TULSA, OKLA. — Arizona-based Strategic Development Group has sold Woodlands Self Storage, a 660-unit facility in Tulsa. Built on 2.3 acres in 2017, the property spans 75,300 net rentable square feet of climate-controlled space and was 80 percent occupied at the time of sale. Brett Hatcher of Marcus & Millichap represented the seller in the transaction. The name and representative of the buyer were not disclosed.
DENTON — San Diego-based investment firm Westcore has acquired Denton Point, a 242,320-square-foot industrial property in North Texas. Situated on 18.6 acres, the newly constructed buildings feature rear-load configurations, 32-foot clear heights, ESFR sprinkler systems, 86 trailer parking spaces and dock-high loading doors. At the time of sale, Denton Point was fully leased to DHL, Lowe’s Home Center and Muenster Milling. The seller was a joint venture between Boston-based TA Associates and Dallas-based Holt Lunsford. Jonathan Bryan, Randy Baird and Taylor Hare of CBRE brokered the deal.
NORTH CHICAGO, ILL. — Red Oak Capital Holdings has provided a $3.2 million loan for the refinancing and renovation of a multi-tenant industrial property in North Chicago. The 92,511-square-foot building is located at 4850 W. Bloomingdale Ave. Built in 1972 and renovated in 2019, the property features four dock-high doors, two drive-in doors and clear heights ranging from 10 to 18 feet. The borrower, Chicago Property Investors LLC, purchased the asset in 2018 and intends to make about $350,000 in capital improvements to the property. The 12-month bridge loan features a 10.5 percent interest rate with two six-month renewal options. The borrower plans to refinance the bridge loan with permanent financing or sell the asset once it is stabilized.
CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 15,359-square-foot industrial building in Chicago for an undisclosed price. The property at 2526 Federal Drive is 51 percent leased. The building features two drive-in doors and a clear height of 14.5 feet. Venture One will renovate the vacant space. Alex Kritt of Colliers represented the undisclosed seller and will be retained to market the property for lease. VK Industrial VI LP is a partnership between Venture One and Kovitz Investment Group.
SURPRISE, ARIZ. — Graycor Construction Co. has started construction of a flex industrial facility situated on 21 acres at the northwest corner of Dysart Road and Summit Parkway in Surprise. The 123,516-square-foot building is a build-to-suit project for Rinchem Co., a network of chemical and gas distribution centers. The new facility will be Rinchem’s third in metro Phoenix and part of a global Rinchem supply chain that safely handles more than 4 billion pounds of chemicals and gasses each year. The Class A facility will feature highly specialized warehouse space, administrative offices, shipping/receiving capabilities and an 11 truck loading docks. The main building will offer high bay and freezer bay chemical storage, as well as super flat concrete floors. Six individual pads will allow for maximum chemical containment, to include an outdoor bottled gas pad and detached ISO tank storage that maintain Rinchem’s commitment to proper segregation to hazard classes in multiple temperature zones. For the new facility, Graycor is serving as general contractor, providing both shell and interior build-out services. Phoenix-based Archicon Architecture + Interiors is serving as designer. Completion is slated for fourth-quarter 2023.
TUCSON, ARIZ. — Cushman & Wakefield has arranged the sale of a last-mile distribution building located at 775 W. Silverlake Road in Tucson. A California family trust acquired the property from an East Coast investor for $22.3 million, or $451 per square foot. Situated on 10.7 acres, the 49,500-square-foot facility features 15 loading docks and close proximity to interstates 10 and 19, downtown Tucson and Tucson International Airport. At the time of sale, the property was fully leased to a Fortune 10 global e-commerce company. Andrew Bogardus and Douglas Longyear of Cushman & Wakefield San Francisco, in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson, represented the seller in the transaction.
GAFFNEY, S.C. — Glenstar Properties plans to develop Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, which is situated between the Greenville-Spartanburg market and Charlotte. Glenstar, along with capital partner Creek Lane Capital, will break ground this spring on the first building of the park, a 550,000-square-foot speculative warehouse that will be expandable to 1.3 million square feet. The cross-dock warehouse, dubbed Building 2, is expected to come on line in spring 2024 and feature 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. At full buildout, Cherokee Commerce Center 85 will span 3.6 million square feet across five buildings. The design-build team includes architect Ware Malcomb, general contractor The Conlan Co. and civil engineer SeamonWhiteside. Glenstar has tapped Colliers to lease the park.
CHAPEL HILL, N.C. — CBRE has negotiated the $24.8 million sale of an 816-unit self-storage facility located at 12330 U.S.-15 501 North in Chapel Hill. Dallas-based Rosewood Property Co. purchased the 76,051-square-foot property from an entity doing business as Carolina Storage Partners LLC. CBRE’s Self Storage Advisory Group represented the seller in the transaction. Extra Space Storage operates the facility, which features climate-controlled units ranging in size from 20 to 300 square feet, as well as 67 wine storage units.
LANSING, MICH. — Schelin Uldricks & Co. has arranged an $11.8 million senior loan to finance the acquisition of a 147,258-square-foot industrial building in Lansing. The property is leased to a national credit tenant. Schelin Uldricks & Co. arranged the CMBS loan on behalf of the borrower, a national real estate investment manager. Loan terms were not provided.
CARLSBAD, CALIF. — Wimatex has purchased an industrial property, located at 2271 Cosmos Court in Carlsbad, from an undisclosed seller for $21 million. At the time of sale, the freestanding building was fully leased to a global medical device and technology company in the sleep and respiratory market. The 85,165-square-foot building features heavy power, six dock-high loading doors, three grade-level loading doors, 24-foot to 26-foot clear heights and drive-around access. Additional features include a high-image exterior, large outdoor amenitized entrance and a two-story lobby. Aric Starck and Drew Dodds of Cushman & Wakefield Capital Markets San Diego represented the seller in the deal.