Industrial

Merritt Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville

by John Nelson March 31, 2023

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres for the expansion of the company’s Imeson Landing Business Park in Jacksonville. Three additional flex/light buildings comprising 114,500 square feet will be built at the site, with construction scheduled to begin in 2024. Upon completion, the development, which is located at the corner of Imeson Park Boulevard and Zoo Parkway, will total 380,700 square feet across eight buildings. Merritt was self-represented by Bobby Lanigan and Pat Franklin, and Luke Pope of JLL represented the land seller in the transaction. Preleasing is currently underway. Nine tenants have signed leases ranging in size from 3,000 to 29,000 square feet at the development thus far.

March 31, 2023

Acquisitions Industrial North Carolina Southeast

Northmarq Brokers $9.5M Sale-Leaseback of Industrial Property in Rockingham, North Carolina

by John Nelson March 31, 2023

ROCKINGHAM, N.C. — Northmarq has brokered the $9.5 million sale-leaseback of a single-tenant industrial property located at 235 River Road in Rockingham. The seller, Mount Vernon Mills Inc., fully occupies the 270,252-square-foot facility on a corporate guaranteed, triple-net-lease basis. Built in 1973, the property is situated on 27.7 acres and offers room for expansion. Robert Poirier of Northmarq represented both the seller and buyer, an Arizona-based institutional investor.

March 31, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 199-Unit Self-Storage Facility in Laredo, Texas

by Taylor Williams March 31, 2023

LAREDO, TEXAS — Marcus & Millichap has brokered the sale of Budget Self Storage, a 199-unit facility located in the Rio Grande Valley city of Laredo. The facility was built in 1970 and totals 25,600 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

March 31, 2023

Industrial Leasing Activity Texas

Partners Real Estate Negotiates 30,493 SF Industrial Lease in San Antonio

by Taylor Williams March 31, 2023

SAN ANTONIO — Partners Real Estate has negotiated a 30,493-square-foot industrial lease at 4441 Centergate St. in San Antonio. According to LoopNet Inc., the property was built in 1979 and totals 67,391 square feet. Kyle Kennan of Partners represented the tenant, HVAC contractor Texas Chiller Systems, in the lease negotiations. Colin McLellan with Llano Realty represented the landlord, an entity doing business as EDG Centergate LLC.

March 31, 2023

Illinois Industrial Leasing Activity Midwest

O2C Brands Signs 75,036 SF Industrial Lease in Zion, Illinois

by Kristin Harlow March 30, 2023

ZION, ILL. — O2C Brands, a Chicago-based designer and manufacturer of consumer products, has signed a 75,036-square-foot industrial lease in Zion, a city in Northeast Illinois. O2C’s products are sold in brick-and-mortar, e-commerce, healthcare, international and promotional channels under five different brands: O2COOL, Treva, LunchBots, Ecovessel and Ukonserve. O2C Brands retained Entre Commercial Realty in early 2022 for site selection services to support its growing business and distribution requirements. Dan Benassi and Sam Deihs of Entre represented the tenant in its lease at 451 Trumpet Road in Zion. The facility, constructed in 2009, features a clear height of 30 feet, eight exterior truck docks and an office buildout. Pat Hake, Ned Frank and Chris Volkert of Colliers represented the landlord, LINK Logistics.

March 30, 2023

Acquisitions Industrial Oregon Western

BKM Acquires Airport Business Center Industrial Portfolio in Portland for $37.3M

by Jeff Shaw March 30, 2023

PORTLAND, ORE. — BKM Capital Partners has purchased Airport Business Center in Portland for $37.3 million. The 11-building light industrial portfolio is located at 6756 NE Alderwood Road and 6620-7040 NE 79th Court in Portland’s Columbia industrial corridor. The 228,518-square-foot business park contains 41 units with an average size of 5,600 square feet. The spaces were 92 percent occupied at the time of the sale. BKM acquired the asset through a joint venture partnership with TerraCore Capital.

March 30, 2023

Acquisitions California Industrial Western

Selective Eton Nordhoff Buys 48,550 SF Industrial Property in Los Angeles

by Jeff Shaw March 30, 2023

LOS ANGELES — Selective Eton Nordhoff LLC has acquired a 48,550-square-foot industrial property in the Chatsworth and Canoga Park communities of Los Angeles. Though the purchase price was not disclosed, the asset was listed at nearly $10.5 million and sold for above asking price. The multi-tenant industrial property was built in 1977. It has largely remained the same since that time, save for cosmetic updates over the years. Arthur Pfefferman of Coldwell Commercial Quality Properties represented both the buyer and the seller.

March 30, 2023

Acquisitions California Industrial Loans Western

PSRS Arranges $5.9M in Financing for Industrial Property in Carlsbad, California

by Jeff Shaw March 30, 2023

CARLSBAD, CALIF. — PSRS has arranged $5.9 million in financing for the acquisition of a 32,000-square-foot industrial property in Carlsbad. The deal closed in 35 days to meet the borrower’s 1031 exchange deadline. The non-recourse loan features a five-year term with a 5.55 percent interest rate and a 30-year amortization. Ryan Frankman and Ari Zeen of PSRS arranged the financing through an insurance company.

March 30, 2023

Arizona Industrial Leasing Activity Western

Tahl Machine Renews 10,500 SF Lease for Industrial Space in Tucson

by Jeff Shaw March 30, 2023

TUCSON, ARIZ. — Tahl Machine, which provides parts for mechanical and electronic equipment, has renewed its lease for 10,500 square feet of industrial space at Tucson Industrial Center. The space is located at 4151 E. Tennessee St., Suites 239 and 257 in Tucson. Cintya Denisse Angulo Garcia of Cushman & Wakefield | PICOR represented the landlord in this transaction.

March 30, 2023

Development Industrial New York Northeast Self-Storage

Manhattan Mini Storage Underway on 1,200-Unit Redevelopment Project on Upper East Side

by Taylor Williams March 30, 2023

NEW YORK CITY — Manhattan Mini Storage is underway on a self-storage redevelopment project on the Upper West Side that will add 1,200 units to the local supply. The company, which is owned by Missouri-based developer and operator StorageMart, plans to redevelop the site of the former CMX Cinema into a six-story self-storage building that offers 65,000 net rentable square feet of space. The project, which is slated for a 2024 completion, will also function as an addition to Manhattan Mini Storage’s existing facility at 420 E. 62nd St.

March 30, 2023

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