Industrial

Levy Realty Advisors Arranges $50M Sale of Pelican Bays Warehouse Complex in South Florida

by John Nelson July 13, 2022

DAVIE, FLA. — Levy Realty Advisors has arranged the $50 million sale of Pelican Bays, an eight-building warehouse complex located on SW 52nd Street in Davie, a city in South Florida’s Broward County. Situated near I-595 and the Florida Turnpike, the property spans 197,000 square feet of flex industrial and office space. The buyer, an entity doing business as Pelican Bays LLC, purchased the campus from the original developer, Charles Rowar. Alan Levy and Josh Levy of Levy Realty represented the buyer in the transaction. The firm will also oversee leasing and management at Pelican Bays, which currently houses about 120 tenants. Norman Matus of Red Rock Realty represented the seller.

July 13, 2022

Development Industrial Midwest Missouri

Contegra Nears Completion of 1 MSF Distribution Center in Liberty, Missouri

by Kristin Harlow July 12, 2022

LIBERTY, MO. — Contegra Construction Co. is nearing completion of a 1 million-square-foot distribution center at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Dubbed Project Luna, the facility will feature a clear height of 40 feet, 112 dock doors, two drive-through doors and 20,000 square feet of office space. Completion is slated for this fall. NorthPoint Development is the developer. Upon full buildout, Liberty Commerce Center will comprise 3.4 million square feet of industrial space.

July 12, 2022

Acquisitions Industrial Utah Western

Vesta Realty Partners Acquires 1.1 MSF Distribution Center in Spanish Fork, Utah

by Amy Works July 12, 2022

SPANISH FORK, UTAH — Salt Lake City-based Vesta Realty Partners has purchased Western Distribution Center, located at 4000 E. Highway 6 in Spanish Fork. A pair of Knoxville, Tenn.-based investors sold the asset for an undisclosed price. Jarrod Hunt of Colliers International represented the seller and buyer in the deal. Initially built by Fingerhut Corp., the facility features 1.1 million square feet of warehouse and distribution space.

July 12, 2022

Acquisitions Industrial Oregon Self-Storage Tennessee Western

Invesco REIT Buys Two Self-Storage Portfolios in Oregon, Tennessee for $42M

by Amy Works July 12, 2022

BEND, ORE., AND CLARKSVILLE, TENN. — Invesco Real Estate Income Trust (INREIT) has acquired two self-storage portfolios in Bend and Clarksville for a combined purchase price of $42 million. The two-story, single-story, drive-up self-storage properties in Bend total 62,805 square feet across 674 units. The portfolio includes a 49,523-square-foot, 550-unit property that is 98.7 percent occupied, at 20230 Powers Road, as well as 345 Cleveland Ave., a 13,282-square-foot, 124-unit facility that is 100 percent occupied. Located in Clarksville, the three single-story, drive-up self-storage properties total 204,425 square feet across 1,347 units. The portfolio includes 1280 Parkway Place, a 67,350-square-foot, 505-unit facility that is 95.6 percent occupied; 4351 Guthrie Highway, an 80,275-square-foot, 471-unit facility that is 96.6 percent occupied; and 117 Old Excell Road, a 56,800-square-foot, 371-unit facility that is 97.8 occupied. The names of the sellers were not released.

July 12, 2022

Acquisitions Company News Data Centers Massachusetts New York Northeast Top Stories

American Tower Sells Minority Stake in Data Center Portfolio to Stonepeak for $2.5B

by John Nelson July 12, 2022

BOSTON AND NEW YORK CITY — American Tower Corp. (NYSE: AMT), a multitenant communications REIT, has agreed to sell a 29 percent stake in its data center platform to Stonepeak, an alternative asset management firm based in New York City. The deal, which comprises common and preferred equity from Stonepeak’s affiliated investment vehicles and debt commitments, is valued at $2.5 billion. The AMT data center portfolio consists of 27 data centers in 10 U.S. markets. AMT purchased Denver-based CoreSite Realty Corp. in a $10.1 billion deal that was announced last November. AMT will retain managerial and operational control, as well as day-to-day oversight of its U.S. data center business, and Stonepeak will obtain certain governance rights. The transaction is expected to close in third-quarter 2022, subject to customary closing conditions. “We are pleased to partner with Stonepeak in our U.S. data center business,” says Tom Bartlett, president and CEO of American Tower. “While this transaction supports the equity financing component for our previously completed CoreSite acquisition, it also creates a platform through which growth opportunities can be strategically evaluated and financed.” Andrew Thomas, managing director and co-head of communications at Stonepeak, says that AMT’s data center platform aligns with Stonepeak’s …

