HOUSTON — Waste Management National Services has signed a 26,844-square-foot industrial lease in North Houston. According to LoopNet Inc. the single-tenant property at 3010 Greens Road was built in 1992 and features 32-foot clear heights, nine dock doors and 34 parking spaces. Chris Caudill of Partners Real Estate represented the tenant in the lease negotiations. Brad Berry, Ryan Wasaff and Cole Bercher of Welcome Realty Services represented the landlord.
LINDEN, N.J. — Bridge Industrial has acquired a 115,000-square-foot facility located in the Northern New Jersey community of Linden. The property was originally built on 9.2 acres in 1949 and offers a clear height of 19 feet, 19 drive-in doors and 7,500 square feet of office space. The seller and sales price were not disclosed. The Blau & Berg Co. brokered the deal. Bridge plans to implement capital improvements to the building’s interior and exterior features, and the facility is expected to be available for occupancy in the fourth quarter.
SAN FRANCISCO AND NEW YORK CITY — Prologis Inc. (NYSE: PLD) has agreed to acquire a 14 million-square-foot industrial portfolio from Blackstone (NYSE: BX) for $3.1 billion. The all-cash deal is expected to close in the coming days. The names and locations of the properties were not disclosed, but The Wall Street Journal reports that the portfolio encompasses about 70 assets in gateway markets such as Atlanta, Dallas and Washington, D.C., as well as in areas of New York, California and South Florida. The portfolio is collectively leased to 127 different tenants. Of those, 50 have preexisting relationships with Prologis, and 77 are effectively new customers. San Francisco-based Prologis now owns about 1.2 billion square feet of industrial assets across 19 countries. Over the past 11 years, Prologis and New York-based Blackstone have collaborated on more than a dozen transactions. With this deal, the price translates to a capitalization rate of approximately 4 percent based on net operating income in the first year and a 5.75 percent cap rate when adjusting to today’s market rents. “Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses,” says Nadeem Meghji, head of Blackstone Real Estate Americas. Blackstone retained …
CAVE CREEK AND MESA, ARIZ. — Buchanan Street Partners has acquired two Class A self-storage facilities in the Phoenix metro. The properties, located at 29640 N. Tatum Blvd. in Cave Creek and 2862 S. Signal Butte Road in Mesa, offer a combined 160,500 rentable square feet and 1,620 units. With a total purchase price of $41 million, or $255 per square foot, the acquisitions mark Buchanan’s entrance into the greater Phoenix self-storage market. Both recently constructed facilities offer climate-controlled units, video surveillance and security access controls. Westport Properties, Inc., operating under the US Storage Centers brand, will manage the properties as a third-party manager. CBRE’s Nick Walker and Walter Brauer arranged the sale.
LYNWOOD, CALIF. — Prologis has purchased an infill industrial site in Lynwood. The 1.4-acre property is located at 11511 Bellinger St. It includes a historic 34,436-square-foot industrial facility built in 1930. Surrounding the property are more than 35 UPS, FedEx and Ontrac shipping hubs within a 10-mile radius. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams from CBRE Investment Properties, along with Greg Dyer and Ryan Wengart from CBRE’s Los Angeles South Bay office, represented the seller, 11511 Bellinger Holdings LLC, in this transaction.
BAYTOWN, TEXAS — Locally based developer Avera Cos. has broken ground on Kilgore Grand Parkway, a 484,424-square-foot industrial facility in the eastern Houston suburb of Baytown. The cross-dock facility will be situated on a 33.9-acre site and will feature 40-foot clear heights, 185-foot truck court depths, 107 dock-high doors, an ESFR sprinkler system and ample car and trailer parking space. Avera is developing the project in partnership with AEW Capital Management. Delivery is slated for the second quarter of next year. Cushman & Wakefield is marketing the property for lease.
DRESSER, WIS. — MAG Capital Partners LLC has acquired a four-building industrial property in a sale-leaseback transaction with CORE Industrial Partners. Located at 700 Kelly Ave. in Dresser, a city in Northwest Wisconsin, the property totals 107,660 square feet. The facility will continue to be fully occupied by Cadrex Manufacturing Solutions, a mechanical solutions provider. Cadrex consists of 11 complementary acquisitions that CORE has integrated into a precision manufacturing platform. The property at 700 Kelly Ave. is the longtime home of sheet metal fabricator Tenere Inc., which was acquired by Cadrex in July 2022. JC Asensio, Briggs Goldberg and Andrew Sandquist of Newmark represented CORE.
ILLINOIS AND WISCONSIN — BWE has arranged a $5.2 million acquisition loan for a three-property industrial portfolio in Illinois and Wisconsin. Likewise Partners acquired the portfolio. Christopher Carroll and Max Miller of BWE arranged the loan through a Minnesota-based credit union. The three infill properties are located in Menomonee Falls, Wis., Appleton Wis.; and Machesney Park, Ill. The portfolio totals 79,152 square feet and is fully leased, with 92 percent of the space occupied by the Engman-Taylor Co., an industrial distributor.
IRVING, TEXAS — Prize Pest Control has signed a 4,469-square-foot lease at Highview Business Center, an industrial flex property in Irving. According to LoopNet Inc., the complex was built on 2.9 acres in 1981 and totals 40,618 square feet. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Barbara Brown of S&D Family Partners represented the landlord, an entity doing business as HV DJN Properties LP.
BRISTOL, WIS. — Peak Construction Corp. is underway on Building 8 at Bristol Business Park in Bristol, a city in Southeast Wisconsin. Janko Group is the developer. Peak previously completed Buildings 2 and 3 in 2022 and is continuing with site work and construction for Building 4. The 225-acre business park is fully entitled for up to 3 million square feet of industrial space, of which 2.4 million square feet has already been completed or is under construction. Of the 2.4 million square feet, 1.7 million square feet is currently leased. Building 8 is a 323,970-square-foot speculative facility featuring a clear height of 36 feet, 38 docks, four drive-in doors, 242 car spaces, 55 trailer spaces and build-to-suit office space. Kelly P. Harris is the architect, Manhard Consulting is the civil engineer and Cushman & Wakefield is the leasing agent. Completion of Building 8 is slated for the fourth quarter.