MORRISTOWN, N.J. — JLL has arranged the recapitalization of a portfolio of 16 industrial buildings totaling 630,822 square feet in New Jersey and Pennsylvania. The specific locations were not disclosed. The portfolio was 99 percent leased at the time of the recapitalization to tenants in industries such as logistics, food and beverage, technology and warehousing. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL arranged new joint venture equity with an undisclosed partner on behalf of the sponsor, New Jersey-based owner-operator Denholtz Properties.
ETNA, PA. — Electric products and services provider Westinghouse will open an 87,420-square-foot industrial facility in Etna, located northeast of downtown Pittsburgh, a move that will add about 40 jobs and $18 million in capital investment to the local economy. Westinghouse will use the space at 51 Bridge St. to manufacture various electrical components and advance clean energy initiatives. New York-based private equity firm The AM Group owns the building. Construction began earlier this year and is slated for a first-quarter 2024 completion.
ROMEOVILLE, ILL. — Colliers has brokered the sale of two recently constructed industrial facilities totaling 897,840 square feet in the Chicago suburb of Romeoville. The sales price was undisclosed. The buildings are located in the Weber 55 Logistics Park at the corner of Weber and Taylor roads. One of the buildings totals 627,840 square feet and is leased to RJW Logistics, while the other property spans 270,000 square feet and was vacant at the time of sale. Jeff Devine and Steve Disse of Colliers represented the seller, Molto Properties. The buyer was an institutional investor advised by Principal Asset Management.
FREDRICKSON, WASH. — PCCP has provided $252.3 million of construction financing to a joint venture between Panattoni Development Co. and a real estate fund advised by Crow Holdings Capital. The funds will be used for the development of three industrial buildings in Fredrickson, approximately 40 miles south of downtown Seattle. Eastdil Secured arranged the construction financing on behalf of the borrowers. Totaling 2.2 million square feet, the cross-docked distribution buildings will feature 40-foot clear heights. The project includes two speculative buildings, Building G (611,206 square feet) and Building D (753,069 square feet). It also features a build-to-suit Building E (782,875 square feet), which a national tool and equipment retailer has already reserved. The three warehouse/distribution buildings are slated for delivery in summer 2024. The facilities are the first phase of FRED310, a 310-acre, five-building industrial parking totaling 3.7 million square feet at Canyon Road East and E. 176th St.
BUCKEYE, ARIZ. — Parklane Development Group and Miramar Industrial Partners have completed the development of Southern Industrial Center, a 1.2 million-square-foot, speculative, Class A industrial project in Buckeye. Totaling 1.2 million square feet, Southern Industrial Center features 40-foot clear heights, 202 sectional overhead dock doors, four drive-through dock doors, reinforced speed bays and parking for 914 autos and 250 trailers. The project team included Graycor Construction Co., Ware Malcomb, DWS, Westpine Partners and Bank OZK. Marc Hertzberg, John Lydon and Kelly Royle of JLL’s Phoenix office are the exclusive leasing brokers.
EL PASO, TEXAS — L&F Distributors, a South Texas-based wholesaler of alcoholic beverages, will open a 220,000-square-foot industrial facility in El Paso. The facility will feature 32-foot clear heights, 26 loading docks and two levels of office space, and the site can support another 68,500 square feet of expansion. HDA Architects is designing the project, and Catamount Constructors is serving as the general contractor. Construction began earlier this month and is expected to be complete in 2025.
CHICAGO — Brit Properties, a Chicago-based industrial real estate firm, has acquired Belmont Properties, a three-building industrial asset totaling 82,000 square feet on Chicago’s North Side. The purchase price was $13 million. The five-acre development is situated along the east bank of the Chicago River at Belmont Avenue. The Class B, single-tenant buildings were constructed between 1968 and 1991 and are fully leased to Tampico Beverages and Beverage Flavors International. Union National Bank of Elgin provided debt amounting to a 30 percent loan-to-value ratio. Nick Stellas of Hansen Realty represented Brit Properties, while Michael Milstead of Hansen Realty represented the seller, a family that had owned the property for 30 years.
CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on a 131,000-square-foot headquarters and manufacturing facility for Tubular USA in Chesterfield, a western suburb of St. Louis. Tubular is a supplier of in-line galvanized pipe and tubing. The project is located within Phase II of Spirit Valley Business Park. The new facility will replace Tubular’s two existing buildings in Weldon Spring, Mo. The project team includes Gray Design Group, Stock & Associates Consulting Engineers Inc. and Knapp Engineering. Completion is slated for June 2024. Keystone built the infrastructure for the first phase of the 50-acre Spirit Valley Business Park in 2008 and has since constructed 11 buildings within the business park.
CHICAGO — Gantry has arranged an $8 million permanent loan to refinance existing debt on a self-storage facility in Chicago’s South Loop. The property at 605 S. Wabash Ave. was formerly a parking structure, but now encompasses 1,184 self-storage units across five stories and 95,000 square feet. The property is under new management, operating as Extra Space Storage. Andy Bratt and Sean Kuang of Gantry arranged the loan on behalf of the borrower, a private real estate investor. An insurance company provided the five-year, fixed-rate loan.
PLYMOUTH, MASS. — Basis Industrial has delivered an 806-unit self-storage facility in Plymouth, located in southern Massachusetts at the base of Cape Cod. The three-story facility spans 111,000 gross square feet of climate-controlled space and was completed in phases, with construction beginning in March 2022. Basis Industrial has engaged Public Storage to operate the facility.