July 12, 2022

Development Florida Industrial Southeast

Sansone Group, Mandich to Develop 110,476 SF Spec Cold Storage Facility in Downtown Tampa

by John Nelson July 11, 2022

TAMPA, FLA. — A partnership between St. Louis-based Sansone Group and Miami-based Mandich Group has purchased a 7.3-acre site in downtown Tampa’s Ybor City district. The developers plan to build a speculative cold storage facility at the site that will include 45-foot clear heights and span 110,476 square feet upon completion, which is set for 2024. The property, dubbed Tampa Cold Logistics, will be situated near I-4, Port Tampa and Tampa International Airport. Tippmann Group is the general contractor for the project, and Eric Swanson on Avison Young helped facilitate the deal, which is Sansone’s first partnership with Mandich Group.

July 11, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 764,156 SF Industrial Portfolio in Dallas-Fort Worth Metroplex

by Taylor Williams July 11, 2022

DALLAS — JLL has negotiated the sale of a portfolio of 19 industrial buildings totaling 764,156 square feet. The buildings are located in various cities throughout the Dallas-Fort Worth metroplex. At the time of sale, the portfolio was 96 percent leased to 29 tenants with an average remaining lease term of 4.3 years. Stephen Bailey, Dustin Volz, Dom Espinosa, Wells Waller, Pauli Kerr and Cole Sutter of JLL represented the seller, Dallas-based investment firm MoxieBridge, in the transaction. Arden Logistics Park, the industrial investment arm of Philadelphia-based Arden Group, acquired the portfolio in partnership with global investment management firm Arcapita.

July 11, 2022

Acquisitions Industrial Northeast Pennsylvania

Ares Investment Buys 105,000 SF Cold Storage Facility in Philadelphia

by Taylor Williams July 11, 2022

PHILADELPHIA — A fund managed by Ares Investment has purchased a 105,000-square-foot cold storage facility in Philadelphia. The property, which is currently leased to FreezPak Logistics, is located at 1801 N. 5th St., in between the Norris Square and Olde Kensington neighborhoods. Bob Yoshimura of Lee & Associates represented the seller, locally based investment and development firm BG Capital, and the buyer in the transaction. BG Capital originally purchased the facility as a part of a four-property portfolio deal in 2018.

July 11, 2022

Development Industrial Midwest Wisconsin

Ashley Capital Breaks Ground on Two Spec Industrial Buildings at Enterprise Business Park in Wisconsin

by Kristin Harlow July 11, 2022

STURTEVANT, WIS. — Ashley Capital has broken ground on two new speculative industrial buildings at Enterprise Business Park in Sturtevant, a southern suburb of Milwaukee. Buildings V and VI will each span 390,000 square feet and are slated for completion in the first quarter of 2023. Ashley is also renovating Building IV and expects to have it available for occupancy by the end of this summer. Upon full buildout, Enterprise Business Park will comprise six buildings totaling more than 2.1 million square feet. Current tenants include CNH, Fresenius, Andis and Ryder Logistics. Terence McMahon and Cody Ziegler of Cushman & Wakefield/Boerke Co., along with John Sharpe and Tom Boyle of Lee & Associates, are the leasing agents for the business park.

July 11, 2022

Illinois Industrial Leasing Activity Midwest

Elgin Recycling Signs 63,800 SF Industrial Lease in West Dundee, Illinois

by Kristin Harlow July 11, 2022

WEST DUNDEE, ILL. — Elgin Recycling has signed a 63,800-square-foot industrial lease at 1101 Wesemann Drive in West Dundee, a far northwest suburb of Chicago. The newly built facility is located less than two miles from Elgin Recycling’s headquarters at 46 East End Drive in Gilberts. The new property will be utilized for the company’s electronics division, which disassembles and recycles a wide variety of computer equipment. Dan Brown and Collin Tyrrell of Brown Commercial Group represented the tenant in the lease. The landlord was not disclosed.

July 11, 2022

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