HOUSTON — Dallas-based Henry S. Miller Brokerage (HSM) has arranged the sale of a 32,886-square-foot warehouse in northwest Houston. According to LoopNet Inc., the property at 3724 Dacoma St. was built in 1976. Bill Bledsoe of HSM represented the buyer, an affiliate of Grubbs Volvo Cars Central Houston, in the transaction. Heath Donica and Jack Rathe of Stream Realty Partners represented the seller, an entity doing business as 3724 Dacoma Partners Ltd. The buyer will use the property to facilitate its expansion.
NEW YORK CITY — JLL has negotiated a 568,543-square-foot industrial lease at 2505 Bruckner Blvd. in The Bronx. The newly built facility spans approximately 1 million square feet across two floors, and the undisclosed tenant will occupy the entirety of the lower level. Building features include 28- to 32-foot clear heights and a total of 106 loading docks, four drive-in doors and roughly 53,000 square feet of office space. Rob Kossar and Leslie Lanne led a JLL team that represented the landlord, Innovo Property Group, which developed the facility in partnership with Square Mile Capital, in the lease negotiations.
MOUNT PLEASANT, S.C. — Ziff Real Estate Partners has purchased six self-storage properties in the Southeast and Colorado totaling 2,750 climate- and non-climate-controlled units, including boat and RV rental spaces. The Mount Pleasant-based investor purchased the assets for an undisclosed price via its ZRP Storage Opportunity Fund. The assets in the portfolio include four existing properties: Morristown Self Storage in Morristown, Tenn.; J&S Self Storage in Fountain, Colo.; Mocks Hwy 20 Self Storage in Cumming, Ga.; and Atlas Business Center in Gainesville, Ga. The portfolio also includes two buildings in Roanoke, Va., and Waldorf, Md., that were acquired for conversion to self-storage properties branded under the StoreEase flag. Combined the six assets span 340,000 net rentable square feet. The sellers were not disclosed.
NORTH ARLINGTON, N.J. — A joint venture between locally based developer Hampshire Cos. and global investment management firm Invesco will develop a 111,660-square-foot industrial project in North Arlington, located just outside Newark. The facility will feature a clear height of 40 feet, 22 dock-high doors, five trailer parking spaces and roughly 4,500 square feet of office space. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged construction financing through BMO Financial Group on behalf of the joint venture. A tentative completion date was not disclosed.
DENVER — Flatirons Asset Management, a Denver-based investment firm, has acquired a 33-property self-storage portfolio from Red Dot Storage for an undisclosed price. The portfolio spans 1.3 million square feet and includes 9,125 units. The properties are located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, and were 90 percent occupied as of Aug. 31. Red Dot Storage will continue to operate the portfolio following the acquisition. The Louisville, Colorado-based company operates more than 190 locations across 19 states. “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage,” says Scott Smith, president and CEO of Flatirons. Self-storage has been making headlines this fall, with large transactions including the acquisition of Storage Express by Extra Space Storage Inc. in September for $590 million. During this week alone, a number of self-storage properties and portfolios have traded hands, including a 768-unit portfolio in San Antonio; two properties in Tulsa, Okla. offering 950 units; and a 24,480-square-foot facility in Kenosha, Wis. Flatirons Asset Management is a private investment firm that specializes in sponsoring tax-advantaged real estate offerings, including Delaware statutory …
By Denny Sciscoe, The Lund Co. The Omaha industrial market is experiencing increased leasing velocity, positive rent growth and record-breaking development. The market consists of 18 submarkets, totaling 103 million square feet of inventory. Omaha has traditionally been a risk-averse market with steady, slow-paced growth. Since 2016, Omaha has seen increased speculative development, which is absorbed as fast as it is built. In 2020, we began to see hyper-development, fueled by increased demand and developer confidence. The increased demand was a result of COVID-19, where we experienced five years of growth in a 12-month period as occupiers scrambled to find space for inventories and e-commerce, which was exasperated by the demand to store “just in case” inventories. The supply and demand dynamics of our market have been almost perfectly balanced. The average deliveries are around 1.3 million square feet annually, and our average absorption has been around 1.4 million square feet. Since the beginning of 2022, we are tracking about 5 million square feet of demand and another 2.2 million square feet of space that is currently in the construction pipeline. Overall vacancy currently sits at 2.6 percent, which is 100 basis points below our average of 3.6 percent. …
SAN ANTONIO — Marcus & Millichap has arranged the sale of a portfolio of five self-storage facilities totaling 768 units throughout the greater San Antonio area. The portfolio totals 94,517 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The duo also procured the buyer, a limited liability company based in the Northeast. Both parties requested anonymity.
FORT WORTH, TEXAS — Fort Worth-based Empire Holdings has sold five Texas industrial properties totaling 241,114 square feet. The properties range in size from 16,000 to 149,415 square feet and are located in Fort Worth, Houston, metro Austin and San Antonio. Philadelphia-based Arden Logistics Properties purchased the assets as part of a larger portfolio deal for an undisclosed price. Seth Koschak and Jeff Rein of Stream Realty Partners, along with Zach Harris and Jeff Hughes of Stan Johnson Co., brokered the deal.
TEMPE, ARIZ. — Phoenix-based ViaWest Group, with Willmeng Construction as general contractor, has broken ground on Sight Logistics Park in Tempe. The infill redevelopment project will revitalize the 17.9-acre parcel that was the former global headquarters for Insight Enterprises. Located at 6820 S. Harl Ave., Sight Logistics Park will offer two industrial buildings totaling 356,904 square feet. The 155,717-square-foot building and the 201,187-square-foot building will both feature 32-foot clear heights, 33 dock-high doors and four drive-in doors. McCall & Associates Architects designed the project, which is slated for completion in nine months. Demolition of the former Insight headquarters began in July for completion in July 2023. Rob Martensen, Phil Breidenbach and Sam Jones of Colliers Arizona are handling the leasing of Sight Logistics Park.
NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 1, a 162,228-square-foot industrial building in the Indianapolis suburb of Noblesville. The purchase price was undisclosed. The property, which is 85 percent leased to four tenants, is situated within the 142-acre Washington Business Park. The building was constructed earlier this year. Houston Hawley served as the acquisition lead for Atlanta-based MDH. Bryan Poynter of Cushman & Wakefield represented MDH, while Ryan Baker of Cushman & Wakefield represented the undisclosed seller. The purchase of Washington Business Park 1 increases MDH’s Indiana footprint to more than 1.1 million square feet.