LEHIGH ACRES, FLA. — CBRE has brokered the $4.5 million sale of a self-storage development site located in Lehigh Acres, a city in Southwest Florida’s Lee County. A private investor acquired the 87,813-square-foot property, which is situated at 511 Lee Blvd. Upon completion, the development will feature 971 climate-controlled self-storage units. CBRE’s Self Storage Advisory Group represented the seller, a private investor, in the transaction.
AUSTIN, TEXAS — Chicago-based Logistics Property Co. will develop a two-building, 408,000-square-foot industrial project at 12821 Titanium St. in northeast Austin. The site is roughly one mile from State Highway 130 and 15 miles from the downtown area. The development will consist of a 175,000-square-foot rear-load building and a 233,000-square-foot cross-dock building. Construction is slated to begin in the second quarter and to last about a year. Locally based brokerage firm AQUILA Commercial will market the property for lease.
EULESS, TEXAS — Dallas-based brokerage firm Younger Partners has arranged the sale of a 10-acre industrial development site located near Dallas-Fort Worth International Airport in Euless. An entity doing business as Clubwise Finance LP sold the property at 3300 FM 157 to locally based firm Windhaven Investments LLC for an undisclosed price. John St. Clair and Luke Nolan of Younger Partners brokered the deal.
HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in the Northern New Jersey community of Hoboken that will convert a five-story industrial building into a 110-unit multifamily complex. The new multifamily building will rise nine stories, feature for-sale units and include 50,000 square feet of retail space and a 300-space parking garage. Units will come in one- through five-bedroom floor plans, and amenities will include a pool, fitness center, clubroom, lounge and grilling areas. Construction is underway and slated for a third-quarter 2025 completion. The borrower is Taurasi Group.
NORWOOD, N.J. — Locally based brokerage firm Resource Realty has arranged a 71,870-square-foot industrial lease in the Northern New Jersey community of Norwood. Locally based firm Alfred Sanzari Enterprises owns the building at 335 Chestnut St., which totals 111,424 square feet and was built in 1969, according to LoopNet Inc. Dan Whitehead of Resource Realty negotiated the deal on behalf of the tenant, footwear products manufacturer OrthoFeet Inc.
OMAHA, NEB. — Darland Construction Co. has completed a more than 61,000-square-foot warehouse near the intersection of Highway 50 and I-80 in Omaha. The building features a clear height of 26 feet, eight dock doors and interstate signage. Preliminary budgeting for the project began in 2018, but concerns about rising prices and labor shortages during the pandemic put the project on hold, according to Darland. Investors Realty negotiated a full-building lease for Southern Carlson before the building was completed. The tenant is a commercial tool, fastener and jobsite supply company.
URBANDALE, IOWA — Marcus & Millichap has brokered the sale of an Urban Heights Storage facility in Urbandale near Des Moines for an undisclosed price. The 54,095-square-foot self-storage property, built in 2020, features 257 climate-controlled units, 95 drive-up units, 51 indoor units and 28 parking spaces. George Kondracke, Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap, in partnership with Brad Vander Linden of The Linden Co., represented the seller, a limited liability company. Buyer information was not provided.
ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 38,409-square-foot industrial building in the Chicago suburb of Romeoville. Located at 1280 Lakeview Drive, the property is fully leased to one tenant. Constructed in 1995 and situated on three acres, the building features a clear height of 24 feet, two exterior docks, one drive-in door and parking for 52 cars. Terri Alexander and Michael Kraft of Transwestern represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.
— By Jarrod Hunt, vice chair, Colliers — The Utah industrial market continues to perform very well given the reduction in the average deal size in 2023 (illustrated in the charts for both Utah and Salt Lake Counties below). The entrepreneurial spirit that continues to be the backbone of Utah’s economy is evident with the smaller lease sizes. This was a welcome opportunity for companies confined to limited options for growth over the past economic run-up. However, we have seen a notable increase in out-of-market tenant inquiries, with many in search of larger blocks of space in the New Year. We expect the pendulum to swing the other direction this year with an increase in the average square footage of completed deals, an overall increase in the number of deals and a reduction in the vacancy rates, which will put a solid floor on lease rates. The reduction in vacancy is most attributable to the stark reduction of construction deliveries in the two main county markets, Salt Lake and Utah counties (per the charts below). This dramatic reduction in speculative building activity is “on brand” for Utah, being a very disciplined market for new construction compared to several other high-growth …
MIAMI — JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include warehouses at Lakeway Corporate Center in Miami Lakes; 3450 NW 115th Ave. in Doral; Commerce Park in Miami; Miami Gardens Industrial Center in Miami; Deerwood Commerce Center in Miami; Flamingo Park of Commerce in Miramar; and University Park of Commerce in Fort Lauderdale. The portfolio was 99 percent leased at the time of financing.
