PISCATAWAY, N.J. — JLL has negotiated the $21.2 million sale of a 108,875-square-foot industrial property located in the Northern New Jersey community of Piscataway. The property features a clear height of 24 feet, 24 loading docks, two drive-in doors and 83 parking spaces. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully leased to 19 tenants at the time of sale.
APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.
NORCO, CALIF. — CapRock Partners has completed Palomino Ranch Business Park Phase I and Saddle Ranch South, two new LEED Silver-certified industrial complexes in Norco. Palomino Ranch Business Park Phase I is the first of a three-phase development. CapRock claims that, at total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering about 2 million square feet across 24 buildings on about 112 acres. Saddle Ranch South is located a prime infill development consisting of three industrial buildings ranging in size from 100,000 square feet to 155,000 square feet. It is designed for local and regional manufacturing and distribution companies. The site is located approximately two miles north of Palomino Ranch.
CEDAR CITY, UTAH — A private equity group has sold Storage General Cedar, a 456,758-square-foot storage facility in Cedar City, for an undisclosed sum. Featuring 2,133 units and 456,758 total net rentable square feet, Storage General Cedar is the largest self-storage asset in Utah, according to Marcus & Millichap, which brokered the sale. The facility features electronic gate access, drive-up units with roll-up doors, wide drive aisles, RV/boat/trailer storage and parking, commercial shops available for rent, online rentals and unit management. The LeClaire-Schlosser Group of Marcus & Millichap represented the seller via Jordan Farrer of the firm’s Salt Lake City office and Adam Schlosser of the firm’s Denver office. The buyer and price were not disclosed.
TORRANCE, CALIF. — DAUM Commercial Real Estate Services has arranged the move of Rusher Air Conditioning into a new headquarters in Torrance. Structured as a reverse exchange, the sale of the previous headquarters and purchase of a new one featured “a combined transaction value of $9.5 million,” according to DAUM. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group, with the assistance of Brad Levin, arranged the transaction.
JOLIET, ILL. — Peak Construction Corp. has broken ground on a 677,000-square-foot industrial build-to-suit project within the Rock Run Crossings Business Park in Joliet. IDI Logistics is the developer and Ecolab is the tenant. Completion is slated for the second quarter of 2024. Ecolab is a sustainability company that offers water, hygiene and infection prevention solutions and services. The project team also includes architect Ware Malcomb and civil engineer Jacob & Hefner Associates Inc.
DALLAS — Southern California-based investment firm Cohen Asset Management has acquired DalParc Logistics Center Building 1, a 920,275-square-foot industrial property in South Dallas. The building was constructed in 2016 and serves as a fulfillment center for Amazon. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
CONROE, TEXAS — General contractor Hoar Construction has broken ground on a 328,000-square-foot parking garage on the Sam Houston State University campus in Conroe, about 40 miles north of Houston. The garage, which will feature 983 spaces, is being constructed to accommodate students and faculty at the new health professions building, construction of which will begin next year. Kirksey Architecture designed the parking garage, which is slated for a summer 2024 delivery.
LAREDO, TEXAS — Partners Real Estate has arranged the sale of a 37,500-square-foot industrial property in the Rio Grande Valley city of Laredo. According to LoopNet Inc., the property at 14610 Atlanta Drive was built on 2.5 acres in 1997 and features 24-foot clear heights. Gustavo Torres of Partners represented the seller, a private investor, in the transaction. The buyer and sales price were not disclosed.
NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust has topped out Terminal Warehouse, a 1.3 million-square-foot industrial redevelopment project in Manhattan’s West Chelsea neighborhood. Designed by COOKFOX Architects, the project centers on the conversion of a historic warehouse that was originally built in 1891 into a mixed-use destination with office and retail components. The development also includes 2.5 acres of open green space. Full completion is slated for 2024.