FAIRFIELD, N.J. — CBRE has negotiated a 35,235-square-foot industrial lease in the Northern New Jersey community of Fairfield. The property at 10 Evans St. offers a clear height of 36 feet. Kate Granahan, Nicholas Klacik and Sean Dodd of CBRE represented the tenant, countertop and flooring products provider Caesarstone, in the lease negotiations. Kevin Dudley and Chad Hillyer, also with CBRE, represented the landlord, Stalwart Equities.
DENVILLE, N.J. — NAI Hanson has brokered the sale of a 9,560-square-foot industrial flex building in the Northern New Jersey community of Denville. According to LoopNet Inc., the single-tenant property at 305 Palmer Road was built in 1981 and renovated in 1988. Joseph Vindigni of NAI Hanson represented the seller, Venturini Investments Group, in the deal. Charity Realty International represented the buyer, Groome Industrial Service Group.
LOCUST GROVE, GA. — Cushman & Wakefield has arranged a 234,200-square-foot lease at Gardner Logistics Park, an industrial development located at 381 Davis Lake Road in Locust Grove, roughly 40 miles southeast of Atlanta. Tenant NVH Korea, an acoustic and thermal management company, will occupy Building 2 at the property, which was built as part of Phase II of the three-phase development. James Phillpott, Ray Stache, Lisa Pittman and Helen Cauthen of Cushman & Wakefield represented the landlord, Indianapolis-based Scannell Properties, in the leasing negotiations. NVH Korea marks the sixth major tenant to lease space at Gardner Logistics Park.
LAREDO, TEXAS — Stos. Partners, an investment firm based in Southern California, has sold a 79,883-square-foot industrial property in the Rio Grande Valley city of Laredo. The sales price was $9.1 million. Built in 2021 and renovated earlier this year, the property features 21 loading bays, 22-foot clear heights and 53 parking spaces. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Elizabeth Bachhuber of CBRE represented Stos. Partners in the deal. Monica Rubio of Century 21 Olympian Commercial represented the unnamed buyer. The facility was fully leased at the time of sale to logistics firm Grupo Cargoquin.
HOUSTON — Waste Management National Services has signed a 26,844-square-foot industrial lease in North Houston. According to LoopNet Inc. the single-tenant property at 3010 Greens Road was built in 1992 and features 32-foot clear heights, nine dock doors and 34 parking spaces. Chris Caudill of Partners Real Estate represented the tenant in the lease negotiations. Brad Berry, Ryan Wasaff and Cole Bercher of Welcome Realty Services represented the landlord.
LINDEN, N.J. — Bridge Industrial has acquired a 115,000-square-foot facility located in the Northern New Jersey community of Linden. The property was originally built on 9.2 acres in 1949 and offers a clear height of 19 feet, 19 drive-in doors and 7,500 square feet of office space. The seller and sales price were not disclosed. The Blau & Berg Co. brokered the deal. Bridge plans to implement capital improvements to the building’s interior and exterior features, and the facility is expected to be available for occupancy in the fourth quarter.
SAN FRANCISCO AND NEW YORK CITY — Prologis Inc. (NYSE: PLD) has agreed to acquire a 14 million-square-foot industrial portfolio from Blackstone (NYSE: BX) for $3.1 billion. The all-cash deal is expected to close in the coming days. The names and locations of the properties were not disclosed, but The Wall Street Journal reports that the portfolio encompasses about 70 assets in gateway markets such as Atlanta, Dallas and Washington, D.C., as well as in areas of New York, California and South Florida. The portfolio is collectively leased to 127 different tenants. Of those, 50 have preexisting relationships with Prologis, and 77 are effectively new customers. San Francisco-based Prologis now owns about 1.2 billion square feet of industrial assets across 19 countries. Over the past 11 years, Prologis and New York-based Blackstone have collaborated on more than a dozen transactions. With this deal, the price translates to a capitalization rate of approximately 4 percent based on net operating income in the first year and a 5.75 percent cap rate when adjusting to today’s market rents. “Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses,” says Nadeem Meghji, head of Blackstone Real Estate Americas. Blackstone retained …
CAVE CREEK AND MESA, ARIZ. — Buchanan Street Partners has acquired two Class A self-storage facilities in the Phoenix metro. The properties, located at 29640 N. Tatum Blvd. in Cave Creek and 2862 S. Signal Butte Road in Mesa, offer a combined 160,500 rentable square feet and 1,620 units. With a total purchase price of $41 million, or $255 per square foot, the acquisitions mark Buchanan’s entrance into the greater Phoenix self-storage market. Both recently constructed facilities offer climate-controlled units, video surveillance and security access controls. Westport Properties, Inc., operating under the US Storage Centers brand, will manage the properties as a third-party manager. CBRE’s Nick Walker and Walter Brauer arranged the sale.
LYNWOOD, CALIF. — Prologis has purchased an infill industrial site in Lynwood. The 1.4-acre property is located at 11511 Bellinger St. It includes a historic 34,436-square-foot industrial facility built in 1930. Surrounding the property are more than 35 UPS, FedEx and Ontrac shipping hubs within a 10-mile radius. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams from CBRE Investment Properties, along with Greg Dyer and Ryan Wengart from CBRE’s Los Angeles South Bay office, represented the seller, 11511 Bellinger Holdings LLC, in this transaction.
BAYTOWN, TEXAS — Locally based developer Avera Cos. has broken ground on Kilgore Grand Parkway, a 484,424-square-foot industrial facility in the eastern Houston suburb of Baytown. The cross-dock facility will be situated on a 33.9-acre site and will feature 40-foot clear heights, 185-foot truck court depths, 107 dock-high doors, an ESFR sprinkler system and ample car and trailer parking space. Avera is developing the project in partnership with AEW Capital Management. Delivery is slated for the second quarter of next year. Cushman & Wakefield is marketing the property for lease.