DETROIT — BEB Lending has provided a $6.9 million bridge loan for the acquisition of a 365,000-square-foot industrial property in Detroit’s Brightmoor neighborhood. Built in 1931, the property at 12640 Burt Road was renovated in 2012 and is located within 20 miles of both the Detroit City Airport and the Detroit Metropolitan Airport. The Class B, multi-tenant building is 89 percent leased. The loan features a two-year term and marks BEB’s first financing transaction in Michigan. The borrower was 1029 SFG Equities LLC.
WOODRIDGE, ILL. — Bar-S, a Sigma brand, has signed a 47,539-square-foot industrial lease at 2141 Internationale Parkway in the Chicago suburb of Woodridge. The location will serve as the company’s Midwest distribution center. The lease begins Oct. 1. Prologis owns the 130,000-square-foot property, which features six exterior docks, two drive-in doors and a clear height of 30 feet. Bar-S, a producer of bacon, sausages, hot dogs and lunchmeat, plans to install a 15,000-square-foot cooler at the property. Bar-S is currently subleasing space in Chicago. Jay Cook of Cresa represented the tenant in the lease for the Woodridge location.
AGAWAM, MASS. — San Diego-based Cardinal Industrial has purchased a 128,500-square-foot industrial building in Agawam, located outside of Springfield. Nicholas Morizio of Colliers represented Cardinal Industrial in the transaction. The representative of the seller, The Grossman Cos., was not disclosed. At the time of sale, the building was fully leased to TW Metals and OMG Inc.
WILMER, TEXAS — Griffin Partners, a Houston-based private equity real estate firm, has broken ground on Port 45, a 567,516-square-foot industrial development in the southern Dallas suburb of Wilmer. Port 45 will comprise two rear-load buildings that will sit on a 40-acre site along Interstate 45. Buildings will feature 32- to 36-foot clear heights, 130- to 135-foot truck court depths, roughly 350 tenant parking spaces and 192 trailer parking spaces. Project partners include Pacheco Koch Civil Engineering, design firm Alliance Architecture, general contractor Harvey Builders and leasing agent JLL. A tentative completion date was not disclosed.
LINDEN AND LOGAN TOWNSHIP, N.J. — Wells Fargo has provided $227 million in construction financing for two New Jersey industrial projects. In the first deal, the San Francisco-based bank provided a $142 million loan for Phase III of Linden Logistics Center, a development in the northern part of the Garden State. Phase III will consist of two buildings totaling 849,235 square feet that are scheduled for a second-quarter 2023 completion. In the second transaction, Wells Fargo provided $85 million for the third phase of Logan North Industrial Park, a project that spans 3.2 million square feet and is located in Southern New Jersey. The two buildings comprising Phase III of Logan North Industrial Park will measure 274,200 and 475,000 square feet and are also slated for delivery in the second quarter of next year. Existing tenants at Logan North include SEKO Logistics and LaserShip Logistics. John Alascio, T.J. Sullivan and Chuck Kohaut of Cushman & Wakefield arranged the financing on behalf of the borrower and developer, a partnership between Advance Realty Investors and Greek Development.
EAGAN AND EDEN PRAIRIE, MINN. — Northmarq has arranged a $15.1 million loan for the acquisition of the South by Southwest Technology Portfolio in suburban Minneapolis. The five-building industrial portfolio is located in the Golden Triangle district of both Eden Prairie and Eagan. Four of the buildings are located in Eden Prairie and were constructed in 1985. The asset in Eagan was built in 1989. Bill Mork of Northmarq arranged the loan on behalf of the buyer, Edina-based Capital Partners. A local bank provided the loan, which features a fixed interest rate of 3.9 percent.
SANTA MONICA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a self-storage facility located at 1620 14th St. and 1621 Euclid St. in Santa Monica. Invesco Real Estate acquired the asset. The seller and price were not released. The 56,490-square-foot facility features 1,070 units. The two-parcel facility sits on 1.3 acres at the intersections of Colorado Avenue and 14th Street. Bill Pedersen, Shane Avera and Maxx Bauman of Matthews represented the seller in the transaction.
FREEHOLD, N.J. — CBRE has negotiated the $15.2 million sale of six industrial buildings totaling 90,677 square feet within Freehold Business Park in Central New Jersey. The sale included an additional acre that can support 13,750 square feet of new development. The park was built on 14.2 acres in 2007 and renovated in 2021. Charles Berger, Elli Klapper, Mark Silverman, Jeremy Wernick, Lou Belfer and Scott Belfer of CBRE represented the seller, Asbury Avenue Partners LLC, in the transaction. The buyer was an entity doing business as MT Freehold BPD LLC.
SAN ANTONIO — San Diego-based investment firm Westcore has acquired Eisenhauer Business Park, a 377,318-square-foot industrial development in San Antonio, for $36.6 million. The newly built, four-building property was 95 percent leased at the time of sale. Building features include dock-high and grade-level loading doors and clear heights ranging from 28 to 32 feet. Michael Kent of Stream Realty Partners represented the seller, NIT Industrial, in the transaction. Westcore was self-represented.
GREENVILLE, S.C. — Charlotte-based SunCap Property Group has broken ground on a 1 million-square-foot spec industrial facility within Greenville Enterprise Park, a 140-acre industrial park on the south side of Greenville. SunCap purchased the land in partnership with the real estate arm of Goldman Sachs Asset Management. Located at 7755 Augusta Road near I-185, the speculative facility is expandable up to 1.5 million square feet, depending on end user requirements. The property will feature 40-foot clear heights and cross-dock orientation, as well as ample onsite employee and trailer parking. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers are the leasing agents for the property. The project is SunCap’s eighth in Upstate South Carolina and the largest speculative building in Greenville County, according to Colliers.