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AcquisitionsIndustrialSelf-StorageTexas

JLL Negotiates Sale of 741-Unit Self-Storage Facility in Dallas

by Taylor Williams

DALLAS — JLL has negotiated the sale of Greenville Self Storage, a 741-unit facility located in the northern-central part of Dallas. CubeSmart operates the four-story, climate-controlled facility, which was built in 2019 and spans roughly 83,000 net rentable square feet. Brian Somoza, Steve Mellon, Matthew Wheeler and Adam Roossien of JLL represented the seller, Wentworth Property Co., in the transaction. Utah-based REIT Extra Space Storage purchased the facility for an undisclosed price. Greenville Self Storage was more than 90 percent occupied at the time of sale.

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IndustrialLeasing ActivityTexas

Bradford Commercial Negotiates 4,491 SF Industrial Flex Lease in Metro Dallas

by Taylor Williams

CARROLLTON, TEXAS — Locally based brokerage firm Bradford Commercial Real Estate Services has negotiated a 4,491-square-foot industrial flex lease at Avion Business Center in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the building at 2155 Chenault Drive was constructed in 1984 and totals 24,944 square feet. Jason Finch of Bradford Commercial represented the undisclosed landlord in the lease negotiations. The representative of the tenant, FireTron Inc., a provider of fire extinguishers, was also not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Teams Up With DRA Advisors to Recapitalize 2.7 MSF Industrial Portfolio in $369M Transaction

by Kristin Harlow

ROSEMONT, ILL. — Rosemont-based Venture One Real Estate has formed a joint venture with DRA Advisors for the recapitalization of a 2.7 million-square-foot industrial portfolio. The venture bought the portfolio from Venture One’s VK Industrial V fund. The $369 million transaction encompasses all the remaining assets within that fund, including 54 infill, last-mile and logistics properties throughout metro Chicago, New Jersey, Long Island and Philadelphia. The partnership plans to continue to add value to the properties through leasing and building improvements. Webster Bank, CIT, Wintrust and Byline Bank provided financing. Michael Caprile, Zach Graham, Ryan Bain, Brad Ruppel and Brian Fiumara of CBRE represented Venture One. VK Industrial is a series of funds managed by Venture One and Kovitz Investment Group.

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DevelopmentIllinoisIndustrialMidwest

PCCP, Stotan Industrial to Develop 100,400 SF Spec Building in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — A joint venture between PCCP and Stotan Industrial is developing a 100,400-square-foot speculative building in the Chicago suburb of Mount Prospect. The property at 350 N. Wolf Road will feature a clear height of 32 feet, up to 20 exterior docks, two drive-in doors, 20 truck trailer parking spaces, 96 car parking spaces, a 125-foot-deep truck court and office space. The project site was previously home to a vacant single-story office building that was built in 1960 and served as one of Comcast’s local Chicago offices. Demolition of that building was completed in late 2022. Site grading is scheduled to begin in April with completion slated for late this year. Signature Bank provided construction financing, and Principle Construction is the general contractor.

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AcquisitionsIllinoisIndustrialMidwest

Greenstone Partners Arranges $9.4M Sale of Industrial Portfolio in Suburban Chicago

by Kristin Harlow

LISLE AND NORTHBROOK, ILL. — Greenstone Partners has arranged the sale of a 117,000-square-foot industrial portfolio in suburban Chicago for $9.4 million. The three-property portfolio includes 2200 Ogden Ave. and 1997 Ohio St. in Lisle as well as 3170-3190 MacArthur Blvd. in Northbrook. The properties are fully leased to 10 tenants in industries such as healthcare, technology, marketing services, e-commerce, wholesale distribution and custom design/build. Paul Tesdal and Jason St. John of Greenstone represented the seller, a Chicago-based investment group. Greenstone also procured the buyer, a West Coast-based real estate investment group.

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ArizonaDevelopmentIndustrialWestern

Stevens-Leinweber Construction Completes 160,000 SF Phoenix Logistics Center Two 

by Jeff Shaw

PHOENIX — Stevens-Leinweber Construction has completed a 160,000-square-foot custom build-out at Phoenix Logistics Center (PLC) Two in Phoenix.  The new space is designed to meet the manufacturing and distribution needs of new tenant Georgia-Pacific LLC and its HP PageWide T1190 Press, the world’s largest high-volume digital pre-print solution for corrugated packing.  Built originally on a speculative basis, PLC Two offers 40-foot clear height, 70-foot speed bays, a 190-foot truck court, 160 dock-high doors and six grade-level doors. It is leased to Georgia-Pacific and Owens Corning, which occupies the building’s remaining space.

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ColoradoIndustrialLeasing ActivityWestern

Canopy Aerospace Leases 18,681 SF Headquarters in Littleton, Colorado

by Jeff Shaw

LITTLETON, COLO. — Canopy Aerospace, a startup manufacturer for emerging space and hypersonic industries, has leased a 18,681-square-foot space at 8101 Midway Drive in Littleton.  The industrial asset will serve as the company’s headquarters as it continues to expand its team and manufacturing operations. The company chose Colorado because of its deeply connected space ecosystem and access to talented future hires from this community.  Matt Harbert, Morgan Barstad and Alex Hammerstein of Raise Commercial Real Estate represented Canopy Aerospace in the transaction.  

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IndustrialLeasing ActivityTexas

Lone Star Event Rentals Signs 12,000 SF Industrial Lease in Northwest Dallas

by Taylor Williams

DALLAS — Lone Star Event Rentals, which provides furniture for large-scale gatherings, has signed a 12,000-square-foot industrial lease at Bickham Industrial Park in northwest Dallas. The deal brings the five-building complex to full occupancy. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Bickham EPA LLC, in the lease negotiations. The representative of the tenant was not disclosed.

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IndustrialLoansNew JerseyNortheast

Valley Bank Provides $11M Loan for Refinancing of Northern New Jersey Industrial Property

by Taylor Williams

HACKENSACK, N.J. — Valley Bank has provided an $11 million loan for the refinancing of 211-215 South Newman Street, an 81,000-square-foot industrial property located in the Northern New Jersey community of Hackensack. The multi-building facility features a clear height of 15 feet, three drive-in doors, 11 docks and ample car and trailer parking. The borrower was locally based investment firm The STRO Cos. Tenants at the property include Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes.  

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 179-Unit Self-Storage Facility in Cameron, Texas

by Taylor Williams

CAMERON, TEXAS — Marcus & Millichap has brokered the sale of Cameron U Store M, a 179-unit self-storage facility that sits on a 2.5-acre site about 50 miles south of Waco. The property was built in 1950 and spans 29,128 net rentable square feet of non-climate-controlled space. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.

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