Industrial

Gantry Arranges $32M Permanent Loan for Industrial Building in Lenexa, Kansas

by Kristin Harlow January 22, 2025

LENEXA, KAN. — Gantry has arranged a $32 million permanent loan to retire construction financing for Lenexa Logistics Centre North #5 in Lenexa, a suburb of Kansas City. The fully leased property on Mill Creek Road was completed in 2022 and totals 565,170 square feet. The multi-tenant building offers immediate access to I-35, I-435 and Highway 10. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. An insurance lender provided the 10-year loan, which features a fixed interest rate and introductory interest-only period transitioning to a 30-year amortization schedule.

January 22, 2025

Fairfells-Logistics-Portfolio-New-Jersey

Industrial New Jersey Northeast

Newmark Arranges Equity Recapitalization of $300M Northern New Jersey Industrial Portfolio

by Taylor Williams January 22, 2025

NEW JERSEY — Newmark has arranged the equity recapitalization of a portfolio of 30 industrial buildings totaling approximately 1.4 million square feet in Northern New Jersey. The portfolio is valued at roughly $300 million. The properties are collectively known as the Fairfells Logistics Portfolio and are located in the communities of Fairfield, Little Falls, Elmwood Park and Carteret. Kevin Welsh, Brian Schulz and Jack Fraker of Newmark represented the owner, The Hampshire Cos., in arranging joint venture equity with an undisclosed partner. The portfolio was 92 percent leased at the time of sale.

January 22, 2025

Acquisitions Industrial New Hampshire Northeast

RAM Cos. Buys 32,000 SF Industrial Building in Seabrook, New Hampshire

by Taylor Williams January 22, 2025

SEABROOK, N.H. — The RAM Cos. has purchased a 32,000-square-foot industrial building in Seabrook, located near the Massachusetts-New Hampshire border. The building sits on 6 acres and was fully leased at the time of sale to Munters, a Swedish company that provides energy-efficient air treatment solutions. David Coffman and Michael Restivo of JLL brokered the deal. The seller was not disclosed. RAM Cos. purchased the building in conjunction with a 46,000-square-foot complex in Newburyport, Mass., for $14.5 million.

January 22, 2025

Development Industrial Texas

Scannell Properties, Invesco Break Ground on 586,667 SF Industrial Project in Laredo, Texas

by Taylor Williams January 21, 2025

LAREDO, TEXAS — A joint venture between Indianapolis-based developer Scannell Properties and Atlanta-based Invesco Real Estate has broken ground on a 586,667-square-foot industrial project in the Rio Grande Valley city of Laredo. The project represents the second phase of a larger development known as Laredo Logistics Crossing and will comprise two buildings totaling 327,600 and 259,067 square feet. Combined, the buildings will offer parking for 508 cars and 243 trailers. Phase II is slated for a fourth-quarter completion. Scannell completed the 401,100-square-foot initial phase of Laredo Logistics Crossing in May 2023 and subsequently sold the property to Invesco.

January 21, 2025

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers Sale of 400,833 SF Industrial Park in Plant City, Florida

by John Nelson January 21, 2025

PLANT CITY, FLA. — Cushman & Wakefield has brokered the sale of Peak Logistics Center, a two-building industrial park located at 3501 Fancy Farms Road in Plant City, a city in west-central Florida. EQT Exeter purchased the property for an undisclosed price from TA Realty LLC. Rick Brugge, Mike Davis, Rick Colon and Ryan Jenkins of Cushman & Wakefield represented the seller in the transaction with assistance from Clay Witherspoon of Avison Young, who oversees leasing for the property. Peak Logistics Center I & II span 400,833 square feet and were completed in 2022 and 2023. The development was fully leased to four tenants at the time of sale.

