CRYSTAL LAKE, ILL. — Cawley Chicago has brokered the sale of a multi-tenant industrial property in Crystal Lake, about 50 miles northwest of Chicago. The sales price was undisclosed. Built in 1960, the facility at 7510 Virginia Road features outdoor storage, ample parking and a warehouse showroom. David Conroy and Joe Shapiro of Cawley Chicago represented the seller, while Logan Krutsch of Fuhler Properties represented the buyer.
WESTBOROUGH, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 28,000-square-foot industrial flex property in Westborough, about 35 miles west of Boston. The sales price was $2.6 million. The building features second-story office space and 70 parking spots. Ryan Parsons of SVN | Parsons Commercial Group | Boston represented the seller, an entity doing business as 80 Turnpike LLC, in the transaction. Parsons also procured the buyer, Bornbam Associates.
Over the course of this year, Greenville-Spartanburg’s industrial market is expected to continue its overall upward trajectory with increasing rental rates, record-low vacancy rates and ongoing tenant demand. The fundamentals of Upstate South Carolina’s industrial market are among the strongest anywhere in the country right now due to a myriad of cylinders on which it is simultaneously firing. The market’s plethora of demand drivers include e-commerce users, manufacturing, the automotive industry and the draw of the Inland Port located in Greer. To understand the full picture, however, it’s important to also consider what the Greenville- Spartanburg market is not firing on. The market is not stifled by unions, high regulation or the lack of viable sites, available buildings and utility infrastructure some other markets have to contend with. An important factor affecting current absorption is multiple fourth-quarter tenant occupancy dates being pushed from fourth quarter of 2022 to first quarter of 2023. There was 17.9 million square feet of industrial space under construction at year-end 2022, with approximately 4 million square feet of that already preleased but not yet delivered. Those deliveries in early 2023 will naturally lead to positive absorption and help rebalance the market. A variety of industrial …
CHARLESTON, S.C. — A joint venture between Edgewater Ventures and Singerman Real Estate has acquired a 603,214-square-foot distribution facility in Charleston. Located at 1980 Clements Ferry Road, the building features tilt-up concrete construction with 40-foot clear heights, 66,700 square feet of offices, 300 parking spaces, double-sided loading configuration and onsite trailer storage. The seller, apparel manufacturer Gildan Activewear, will lease the facility from the new ownership, which also plans to subdivide roughly 21 acres at the site for the development of an additional 300,000-square-foot facility.
SAN ANTONIO — Dallas-based investment firm Mohr Capital has acquired Foster Ridge II, a 439,809-square-foot industrial property in San Antonio that is fully leased to electric car giant Tesla. The cross-dock facility was constructed in 2022 and features 36-foot clear heights, 84 dock doors, an ESFR sprinkler system and 2,500 square feet of office space. Dustin Volz, Dom Espinosa and Trent Agnew of JLL represented the seller, Indiana-based Becknell Industrial, in the transaction. Rodrigo Godoi represented Mohr Capital on an internal basis.
TREVOSE, PA. — NAI Mertz has negotiated the sale of a 25,080-square-foot industrial building that sits on a 1.3-acre parcel in Trevose, a northeastern suburb of Philadelphia. Fraser Optics, which manufactures binoculars and associated products, occupies the entirety of the facility at 210 Andrews Road. Jeff Licht and Jared Licht of NAI Mertz represented the seller, a limited liability company, in the transaction.
HUNTINGTON PARK, CALIF. — North Palisade Partners has opened its first self-storage facility, located at 2200 Nadeau St. in Huntington Park, just south of Los Angeles. The three-story, 133,000-square-foot facility sits on two acres and features more than 1,500 units. Extra Space Storage will operate the property, which is named Palisade Nadeau Storage.
HOUSTON — Silver Star Properties REIT Inc., an entity formerly known as Hartman Short Term Income Properties XX Inc., has sold a 12-building, 377,752-square-foot industrial flex property in northwest Houston. Silver Star Properties originally acquired the property, which was built in 1977, in 2014. The property was 95 percent leased at the time of sale. An affiliate of Partners Real Estate, the Houston-based investment and brokerage firm formerly known as NAI Partners, purchased the asset for an undisclosed price. Origin Bank provided financing for the off-market transaction.
CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of U Store, a 270-unit facility in Corpus Christi. The property, which comprises 75,835 net rentable square feet of non-climate-controlled space, includes six retail spaces and was fully occupied at the time of sale. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, a Texas-based limited liability company, in the transaction. The team also procured the Texas-based buyer.
SELMA, TEXAS — Westport Axle Co., a provider of automotive assembly services, has signed a 115,760-square-foot industrial lease at Building 2 at Selma Industrial Park, located on the northeastern outskirts of San Antonio. Delivered in July 2022, Selma 2 is a 305,760-square-foot, cross-dock facility that features 36-foot clear heights, 74 dock-high doors and four drive-in ramps. Jon Dandurand with Burr & Temkin represented the tenant in the lease negotiations. John Colglazier, Carlos Marquez and Kyle Kennan of Partners Real Estate represented the landlord, a partnership between Titan Development and Atlanta-based Robinson Weeks Partners.
