MINNEAPOLIS — A joint venture between PCCP and Capital Partners has acquired a six-building light industrial portfolio totaling 690,742 square feet in Minneapolis for an undisclosed price. The properties, built between 2001 and 2014, are 91 percent leased to 15 tenants with an average size of 38,400 square feet and a weighted average lease term of 6.3 years. The portfolio was previously under institutional ownership. Peter Mork and Jason Simek, managing partners of Capital Partners, helped design, develop and lease the portfolio throughout the early 2000s when they previously worked for CBRE.
INDIANAPOLIS — Colliers has negotiated the lease-up of a 130,582-square-foot industrial building located at 4740 Victory Lane in Indianapolis. BioPlus Specialty Pharmacy Services LLC, a subsidiary of Elevance Health, leased 47,891 square feet. BioPlus provides pharmacy services for patients living with chronic conditions such as cancer, multiple sclerosis, hepatitis C, autoimmune diseases and rheumatology. Hellman Worldwide Logistics signed a lease for 82,691 square feet. Headquartered in Germany, the company is one of the largest international logistics providers with 489 offices in 173 countries. Jimmy Cohoat and Billy Powers of Colliers represented the landlord, Shear Property Group.
MOUNT PROSPECT, ILL. — Principle Construction Corp. has completed a 21,427-square-foot office and manufacturing expansion for Avery Dennison in the Chicago suburb of Mount Prospect. The company manufactures retro-reflective sheeting. The project encompasses 11,576 square feet of manufacturing and warehouse space and 9,851 square feet of two-story office space. Cornerstone Architects was the project architect and Vivek Singla of CBRE served as project manager on behalf of Avery Dennison. The facility is located at 902 Feehanville Drive.
BARTLETT, ILL. — Lee & Associates has brokered the sale of a 3.4-acre vacant lot near the southeast corner of West Bartlett Road and Route 25 in the Chicago suburb of Bartlett. The sales price was undisclosed. A new multi-story, self-storage facility is planned for the site. Rick Scardino of Lee & Associates represented the seller, Abbott Land. Dan Lynch of Colliers represented the buyer, Berman-Lapetina.
GLENDALE, CALIF. AND NEW YORK CITY — Self-storage REIT Public Storage (NYSE: PSA) has agreed to acquire Simply Self Storage from New York City-based Blackstone Real Estate Income Trust Inc. (BREIT) for $2.2 billion. The deal is scheduled to close during the third quarter. Simply Self Storage is an owner-operator that was founded in Orlando in 2003. The company owns 127 facilities and operates 25 more on a third-party basis for a total of more than 11 million net rentable square feet across 18 states. Roughly 65 percent of Simply Self Storage’s portfolio, which has a collective occupancy rate of 91 percent, is concentrated in Sun Belt markets. “This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion and third-party management,” says Joe Russell, CEO of Public Storage. “We are pleased to complete this transaction with Blackstone, which has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years.” “Where you invest matters, and this transaction demonstrates the strong investor demand for the high-quality assets and platforms we have assembled within BREIT,” adds Nadeem Meghji, head of Blackstone Real Estate Americas. …
OCALA, FLA. — Stonemont Financial Group and US Capital Development have completed the development of a $28 million speculative industrial facility located in Ocala, about 37 miles south of Gainesville, Fla. Situated on 35 acres, Topline Logistics Facility totals 457,000 square feet and features 36-foot clear heights, 95 dock doors, four drive-in doors and 110 trailer parking spaces. Construction on the project began in March of last year. HDA Architects designed the property, and Frampton Construction served as general contractor.
GARDEN CITY, GA. — Dermody Properties has acquired a 312,000-square-foot logistics facility located at 2509 Dean Forest Road in Garden City, about three miles west of the Port of Savannah’s Garden City Terminal. Yokohama Off-Highway Tires America Inc. and GFA Inc. occupy the property, which features 32-foot clear heights, 89 dock-high doors, three drive-in doors, 74 trailer parking spaces, T-5 lighting and ESFR fire protection. Britton Burdette, Matt Wirth, Jim Freeman, Dennis Mitchell and Mitchell Townsend of JLL arranged the transaction. The seller and sales price were not disclosed.
BATAVIA, OHIO — Maddox Industrial Transformer, a provider of electrical transformers, has opened a 45,000-square-foot production facility in Batavia, an eastern suburb of Cincinnati. Located in an old Ford transmission plant at 4330 Batavia Road, the development features a 40,000-square-foot shop and 5,000 square feet of office space as well as a four-acre storage yard. Once fully staffed, the facility will create 65 new jobs in the area. Maddox now maintains four major production facilities in addition to sales and support offices across the country.
SOMERSET, N.J. — Dallas-based investment firm Dalfen Industrial has acquired a 99,714-square-foot building in the Northern New Jersey community of Somerset. The newly built property offers a clear height of 36 feet, 14 loading doors, an ESFR sprinkler system and 62 car parking spaces. Joel Lubin of JLL brokered the sale. Shortly after closing, Dalfen leased the entire building to Scentbird Inc., a fragrance subscription service company. Chuck Fern of Cushman & Wakefield represented the tenant in the lease negotiations.
BAYTOWN, TEXAS — Dallas-based developer Provident Realty Advisors has broken ground on Port 99, a 1.3 million-square-foot distribution center in Baytown, located near Port Houston on the city’s eastern outskirts. The development’s multiple buildings will have front-load and cross-dock configurations, clear heights of 32 to 40 feet, 271 dock-high doors, six grade-level doors and combined parking for 437 cars and 1,184 trailers. Construction is slated for a second-quarter 2024 completion. Lee & Associates is marketing the development for lease.