FORT WORTH, TEXAS — Giti Tire USA, a global manufacturer and distributor based in Singapore, has signed a 267,000-square-foot industrial lease in Fort Worth. Clay Balch, David Eseke, Andrew Morrow and Luke Rivera of Cushman & Wakefield represented Giti Tire USA in the lease negotiations. Becky Thompson of Lee & Associates represented the landlord, Atlanta-based Stonemont Financial Group. The deal was finalized before the completion of construction, which began in mid-2022.
HOUSTON — Locally based brokerage firm NewQuest Properties has negotiated the $10 million sale of a 75,767-square-foot industrial facility located near George Bush International Airport in North Houston. Built on 6.5 acres in 2017 and expanded in 2021, the facility is home to Allied Power Group, which services the gas turbine industry. Marc Peeler of NewQuest represented the seller and developer, Sublime Properties, in the transaction. The buyer was a Canadian family office.
CARROLLTON, TEXAS — Bradford Commercial Real Estate Services has secured a 129,611-square-foot, full-building industrial lease renewal at Valwood Industrial Park in the northern Dallas metro of Carrollton. Joe Santaularia of Bradford represented the tenant, North Carolina-based Network Wireless Solutions, in the lease negotiations. Sara Ozanne and Mac Hall of Stream Realty Partners represented the landlord, an affiliate of Blackstone Real Estate Income Trust (BREIT).
DALLAS — Lee & Associates has brokered the sale of an 82,098-square-foot civic property in South Dallas. The five-building property spans 11.9 acres at 330-340 E. Ann Arbor Ave. and previously housed a school. Ally Tanghongs and George Tanghongs of Lee & Associates represented the seller, an entity doing business as Kim & K Development LLC, in the transaction. The undisclosed buyer plans to redevelop the property into an industrial facility.
CHICAGO — Red Oak Capital Holdings LLC has provided a $4.2 million bridge loan for a multi-tenant industrial property in Chicago. The funds will be used to refinance and upgrade the Class B facility, which is located at 3850 W. Cortland St. The loan was underwritten under Red Oak’s Opportunistic Bridge Program, one of four commercial real estate loan programs the company introduced earlier this year. The program is a higher-leverage, fixed-rate option for assets with a substantial value-add component. The debt for 3850 W. Cortland St. features a note rate of 10.5 percent and a 12-month term with two six-month renewal options. The financing represents 66.41 percent of the asset’s “as-stabilized” value of $6.4 million. The 92,511-square-foot building was constructed in 1960 and last renovated in 2019. Building features include 37,249 square feet of office space, clear heights ranging from 12 to 22 feet, four dock-high doors and six drive-in doors. Having acquired the asset in late 2019 for nearly $3.7 million, the borrower plans to use part of the debt proceeds to pay off a matured loan. The balance will go toward capital expenditure improvements as well as leasing commissions and tenant improvements to stabilize the property prior …
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.