SAN ANTONIO — VeriTrust Corp., a provider of document management services, has signed a 40,800-square-foot industrial lease at 5410 Dietrich Road in San Antonio. According to LoopNet Inc., the space totals 112,500 square feet and was built within Cornerstone Industrial Park in 2015. Chris Kugle, Carlos Marquez and Caleb Horton of Partners represented the landlord, an entity doing business as 5410 Dietrich Road LLC, in the lease negotiations. The representative of the tenant was not disclosed.
MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.
FAIRVIEW, N.J. — Global investment management firm Realterm has acquired a 66,504-square-foot warehouse located at 83 Broad Ave. in the Northern New Jersey community of Fairview. The property sits on 4.7 acres and features 10 dock-high doors. Torsten Thaler, Tom Tucci and Steve Shoemaker of Cushman & Wakefield brokered the deal, the seller of which was not disclosed.
TOLEDO, OHIO — NorthPoint Development has broken ground on Toledo Trade Center, a three-building industrial project totaling more than 853,000 square feet in Toledo. The speculative project is being built on the site that was formerly home to North Towne Mall, which closed in 2005. NorthPoint estimates that the $84.6 million investment, excluding tenant improvements, will create more than 564 direct and indirect jobs and generate over $11.8 million in annual permanent wages for the local community. Rudolph Libbe Inc. is the general contractor. The first building is slated for completion next summer. Reichle Klein Group will serve as the leasing agent.
MINNEAPOLIS — JLL Capital Markets has brokered the $13 million sale of an 18-property industrial portfolio totaling 105,500 square feet across four Midwest states. The majority of the buildings are in Minnesota, while three are in Iowa, two are in Wisconsin and one is in North Dakota. The properties were constructed between 2007 and 2021 as build-to-suit facilities for Frito-Lay, a subsidiary of PepsiCo. Matt Hazelton and Cory Villaume of JLL represented the seller, Ebert Construction. Essjay Investment Co. was the buyer.
JACKSONVILLE, FLA. — Philadelphia-based BG Capital and New Jersey-based FreezPak Logistics have purchased a 20.5-acre development site at 8730 Somers Road in Jacksonville for $11.2 million. The duo plan to develop an approximately $120 million cold storage facility spanning 272,400 square feet at the site, which is located near JaxPort’s Talleyrand and Dames Point terminals. The property, dubbed FreezPak Jacksonville, will feature 34 loading docks, 132 trailer parking stalls, 90 container plug-ins and 194 car parking spots. The facility will offer 56,000 pallet positions in the freezer space spanning 211,517 square feet and the cooler dock spanning 40,480 square feet. Users will have access to blast freezing, cross-docking, transportation, repacking, overseas container plug-in and USDA and FDA compliance at the facility, as well as a fleet of 42 robots installed by FreezPak’s robotic division. BG Capital and FreezPak plan to break ground on the Jacksonville project in the first quarter of 2023 and deliver in first-quarter 2024. FreezPak has another Florida development in the works, FreezPak Miami, which is set to open in December. BG Capital has partnered with FreezPak Logistics to build and own more than $3 billion of cold storage projects in seaport markets around the country. The …
ATLANTA — Locally based OA Development has broken ground on Victory Landing Logistics Center, a nearly 1 million-square-foot industrial park located adjacent to I-285 near Hartsfield-Jackson Atlanta International Airport. The developer expects to deliver the first phase, comprising five buildings totaling 700,000 square feet, next summer. Along with planned road improvements, the project represents $83 million in total investment. Roughly 30 percent of the site is designated green space and wetlands, according to OA Development. In addition to OA Development, the project team includes general contractor The Conlan Co. and Roswell, Ga.-based architectural firm Randall-Paulson Architects. Pat Murphy of Cushman & Wakefield is leasing the development.
HOUSTON — Partners, a Houston-based investment and brokerage firm formerly known as NAI Partners, has acquired a 53,500-square-foot industrial flex property located at 10849-10899 Kinghurst Drive in southwest Houston. The property was fully leased at the time of sale. Jason Scholtz of Colliers represented Partners in the transaction. Veritex Community Bank provided acquisition financing. The seller and sales price were not disclosed.
FORT WORTH, TEXAS — Tax consulting firm Kirkwood & Darby has signed a 5,667-square-foot office lease at 2601 Scott Ave. in Fort Worth. According to LoopNet Inc., the six-story property was built in 1980 and renovated in 2021. Vic Meyer and Jake Neal of Holt Lunsford Commercial represented the tenant in the lease negotiations. Jeff Marek of Vision Commercial Real Estate represented the landlord, WRA Investments LP.
MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.