CARROLLTON, TEXAS — Lee & Associates has negotiated a 21,000-square-fooot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property at 1515 Monetary Lane was built in 1980 and totals 116,579 square feet. Adam Graham and Nathan Denton Lee & Associates represented the landlord, GID Industrial, in the lease negotiations. Rich Young Jr. of Rich Young Co. represented the tenant, Binford Supply Co.
MESA, ARIZ. — DWG Capital Partners has acquired a manufacturing and distribution facility, located at 260 S. Hibbert St. in Mesa, for $10 million in a sale-leaseback transaction. AirBagIt fully occupies the 72,780-square-foot property, which is a former concrete tilt-up cold storage facility situated on 1.9 acres. The building features 17-foot clear heights, three docks, one drive-in dock and three external dock levelers. The custom engineering company will continue to occupy the property under an 18-year, triple-net lease. The company specializes in manufacturing innovative motor vehicle parts and accessories. Glen Miles of Calgary, Canada-based Miles Capital Partners represented the seller in the off-market transaction.
ELKHART, IND. — Industrial Commercial Properties (ICP) has acquired Concord Mall in Elkhart, about 15 miles east of South Bend. ICP plans to redevelop the 600,000-square-foot shopping mall and adjacent outparcels into a mixed-use business park. Concord Mall was originally built in 1972 and has been suffering vacancies in recent years. Early this year, JC Penney unveiled plans to close its store at the mall, leaving Hobby Lobby as the sole anchor tenant. Hobby Lobby will continue to operate at the location. A timeline for construction was not provided.
SCHERTZ, TEXAS — Dallas-based Rosewood Property Co. has acquired Four Oaks Distribution Center, a 170,000-square-foot industrial facility located northeast of San Antonio in Schertz. Rosewood co-developed the 6.5-acre property on a speculative basis with Phelan Bennett Development and is now purchasing the California-based investment firm’s interest. Four Oaks Distribution Center, which features 30-foot clear heights, 32 dock doors and 147-foot truck court depths, was fully leased at the time of sale to building materials provider MSI (65,000 square feet) and shipping company OnTrac (104,000 square feet). John Brownlee and John Bauman of JLL arranged acquisition financing through Lincoln Financial Group for the deal.
INDIANA, ARIZONA, PENNSYLVANIA, TEXAS AND UTAH — Newmark has brokered the sale-leaseback of a nine-building industrial portfolio totaling 754,795 square feet across five states. The tenant, Novae Corp., sold the portfolio for an eight-figure price. Four of the properties are in Indiana, while two are in Pennsylvania, one is in Arizona, one is in Utah and one is in Texas. Andrew Sandquist, Daniel Katcher, Adam Petrillo, JC Asensio and Briggs Goldberg of Newmark represented Novae, which is a manufacturer and exporter of utility trailers. According to Newmark, the sale-leaseback transaction provided capital liquidity for several initiatives, including organic growth opportunities and future acquisitions. The buyer was undisclosed.
ELGIN, ROMEOVILLE AND BUFFALO GROVE, ILL. — Colliers has arranged the sale of a three-building industrial portfolio totaling 541,283 square feet in metro Chicago. The sales price was undisclosed. The properties are located at 277 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings St. in Buffalo Grove. The buildings were fully leased at the time of sale. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Ares Industrial Management. Venture One Real Estate was the buyer.
LINDEN, N.J. — Fabuwood Cabinetry has signed a 197,072-square-foot industrial lease at Linden Logistics Center in Northern New Jersey. Tom Carragher led a Newmark team that represented the tenant in the lease negotiations. Thomas Monahan, Larry Schiffenhaus, Stephen D’Amato and Brian Golden of CBRE represented the landlord, a partnership between Advance Realty Investors, Greek Real Estate Partners and PGIM Real Estate. Linden Logistics Center will ultimately consist of eight buildings totaling 4.1 million square feet on a 350-acre site, and the development’s first three buildings are now complete.
EDISON, N.J. — Cushman & Wakefield has arranged $4.9 million in financing for an 82,500-square-foot industrial project that will be located in the Northern New Jersey community of Edison. Streamline Realty Funding provided the debt, which the borrower, Catalyst Development Partners, will use to acquire the 6.7-acre site and fund predevelopment costs. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein led the transaction for Cushman & Wakefield.
WHIPPANY, N.J. — An affiliate of New York City-based REIT LXP Industrial Trust (NYSE: LXP) has sold a 127,144-square-foot industrial property in the Northern New Jersey community of Whippany that houses a flight training facility. The facility was originally built on 16.8 acres in 2006, expanded in 2008 and renovated in 2020. Building features include a clear height of 38 feet, seven drive-in doors and 312 parking spaces. Jose Cruz, Jeremy Neuer, Marc Duval, Jordan Avanzato, Nicolas Stefans, Jason Lundy and Peter Kim of JLL represented LXP Industrial Trust in the transaction. The buyer and sales price were not disclosed.
CHELSEA, MAINE — Marcus & Millichap has brokered the sale of a portfolio of three self-storage facilities totaling 296 units in Chelsea, located just south of Augusta. The properties total 45,690 net rentable square feet of space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The buyer and sales price were not disclosed. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.