January 21, 2025

Development Industrial Kentucky Loans Southeast

Northmarq Arranges $45M Loan for Bourbon Storage and Blending Development in Shelbyville, Kentucky

by John Nelson January 21, 2025

SHELBYVILLE, KY. — Northmarq has arranged a $45 million loan for The Blending House, a bourbon storage, bottling and blending facility located on a 108-acre site at 1917 Vigo Road in Shelbyville, about 39 miles east of Louisville. Randall Waddell of Northmarq’s Louisville office arranged the five-year loan through a regional bank on behalf of the borrowers, a partnership between Floyds Knobs, Ind.-based The Koetter Group and Louisville-based The Spirits Group. The borrowers will use the loan proceeds to pay off existing debt from the Phase I of development and to fund the second and final phase of construction. The loan features two years of interest-only payments and a 25-year amortization schedule. Upon completion, The Blending House will feature seven rickhouses and a 30,000-square-foot blending and bottling facility that will serve as a home base for clients of The Spirit Group. The development is the first speculative whiskey barrel storage facility in Kentucky, according to the borrowers.

January 21, 2025

Acquisitions Industrial New York Northeast

Terreno Realty Buys Queens Industrial Building for $50.1M

by Taylor Williams January 21, 2025

NEW YORK CITY — Terreno Realty Corp., an investment firm with offices in metro Seattle, San Francisco and New York City, has purchased a 33,000-square-foot industrial building in Queens for $50.1 million. The building sits on a 2.6-acre site at 49-15 Maspeth Ave. and features 40 dock-high and four grade-level loading positions, as well as parking for 31 cars and 50 trailers. The property was 100 percent leased at the time of sale to an HVAC and industrial products distributor. The seller was not disclosed. The sales price translates to a cap rate of 4.5 percent.

January 21, 2025

Arizona Development Industrial Western

Schnitzer Properties Breaks Ground on Two Industrial Projects in Tucson, Arizona

by Amy Works January 21, 2025

TUCSON, ARIZ. — Schnitzer Properties has broken ground on two industrial developments in Tucson. The $73 million total investment in two Class A industrial spaces will provide workspaces for small and mid-size manufacturers and distributors. The two projects are Corona Commerce Center, totaling 146,963 square feet at 2717 E. Corona Road, and Drexel Commerce Center, offering 184,080 square feet spread across two buildings. Both properties will offer flexible leasing options, with spaces ranging from 6,700 square feet to 184,080 square feet. The development team includes Schnitzer Properties, Sun Corridor and Willmeng Construction.

January 21, 2025

Acquisitions California Industrial Western

Coastal Holdings Group Buys 11,050 SF Industrial Building in Poway, California for Relocation

by Amy Works January 21, 2025

POWAY, CALIF. — Coastal Holdings Group has acquired an industrial building located at 12155 Paine Place in Poway for $4.1 million from Bergo Enterprises. The buyer plans to use the 11,050-square-foot property to accommodate its electrical contracting business. Chris Duncan of Voit Real Estate Services represented the buyer, while Robb Kerr of Intersection Commercial Real Estate represented the seller in the deal. Prior to the acquisition of 12155 Paine Place, Duncan brokered the $3.4 million sale of an 8,049-square-foot industrial building located at 13851 Danielson St. on behalf of Coastal Holdings Group. Escobar Family Real Estate Holdings acquired the asset as an investment property. Travis Jaedtke of Strategic Real Estate Group represented the buyer.

January 21, 2025

Development Illinois Industrial Midwest Self-Storage

Hernandez Development, XSITE Real Estate to Build 123,000 SF Self-Storage Facility in Suburban Chicago

by Kristin Harlow January 21, 2025

DEER PARK, ILL. — Hernandez Development and XSITE Real Estate have purchased a 6-acre parcel in the Chicago suburb of Deer Park with plans to build a Class A self-storage facility. The acquisition price for the site was $2 million. The project marks the fourth self-storage property in Hernandez’s portfolio within the Chicago market, joining two operational facilities in Oswego and Bolingbrook as well as a project currently under construction in Carol Stream. The development will feature a 123,000-square-foot climate-controlled self-storage facility, a 6,098-square-foot multi-tenant building with drive-thru and a dedicated drive-thru-only Scooter’s Coffee. The project site is adjacent to Deer Park Town Center and across from Kildeer Marketplace. Hernandez Construction will serve as general contractor, and Extra Space will operate the facility.

January 21, 2025

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