MAGNOLIA, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Big League Storage, a 129-unit facility located about 45 miles northwest of Houston in Magnolia. The facility spans 22,800 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, a Texas-based entity doing business as Big League Enterprises LLC, in the transaction. The team also procured a North Carolina-based limited liability company as the buyer.
NEW CANEY, TEXAS — Partners, the locally based investment and advisory firm formerly known as NAI Partners, has brokered the sale of a 36,240-square-foot industrial building in New Caney, a northeastern suburb of Houston. The facility sits on 9.3 acres at 22216 McCleskey Road. Zane Carman and Clay Pritchett of Partners represented the buyer, Quality Linings & Fabrication Inc., in the transaction. Pamela Morales of Keller Williams Commercial represented the undisclosed seller.
NEWARK, N.J. — JLL has arranged a $75.8 million acquisition loan for a portfolio of three industrial buildings totaling 738,238 square feet in Newark. The portfolio sits on a combined 19.5 acres and features clear heights of 27 feet, 68 dock doors and approximately 80 car parking spaces. In addition, the portfolio includes 23,302 square feet of land for trailer parking that is leased to One Stop Newark. Colby Mueck, Matthew Pizzolato and Ryan Carroll of JLL arranged the loan through SMBC on behalf of the borrower, Houston-based investment and development firm Hines. At the time of the loan closing, the portfolio was fully leased to 16 tenants.
CINNAMINSON, N.J. — Colliers has brokered a 67,260-square-foot industrial sale-leaseback in the Southern New Jersey community of Cinnaminson. The property at 1450 Taylors Lane sits on four acres and features a clear height of 24 feet, nine loading docks and three drive-in doors. An affiliate of Massachusetts-based Northbridge Partners purchased the property from Actega North America, a provider of specialty coatings, inks and adhesives for a variety of industries. Richard Gorodesky of Colliers brokered the deal.
TUSTIN, CALIF. — Guthrie Development Co. has acquired Pacific Tustin Commercenter, a Class A, multi-tenant, retail/industrial business park in Tustin. In this transaction, Guthrie purchased the buildings and land from two different sellers for $19.7 million, then combined the assets into one business park. The retail and industrial property offers 69,930 square feet of space. Pacific Tustin Commercenter features two multi-tenant industrial buildings and a restaurant, Citrus Café. The industrial buildings are currently 100 percent occupied under long-term leases. The asset is located at 1421, 1451 and 1481 Edinger Ave. in Tustin. Chuck Wilson, Brian Chastain and Clyde Stauff of Colliers International represented Guthrie Development in the transactions.
TEJON RANCH, CALIF. — Sunrise Brands, a designer, producer, distributor and retailer of branded and private-label apparel, has signed a full-building pre-lease for an industrial distribution facility at Tejon Ranch Commerce Center in Tejon Ranch. A joint venture partnership between Tejon Ranch Co. and Majestic Realty Co. owns the asset. Construction of the 446,000-square-foot distribution center is slated to begin in first-quarter 2023. Completion is scheduled for first-quarter 2024. Until the new facility is ready, Sunrise Brands will temporarily occupy 240,000 square feet of space in another building owned by the Tejon-Majestic joint venture partnership. The new single-load industrial building will feature 36-foot clear heights, seven-inch floor slabs and an ESFR sprinkler system. Mike McCrary, Mac Hewett, Brent Weirick and Peter McWilliams of JLL represented the owners in the lease negotiations, while Mike Catalano and Joe Dimola of Savills represented Sunrise Brands.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) projects that total commercial and multifamily mortgage borrowing and lending is expected to fall to $700 billion in 2023, a 5 percent decline from an expected volume of $740 billion in 2022. Multifamily lending volume alone is expected to drop to $393 billion in 2023, an 11 percent decline from an expected total of $439 billion in 2022. The projected drop in borrowing and lending reflects current market conditions. Jamie Woodwell, head of commercial real estate research for MBA, which is based in Washington, D.C., underlined that the forecast matched what the association had been hearing from commercial and multifamily mortgage finance professionals, with many indicating the Federal Reserve’s multiple interest rate increases in rapid succession have been a key factor in the projected decline in lending and borrowing activity. At its December meeting, the Federal Reserve raised the benchmark federal funds rate by half a percentage point, a smaller increase than the four consecutive three-quarter-point hikes earlier in 2022. The Fed is showing no sign of slowing rate hikes in 2023, with Chairman Jerome Powell announcing after the meeting that the central bank will continue to raise rates for quite some …
GARLAND, TEXAS — Houston-based brokerage firm Finial Group has negotiated a 26,126-square-foot industrial lease in Garland, a northeastern suburb of Dallas. The property at 3760 Miller Park Drive totals 40,958 square feet and features three dock doors and one drive-in ramp. Travis McEldowney and Jack Gaffney of Finial Group represented the landlord, New Jersey-based investment firm Faropoint, in the lease negotiations. Sam Bridges and John Briggs of RHA commercial represented the tenant, BKS Industrial Coating.
ROSEVILLE, OAKDALE AND WOODBURY, MINN. — JLL Capital Markets has arranged the sale of a seven-building industrial portfolio totaling 376,218 square feet in suburban Twin Cities for an undisclosed price. Five of the buildings are located in Oakdale, while one is in Woodbury and one is in Roseville. The portfolio is 96 percent leased to 18 tenants. Colin Ryan, David Berglund and Erin Fitzgerald of JLL represented the seller, Link Logistics, and procured the buyer, Minneapolis-based Biynah Industrial Partners. Matthew Schoenfeldt, Scott Loving and Lucas Borges of JLL arranged acquisition financing.
FORT WORTH, TEXAS — Disaster recovery and property restoration firm Belfor USA Group has signed a 14,385-square-foot lease renewal at RiverPark Business Center, an industrial flex property in Fort Worth. Michael Spain of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as SCG River Park Business LP, in the lease negotiations. Caleb McCoy of JLL represented the tenant.