SPOKANE, WASH. — SVN Cornerstone has brokered the sale of Perry Storage, a warehouse, office, indoor and outdoor storage facility in Spokane. RDD Holdings LLC acquired the property from Perry LLC for $7 million. Situated on 13.5 acres at 10808 N. Perry St., the multi-building facility features 47,428 square feet of self-storage space. The property was constructed between 2009 and 2016. John Hiller of SVN Cornerstone represented the buyer, while the seller was self-represented in the deal.
RIALTO, CALIF. — Stream Realty Partners has fully entitled its two latest Class A industrial projects totaling 117,000 square feet in the Inland Empire city of Rialto. The company plans to develop a 47,980-square-foot industrial facility on 2.9 acres at 855 W. Rialto Ave. and a 68,970-square-foot facility on 4.7 acres at 169 S. Spruce Ave. The building on West Rialto Avenue will feature 32-foot clear heights, eight dock-high doors, one drive-in door, a 160-foot truck court, 58 auto parking stalls and 5,500 square feet of built-out, ground-floor and mezzanine office space. The property on South Spruce Avenue will offer 32-foot clear heights, seven dock-high doors, one drive-in door, a 185-foot truck court, 13 trailer positions, 59 auto parking stalls and 6,000 square feet of built-out, ground-floor and mezzanine office space.
AUSTIN, TEXAS — CBRE has negotiated the sale of a 550-unit self-storage facility in Austin. Public Storage currently operates the facility, which comprises 52,303 net rentable square feet of climate-controlled space. Nick Walker and Nate Holash led a CBRE team that represented the seller, global investment firm KKR, in the transaction. Utah-based REIT Extra Space Storage purchased the facility for an undisclosed price.
AUSTIN, TEXAS — Stream Realty Partners is nearing completion of Howard 130, a 376,380-square-foot industrial project in northeast Austin. The site spans 29 acres between I-35 and State Highway 130, offering proximity to both The Domain and the downtown area. The development’s three buildings will range in size from 94,400 to 197,980 square feet. Completion is slated for the second quarter.
HOUSTON — Cadeco Industries, a provider of raw coffee processing services, has signed a 258,450-square-foot industrial lease at 1211 Kress St. in Houston. The site spans 10.5 acres and is located just east of the downtown area. Zack Taylor of Colliers represented Cadeco Industries in the negotiations for the full-building lease. Beau Kaleel of Cushman & Wakefield represented the landlord, Merfish Realty.
— By Jerry Holdner, Southern California Region Lead, Innovation & Insight, AVANT, Avison Young — The industrial market in the Inland Empire has been performing beyond what most of the industry projected over recent quarters. The region boasts a low unemployment rate of 4.2 percent, as of November 2022, which is below the anticipated 5.4 percent estimated a year ago. It is important to highlight, however, that job creation has been uneven. Leisure and hospitality jobs are still underwater, for example. The bright spot is that high-value-added jobs in a broad range of sectors like technology, software development, aerospace, scientific research, medical products and pharmaceutical development continue to grow, which bode well for the industrial sector. Here are some key market indicators, according to Avison Young’s fourth-quarter Inland Empire Industrial Insights report: • There was 38.9 million square feet of new industrial construction underway at the end of 2022. This is down 37.1 percent as compared to the end of 2021 when 28.4 million square feet was under construction. • There was 13.9 million square feet of positive absorption in 2022, down 53.5 percent when compared to 2021’s record-high total of 29.9 million square feet of positive absorption. This represents 2.5 percent …
HUNTERSVILLE, N.C. — Trinity Capital Advisors has leased Interchange Logistics Center, a 224,797-square-foot industrial building located in Huntersville, roughly 15 miles north of Charlotte. Orbus Holdings, a lightbox and display manufacturer operating as SEG Systems, will occupy the entire building on a 10-year lease. Construction of the center is scheduled for completion in May, with the tenant upfit to be completed in the fourth quarter of this year. Adam Green of Stream Realty Partners represented Orbus Holdings in the lease negotiations. Spencer Yorke and Brad Cherry of JLL represented ownership.
SPRING HILL, FLA. — Associated Bank has provided an $8.6 million loan to an affiliate of Metro Storage LLC for the construction of a self-storage facility located in Spring Hill. Upon completion, the development will comprise 62,856 square feet across 543 units, 504 of which will be climate-controlled. The property will also feature 83 covered and 31 uncovered RV and boat parking spaces. Edward Notz of Associated Bank’s Commercial Real Estate Division originated the loan.
AUSTIN, TEXAS — Dallas-based investment firm Baranof Holdings has purchased a 1,041-unit self-storage facility in Austin. The site offers frontage along I-35 on the city’s north side. Pennsylvania-based REIT CubeSmart manages the facility, which comprises 100,417 net rentable square feet of climate-controlled space and was 90 percent occupied at the time of sale. Nick Walker and Nate Holash led a CBRE team that represented the seller, global investment firm KKR, in the transaction.
IRVING, TEXAS — Dallas-based investment firm CanTex Capital has acquired three industrial buildings totaling 313,626 square feet in Irving. The buildings are situated on a 50.9-acre site and were fully leased at the time of sale. Chase Miller of NAI Robert Lynn represented CanTex Capital, which purchased the assets from an undisclosed institutional investment firm, in the transaction.