Industrial

Provident Realty Advisors Acquires 16.6-Acre Site in Glendale, Arizona for Spec Industrial Development

by Amy Works September 23, 2022

GLENDALE, ARIZ. — Dallas-based Provident Realty Advisors has purchased a 16.6-acre land site at 6550 W. Orangewood Ave. in Glendale for an undisclosed price. The company plans to develop a 302,400-square-foot speculative warehouse and distribution facility on the site. Construction is slated to begin in the first half of 2023 with completion scheduled for early 2024. The building will feature 36-foot clear heights, 61 dock doors, a 185-foot truck court and 86 trailer parking spaces. Case Van Lare, Chris Martin and Cavanaugh Adams of Provident Realty Advisors provided in-house representation for the acquisition. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE will handle leasing of the development.

September 23, 2022

Affordable Housing Development Georgia Industrial Mixed-Use Multifamily Retail Southeast

Atlanta BeltLine Inc. Selects Culdesac to Develop 20-Acre Murphy Crossing Mixed-Use Project in Southwest Atlanta

by John Nelson September 23, 2022

ATLANTA — Atlanta BeltLine Inc. (ABI) has selected development firm Culdesac for the 20-acre Murphy Crossing project located at 1050 Murphy Ave. in southwest Atlanta’s Oakland City neighborhood. Culdesac, which recently delivered a “car-free” mixed-use development in Tempe, Ariz., will be working with Urban Oasis Development, Kronberg Urbanists + Architects, LDG Consulting and T. Dallas Smith and Co. on the Murphy Crossing project, which will be branded Murphy Crossing by Culdesac. Plans for the development are subject to change pending community feedback, but preliminarily the project will comprise new and existing buildings that will house market-rate and affordable housing apartments, a grocery store, retail and dining options, light industrial space, coworking spaces, arts and culture programming and a farmer’s market, honoring the site’s history as the location for the Georgia Farmers Market in the 1940s and 1950s. Murphy Crossing by Culdesac will give residents proximity to the Oakland City and West End MARTA stations. Additionally, 25 percent of the residential units will be designated permanently affordable with an additional 5 percent of units deemed affordable for at least the next 30 years. The target rent restriction for the affordable units is between 60 and 80 percent of the area median …

September 23, 2022

Development Industrial North Carolina South Carolina Southeast

GCP, Phelan-Bennett to Develop Two Metro Charlotte Industrial Projects Totaling 442,896 SF

by John Nelson September 23, 2022

GASTONIA, N.C. AND FORT MILL, S.C. — Birmingham, Ala.-based Growth Capital Partners (GCP) is partnering with Houston-based Phelan-Bennett Development to develop two speculative industrial projects in metro Charlotte totaling 442,896 square feet. GCP acquired a 17.3-acre site at 1215 Jenkins Road in Gastonia in April. Set in Northwest Gateway Logistics Park off I-85, Phelan-Bennett will break ground in late September to build a 132,395-square-foot facility and a 166,370-square-foot warehouse with an expected delivery of third-quarter 2023. The buildings will feature 32-foot clear heights, 57 total dock-high doors and a shared 200-foot truck court. The 15.5-acre site that GCP acquired mid-August in Fort Mill at Lakemont Business Center will break ground in December, with an expected delivery in fourth-quarter 2023. The 144,131-square-foot project will feature 32-foot clear heights, dock-high doors and a 122-foot truck court. GCP will manage and lease the properties upon completion. Henry Lobb and Abby Smith of Avison Young are marketing all three buildings for lease. GCP and Phelan-Bennett have also partnered this year on three development projects in Texas and one in Tennessee. The six projects, which will deliver nine buildings spanning nearly 1.7 million square feet, are part of GCP’s Fund II, an investment vehicle targeting …

September 23, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 411-Unit Self-Storage Facility in Odessa, Texas

by Taylor Williams September 23, 2022

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Advance A-1 Self Storage, a 411-unit facility in the West Texas city of Odessa. The property sits on 3.2 acres at 3151 E. Business Loop 20. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a REIT, in the transaction. Both parties requested anonymity.

September 23, 2022

Acquisitions Industrial New Jersey Northeast

Sitar Realty Negotiates $7.7M Sale of Warehouse in Lakewood, New Jersey

by Taylor Williams September 23, 2022

LAKEWOOD, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has negotiated the $7.7 million sale of a 38,762-square-foot warehouse in Lakewood, about 70 miles northeast of Philadelphia. The two-story building sits on 3.5 acres. Manasquan Bank sold the property to a locally based limited liability company. Douglas Sitar and Robert JanTausch of Sitar Realty brokered the deal.

September 23, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 777-Unit Self-Storage Facility in Houston

by Taylor Williams September 22, 2022

HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.

September 22, 2022

Acquisitions Industrial Texas

Colliers Arranges Sale of 27,150 SF Warehouse in North Houston

by Taylor Williams September 22, 2022

HOUSTON — Colliers has arranged the sale of a 27,150-square-foot warehouse located at 1612 Southcreek Lane in North Houston. According to LoopNet Inc., the single-tenant structure was built in 2014. The three-acre, crane-served site is situated within Candle Ridge Business Park. Jason Tangen of Colliers represented the seller, an affiliate of TRECAP Management, in the transaction. Todd Moore and Connor Duffy, also with Colliers, represented the buyer, an entity doing business as GBP II SIP.

September 22, 2022

Development Industrial South Carolina Southeast

Glenstar, Creek Lane Capital to Develop $415M Industrial Park in Upstate South Carolina

by John Nelson September 22, 2022

GAFFNEY, S.C. — Chicago-based Glenstar and Creek Lane Capital are partnering to develop Cherokee Commerce Center 85, a 3.6 million-square-foot industrial park in Gaffney. The developers plan to invest approximately $415 million to develop six separate facilities in multiple phases. Situated equidistant between Greenville, S.C., and Charlotte, the new industrial park will span 290 acres along I-85. The first two facilities — the 500,000-square-foot (expandable to 1.3 million square feet) Building Two and 278,200-square-foot Building Four — are expected to begin construction in January 2023, with delivery slated for fourth-quarter 2023. Master planning at Cherokee Commerce Center 85 shows potential for up to 1.7 million square feet under one roof to accommodate bulk industrial users. The Colliers industrial brokerage team of Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim has been selected to handle leasing for the park.

September 22, 2022

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of 215,094 SF Industrial Building in Suburban Chicago

by Kristin Harlow September 22, 2022

FRANKLIN PARK, ILL. — Colliers has arranged the sale of a 215,094-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property is located at 10600 W. Belmont Ave. along the southern edge of the Chicago O’Hare International Airport. Constructed in 1996, the building features a clear height of 24 feet. Jeff Devine and Steve Disse of Colliers represented the seller, James Campbell Co. LBA Logistics was the buyer.

September 22, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 1,326-Unit Self-Storage Facility in Houston

by Taylor Williams September 21, 2022

HOUSTON — Marcus & Millichap has brokered the sale of Prime Storage, a 1,326-unit self-storage facility in Houston. The facility, which spans 189,088 net rentable square feet, was originally built on 10 acres in 2000 and expanded by 29,000 square feet in 2017. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The buyer was a publicly traded REIT. Both parties requested anonymity.

September 21, 2022

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