SPICEWOOD, TEXAS — Dallas-based investment firm Hinze Capital has acquired a 222-unit self-storage facility in Spicewood, about 30 miles northwest of Austin. Spicewood Super Storage totals 83,510 net rentable square feet and includes spaces for boat and RV storage. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of self-storage brokerage firm Versal represented the Houston-based seller in the transaction. The team also procured Hinze Capital as the buyer.
WEST TAWAKONI, TEXAS — Marcus & Millichap has brokered the sale of Valor Storage, a 180-unit self-storage facility in West Tawakoni, located about 50 miles east of Dallas. The property was built in 2000 and spans 20,400 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a Dallas-based private investor, in the transaction. The duo also procured the Austin-based buyer. Both parties requested anonymity.
THE WOODLANDS, TEXAS — SVN | J. Beard Real Estate – Greater Houston, a locally based brokerage firm, has arranged the sale of Spring Hill Business Park, a 60,000-square-foot industrial flex property located about 30 miles north of Houston in The Woodlands. Neal King of SVN | J. Beard represented the sellers, both of which were local limited liability companies, in the transaction. The buyer was a private partnership. All parties involved in the deal requested anonymity.
HIALEAH, FLA. — Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno Realty, and Rycon is serving as the general contractor. Building 39 will comprise 178,000 square feet with a private truck court, and Building 40 will total 186,000 square feet. The warehouses will feature 36-foot clear heights. Countyline Corporate Park Phase IV, which comprises 121 acres, is scheduled for completion in 2025.
CHANDLER, ARIZ. — Matthews Real Estate Investment Services has arranged the sale of a freestanding, single-tenant industrial building in Chandler for $5.2 million. The property is located at 590 E. Pecos Road. Erik Manarino and John Stroud facilitated a 1031 exchange for the seller into a more profitable asset. The pair sourced the buyer, Sunbelt Rentals, through Matthews’ database. This sale marks the highest comparable price achieved in the surrounding area for an owner-user transaction, according to the brokers.
JERSEY CITY, N.J. — CBRE has negotiated an 80,000-square-foot industrial lease within HRP Hudson Logistics Park in Jersey City. The 86-acre park is a redevelopment of a former coal-fired power plant. Kevin Dudley and Nicholas Klacik of CBRE represented the tenant, global logistics firm D.B. Schenker, in the lease negotiations. David Knee, Chris Hile and Ryan Milanik of JLL represented the landlord, Hilco Redevelopment Partners.
OHIO AND MICHIGAN — Marcus & Millichap has brokered the $10 million sale-leaseback of a three-property industrial portfolio in Ohio and Michigan. The tenant is WW Williams, a truck and diesel engine maintenance and repair company. The properties are located in Cleveland and Brunswick, Ohio, as well as Dearborn, Mich. Alex Frankel, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller and procured the buyer, a limited liability company.
Red Oak Capital Provides $5.5M Bridge Loan for Acquisition, Conversion of Former Kmart Store in Ohio
ENGLEWOOD, OHIO — Red Oak Capital Holdings LLC has provided a $5.5 million bridge loan for the acquisition and conversion of a former Kmart store in Englewood, a northwest suburb of Dayton. The borrower, United Storage 360 LLC, plans to convert the property into an Extra Space Storage-branded facility. The site includes an 85,000-square-foot building that was constructed in 1975. Redevelopment plans call for a 60,000-square-foot self-storage facility with 546 units. The borrower plans to exit Red Oak’s bridge loan with permanent financing or a sale following completion of renovations, which are scheduled for later this year.
NAPERVILLE, ILL. — Eaglestone Manufacturing has signed an 85,608-square-foot industrial sublease at 1560 Fronternac Road in the Chicago suburb of Naperville. Eaglestone is a manufacturer of production line equipment such as conveyor belts and sorting systems. The property was constructed in 1988 and features a newly renovated 4,500-square-foot office space as well as a clear height of 22 feet, six interior docks, two drive-in doors and ample parking. Eaglestone expects to take occupancy in the fourth quarter. Mandy Lewandowski and Luke Ferzacca of DarwinPW Realty/CORFAC International represented the undisclosed sublessor. Nick Eboli and Andrew Block of Lee & Associates represented Eaglestone.
LOUISVILLE, KY. — Atlanta-based MDH Partners has signed RP Construction Services, a distributor and assembler of utility solar equipment, to a 180,000-square-foot industrial lease in Louisville. The tenant will occupy space at Park 65 Business Center, a 260,000-square-foot distribution center located at 100 Brooks Way. The RP Construction Services lease brings Park 65 to full occupancy. Robert Walker and Greg Charmoli of Cushman & Wakefield represented the landlord in the lease transaction. MDH Partners purchased Park 65 in 2019 when it was 30 percent occupied. The firm currently owns 101 properties across 20 states, including 570,000 square feet in Kentucky.