FREEHOLD, N.J. — Los Angeles-based Thorofare Capital has provided a $28.5 million construction loan for a 206,881-square-foot industrial project that will be located in Freehold, an eastern suburb of Trenton. The facility will feature a clear height of 36 feet. The loan carries a two-year initial term and flexible prepayment options. The name of the locally based borrower was not disclosed.
MUNDELEIN, ILL. — Venture One Real Estate has acquired a two-building industrial portfolio totaling 144,705 square feet in Mundelein for an undisclosed price. The portfolio is fully leased to one tenant. The first building, located at 845 High St., spans 116,892 square feet. The facility was constructed in 1996 and expanded in 2010. The facility features a clear height of 27 feet, 11 exterior docks, two drive-in doors and 4,826 square feet of office space. The second building at 262 Shaddle Ave. totals 27,813 square feet and was constructed in 2002. It features three exterior docks, one drive-in door and 1,395 square feet of office space. Brian Bocci of Entre Commercial Realty LLC represented the undisclosed seller. Venture One utilized its acquisition fund VK Industrial VI LP, which is a partnership between Venture One and Kovitz Investment Group, to execute this transaction.
SURPRISE, ARIZ. — SWC Development Partners has broken ground on its second building, a warehouse/distribution facility, within Skyway Business Park in Surprise. The 135,896-square-foot building will feature 32-foot clear heights, nine-foot by nine-foot dock-high doors, 12-foot by 14-foot grade-level doors, full concrete truck court and a fenced truck yard. Located at 11701 N. 132nd Ave., the property is slated for completion in second-quarter 2023. In October 2021, Avison Young’s Kevin Helland brokered the acquisition of 27.9 acres of land located within Skyway Commons on behalf of SWC Development Partners. Since the acquisition, SWC commenced construction on a 59,352-square-foot warehouse/distribution building, which is nearly complete. Additional buildings are currently going through the design review process, including two 25,000-square-foot speculative flex buildings. Helland and Mark Seale of Avison Young continue to represent the ownership on the leasing and sale of the project.
DENVER — Phoenix-based ViaWest Group is entering the Denver market with plans to develop Downtown Distribution Center, a freestanding, Class A industrial building at 5601 Franklin St. in Denver. Situated on 9.32 acres, the 134,400-square-foot building is slated for delivery in second-quarter 2023. The property will feature modern design with 32-foot clear heights, 28 dock-high doors, two drive-in doors, heavy power, ESFR sprinklers, ample trailer and auto parking, clerestory windows and Class A office space. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield brokered the sale of the land to ViaWest and will handle leasing of the new project.
LONGMONT, COLO. — Essex Financial Group has arranged $13.8 million in financing for the purchase of Front Range Business Park, a two-building industrial/flex complex located in the Boulder County city of Longmont. Essex worked on behalf of the buyer, Ivy Realty, to source the seven-year, fixed-rate loan with a regional bank. The financing includes an interest-only component with prepayment flexibility to match the buyer’s business plan. The seller was not disclosed. Front Range Business Park is 100 percent leased to the State of Colorado’s Front Range Community College (FRCC) on a long-term lease. Built in 1988, the property was originally designed for small-bay industrial/flex use and includes nine dock-high loading doors between the two buildings. The property was converted for the school in 2003, where FRCC has been the sole tenant for the past 19 years. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team secured the financing.
EAST RUTHERFORD, N.J. — Denver-based EverWest Real Estate Investors has purchased a 117,000-square-foot warehouse in the Northern New Jersey community of East Rutherford for $37.1 million. Building features include a clear height of 26 feet, 10 dock-high doors, one drive-in door and 16,000 square feet of office space. The seller, cleaning and sanitizing products provider Diamond Chemical, will continue to lease the space as the building’s sole occupant.
By Mark Volkman and Brian Leonard, JLL It’s no secret the industrial market has seen a monumental surge throughout the nation as a result of changing consumer behaviors. How developers in each city are combatting the demand, though, is a different story. The success of the industrial market in Cincinnati, in particular, stems from its affordable cost of living, strong labor pool and impressive accessibility. With the city being only an eight-hour drive away from half of the country, it’s become a viable option for tenants with a large footprint that want a lower-cost facility compared with the price of those in major cities like Chicago, New York City or San Francisco. Like other cities throughout the U.S., Cincinnati’s successes have come with both challenges and a variety of emerging trends. Learn about some of the most prominent ones below. 1. The emergence of the Cincinnati-Dayton metroplex With the heightened demand for industrial space comes the need for developers to find land not only in the city, but in its suburbs, as well. Dayton, a city about one hour north of Cincinnati via Interstate 75, has surfaced as a strong option for developers. Proctor & Gamble’s 1.8 million-square-foot distribution center, …
DALLAS — Merit Brass, a manufacturer of steel, brass and aluminum pipe nipples, has signed a 68,736-square-foot industrial lease at 10614-10676 King William Drive in northwest Dallas. According to LoopNet Inc., the property sits on 5.2 acres and spans 133,979 square feet. Reed Parker of Lee & Associates represented the tenant in the lease negotiations. Ken Wesson and Adam Graham, also with Lee & Associates, represented the landlord, EastGroup Properties.
CHESAPEAKE, VA. — S.L. Nusbaum Realty Co. has arranged the sale of a 151,669-square-foot distribution center located at 101 Dexter St. W in Chesapeake, a Hampton Roads city situated near the Port of Virginia and the Norfolk Naval Shipping Yard. On Trading Corp. sold the asset to an entity doing business as Chesapeake Dexter St West LLC for $10.3 million. Sam Rapoport of S.L. Nusbaum represented the seller in the transaction. Situated on nearly 14 acres, the distribution center was fully leased at the time of sale to two tenants: The Empire Co. and Taylor Freezer Co.
NEW YORK CITY — CBRE Investment Management has acquired a 400,000-square-foot warehouse located at 640 Columbia St. in Brooklyn’s Red Hook neighborhood. Developed on a speculative basis by DH Property Holdings, the multi-level facility sits on four acres and was leased to an undisclosed global user at the time of sale. DH Property Holdings sold the property in partnership with Goldman Sachs Asset Management. The sales price was not disclosed.