CHICAGO — JLL Capital Markets has arranged a $4 million loan for the refinancing of a 675-unit Devon Self Storage facility in Chicago. The property at 1601 S. Canal St. offers 70 different unit sizes, climate-controlled units, 24-hour security and onsite management. Chris Collins and Aiden Hayes of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Devon Self Storage.
AURORA, COLO. — Hyde Development and Mortenson will partner to construct a build-to-suit industrial facility for Xcel Energy, which acquired a 10-acre site from the developers for $2.7 million. Situated within the 5 million-square-foot HighPoint Elevated industrial park, the asset will feature a 40,000-square-foot facility and five acres of yard space. Construction of the facility will begin in first-quarter 2023. The property will be the future home of an Xcel Energy service center/office and warehouse facility with outside storage. Daniel Close, Todd Witty, Tyler Carner, Jeremy Ballenger and Jessica Ostermick of CBRE represented the Hyde Development in the land sale to Xcel Energy. The CBRE team is marketing HighPoint Elevated for lease and sale opportunities with build-to-suit and speculative construction options.
SAN DIEGO — Murphy Development Co. (MDC) has broken ground on Phase II of Brown Field Technology Park, a 52-acre corporate industrial park in San Diego’s Otay Mesa neighborhood. The second phase will include two speculative industrial buildings: Building 1, a 102,099-square-foot asset, and Building 2, a 101,145-square-foot facility. Completion of the two buildings is scheduled for third-quarter 2023. The buildings will feature 32-foot clear heights, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing, and high-dock door ratios designed for distribution users. The buildings will accommodate a variety of tenant needs, ranging in size from 30,000 square feet to 203,244 square feet. Andy Irwin, Joe Anderson and Greg Lewis of JLL are overseeing the leasing of the two buildings.
UPLAND, CALIF. — Los Angeles-based Dunleer has acquired 11 industrial buildings on three separate parcels spanning 3.1 acres at 928, 1004 and 1024 9th St. in Upland. An undisclosed seller sold the assets for $8 million. Totaling 43,414 square feet, the buildings offer 12 units and are less than a quarter mile from Interstate 10, providing direct access to Los Angeles and the greater Southern California region. Joe Harmon and Charles Johnson of DAUM represented the buyer and seller in the transaction.
TAMPA, FLA. — CIP Real Estate has purchased two industrial parks in east Tampa for a combined $74.3 million. The properties, Center Point Business Park and Hampton Oaks Business Park, are situated three miles apart via U.S. Route 301. The developments span 405,772 square feet of small and mid-bay industrial space and feature 37 dock-high doors, 58 grade-level doors and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years. Rick Brugge of Cushman & Wakefield represented the seller, Albany Road Estate Partners, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing through BankUnited on behalf of CIP.
FORT WORTH, TEXAS — SVN | Dunn Commercial has brokered the sale of Willard Flex Park, a 24,000-square-foot industrial property in Fort Worth. The newly constructed property comprises four buildings that had three in-place tenants at the time of sale. David Dunn and Anna Lee Moore of SVN | Dunn Commercial represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.
CHICAGO — Chicago-based Logistics Property Co. (LPC) has closed its second development fund with total equity commitments of $1.8 billion from several global institutional investors and co-investment by LPC. The fund is named LPC Logistics Venture Two LP (Venture II). To date, 35 percent of the fund has been allocated to investments in Atlanta, Chicago, Dallas, Denver, the Inland Empire, Pennsylvania, Phoenix and Southern Jew Jersey. LPC launched its inaugural development fund in August 2019, raising $1 billion of equity commitments. LPC has fully allocated the first fund’s equity to projects representing more than 20 million square feet across the U.S. Similar to the first fund, the goal of Venture II is to buy well-located property in U.S. markets, develop Class A industrial buildings to modern specifications, stabilize the assets, and hold to assemble a geographically diverse portfolio. Earlier this year, LPC began development of five new projects for Venture II totaling 2.3 million square feet. LPC expects to break ground before the end of the year on Palm Gateway Logistics Center in Arizona and to begin construction in 2023 on a 341,000-square-foot development in San Bernardino, Calif. MAM Real Estate, part of Macquarie Group and LPC’s majority shareholder, served …
SCHERTZ, TEXAS — CBRE has arranged the sale of a 153,000-square-foot industrial portfolio in the northeastern San Antonio suburb of Schertz. The portfolio consists of two properties spanning 41,000 and 112,000 square feet that were respectively built in 2006 and 2017 and were fully leased at the time of sale. Eliza Bachhuber, Randy Baird, Ryan Thornton, Jonathan Bryan and Nathan Wynne of CBRE represented the seller, Marbella Interests, in the transaction. The buyer and sales price were not disclosed.
HOUSTON — Partners, the investment and brokerage firm formerly known as NAI Partners, has negotiated the sale of a 96,011-square-foot cold storage facility in Houston. Cary Latham and Wyatt Huff of Partners represented the buyer, Harbor Capital LLC, in the transaction. Stephen Schneidau of Cushman & Wakefield, along with independent broker Bill Schneidau, represented the seller, Mendware LLC.
ELK GROVE VILLAGE, ILL. — Westmount Realty Capital has sold a portfolio of 21 light industrial buildings totaling 757,557 square feet in the Chicago suburb of Elk Grove Village. The sales price and buyer were undisclosed. Westmount owned the portfolio for three years. The portfolio is 97 percent leased to 107 tenants. The buildings were constructed between the late 1960s and late 1970s. Westmount now owns and manages 58 industrial buildings totaling 5.4 million square feet across the Chicago market.
