Industrial

Frontier Enterprises Sells Industrial Facility in Adelanto, California for $5.5M

by Jeff Shaw April 27, 2023

ADELANTO, CALIF. — Frontier Enterprises has sold a single-tenant, net-leased industrial asset at 9841 Bartlett Ave. in the Inland Empire city of Adelanto for $5.5 million. The 29,925-square-foot unit is fully leased by General Dynamics Information Technology. The aerospace and defense corporation recently signed a triple-net, three-year base term and annual increase with options to extend. It will occupy the space once it’s completed. Several units are still available that can be delivered in configurations ranging from 30,000 to 120,000 square feet. A 240,000-square-foot expansion to the park has already been approved and the developer is entertaining built-to-suit options for select buyers and tenants. Jim Root and Matthew Hardke of Graystone represented Frontier Enterprises, which was the original developer. The buyer was not disclosed.

April 27, 2023

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 765,798 SF Industrial Lease in Terrell, Texas

by Taylor Williams April 27, 2023

TERRELL, TEXAS — Lee & Associates has negotiated a 765,798-square-foot, full-building industrial lease in Terrell, located on the eastern outskirts of Dallas. According to LoopNet Inc., the building at 301 Apache Trail was constructed on 39.6 acres in 1999 and features 34-foot clear heights and 144 parking spaces. Ken Wesson and Michael Giuliano of Lee & Associates represented the undisclosed landlord in the lease negotiations. Dan Lawson of Proterra Properties represented the tenant, e-commerce technology and consulting firm Cart.com.

April 27, 2023

Acquisitions Industrial Texas

M2G Ventures, Blue Vista Capital Buy 54,000 SF Industrial Property in Austin

by Taylor Williams April 27, 2023

AUSTIN, TEXAS — A partnership between North Texas-based developer M2G Ventures and Chicago-based Blue Vista Capital Management has purchased a 54,000-square-foot industrial property in Austin. The seller was not disclosed. The new ownership plans to add value to the property by enhancing the landscaping and office space, adding new signage, painting the building and extending the truck court. Leigh Ellis, Will Sikora and Chris Perry of locally based brokerage firm AQUILA Commercial negotiated the sale and will also market the property for lease.

April 27, 2023

Acquisitions Industrial Office Oklahoma Texas

SkyWalker Property Partners Sells 20,160 SF Industrial Flex Facility in Tulsa

by Taylor Williams April 27, 2023

TULSA, OKLA. — An affiliate of Dallas-based SkyWalker Property Partners has sold a 20,160-square-foot industrial flex facility in Tulsa. The building at 3717 S. Sheridan Road sits on 1.7 acres and was vacant at the time of sale. Michael Schnake and Ward Seibert of Oil Capital Commercial Real Estate Services represented SkyWalker in the transaction. The buyer, local sign maker manufacturer Gravley Holdings LLC, was self-represented.

April 27, 2023

Industrial Leasing Activity New York Northeast

Ship Essential Signs 20,070 SF Industrial Lease in Brooklyn

by Taylor Williams April 27, 2023

NEW YORK CITY — Ship Essential has signed a 20,070-square-foot industrial lease in Brooklyn’s Sunset Park neighborhood. The e-commerce fulfillment firm will occupy space on the fifth floor of Liberty Bklyn, a 1.3 million-square-foot waterfront industrial and office campus. David Junik, Steven Nadel, Marc Caso and Nechama Liberow of Pinnacle Realty represented the landlord, Madison Capital, in the lease negotiations. The representative of the tenant was not disclosed.

April 27, 2023

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires 1 MSF Distribution Center in Louisville for $82M

by John Nelson April 26, 2023

LOUISVILLE, KY. — JLL Income Property Trust has purchased Louisville Logistics Center, a 1 million-square-foot, newly constructed industrial property on Louisville’s south side. The undisclosed seller sold the Class A property for approximately $82 million. Built in 2022, Louisville Logistics Center is a cross-dock distribution center featuring 40-foot clear heights. The tenant, a global third-party logistics firm, has invested in equipment and technology specifically customized for its operations at the property. The building is leased through 2032 and features 2 percent rent escalations and two 10-year renewal options. This investment brings Chicago-based JLL Income Property Trust’s aggregate industrial allocation to nearly $2.2 billion, or 32 percent of its portfolio, across 59 properties in 13 markets.

April 26, 2023

Acquisitions Industrial New Jersey Northeast

Bridge Industrial Acquires 152,175 SF Facility in Somerset, New Jersey

by Taylor Williams April 26, 2023

SOMERSET, N.J. — Bridge Industrial has acquired a 152,175-square-foot facility in the Northern New Jersey community of Somerset. The newly built facility sits on a 22-acre site at 230 Belmont Drive and features a clear height of 36 feet, 28 loading docks, 108 car parking spaces and 2,500 square feet of office space. Upon acquisition, Bridge Industrial simultaneously executed a full-building lease with an undisclosed packaging company that will take occupancy immediately. Chuck Fern of Cushman & Wakefield represented the tenant in that deal. The seller was not disclosed.

April 26, 2023

Development Industrial Mississippi Multifamily Seniors Housing Southeast

Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Seniors Housing Development

by John Nelson April 26, 2023

TUPELO, MISS. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at market rates while the other 31 apartments will be restricted to seniors aged 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren Dunn Museum. Intervest is leading the adaptive reuse project and will serve as its property manager upon completion, which is set for July 2023. The design-build team includes general contractor Century Construction Group Inc. and Wallace Architects. Upon completion, Carnation Village will feature a clubhouse, exercise facility, central laundry facility, elevators, walking trails and a butterfly garden. Financing for the project includes $13.3 million in Federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) equity financing, as well as $2.5 million in Mississippi Historic Tax Credit equity financing, a $10.9 million loan from Cadence Bank and a $475,000 loan from Financial Institutions Housing Opportunity Pool.

April 26, 2023

Acquisitions Arizona Industrial Western

Arizona Land Consulting Purchases 320 Acres in Metro Phoenix for $12M

by Jeff Shaw April 26, 2023

CASA GRANDE, ARIZ. — Arizona Land Consulting has purchased 320 acres in Casa Grande, a city between Phoenix and Tucson, for $12 million. The land sits adjacent to the Casa Grande Municipal Airport. Casa Grande Martin Road and Scott Drive LLC were partners on the acquisition. The deal equates to approximately 86 cents per foot. The site has infrastructure in place, and Arizona Land Consulting is open to taking on investors to develop the land.

April 26, 2023

Industrial Loans Midwest Ohio Walker & Dunlop

Walker & Dunlop Arranges $69.5M in Construction Financing for 1.3 MSF Industrial Project in Metro Columbus

by Kristin Harlow April 26, 2023

MARYSVILLE, OHIO — Walker & Dunlop has arranged $69.5 million in construction financing for a 1.3 million-square-foot industrial facility in the Columbus suburb of Marysville. The property is a build-to-suit for Scotts Lawn Care, a full-service landscaping company specializing in commercial and residential lawn services. The project site at 12575 Industrial Parkway is minutes away from Scotts’ national headquarters. Chad Kiner and AJ Mangan of Walker & Dunlop arranged the financing on behalf of the developer, Crawford Hoying. Centennial Bank was the lender.

April 26, 2023

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