NEW YORK CITY — A joint venture between Turnbridge Equities and Dune Real Estate Partners is nearing completion of Bronx Logistics Center, a 1.3 million-square-foot industrial project on the borough’s south side. The site at 980 E. 149th St. is an assemblage of five parcels and spans 14.2 acres. The facility will offer a clear height of 32 feet and more than 1,500 parking spaces. The development team expects to complete the project by the end of the year.
BATAVIA, ILL. — Cynamic Chemical Co., a chemical manufacturer, has renewed its 20,124-square-foot industrial lease at 1400 Kingsland Drive in the Chicago suburb of Batavia. Michael Androwich of Lee & Associates represented the tenant. Mapletree owns the building.
FONTANA, CALIF. — JLL Capital Markets has arranged $16.2 million in senior financing on behalf of Iconic Equities for the development of a 5.6-acre industrial outdoor storage (IOS) facility located at 8247 Lime Ave. in Fontana. JLL worked on behalf of the borrower to secure the financing through Shelter Growth (SG) Capital Partners. Upon completion, the IOS property will serve as a truck yard and contain an onsite 12,500-square-foot warehouse and distribution building. The property will offer end-users the opportunity to stack metal storage containers while providing ample truck parking.
NEW YORK CITY — JLL has arranged a $132.3 million loan for the refinancing of a national portfolio of 22 industrial outdoor storage properties. The borrower was a joint venture between locally based investment firm Criterion Group and Seattle-based Columbia Pacific Advisors. The portfolio totals approximately 220 acres, and the properties are scattered across nine different states. Specific names and addresses of the properties were not disclosed, but the sites average approximately 10.5 acres each and are located in prime distribution markets within the Northeast, Southeast and Texas regions. Christopher Peck, Peter Rotchford and Christopher Pratt of JLL arranged the five-year, floating-rate loan through Axos Bank. “With the growing necessity of last-mile logistics due to the continued growth of e-commerce, leasing for industrial outdoor storage assets has started to shift from non-credit, local tenants to national credit tenants, thus attracting more institutional investors,” says Rotchford. “The broad geographic scope of this portfolio positions it to increase in value as last-mile logistics drives increased demand for parking and outdoor storage space,” adds Shibber Khan, principal at Criterion Group. Industrial outdoor storage is an emerging subcategory of industrial real estate that typically features secure “yards” in which products such as heavy machinery …
GREENSBORO, N.C. —Walker & Dunlop has arranged construction financing and joint venture equity for the development of Lynxs GSO Technix, a build-to-suit maintenance and repair operations (MRO) facility at Piedmont Triad International Airport in Greensboro. Upon completion, the development will feature a 218,200-square-foot building with an MRO hangar, paint hangar and office and support space, as well as a 396,386-square-foot apron for aircraft fueling, defueling and washing. Lynxs GSO will also include seven bays with six standard hangars and one paint hangar. Tom Fish and Drew Van Norman of Walker & Dunlop secured the financing on behalf of the borrower, Lynxs Group. An affiliate of UK-based Marshall Aerospace will occupy the facility.
MONROE, N.C. — Cushman & Wakefield has brokered the sale-leaseback of a 183,509-square-foot manufacturing facility located at 1710 Airport Road in Monroe. Circor International sold the property, which will continue to serve as the headquarters for the company’s IMO Pump brand. Built in 1979, the building was expanded in 2008. Rob Cochran, Bill Harrison, Nolan Ashton and Tommy Whitmore of Cushman & Wakefield represented Circor International in the transaction. Monroe Airport Industrial LLC, an affiliate of Welcome Group, acquired the facility for an undisclosed price. Ted Kakambouras of Welcome Group and Allen de Olazarra of Equity Real Estate Partners represented Welcome Group in the transaction. Jason Hochman, Ron Granite and Bradley Geiger of Cushman & Wakefield secured acquisition financing on behalf of the buyer.
HOUSTON — Furniture vendor and supplier KHD Group has signed a 156,483-square-foot industrial lease at Raceway Distribution Center Northwest in northwest Houston. The tenant will occupy the entirety of the speculative building, which was developed by Stream Realty Partners and completed earlier this year. Building features include 36-foot clear heights, 25 dock-high doors and parking for 109 vehicles and 22 trailers. Jeremy Lumbreras and Boone Smith represented Stream in the lease negotiations on an internal basis. Pinnacle Real Estate Group represented KHD Group.
MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of a two-building, 21,000-square-foot industrial complex in the West Texas city of Midland. Built on 10 acres in 2011, the property was fully occupied at the time of sale by Arkos Field Services, which provides compression equipment for the natural gas industry. Adam Abushagur, Davis Cagle and Nathan Parkey of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
VIRGINIA BEACH, VA. — Power Train Industries Inc., an automotive firm and subsidiary of Dorman Products Inc., has signed a 101,000-square-foot industrial lease in Virginia Beach. The property is located at 464 Progress Lane, a 10-acre property within Oceana East Industrial Park. Located one mile south of I-26, the property features 28-foot clear heights, seven loading docks, 6,000 square feet of office space and 233 parking spaces. Power Train Industries expects to move into the facility around January 2024. John Lee of John Lee & Associates represented the tenant in the lease negotiations. The landlord is The Miller Group.
DURANT OKLA. — Safe & Green Holding Corp. a designer and fabricator of modular structures, will develop a 1.1 million-square-foot manufacturing facility in Durant, located just north of the Oklahoma-Texas border. The site spans 114 acres on McLean Avenue. Approximately 120,000 square feet will be used for manufacturing, while the remaining space will support distribution, cold storage and other similar operations. The project team is currently in the design phase. A target completion date was not disclosed.
