PALESTINE, TEXAS — Colliers has negotiated the sale of a 36,119-square-foot warehouse in Palestine, about 110 miles southeast of Dallas. The property sits on a 77-acre site, the undeveloped acreage of which was included in the sale. Steve Demuth and Ray Ver Hey of Staples Commercial Group represented the sellers, private investor Tom Clamon and Baylor University, which respectively own the building and the land, in the transaction. Judy Beebe and Blake Gibson of Colliers represented the buyer, Perfect Life TX LLC, a provider of fragrances and flavors that plans to build a manufacturing plant at the site.
EAST BRUNSWICK, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of Edgeboro Corporate Center, an 84,000-square-foot industrial property located in the Central New Jersey community of East Brunswick. The two-building complex was constructed in 1977 and features clear heights of 19 feet and 20 dock-high doors. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the financing through an undisclosed life insurance company on behalf of the borrower, New Jersey-based Denholtz Properties. The loan carried a 10-year term and a fixed interest rate.
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.
SAVANNAH, GA. — Denholtz Properties has purchased a three-property, 358,884-square-foot industrial portfolio in Savannah. The undisclosed seller sold the properties for $33 million. Colliers brokered the transaction, and JLL arranged an undisclosed amount of acquisition financing on behalf of Denholtz. Located at 101 and 111 Coleman Blvd. and 10 Artley Road, the portfolio is situated near the Port of Savannah, Norfolk Southern and CSX’s robust regional rail networks, I-16 and I-95 and Savannah-Hilton Head International Airport. The portfolio is currently fully leased to a variety of tenants, including Collins Aerospace, Johnson Matthey and East Coast Logistics.
BROADVIEW AND BUFFALO GROVE, ILL. — Lightstone has purchased two Chicago-area industrial properties totaling 558,000 square feet for an undisclosed price. The first property is a 332,000-square-foot warehouse and office building located at 2600 S. 25th Ave. in Broadview. The facility is 96 percent leased to 19 tenants. In Buffalo Grove, Lightstone purchased 990 and 1000 Deerfield Parkway, a 226,000-square-foot lab and warehouse property. The building is fully leased to Siemens. With these acquisitions, Lightstone’s industrial portfolio has grown to more than 6.5 million square feet across 15 markets. The seller was not provided.
AUBURN, WASH. — Fortress Investment has acquired the former Cutwater Boat factory in Auburn from JJL LLC for $9.5 million. Situated on 4.5 acres at 47 37th St. NE, the property features 27,000 square feet. The buyer was able to separate the deal with a leaseback on half of the property, while it works toward developing the other half of the property for a future tenant. Matt Murray of Kidder Mathews represented the buyer and seller in the transaction.
SPRING, TEXAS — CBRE has arranged the sale of The Pines Business Park I and II, a portfolio of six industrial buildings totaling 281,481 square feet located in the northern Houston suburb of Spring. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the seller, AEW Capital Management, in the transaction. Nuveen Real Estate, a division of The Teachers Insurance & Annuity Association of America (TIAA), purchased the portfolio for an undisclosed price. The buildings were fully leased at the time of sale.
PHILADELPHIA — Atlanta-based investment management firm Invesco Real Estate and Webster Bank have provided $76.8 million for the refinancing of a 282,737-square-foot industrial property in Philadelphia. DH Property Holdings recently completed the Class A facility, which is a build-to-suit for TJX Cos., the parent company of Marshalls and T.J. Maxx. Building features include a clear height of 53 feet, proximity to Interstates 95 and 76 and ample car and trailer parking. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing.
LINDEN, N.J. — Bridge Logistics Properties, a subsidiary of national industrial investment firm Bridge Investment Group, has purchased a 170,000-square-foot complex in the Northern New Jersey community of Linden. The two buildings at 3301 and 3351 Tremley Point Road sit on a combined 14.6 acres. The north building is a Class A facility with a clear height of 36 feet that includes cold storage space. The south building is a Class B warehouse with dock-high and grade-level doors. Leo Josephs and Joshua Meisner of Leo Josephs & Co. Inc. brokered the off-market transaction.
HOUSTON — A joint venture between Dallas-based Urban Logistics Realty and a fund backed by Crow Holdings has broken ground on Urban District 290, a 238,200-square-foot industrial project in Houston. The site is located near the corner of State Highway 290 and Bingle Road on the city’s northwest side. The development will consist of a 64,800-square-foot building and a 173,400-square-foot building with clear heights of 32 feet, speculative office space, ample car parking and ESFR sprinkler systems. Completion is slated for the second quarter of 2023. CBRE has been tapped as the leasing agent.