FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 10,800-square-foot industrial lease at Riverbend Business Park in Fort Worth. The 32-building, 1.4 million-square-foot development is located on the city’s east side. William Wilson and George Jennings with Holt Lunsford represented the landlord, Riverbend Properties, in the lease negotiations. The representative of the tenant, Worldwide Import Goods, was not disclosed.
MESA, ARIZ., AND DENVER — StarPoint Properties is developing two Opportunity Zone projects totaling $115 million. StarPoint has started vertical construction on Lotus Point, a $79.2 million multifamily development in Mesa, and Point Central, a $36.7 million industrial project in Denver. Located at 139 N. Dobson Road, the four-story Lotus Point will offer 245 apartments. The community will benefit from a property tax abatement agreement with the City of Mesa for eight years after construction, which will generate significant property tax savings. Point Central, located at 1051 and 1161 E. 73rd Ave. in Denver, will offer 157,473 rentable square feet split across two industrial buildings with access to Denver’s major highways. Completion of both properties is slated for 2025. StarPoint expects Lotus Point to be stabilized by fourth-quarter 2025 and Point Central by the second quarter of 2025.
SCHAUMBURG, ILL. — Entre Commercial Realty has brokered the sale of a 111,594-square-foot industrial building located at 933 Remington Road in the Chicago suburb of Schaumburg. The sales price was undisclosed. The property, which features modern office finishes, is located within the Woodfield Business Center. Dan Benassi, Dan Jones and Sam Deihs of Entre represented the seller, a private investor who wished to sell the building in advance of a pending lease expiration in early 2024. Phil Reiff of JLL represented the buyer, NBS Corp., which plans to relocate from its current facility in Elk Grove Village.
BEAVERTON, ORE. — BKM Capital Partners has acquired 217 Distribution Center, a five-building industrial park in Beaverton, from an institutional investor for an undisclosed price. The 1970s-era property is located at 10950-11065 SW 11th St. Totaling 451,062 square feet, the asset features 13 units ranging in size from 9,945 square feet to 67,459 square feet. The park offers 68 dual dock-high and 12 grade-level loading capabilities, up to 24-foot clear heights and access to 14 railway dock doors. Less than 9 percent of the asset’s total footprint consists of office space. BKM plans to invest $4 million in capital improvements, including upgrading to roofs, parking lots, landscaping, HVAC systems and interiors, as well as updates to the signage and paint scheme. Additionally, improvement plans call for increasing the number of units from 13 to 15 and decreasing the average unit size from 34,697 square feet to 29,975 square feet.
RICHARDSON, TEXAS — Lee & Associates has negotiated a 12,159-square-foot industrial lease in the northeastern Dallas suburb of Richardson. According to LoopNet Inc., the building at 1601-1651 N. Glenville Drive was constructed in 1984 and totals 40,122 square feet. Jessica Reinhardt and George Tanghongs of Lee & Associates represented the tenant, archaeological services firm AR Consultants Inc., in the lease negotiations. Mark Aston and Mike Fay of Maverick Commercial Real Estate represented the landlord, Technology Properties LLC.
TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of a freestanding flex office building in Tempe. Enzed LLC, a private individual investor, acquired the asset from a global investment advisor for an undisclosed price. Located at 8140 S. Hardy, the 61,997-square-foot building is fully leased to a single tenant. The property features a 11.2/1,000-square-foot parking ratio, 10-foot clear heights and large floor plans. The current tenant’s lease is set to expire in spring 2024. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital markets teams in Phoenix represented the seller, while Marcus Muirhead of Lee & Associates represented the buyer. Jerry Roberts and Pat Boyle of Cushman & Wakefield provided leasing advisory for the transaction.
IRVING, TEXAS — Olympus Controls Corp. has signed a 10,747-square-foot industrial lease at Gateway South, a two-building, 80,176-square-foot industrial flex development in Irving. The provider of engineering and robotics services is expanding and relocating from its flagship location in the metroplex. Brian Mulvaney of Voit Real Estate Services represented the tenant in the lease negotiations. Erik Blais and Jared Laake of Bradford Commercial Real Estate Services represented the landlord, Dallas-based International Capital.
CRYSTAL LAKE, ILL. — Thinnes Transport Inc. has renewed its 91,267-square-foot industrial lease at 450 Congress Parkway in the Chicago suburb of Crystal Lake. John Joyce, Kenneth Franzese and John Cassidy of Lee & Associates represented the tenant, which is a family-owned freight transportation and logistics company. Dan Jones of Entre Commercial Realty represented the landlord, STAG Industrial Holdings.
BENSENVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a three-building industrial portfolio totaling 88,741 square feet in the Chicago suburb of Bensenville. The purchase price was undisclosed. The properties, all located on County Line Road, were constructed in 1991. The buildings are demised into 10 units, each of which is equipped with a dock, drive-in door and office space. Eric Fischer and Jackson Elder of Cushman & Wakefield represented Venture One. Seller information was not provided. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.2 million sale of a 27,000-square-foot warehouse located in the Mount Eden area of The Bronx that was originally built in 1920, according to propertyshark.com. The site at 1419 Inwood Ave. can support up to 87,000 square feet of development. Jason Gold and Daniel Mahfar of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.