Industrial

Realty Income Agrees to Acquire 185-Property Retail Portfolio from CIM for $894M

by Jeff Shaw January 3, 2023

SAN DIEGO — Realty Income Corp. (NYSE: O), a publicly traded REIT, has agreed to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust Inc. for approximately $894 million. The exact composition of the portfolio depends on completion of due diligence and the potential exercise of rights of first refusal related to certain properties. If the entire 185 properties are included, the transaction will represent a 7.1 percent capitalization rate. “We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth,” says Richard Ressler, president, CEO and chairman of CIM Real Estate Finance Trust. “Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.” The properties feature a weighted average remaining lease term of approximately 9.2 years with approximately 48 percent of the portfolio’s annualized contractual rent derived from investment-grade rated clients. The properties total 4.6 million square feet, with 55 retail clients representing 95 percent of the total portfolio rent. The remaining 5 percent comes from four industrial clients. The top two renters in the portfolio …

January 3, 2023

Acquisitions Industrial Texas

JLL Negotiates Sale of 540,324 SF Industrial Park in Fort Worth

by Taylor Williams December 23, 2022

FORT WORTH, TEXAS — JLL has negotiated the sale of Westside 35, a 540,324-square-foot industrial park in Fort Worth. Westside 35 comprises two front-load warehouses with 36-foot clear heights,185-foot truck court depths and combined parking for 107 trailer parking spaces and 373 cars. The site also includes a 7.1-acre parcel that can support additional trailer parking space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Matthew Barge and Jake Benalloul of JLL represented the undisclosed seller in the transaction. CBRE Investment Management purchased Westside 35, which was fully leased to three tenants at the time of sale, for an undisclosed price.

December 23, 2022

Development Industrial Texas

Titan Development Breaks Ground on 167,794 SF Industrial Project in Lockhart, Texas

by Taylor Williams December 22, 2022

LOCKHART, TEXAS — Titan Development has broken ground on Building 1 at Lockhart 130 Industrial Park in Central Texas, a project that will add 167,794 square feet of industrial space to the local supply. The rear-load building will feature 32-foot clear heights, 36 dock doors and a 60-foot speed bay. Completion is slated for the fourth quarter of 2023. At full buildout, Lockhart 130 Industrial Park will consist of four buildings totaling roughly 650,000 square feet across 45 acres.

December 22, 2022

Acquisitions Industrial Texas

Fort Capital Acquires 76,200 SF Industrial Portfolio in Arlington

by Taylor Williams December 22, 2022

ARLINGTON, TEXAS — Fort Worth-based investment firm Fort Capital has acquired a portfolio of seven industrial buildings totaling 76,200 square feet in Arlington. The Class B, multi-tenant buildings offer proximity to major thoroughfares such as Interstates 20 and 30, as well as Loop 820. The portfolio had an occupancy rate of 94 percent at the time of sale. The seller and sales price were not disclosed.

December 22, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Negotiates $32M Sale of New Industrial Facility in Metro Charlotte

by John Nelson December 22, 2022

HUNTERSVILLE, N.C. — Cushman & Wakefield has negotiated the $32 million sale of a newly built, 159,492-square-foot industrial facility within Park at Huntersville, an industrial park in metro Charlotte. Rob Cochran, Nolan Ashton, Bill Harrison and Josh McGee of Cushman & Wakefield represented the seller, a joint venture between Edgewater Ventures and an institutional equity partner, in the transaction. The buyer was an undisclosed private investor. Located at 13359 Reese Blvd. in Huntersville, the facility was built on a speculative basis but was fully preleased at the time of sale to Safeguard Medical, a global provider of emergency medical products, technologies and skills training programs used by first responders and military personnel. The facility serves as Safeguard Medical’s global headquarters and houses the firm’s manufacturing, logistics and front office operations. The property features 30-foot clear heights, 49 potential dock-high positions, 28 trailer parking spaces, 155 auto parking spaces and a 130- to 200-foot truck court.

December 22, 2022

Acquisitions Industrial Nevada Western

Sierra Nevada Media Group Sells Industrial Building in Carson City, Nevada for $11.3M

by Amy Works December 22, 2022

CARSON CITY, NEV. — Sierra Nevada Media Group has completed the sale of 580 Mallory Way, an industrial property in Carson City. Greenlaw Partners acquired the asset for $11.3 million. The buyer plans to lease the 90,056-square-foot asset to Bruce Aerospace. Currently located in Dayton, Nev., the producer of aircraft interior lighting systems plans to occupy the property in 2023 after completing modifications. The building formerly served as corporate offices for the Sierra Nevada Media Group, dba Questor Corp., which is a media provider in destination communities around the west. The building features corporate offices, as well as a modern printing press that was disassembled and sold as part of the seller’s disposition process. The building offers more than 54,000 square feet of production area and 35,000 square feet of office space. Nick Knecht, Joel Fountain, Baker Krukow and Tom Fennell of DCG represented the seller in the transaction.

December 22, 2022

Acquisitions Industrial Self-Storage Texas

Versal Arranges Sale of 531-Unit Self-Storage Portfolio in Fort Worth

by Taylor Williams December 21, 2022

FORT WORTH, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a portfolio of two facilities totaling 531 units in Fort Worth. The portfolio spans 89,300 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, an entity doing business as Plano Storage Station LP, in the transaction. The team also procured the buyer, an Austin-based family partnership.

December 21, 2022

Acquisitions Indiana Industrial Iowa Midwest Nebraska

Phoenix Investors Acquires Four Former Eaton Industrial Facilities Across Three States

by Kristin Harlow December 21, 2022

NEBRASKA, IOWA AND INDIANA — An affiliate of Phoenix Investors has acquired a four-property industrial property located in Nebraska, Iowa and Indiana for an undisclosed price. The facilities were formerly home to Eaton Corp., an intelligent power management company. A property at 300 E. 39th St. in Hastings, Neb., totals 107,940 square feet with two cranes, a clear height of 28 feet, parking for up to 150 vehicles and outdoor storage. Renovated in 2019, a property at 700 Luick’s Lane in Belmond, Iowa, spans 270,500 square feet with a clear height of 40 feet. The other two facilities are located in Auburn, Ind. One totals 345,000 square feet while the other spans 15,000 square feet. Adam Wolinetz of CBRE brokered the sale. Eaton was the seller.

December 21, 2022

Development Industrial Texas

Brennan Investment Group to Develop 216,004 SF Industrial Facility in South Houston

by Taylor Williams December 21, 2022

HOUSTON — Chicago-based Brennan Investment Group has acquired 12 acres at the intersection of Kirby Drive and North Spectrum Boulevard in South Houston for the development of a 216,004-square-foot industrial facility. The rear-load building will feature 36-foot clear heights, 175-foot truck court depths and an ESFR sprinkler system. Construction is scheduled to begin in early January and to be complete by the fourth quarter of 2023.

December 21, 2022

Acquisitions Industrial Michigan Midwest

Matthews Brokers $5.6M Sale of PepsiCo Distribution Center in Traverse City, Michigan

by Kristin Harlow December 21, 2022

TRAVERSE CITY, MICH. — Matthews Real Estate Investment Services has brokered the sale of a PepsiCo distribution center in Traverse City for $5.6 million. The build-to-suit property is located at 4248 Cherry Pepsi Way. Brett Davis and Alexander Harrold of Matthews represented the seller, a private investor. The California-based buyer completed a 1031 exchange. The facility spans 32,100 square feet and was built in 2018, according to LoopNet.

December 21, 2022

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