METUCHEN, N.J. — Locally based investment firm Seagis Property Group has purchased a 158,641-square-foot industrial facility located in the Northern New Jersey community of Metuchen. The front-load building features a clear height of 21 feet, 20 tailgate doors, two drive-in ramps and parking for 25 trailers. The seller was New Jersey-based trucking company P&V Warehouse Distribution. Steve Bussel of Bussel Realty Corp. represented both parties in the transaction. Seagis plans to implement a multimillion-dollar value-add program.
PITTSBURGH — Developer Westrise Capital has completed Launchpad, a 60,000-square-foot redevelopment project located in between Pittsburgh’s downtown and West Oakland areas. The site at 304 Jumonville St., which previously housed an industrial laundry facility that served a local hospital, can now support office, technology, life sciences, research and development or light manufacturing and assembly uses. JLL is marketing the property for lease.
EAST RUTHERFORD, N.J. — California-based Temco Logistics has signed a 57,076-square-foot industrial lease in the Northern New Jersey community of East Rutherford. The space features a clear height of 24 feet, two drive-in ramps and 4,700 square feet of office space. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the tenant in the lease negotiations. Monte Radfar and Eric Lewin of Team Resources represented the landlord, Safer Development & Management.
HACKENSACK, N.J. — Cushman & Wakefield has brokered the $7.3 million sale of the Burlews Industrial Portfolio, a collection of seven industrial buildings totaling 44,500 square feet in Hackensack. Andrew Schwartz, Jordan Sobel and André Balthazard of Cushman & Wakefield represented the seller, Brentwood Realty, and procured the buyer, private investor Dave Goldberg, in the transaction. The portfolio was fully leased to 11 tenants at the time of sale.
SACRAMENTO, CALIF. — LDK Ventures has completed the disposition of a warehouse building in Sacramento to Belvedere Logistics CA Property Owners for $42.8 million. Located at 8301 Belvedere Ave., the property features 340,000 square feet of industrial space. LDK Ventures originally acquired the asset in 2015 from a family trust. After purchase, LDK renewed both existing tenant leases and made building and site improvements, which included expansion of the interior, infill of existing rail tracks to create more usable floor space, and asphalt improvements to the site and parking areas. Rebecca Perlmutter, Darla Longo, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Michael Longo, Paige Morgan, Michael Luca and Ryan DeAngelis of CBRE represented LDK Ventures in the transaction.
KENNESAW AND CALHOUN, GA. — Lincoln Property Co. Southeast (LPC Southeast) has acquired land in the northwest Atlanta suburbs of Kennesaw and Calhoun to build two new industrial developments totaling 800,000 square feet. The development in Calhoun, a 400,000-square-foot industrial facility on Belwood Road just off I-75, will break ground in the third quarter and deliver in summer 2023. In Kennesaw, LPC Southeast has purchased a 175,000-square-foot facility and additional land directly off I-75 and a quarter-mile from Kennesaw State University. The land can accommodate up to 400,000 square feet of additional development. No construction timeline was given for the Kennesaw project. LPC Southeast’s Turner Fortin and Colin Beecham will oversee construction, marketing and leasing of both buildings.
WHITSETT, N.C. — JLL has brokered the sale of Greensboro I-40 Logistics Center, a newly built, 475,901-square-foot distribution center located in the Triad community of Whitsett. The Class A property is situated on 47.2 acres along the I-40 corridor near Greensboro, N.C. The developer, Atlanta-based Intersect Development Group, sold Greensboro I-40 Logistics Center to BentallGreenOak for an undisclosed price. Luis Castillo, Patrick Nally, Britton Burdette and Cody Brais of JLL represented the seller in the transaction. Paul Spellman, Taylor Allison and Emma Buch, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of BentallGreenOak.
CHICAGO — NAI Hiffman has brokered the sale of the Chicago Strategic Logistics Portfolio for an undisclosed price. The seven-building portfolio totals 1.4 million square feet. The assets are located throughout metro Chicago and are fully leased by 12 tenants. Patrick Sullivan and Ryan Chambers of NAI Hiffman represented the undisclosed seller. The buyer was Ascendas Real Estate Investment Trust, a member of CapitaLand Investments, which is headquartered in Singapore.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 19 light industrial buildings totaling 459,812 square feet in northwest Houston. At the time of sale, the Class B portfolio was 98 percent leased to 93 tenants in the mechanical, logistics, furniture and fabrication sectors, among others. The seller and sales price were not disclosed.
CAROL STREAM, ILL. — Partners Supply Chain Solutions (PSCS) has signed a 50,007-square-foot industrial lease at 189 Easy St. in the Chicago suburb of Carol Stream. The lease represents a 25 percent increase in space from the company’s current location at 171 Gary St. in Carol Stream. PSCS expects to take occupancy of its new space in August. Built in 1996, the property spans 75,538 square feet and features 10 docks. Jay Cook of Cresa represented PSCS, which operates bulk and rail operations in more than 1 million square feet in Elmwood. The Carol Stream facility will serve as its specialized operations center, housing food and pharmaceuticals and high-value inventory. Philadelphia-based EQT Exeter owns the building.