POTTSTOWN, PA. — CBRE has brokered the $5.2 million sale of a 60,000-square-foot industrial property in Pottstown, a northwestern suburb of Philadelphia. Built in 2000, the facility sits on a 10.3-acre site within Pottstown Industrial Park. Stephen Marzullo, Adam Silverman and Paul Touhey of CBRE represented the seller, an entity doing business as Wynnestay LLP, in the transaction. A subsidiary of TMC Properties LLC purchased the asset, which was fully leased at the time of sale to Eastwood Co., an e-commerce firm in the automotive space, for an undisclosed price.
MADRAS, ORE. — Marcus & Millichap has arranged the sale of Mountain View RV & Mini Storage in Madras. The original developers sold the 49,675-square-foot self-storage facility to an out-of-state buyer for $6 million. It features 358 self-storage units. The asset was constructed in two phases in 2020 and 2022 at 2086 NW Andrews Drive. The successful sale highlights the ongoing demand and investment opportunities in the self-storage sector, according to Marcus & Millichap. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Seattle office exclusively listed and marketed the property on behalf of the sellers.
— By Evan Jurgensen, Senior Vice President, Lee & Associates Los Angeles – Downtown — As the pandemic recedes, the hospitality and food and beverage industries in downtown Los Angeles are rebounding, driven in part by the return of venue entertainment and conferences. The number of visitors to the area has climbed back to within 10 percent of pre-pandemic levels and now sits at 10 million people per month. Consequently, there has been an influx of new restaurants, venues and breweries in the region. However, as overall occupancy levels in the market remain in flux, businesses are becoming mindful of how they utilize their spaces to achieve a triple bottom line impact that benefits not only the asset owner, but also the consumer and community at large for the long run. Increased Investment in Outdoor Space Outdoor dining saved many restaurants during the pandemic and continues to have great appeal in the present day. In addition to being a healthier option for diners, outdoor seating allows restaurants to handle more customers at once and increase profitability. Los Angeles city officials created a streamlined process known as the L.A. Al Fresco program in May 2020, which allowed more than 2,500 restaurants and …
WHITE MARSH, MD. — Merritt Properties has begun construction on White Marsh Interchange Park, a 750,000-square-foot industrial project located at 10301 Philadelphia Road in White Marsh, roughly 17 miles outside Baltimore. Upon completion, the development will comprise nine one-story buildings situated on 56 acres. The first phase of the project will include three buildings totaling 235,000 square feet. The buildings will feature 20- to 32-foot clear heights, truck courts with rear-loaded docks and drive-in capabilities and parking with trailer storage. Merritt Construction Services will manage the construction, the first phase of which is scheduled for completion next spring. Merritt acquired the land for the project in 2021.
DESOTO, TEXAS — Holt Lunsford Commercial Investments (HLCI) has delivered Stoneridge at Hampton Road, a 421,890-square-foot industrial project in Desoto, a southern suburb of Dallas. The freestanding, cross-dock facility features 36-foot clear heights, 93 dock positions, 185-foot truck court depths, 83 trailer parking stalls and 3,463 square feet of office space. Affiliate firm Holt Lunsford Commercial is also the leasing agent for the project.
WOOLWICH, N.J. — Nevada-based Dermody Properties will develop a 214,271-square-foot industrial property in Woolwich Township, located in the northern part of the Garden State. The site spans 14 acres, and the facility will feature a clear height of 40 feet, two drive-in doors, 39 dock doors, 169 car parking spaces and 19 trailer parking stalls. Delivery is slated for mid-2024. Gerry Blinebury, Gary Gabriel, Kyle Schmidt, Brendan McGeary, John Gartland and Jonas Skovdal of Cushman & Wakefield represented the seller in the land deal.
WALL TOWNSHIP, N.J. — CBRE has arranged the $40.5 million sale of four industrial buildings in Wall Township, located near the Jersey Shore. The buildings range in size from 20,000 to 80,000 square feet and are located within Monmouth Business Campus. The buyer was Treetop Cos., and the seller was not disclosed. Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick of CBRE brokered the sale, while CBRE’s Jason Gaccione and Shawn Rosenthal arranged acquisition financing on behalf of the buyer.
BROOMFIELD, COLO. — Atomos Nuclear and Space Corp. has become the first tenant in Tepuy Properties’ 63,412-square-foot warehouse in Broomfield. The recently renovated building is located at 2360 Industrial Lane. Atomos specializes in space logistics with its development and operation of orbital transfer vehicles (OTVs) for missions in outer space. Its first mission is scheduled for launch in January 2024. The building underwent a $5 million renovation that divided it into six separate suites with common amenities. Atomos Space has leased two of the four storefronts, occupying 19,288 square feet, or about 30 percent of the building. The renovation included improvements to the roof, HVAC and electrical systems, loading dock, restrooms and overall aesthetics of the building’s exterior. Tepuy Properties plans to expand the Broomfield property by constructing a second building on the additional 2.5 acres of land. Once fully developed, the property is expected to offer about 100,000 square feet of rental space, making it the largest property in Tepuy’s portfolio.
CHICAGO — Worldwide Flight Services (WFS) has leased a new 132,000-square-foot cargo facility that is part of the third phase of the Northeast Cargo Complex at Chicago’s O’Hare International Airport. Realterm developed and owns the facility, which features 122,000 square feet of warehouse space and 10,000 square feet of office space. There is also more than 200,000 square feet of ramp space that can accommodate two group VI aircraft such as the Boeing 747. The project team included BOWA, Clayco and d’Escoto Inc. Realterm is targeting LEED Silver certification for the property, which is equipped with electric vehicle charging stations and solar panels. WFS is a provider of air cargo logistics and ground handling services.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 21,400-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located at 605 Bonnie Lane, the vacant property features 2,000 square feet of office space, two dock-high doors, one drive-in door and parking for 25 vehicles. Trinity Scurto of Brown represented the seller, OTO Investment Properties LLC. The buyer, Clear Height Properties, plans to renovate the building and secure new tenants.