NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a 64,418-square-foot self-storage development site in New Haven. The site is fully approved for the development of a four-story facility that will feature 45,525 net rentable square feet of climate-controlled space across 456 units. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
MAINE — Dallas-based investment firm MAG Capital Partners has acquired a 60,000-square-foot cold storage facility that is located in an undisclosed community in southern coastal Maine. MAG Capital Partners acquired the property, which primarily functions as a seafood processing facility, via a sale-leaseback in an off-market deal. Additional terms of the transaction were not disclosed.
BUDA, TEXAS — Stream Realty Partners is underway on construction of Buda Commerce Center, a 968,475-square-foot industrial project located on the southern outskirts of Austin. The development will consist of five buildings on a 70-acre site in Buda, with four structures having rear-load configurations and the fifth being a cross-dock facility. Buildings will feature 32- to 36-foot clear heights and dock-high loading doors. Construction began in the fourth quarter of 2022 and is slated for a late 2023 completion.
TULSA, OKLA. — Arizona-based Strategic Development Group has sold Woodlands Self Storage, a 660-unit facility in Tulsa. Built on 2.3 acres in 2017, the property spans 75,300 net rentable square feet of climate-controlled space and was 80 percent occupied at the time of sale. Brett Hatcher of Marcus & Millichap represented the seller in the transaction. The name and representative of the buyer were not disclosed.
DENTON — San Diego-based investment firm Westcore has acquired Denton Point, a 242,320-square-foot industrial property in North Texas. Situated on 18.6 acres, the newly constructed buildings feature rear-load configurations, 32-foot clear heights, ESFR sprinkler systems, 86 trailer parking spaces and dock-high loading doors. At the time of sale, Denton Point was fully leased to DHL, Lowe’s Home Center and Muenster Milling. The seller was a joint venture between Boston-based TA Associates and Dallas-based Holt Lunsford. Jonathan Bryan, Randy Baird and Taylor Hare of CBRE brokered the deal.
NORTH CHICAGO, ILL. — Red Oak Capital Holdings has provided a $3.2 million loan for the refinancing and renovation of a multi-tenant industrial property in North Chicago. The 92,511-square-foot building is located at 4850 W. Bloomingdale Ave. Built in 1972 and renovated in 2019, the property features four dock-high doors, two drive-in doors and clear heights ranging from 10 to 18 feet. The borrower, Chicago Property Investors LLC, purchased the asset in 2018 and intends to make about $350,000 in capital improvements to the property. The 12-month bridge loan features a 10.5 percent interest rate with two six-month renewal options. The borrower plans to refinance the bridge loan with permanent financing or sell the asset once it is stabilized.
CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 15,359-square-foot industrial building in Chicago for an undisclosed price. The property at 2526 Federal Drive is 51 percent leased. The building features two drive-in doors and a clear height of 14.5 feet. Venture One will renovate the vacant space. Alex Kritt of Colliers represented the undisclosed seller and will be retained to market the property for lease. VK Industrial VI LP is a partnership between Venture One and Kovitz Investment Group.
SURPRISE, ARIZ. — Graycor Construction Co. has started construction of a flex industrial facility situated on 21 acres at the northwest corner of Dysart Road and Summit Parkway in Surprise. The 123,516-square-foot building is a build-to-suit project for Rinchem Co., a network of chemical and gas distribution centers. The new facility will be Rinchem’s third in metro Phoenix and part of a global Rinchem supply chain that safely handles more than 4 billion pounds of chemicals and gasses each year. The Class A facility will feature highly specialized warehouse space, administrative offices, shipping/receiving capabilities and an 11 truck loading docks. The main building will offer high bay and freezer bay chemical storage, as well as super flat concrete floors. Six individual pads will allow for maximum chemical containment, to include an outdoor bottled gas pad and detached ISO tank storage that maintain Rinchem’s commitment to proper segregation to hazard classes in multiple temperature zones. For the new facility, Graycor is serving as general contractor, providing both shell and interior build-out services. Phoenix-based Archicon Architecture + Interiors is serving as designer. Completion is slated for fourth-quarter 2023.
TUCSON, ARIZ. — Cushman & Wakefield has arranged the sale of a last-mile distribution building located at 775 W. Silverlake Road in Tucson. A California family trust acquired the property from an East Coast investor for $22.3 million, or $451 per square foot. Situated on 10.7 acres, the 49,500-square-foot facility features 15 loading docks and close proximity to interstates 10 and 19, downtown Tucson and Tucson International Airport. At the time of sale, the property was fully leased to a Fortune 10 global e-commerce company. Andrew Bogardus and Douglas Longyear of Cushman & Wakefield San Francisco, in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson, represented the seller in the transaction.
GAFFNEY, S.C. — Glenstar Properties plans to develop Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, which is situated between the Greenville-Spartanburg market and Charlotte. Glenstar, along with capital partner Creek Lane Capital, will break ground this spring on the first building of the park, a 550,000-square-foot speculative warehouse that will be expandable to 1.3 million square feet. The cross-dock warehouse, dubbed Building 2, is expected to come on line in spring 2024 and feature 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. At full buildout, Cherokee Commerce Center 85 will span 3.6 million square feet across five buildings. The design-build team includes architect Ware Malcomb, general contractor The Conlan Co. and civil engineer SeamonWhiteside. Glenstar has tapped Colliers to lease the park.