CEDAR GROVE, N.J. — Fort Worth-based investment firm MAG Capital Partners has acquired a 144,025-square-foot manufacturing facility in the Northern New Jersey community of Cedar Grove. Built on 13.9 acres in 1984 and renovated in 2020, the single-story facility features a clear height of 25 feet. MAG Capital Partners acquired the property from Contract Filling Inc. (CFI), a provider of fragrances, deodorants and cosmetic products. Harvey Pava and Jordan Shea of Walker & Dunlop advised the buyer on debt financing. A sale-leaseback transaction was completed with private equity firm CORE Industrial Partners’ portfolio company Arizona Natural Resources (ANR), which announced its acquisition of CFI in mid-August.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $3.5 million loan for the acquisition of two industrial buildings leased to SCR Medical Transportation in Chicago. The building at 8801 S. Greenwood Ave. spans 47,000 square feet, while the property at 8835 S. Greenwood Ave. totals 16,125 square feet. The properties serve as the Chicago headquarters of Beacon Mobility, which acquired SCR Medical Transportation. Benjamin Kadish arranged the five-year loan, which features a fixed interest rate of 4.15 percent. A Midwest-based financial institution provided the loan to the borrower, a Maryland-based national real estate investment firm specializing in single-tenant, net leased industrial properties.
TROY, ILL. — Contegra Construction is building a 35,000-square-foot fabrication facility for Nu Way Cos. in Troy, about 20 miles northeast of St. Louis. Nu Way, a construction material and equipment supplier, says it is expanding due to the robust demand for reinforcing steel, which is widely known as rebar. Nu Way FAB, a newly formed division, will occupy the new facility, which will feature three overhead cranes and 4,000 square feet of office space. The new facility will more than quadruple Nu Way’s rebar production tonnage. Completion is slated for spring 2023. Joining Contegra on the project are J.F. Electric, Vee-Jay Cement Contracting, Illinois Electric Works and Affton Fabricating and Welding Co.
FRANKLIN, TENN. — Dallas-based Lincoln Property Co. has sold a 200,000-square-foot industrial facility located on 15.6 acres at 117 SE Parkway in Franklin, a suburb of Nashville. The asset was fully leased at the time of the sale to the undisclosed seller, which has leased back 100 percent of the space. The sales price was not disclosed. Built in 1981, the distribution facility features 18- to 22-foot clear heights, 13 docks (including one drive-in) and 73 parking spots. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Renasant Bank.
TUALATIN, ORE. — Norris & Stevens has arranged the acquisition of two industrial condominiums located at 18254-18256 SW 100th Court in Tualatin. AEB Properties purchased the properties for $2.2 million. Totaling 9,600 square feet, the two Class B condos are part of a 24,192-square-foot building situated on 1.5 acres. Built in 1986, the single-story building features two dock-high loading doors and six drive-in, grade-level doors. Scott Finney and Nick Chessar of Portland-based Norris & Stevens represented the buyer, while Jordan Truitt of First Commercial Real Estate represented the seller in the deal.
EULESS, TEXAS — JLL has negotiated the sale of Urban District 183, a 366,771-square-foot industrial development located in the central metroplex city of Euless. The newly built development comprises three buildings that were constructed on a speculative basis at the former site of Coopers Golf Park. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller, Robby Westerfield and Megan Babovec of JLL represented the seller, Urban Logistics Realty, in the transaction. The buyer was not disclosed, but The Dallas Morning News reports that an affiliate of Morgan Stanley Real Estate Advisors purchased the asset for an undisclosed price.
SOUTH HOLLAND, ILL. — Entre Commercial Realty has negotiated the sale of a 44,000-square-foot cold storage facility in South Holland, a southern suburb of Chicago. The sales price was undisclosed. Located at 143 W. 154th St., the building features cooler and freezer space, dry storage space, three interior docks and a clear height of 18 feet. Chris Wilbur and Jeff Locascio of Entre represented the seller, Martin Produce Inc. Jordan Schnoll of Jameson Commercial represented the buyer, another wholesale food distributor.
LANGHORNE, PA. — Provident Bank has provided a $32.1 million loan for an industrial redevelopment project in Langhorne, located near Philadelphia in Bucks County. The borrower, a partnership between Greek Development and Principal Real Estate Investors, first acquired the site at 900 Wheeler Way in 2006 and subsequently expanded one of the two onsite buildings by 60,000 square feet. The partnership is now demolishing the second building in order to construct a last-mile distribution center with a clear height of 40 feet, truck court depths of 150 feet and parking for 242 cars and 80 trailers. Construction is slated for a second-quarter 2023 completion.
CARLISLE, PA. — Colliers has negotiated a 114,142-square-foot industrial lease at 1400 Distribution Drive in Carlisle, a western suburb of Harrisburg. According to LoopNet Inc., the property was built in 2005 and totals 550,184 square feet. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, Prologis, in the lease negotiations. The name and representative of the tenant were not disclosed.
MONROE, WASH. — Sterling Realty Organization has completed the disposition of Lake Tye Business Campus, a flex industrial property in Monroe. Redmond 8660 LLC acquired the asset for $45 million. Situated on 12.6 acres on 14655 Fryelands Blvd. SE., Lake Tye Business Campus features eight buildings offering a total of 214,364 square feet. Built in phases between 2004 and 2019, the campus was 99 percent leased at the time of sale. Zach Vall-Spinosa and Andy Miller of Kidder Mathews represented the seller in the deal.