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Industrial

200-Progress-Court-Logan-Township
IndustrialLoansNew JerseyNortheast

JLL Arranges $23M Acquisition Loan for Southern New Jersey Industrial Property

by Taylor Williams

LOGAN TOWNSHIP, N.J. — JLL has arranged a $23 million acquisition loan for a 209,437-square-foot industrial property in the Southern New Jersey community of Logan Township. The warehouse and distribution center was built in 2018 on a site that spans 88 acres, 17 of which can support future development. Building features include clear heights of 36 to 40 feet, 12 dock-high loading doors, two drive-in doors, 10,500 square feet of office space and parking for 336 cars and 22 trailers. Michael Klein, Max Custer and Michael Lachs of JLL arranged the fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, foodstuffs provider Chelten House Products.

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DevelopmentIndustrialNortheastPennsylvania

Lovett Industrial Buys 109,000 SF Manufacturing Facility in Philadelphia, Plans Redevelopment

by Taylor Williams

PHILADELPHIA — Houston-based developer Lovett Industrial has purchased a 109,000-square-foot manufacturing facility in Philadelphia with plans to redevelop the property as a 176,000-square-foot warehouse and distribution center. The 14.5-acre site is located at the southeast corner of U.S. Highway 1 and Red Lion Road in northeast Philadelphia. The new facility will have a rear-load configuration, clear height of 36 feet, 185-foot truck court depths and ample trailer parking space. Cushman & Wakefield represented the undisclosed seller in the land deal. Lovett Industrial plans to begin demolitions next fall following the current manufacturing tenant’s vacating of the premises in the first quarter of next year. 

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AcquisitionsIndustrialMidwestMinnesotaSelf-Storage

StorageMart Acquires Two Self-Storage Facilities in Minnesota

by Kristin Harlow

CRYSTAL AND NORTH SAINT PAUL, MINN. — StorageMart has acquired two self-storage facilities in Crystal and North Saint Paul for an undisclosed price. Both properties will undergo comprehensive updates to align with StorageMart’s standards. Together, the facilities offer 1,564 units and 159,282 square feet of rentable climate-controlled space. Unit sizes range from five-by-five units to 15-by-40 units.

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IndianaIndustrialLeasing ActivityMidwest

Red Bull Signs 33,909 SF Industrial Lease in New Haven, Indiana

by Kristin Harlow

NEW HAVEN, IND. — Red Bull has signed a seven-year, 33,909-square-foot industrial lease at 10821 Rose Ave. in New Haven, just east of Fort Wayne. The building is part of the larger Cedar Oak industrial development. Chad Voglewede and Bill Drinkall of Bradley Co. represented the landlord, Cedar Oak Venture.

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2655-E-Magnolia-St-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield Arranges $7.1M Sale of Industrial Property in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has brokered the sale of a freestanding flex industrial building, located at 2655 E. Magnolia St. in Phoenix. MHS Magnolia LLC acquired the asset for $7.1 million. Constructed in 1984 and renovated in 2021, the 35,385-square-foot property is fully leased to a major local HVAC company on a triple-net-lease basis. The property features a training center, warehouse/showroom with 16-foot clear heights and 145 parking spaces. Chris Hollenbeck, Shane Carter, Tracy Cartledge and Bob Buckley of Cushman & Wakefield represented the undisclosed seller in the deal.

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IndustrialLeasing ActivityMidwestOhio

Newmark Negotiates 211,443 SF Industrial Lease in North Jackson, Ohio

by Kristin Harlow

NORTH JACKSON, OHIO — Newmark has negotiated a 211,443-square-foot industrial lease at 500 S. Bailey Road in North Jackson, about 60 miles southeast of Cleveland. A large solar manufacturing company signed a long-term lease to occupy the entire building. Terry Coyne of Newmark represented ownership, STAG Industrial Inc., which is renovating the building. The property features 201,476 square feet of manufacturing/warehouse space, 9,967 square feet of office space, a clear height of 35 feet, 19 loading docks, one drive-in door and a 245-car parking lot.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 56,960 SF Industrial Lease in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Lee & Associates has negotiated a 56,960-square-foot industrial lease in Arlington. According to LoopNet Inc., the single-tenant property at 614-616 111th St. was built in 1978. Robert Miller of Lee & Associates represented the tenant in the lease negotiations. Colton Rhodes, also with Lee & Associates, represented the landlord, Texas-based investment firm Stonelake Capital Partners.

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AcquisitionsIndustrialMidwestOhio

MAG Capital Partners Buys 117,704 SF Cleveland Industrial Facility in Sale-Leaseback

by Kristin Harlow

CLEVELAND — In a sale-leaseback transaction, MAG Capital Partners has acquired a 117,704-square-foot industrial facility in Cleveland. The purchase price was undisclosed. A global IT solutions and endpoint management company was the seller. Located at 4371 Pearl Road, the property was fully redeveloped in 2018. There are 38 drive-in doors and ceiling heights ranging from 14 to 21 feet. Blair Wood and Kevin Joseph of WWM Real Estate represented the seller.

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DevelopmentIndustrialLoansMontanaWestern

CBRE Arranges $13.5M Construction Loan for Last-Mile Industrial Facility in Billings, Montana

by Amy Works

BILLINGS, MONT. — CBRE has secured a $13.5 million participating construction loan for the development of a last-mile industrial facility in Billings. Situated on 9.77 acres, the 39,600-square-foot building will feature 32-foot clear heights. Upon completion, a single tenant will occupy the facility on a long-term basis. Bob Ybarra, Bruce Francis, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korineck of CBRE Capital Markets Debt and Structured Finance negotiated the loan at a fixed interest rate on behalf of the undisclosed client.

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224-SE-2nd-St-Portland-OR
AcquisitionsIndustrialOfficeOregonWestern

Sherpa Design Acquires 14,589 SF Flex Building in Portland, Oregon

by Amy Works

PORTLAND, ORE. — Beam Development and Urban Development + Partners have completed the disposition of 224 S.E. 2nd Street, a Class B flex building in Portland. Sherpa Design acquired the property in an off-market transaction for an undisclosed price. The sellers recently renovated the 14,589-square-foot former coffee production facility for the new owner, which plans to occupy the space itself. The 22-year-old product development, engineering services and manufacturing firm relocated and expanded to the 2nd Street space from another Portland location. Originally built in 1936, the three-story flex building offers creative office and light industrial space with large windows, 4,700-square-foot floorplates and high ceilings. Buzz Ellis of JLL Capital Markets and Annalore Rodman of JLL Agency Leasing represented the seller in the deal.

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