HACKENSACK, N.J. — Valley Bank has provided an $11 million loan for the refinancing of 211-215 South Newman Street, an 81,000-square-foot industrial property located in the Northern New Jersey community of Hackensack. The multi-building facility features a clear height of 15 feet, three drive-in doors, 11 docks and ample car and trailer parking. The borrower was locally based investment firm The STRO Cos. Tenants at the property include Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes.
CAMERON, TEXAS — Marcus & Millichap has brokered the sale of Cameron U Store M, a 179-unit self-storage facility that sits on a 2.5-acre site about 50 miles south of Waco. The property was built in 1950 and spans 29,128 net rentable square feet of non-climate-controlled space. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 12,260-square-foot industrial building located at 12402 Eastex Freeway in North Houston. The newly renovated building includes 2,400 square feet of office space. Doc Perrier and William Alcorn of Finial Group represented the seller in the transaction, and Jeff Kuper and Stephen Kuper of Lee & Associates represented the buyer. Both parties requested anonymity.
DES MOINES, IOWA — Area Commercial Real Estate Advisors has brokered the sale of a CubeSmart Self Storage facility in Des Moines for an undisclosed price. The property was formerly a Gordmans department store that was converted into self-storage space in November 2021. The facility features roughly 68,000 rentable square feet of climate-controlled space. Tom Flannigan, Alex Ihrke and Matt Haugen of Area brokered the sale and serve as the Minnesota, Iowa and North and South Dakota broker affiliates for Argus Self Storage Advisors. U-Haul was the buyer.
PISCATAWAY, N.J. — A joint venture between Levin Properties and an undisclosed partner has broken ground on a 78,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The site at 30 Duke Road is located within Rutgers Industrial Center, a seven-building, 650,000-square-foot development. Building features will include a clear height of 40 feet, 13 bays and an ESFR sprinkler system. Completion is slated for the fourth quarter. Cushman & Wakefield is marketing the property for lease.
Beacon Partners Signs Four Tenants Totaling 202,403 SF at Carolina Logistics Park in Metro Charlotte
PINEVILLE, N.C. — Beacon Partners has signed four tenants to leases at 12004 Carolina Logistics Drive within Carolina Logistics Park in Pineville, roughly 13 miles outside Charlotte. Together the companies will fully occupy the property’s full 202,403 square feet, which was completed last month and features 32-foot ceilings and a full concrete truck court. ProSource, a Greenville-founded distributor of plumbing supplies, luxury plumbing fixtures, lighting fixtures and cabinet and door hardware, will lease 54,694 square feet. VIP Products, a pet toy and product distributor, will occupy 54,605 square feet. E2i Solutions, a supplier of multifamily and seniors housing lighting, will open a 40,237-square-foot distribution hub at the property, and Elnik Systems, a metal injection molding furnace and debinding oven manufacturer, will occupy 52,867 square feet for production and training. Jay Hill of JLL represented ProSource in the lease negotiations, Dave Hanna of Foundry Commercial represented VIP Products, Bradley Dunn of Stream Realty Partners represented E2i Solutions and Hill and John Cashion of JLL represented Elnik Systems.
WEST VALLEY CITY, UTAH — Westcore has purchased Raceway Commerce Center in West Valley City for $52.2 million. The two-building, 397,894-square-foot industrial property is located at 6075 W SR-201 Frontage Road and 2234 South 5900 West. The brand-new, tilt-up construction center is 33 percent pre-leased to three tenants. Westcore plans to build out improvements for the tenants, and potentially build out two more spec office suites, one per building. Westcore represented itself in the transaction. Phillip Eilers and Jon Schreck of Cushman & Wakefield represented the seller, Brennan Investment Group.
CHANDLER, ARIZ. — ViaWest Group and its institutional joint venture partners have sold Chandler Crossroads I & II, a Class A industrial project totaling 216,322 square feet in Chandler. Developed in 2016 and 2022, respectively, the Southeast Valley portfolio consists of two buildings located at 2800 and 2900 S. Gilbert Road. The project was 78 percent leased at the time of escrow, but was fully leased to seven tenants by the time the deal closed. An undisclosed investor acquired the asset for $40.1 million. Will Strong, Phil Haenel, Micki Strain, Kirk Kuller, Molly Hunt and Callahan Conway of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented ViaWest in the deal.
PHILADELPHIA — Newmark has brokered the $13.1 million sale of a portfolio of two industrial buildings totaling 32,435 square feet in Philadelphia. At the time of sale, the portfolio, which spans 6.7 acres, was fully leased to logistics company GSR Global. Ryan Guittare of Newmark represented the seller, New York City-based investment firm IG Logistics, and procured the undisclosed buyer in the transaction.
RUSH CENTER, LA CROSSE AND LIBERAL, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 325,295-square-foot industrial portfolio in Kansas for an undisclosed price. KBK Industries, a manufacturer of standard and customized fiberglass tanks and steel products, was the seller and will continue to occupy the facilities. The three-property portfolio includes 2537 E. Highway 96 in Rush Center, 1914 Highway 183 in La Crosse and 2201 N. Country Estates Road in Liberal. Jeff Jackson and Reed Hudson of CBRE represented KBK, which is headquartered in Rush Center. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is a Dallas-based investment firm.