KENT, SUMNER, AUBURN AND MARYSVILLE, WASH. — Gantry has secured $15 million in permanent financing for a four-building industrial portfolio in Western Washington. Totaling 148,000 square feet, the properties are in Kent, Sumner, Auburn and Marysville. At the time of financing, the buildings were fully leased in a multi-tenant format to a range of logistics-intensive businesses. Mike Wood and Alex Saunders of Gantry represented the borrower, a local private real estate investor. A life insurance company provided the 10-year, full-term interest-only, fixed-rate loan.
FORNEY, TEXAS — Locally based brokerage firm Paladin Partners has negotiated a 712,900-square-foot industrial lease at Gateway East Trade Center in Forney, an eastern suburb of Dallas. Dallas-based Hunt Southwest delivered the single-tenant, cross-dock building earlier this year. Gateway East Trade Center sits on 44.9 acres and features 40-foot clear heights, four drive-in doors, 266 car parking spaces (expandable to 439) and 151 trailer parking spaces (expandable to 226). Conrad Madsen and Greg Nelson of Paladin Partners represented the tenant, Kansas-based logistics firm Hayes Co., in the lease negotiations. Kurt Griffin, Nathan Orbin and Stuart Smith of Cushman & Wakefield represented Hunt Southwest.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of Don’s Self Storage, an 334-unit facility in Tyler, about 100 miles east of Dallas. The facility comprises 49,225 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the East Texas-based seller and procured the California-based buyer in the transaction. Both parties were private investors that requested anonymity.
JACKSON, GA. — ICM Asset Management and Waterloo Partners plan to develop River Park Six, a 725,000-square-foot distribution center situated within the River Park E-Commerce Center in Jackson. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Ameris Bank on behalf of the co-developers. Located southeast of Atlanta in Butts County, River Park 6 is part of a larger master-planned community that spans 1,200 acres with the capacity to accommodate 20 million square feet of industrial space. ICM and Waterloo have partnered with Constructive Ingenuity as a third-party construction manager for the River Park 6 project, as well as Evans as a general contractor and Colliers for leasing. A construction timeline was not disclosed.
SOUTH PLAINFIELD, N.J. — JLL has arranged a $25 million construction loan for Bridge Point South Plainfield, a 189,059-square-foot industrial project in Northern New Jersey. Situated on 20.7 acres, the property will feature a clear height of 36 feet, 50 dock-high doors, 176 car parking spaces and 70 trailer stalls. Completion is slated for the fourth quarter. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the three-year, floating-rate loan through Simmons Bank on behalf of the borrower, Bridge Industrial.
NASHVILLE, TENN. — Kroger plans to open a new 40,000-square-foot distribution center on Polk Avenue in Nashville, which will extend the grocer’s delivery services to Middle Tennessee. The “spoke” facility will work in conjunction with the Atlanta fulfillment center that the grocer operates along with UK-based grocery delivery platform Ocado. According to Tennessee Gov. Bill Lee, the new Kroger facility will support 180 new jobs. Kroger worked with the Tennessee Valley Authority, Nashville Area Chamber and Tennessee Department of Economic and Community Development for the project. A construction timeline or exact address were not disclosed, but The Tennessean reports that the site is located at 1116 Polk Ave. on the south side of town.
HOUSTON — NAI Partners has arranged the sale of five freestanding industrial buildings totaling approximately 85,000 square feet in northwest Houston. Darren O’Conor of NAI Partners represented the seller and developer, Vault Partners, in the disposition of the buildings, which traded to four different buyers. Buyer representatives included Jeremy Kraus and Jordan Enger of CBRE; Gerrit Stryker of United Real Estate; Jason Gibbons and Jack Gaffney of Finial Group; and Rafael Melara of Hunington Properties
BELLMAWR, N.J. — Ivy Realty, an investment firm with three offices along the East Coast, has acquired a portfolio of two industrial buildings totaling 171,500 square feet in the Southern New Jersey community of Bellmawr. The single-tenant buildings, which measure 78,000 and 93,500 square feet, are both located within the 2.8 million-square-foot Interstate Business Park and were fully leased at the time of sale. Stephen Marzullo, Adam Silverman and Dan McGovern of CBRE represented the undisclosed seller in the deal.
GURNEE, ILL. — Marcus & Millichap has brokered the $9.2 million sale of an 81,893-square-foot industrial building in Gurnee, a city in Northeast Illinois. The facility is located at 1111 Lakeside Drive within the Grand Tri-State Business Park directly off I-94. Ohio Medical LLC occupies the building, which was constructed in 1993. The property features a clear height of 24 feet, four external docks and two drive-in doors. Peter Doughty of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a New York-based REIT.
By Anthony Avendt, Cushman & Wakefield Like most markets in the U.S. and Canada, Detroit’s industrial sector has seen its ups and downs. Detroit’s always been a bit of an outlier though due to extreme volatility. What’s more, we’ve (hopefully) learned lessons from past downturns that well position the city and its commercial real estate regardless of continued strong demand and rent growth or any bumps in the road we may encounter. Detroit is a little different from similar-sized markets in the region. First, while it’s certainly part of the U.S. heartland, the city’s geographic position on a peninsula means it’s poorly suited for broad distribution to large swaths of the country. Second, of course, is the auto industry’s impact. The auto industry is widely dispersed across the U.S. now, but Detroit and Michigan remain its heart and brain. As the sector pivots to autonomous and electric vehicles, that is going to drive demand for industrial space. Ford already has announced an investment of $40 to $50 billion over the next decade-plus, including redevelopment of Michigan Central Station as anchor of its Mobility Innovation District. Stellantis, the parent of Chrysler, Jeep and Dodge, has announced its own $35.5 billion investment …