ALMA, MICH. AND MUNSTER, IND. — iBorrow has provided a $13.5 million loan for the refinancing of two industrial properties in Alma and Munster. The two manufacturing facilities are fully leased and total 301,000 square feet. The loan will enable the borrower to refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by buying out an equity partner. The properties are located at 2000 Michigan Ave. in Alma, a city in central Michigan, and 9325 Kennedy Court in Munster, a city in Northwest Indiana.
EAST BRUNSWICK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $20 million construction loan for a 146,570-square-foot industrial project in the Central New Jersey community of East Brunswick. The speculative warehouse will feature a clear height of 36 feet, 18 loading docks and parking for 91 vehicles and 15 trailers. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the three-year loan through an undisclosed regional bank. The borrower/developer was also not disclosed.
AVON, MASS. — Solar energy provider Navisun has signed a 60,282-square-foot industrial lease in the southern Boston suburb of Avon. According to LoopNet Inc., the property at 61 Strafello Drive was built in 1974 and renovated in 2022. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented Navisun and the landlord, DH Property Holdings, in the lease negotiations.
MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.
ARLINGTON, TEXAS — Holt Lunsford Commercial has negotiated a 10,865-square-foot industrial lease renewal in Arlington. According to LoopNet Inc., the property at 3411 Avenue D was built in 1969 and totals 45,368 square feet. Canon Shoults, Maddy Canty and Walker Floyd of Holt Lunsford represented the landlord, Taurus, in the lease negotiations. Adam Brown with NAI Robert Lynn represented the tenant, HVAC supplies vendor Barsco.
VALLEY COTTAGE, N.Y. — Lincoln Equities has broken ground on a 220,000-square-foot speculative industrial project in Valley Cottage, about 30 miles north of Manhattan. The warehouse and distribution center will be situated on a 23-acre site within Executive Park. Building features will include a clear height of 36 feet, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars. Completion is scheduled for the third quarter. JLL has been tapped as the leasing agent. According to the development team, the project represents the first speculative logistics facility to be built in Rockland County since 2009.
AVON, MASS. — DCNE, a wholesale distributor of HVAC systems, has signed a 70,337-square-foot industrial lease in the southern Boston suburb of Avon. The single-tenant property at 54 Bodwell St. sits on 4.6 acres and features 13 loading docks and a customer showroom. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented DCNE and the landlord, DH Property Holdings, in the lease negotiations.
TAMPA, FLA. — Lee & Associates South Florida has arranged a 27,450-square-foot industrial lease at a build-to-suit warehouse currently underway in Tampa. Plan IT Packaging, a Canadian packaging solutions company, will occupy the building, which is located at 4525 Oak Fair Blvd. Michael Avendano of Lee & Associates negotiated the five-year lease on behalf of the tenant. Cancician Group Inc. is the landlord. Construction of the warehouse — which will feature dock-height loading doors, heavy power and office space — is expected to be complete in March 2024.
HALTOM CITY, TEXAS — Creation, a Phoenix-based investment and development firm, has completed Northmark Commerce Center, a 234,478-square-foot industrial project in the Fort Worth suburb of Haltom City. Designed by LGE Design Group, the cross-dock facility sits on 20 acres and features 32-foot clear heights and 19 trailer parking stalls. Creation developed Northmark Commerce Center in partnership with Crow Holdings Capital. Dallas-based Holt Lunsford Commercial has been tapped to lease the development. Construction began in late 2021.
HOUSTON — Greystar has completed The Mill, a 166,000-square-foot, shallow-bay distribution center in northwest Houston. The property, which features 185-foot truck court depths, 32-foot clear heights, 33 dock-high doors and 12 trailer parking stalls, is the first industrial project in Houston for Greystar. The South Carolina-based developer is also underway on Beltway 35 Business Park, a Houston project that will ultimately consist of five buildings totaling 1.3 million square feet on a 91-acre site.