NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $9 million loan for the refinancing of an industrial property in The Bronx. According to LoopNet Inc., the property at 656 E. 133rd St. was built in 1930 and totals 124,000 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.
By Drew Miller, CBRE Despite some level of macroeconomic uncertainty, the fundamentals of the industrial real estate market in West Michigan remain solid. While the overall number of tenants in the market has recently declined slightly, the demand for space from local companies and tenants new to the market is still outpacing supply. Nationally, the overall industrial vacancy rate finished the second quarter of 2023 at 3.7 percent, 30 basis points higher than the previous quarter but 100 basis points lower than the 10-year average. Comparatively, the West Michigan industrial market, of approximately 170 million square feet, ended the second quarter with an availability rate of less than 3 percent. The combination of a diverse economy, robust infrastructure and a conservative approach to development all factor into the continued strength of the region. Grand Rapids, the second-largest city in Michigan, and West Michigan at large are blessed with a well-balanced and diverse economy led by office furniture, automotive suppliers, aerospace, food processing, e-commerce and advanced manufacturing companies. The area is home to many of the leading office furniture and related design companies, including MillerKnoll, Haworth and Steelcase, all headquartered in West Michigan, with many of their manufacturing and suppliers …
BAYTOWN, TEXAS — Bank OZK and PGIM Real Estate have provided $75.9 million in construction financing for a 281,849-square-foot cold storage facility that will be located on a 30.7-acre site within TGS Cedar Port Industrial Park in the eastern Houston suburb of Baytown. Bank OZK provided a $50 million senior loan for the development, and PGIM provided the remaining $25.9 million. The borrower and developer is Philadelphia-based BG Capital. New Jersey-based FreezPak Logistics will operate the facility, which will house a range of temperature-controlled spaces to accommodate operations such as storage, processing, packaging and distribution. Completion is slated for next August.
FORT WORTH, TEXAS — Atlanta-based investment and development firm Stonemont Financial Group has sold a newly built, 218,000-square-foot industrial building in North Fort Worth. Dot Foods purchased the building for an undisclosed price, and its subsidiary, OmniCable, will become the facility’s new tenant. Blaine Kelly of CBRE represented OmniCable and Dot Foods in the transaction. Becky Thompson of Lee & Associates represented Stonemont. The deal was finalized before the completion of construction, which began in mid-2022.
MISSOURI CITY, TEXAS — Colliers has negotiated a 131,112-square-foot industrial lease at Cravens Logistics Center, a 249,370-square-foot development located in the southwestern Houston suburb of Missouri City. The newly built facility sits on 17.6 acres and features 36-foot clear heights, 180-foot truck court depths and 49 trailer parking spaces. John Nicholson of Colliers represented the landlord, Johnson Development, in the lease negotiations. The tenant was mattress and bedding products provider Nap Queen.
WINDSOR, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of a 7.5-acre parcel in Windsor. The city has already approved plans for a 78,550-square-foot storage facility on the site. A local land developer sold the asset to a local investment group for an undisclosed price. The purchase includes a fully entitled, light industrial-zoned site at 340 Crossroads Blvd. with plans for an enclosed single-story self-storage facility. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the transaction.
FULLERTON, CALIF. — Mullen Automotive, an electronic vehicle manufacturer, has signed a lease to occupy a 121,615-square-foot industrial building at 1500 E. Walnut Ave. in Fullerton, from landlord Link Industrial. Situated on 5.4 acres, the industrial facility features 6,234 square feet of office space, 32-foot clear heights in the warehouse space, 17 dock-high doors and two grade-level doors, as well as a large, secured, fenced yard. Ben Seybold and Sean Ward of CBRE represented the landlord in the lease negotiations.
OLATHE, KAN. — Hunt Midwest is building its sixth and largest StorTropolis self-storage facility in Olathe, a southwest suburb of Kansas City. The project is located at 601 N. Millridge St. next to Walmart and Aldi stores. The development will total 112,987 leasable square feet across 867 climate-controlled units with a variety of sizes. Completion is slated for September 2024. With this sixth location, StorTropolis will offer more than 4,000 self-storage units in Clay County, Platte County, Blue Springs, Shawnee, Lenexa and Olathe. Hunt Midwest partnered with Strickland Construction and Storage Asset Management to build and operate the facility in Olathe. Both partners also built and operate the existing StorTropolis locations across the metro area.
MISSOURI CITY, TEXAS — Colliers has secured a 118,258-square-foot industrial lease at Cravens Logistics Center, a 249,370-square-foot development located in the southwestern Houston suburb of Missouri City. The newly built facility sits on 17.6 acres and features 36-foot clear heights, 180-foot truck court depths and 49 trailer parking spaces. John Nicholson of Colliers represented the landlord, Johnson Development, in the lease negotiations. The tenant was medical supplies provider Optimal & Medpro.
MISSION VIEJO, CALIF. — MIG Real Estate has acquired Mission Viejo Business Center, a multi-tenant industrial park located at 23811-23891 Via Fabricante in Mission Viejo. A global investment advisor sold the asset for an undisclosed price. Situated on 7.65 acres, the six-building property offers 100,295 square feet of industrial, distribution and warehouse space. At the time of sale, the park was 99 percent leased. The property was originally constructed in 1975. The buildings offer a variety of bay sizes, 10- to 16-foot clear heights, grade- and dock-high loading doors and concrete truck courts. Jeff Chiate, Bryce Aberg, Jeffrey Cole, Rick Ellison, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller in the deal.