SAN ANTONIO — Houston-based brokerage firm Finial Group has secured a 6,800-square-foot industrial lease at 1053 Grubb St. in San Antonio. According to LoopNet Inc., the property, which offers renovated office and warehouse space, was built in 1979 and features 14- to 18-foot clear heights. David Durham, Patrick Rubsamen and Jack Gaffney of Finial Group represented the landlord, Sea of Japan Holdco LLC, in the lease negotiations.
PHILADELPHIA — Atlanta-based developer Portman has acquired 169 acres in West Philadelphia for the construction of I-76 Trade Center, an industrial park that will ultimately total approximately 1.9 million square feet. To be developed in two phases, I-76 Trade Center will be a three-building campus, with vertical construction of Phase I scheduled to begin in the fall. Phase I will feature a 636,120-square-foot building that is slated for an August 2024 delivery. Phase II will include a 1.1 million square-foot-facility and a 154,440-square-foot building. Portman expects to have substantially completed the project by the first quarter of 2025.
SHAWNEE, KAN. — Standard Motor Products has leased Building II at Hunt Midwest’s Heartland Logistics Park in Shawnee. The global manufacturer and distributor of premium automotive parts will relocate from Edwardsville, Kan., to the 574,732-square-foot facility. The new space provides the tenant with 200,000 more square feet than its current footprint. The 113-acre Heartland Logistics Park will support more than 1 million square feet of industrial space. Plans call for a third building totaling 846,450 square feet and a fourth building spanning 187,200 square feet. The project team for Building II included Renaissance Infrastructure Consulting for civil engineering, Finkle + Williams Architecture for building design and Brinkmann Constructors as the general contractor. Louis Pascuzzi and Mark Long of Newmark Zimmer represented Standard Motor Products in the lease. Ed Elder and John Stafford of Colliers are handling leasing of the park.
PARK HILLS, MO. — An affiliate of Phoenix Investors has acquired a 515,913-square-foot industrial facility at 1000 Taylor Ave. in Park Hills, about 65 miles south of St. Louis. The property was constructed in 1976 and received additions and upgrades in 2018. The building features 18 docks, 16 overhead drive-in doors and clear heights up to 40 feet. The facility was formerly inhabited by PGP Glass USA Inc. (PGP) and owned by Piramal Glass, an Indian company owned by Blackstone Capital. Once the city’s largest employer, PGP closed in March 2022. The purchase price was undisclosed.
AURORA, ILL. — Meridian Design Build has completed construction of a 392,973-square-foot speculative industrial project on behalf of developer Logistics Property Co. in Aurora. The building features a clear height of 36 feet, 56 loading docks, two drive-in doors, 403 auto parking stalls and 26 exterior trailer parking stalls. An undisclosed tenant leased the entire building prior to completion. NAI Hiffman marketed the building for lease. The project team included Partners in Design Architects and civil engineer Webster McGrath & Ahlberg.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $7.5 million for a multi-tenant industrial building located at 1120 E. 89th St. in Chicago. The property is fully leased to two tenants, Chicago Transit Authority and SCR Transportation. The borrower was 1788 Holdings LLC, a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage properties. A regional bank provided the five-year loan, which will be swapped at closing to provide a competitive five-year, fixed-rate loan. A portion of the loan proceeds will be used for capital improvements to the property post-closing.
NORTH LAS VEGAS, NEV. — MCA Realty has completed the disposition of Northport Business Center, a six-building industrial park in North Las Vegas, to Rising Realty Partners for $23 million. MCA Realty originally acquired the business park in September 2021 and spend approximately $2 million in capital improvements, converting functionally obsolete office space to warehouse space. Located at 3825-2985 Cheyene Ave., Northport Business Center offers 127,132 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants. The industrial park was built in 2000. Dan Doherty, Jerry Doty and Chase Pavlov of Colliers represented MCA Realty and the buyer in the transaction. Northport Business Center is the fourth property sold within the MCA Realty Industrial Growth Fund.
TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.
BELTON, TEXAS — Dallas-based developer Tradition Holdings has broken ground on 14/35 Belton Crossing, a 343,371-square-foot industrial project in Belton, located outside of Temple in Central Texas. The development will consist of four buildings ranging in size from 70,000 to 115,000 square feet on a 27.5-acre site. Building features will include 32- to 36-foot clear heights, 180-foot truck court depths and parking for 74 trailers and roughly 400 cars. KBC Advisors will market the project for lease. Powers Brown Architecture is designing the project, and ARCO/Murray is the general contractor. Completion is slated for the second quarter of 2024.
ROCKPORT, TEXAS — Marcus & Millichap has brokered the sale of Affordable Mini Storage, a 63-unit self-storage facility in Rockport, located just north of Corpus Christi. The three-building facility was constructed in 2018. Jon Danklefs of Marcus & Millichap represented the seller in the transaction, and Sean Delaney, also with Marcus & Millichap, represented the buyer. Both parties were limited liability companies that requested anonymity.