle. A private owner sold the asset for $5.2 million. Situated on 2.1 acres, the property offers 26,920 rentable square feet in a mix of office, industrial warehouse and outside storage yard space. The in-place tenant has three years remaining on its lease at a rate 58 percent below market value, according to Dalfen. Matt McLennan of Kidder Mathews represented the seller in the transaction.

January 31, 2024

Development Industrial Maryland Office Southeast

St. John, Greenebaum to Develop 70,000 SF Industrial Project in Fulton, Maryland

by John Nelson January 30, 2024

FULTON, MD. — A joint venture between St. John Properties Inc. and Greenebaum Enterprises has purchased a 12.5-acre site within Montpelier Research Park, a business park in the Baltimore-Washington submarket of Howard County. The duo plan to develop two single-story, flex industrial facilities on the site spanning 70,000 square feet combined. Located adjacent to Maple Lawn and the Johns Hopkins University Applied Physics Laboratory in Fulton, the acquired site currently features a 32,488-square-foot office building that the new ownership is marketing for lease. Abby Glassberg and Don Schline of KLNB represented the seller in the land transaction. St. John and Greenebaum estimate they’ll deliver the two industrial facilities in 2026.

January 30, 2024

Florida Industrial Leasing Activity Southeast

Prologis Signs Seaboard Marine to 308,000 SF Lease Renewal at Industrial Park in Medley, Florida

by John Nelson January 30, 2024

MEDLEY, FLA. — Prologis has signed Seaboard Marine Ltd. to two lease renewals at Prologis Palmetto Tradeport, an 880,000-square-foot industrial park in Medley, a city in Miami-Dade County. The two leases, for facilities located at 7800-7890 N.W. 80th St. and 8001 N.W. 79th Ave., total 308,000 square feet. Brian Smith of JLL represented Prologis in the lease transactions. Jonathan Kingsley of Colliers represented the tenant. Situated near Miami International Airport and PortMiami, Prologis Palmetto Tradeport is located adjacent to the Medley Metrorail Station and features three acres of outside storage. Seaboard Marine is a global ocean carrier offering shipping services between the Caribbean, North, Central and South America. The company, which is the largest cargo operator at PortMiami, has a 25-vessel fleet and more than 60,000 shipping containers.

January 30, 2024

Development Industrial Texas

CapStar Real Estate to Develop 765,668 SF Industrial Project in Mesquite, Texas

by Taylor Williams January 30, 2024

MESQUITE, TEXAS — Dallas-based CapStar Real Estate Advisors will develop a 765,668-square-foot industrial project on a 40.4-acre site at 2800 Skyline Drive in the eastern Dallas suburb of Mesquite. The facility is already fully preleased to Canadian Solar, which will use the facility for distribution support for its manufacturing operation next door at 3000 Skyline Drive. Building features will include 40-foot clear heights, 190 dock-high doors and parking for 351 cars and 134 trailers. Jody Thornton, Trent Agnew, Tom Weber and Greer Shetler of JLL arranged joint venture equity for the project with an undisclosed partner on behalf of CapStar. Construction is scheduled to begin in the first quarter and to last about 12 months.

January 30, 2024

Acquisitions California Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 457-Unit Self-Storage Facility in Ridgecrest, California

by Amy Works January 30, 2024

RIDGECREST, CALIF. — Marcus & Millichap has arranged the sale of a self-storage facility, located 909 S. China Lake Blvd. in Ridgecrest, approximately 110 miles east of Bakersfield. Terms of the transaction were not released. Dean Trammell and Adam Schlosser of Marcus & Millichap represented the seller, an Alabama-based developer. Jim Markel of Marcus & Millichap’s Encino, Bakersfield, Fresno and Ventura branch served as the broker of record. Converted from a former Walmart in 2022, the 48,450-square-foot property features 457 first-floor, climate-controlled units. CubeSmart manages the asset.

January 30, 2024

Acquisitions Colorado Industrial Western

John Propp Commercial Negotiates $1.3M Sale of Industrial Campus in Englewood, Colorado

by Amy Works January 30, 2024

ENGLEWOOD, COLO. — John Propp Commercial has arranged the sale of a multiple-property industrial asset in Englewood, just south of Denver. DSR 4 Tejon LLC and DSR Investments LLC acquired the buildings at 3064 S. Umatilla, 3063 S. Tejon and 3030 S. Umatilla in Englewood for a total of $1.3 million. The transaction includes two freestanding buildings on a 12,922-square-foot lot at 3063 S. Tejon St.; a 1,800-square-foot building on a 7,029-square-foot lot at 3064 S. Umatilla St.; and a 21,040-square-foot storage yard at 3030 S. Umatilla St. John V. Propp of John Propp Commercial Group represented the seller, Alive Jay Ratliff Trust & Mary Shirleen Ratliff Trust, while Oleg Tsybulskiy of RE/MAX of Denver represented the buyer in the deal.

January 30, 2024

Acquisitions Industrial Texas

Partners Real Estate Brokers Sale of 107,560 SF Industrial Facility in Weslaco, Texas

by Taylor Williams January 30, 2024

WESLACO, TEXAS — Partners Real Estate has brokered the sale of a 107,560-square-foot industrial facility that sits on a 21-acre site in the Rio Grande Valley city of Weslaco. According to LoopNet Inc., the single-tenant property at 2300 Vo Tech Drive was built in 1985 and features 16-foot clear heights and 15 dock-high doors. Gustavo Torres of Partners represented the seller, the estate of Daniel E. Arnold, in the transaction. The buyer and sales price were not disclosed.

January 30, 2024

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