CHERRY VALLEY, CALIF. — Shopoff Realty Investments and Artemis Real Estate Partners have completed the disposition of the I-10 Logistics Center to a Brookfield Asset Management real estate fund. Situated in the Inland Empire East, the newly completed 1.8 million-square-foot logistics center is located at 36500 Cherry Valley Blvd. in Cherry Valley. Spanning 115 acres, I-10 Logistics Center (also known as Cherry Valley Logistics Center) includes two high-cube logistics/warehouse buildings that have been designed for LEED Silver certification. Building I features 814,822 square feet and Building II features 1 million square feet of space. The buildings offer 40-foot clear heights, 665 employee parking spots, 585 trailer parking spots and 296 dock-high doors. Brookfield Properties leased the building to a global e-commerce retailer with plans to employ nearly 1,000 employees at the logistics center. Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the transaction. The price was not disclosed.
FARGO, N.D. — Hyde Development has acquired 111 acres in Fargo with plans to build Dakota Commerce Center North, a 1.4 million-square-foot speculative industrial project. Hyde will offer users the flexibility of build-to-suit footprints ranging from 20,000 to 500,000 square feet. The development will feature convenient access to I-29 and Hector International Airport. Chance Lindsey and Kyle Ferderer of CBRE represented Hyde in the land purchase. The brokers have also been retained as the leasing agents for the project. Hyde is also the developer behind Dakota Commerce Center, a four-building project totaling 633,200 square feet. To date, two buildings have been completed and fully leased. Building 3 is slated for completion this August.
GROVE CITY, OHIO — Contegra Construction Co. has completed the renovation of a 527,000-square-foot warehouse in Grove City near Columbus for medical glove maker American Nitrile. The manufacturing facility will produce 4 billion medical research lab gloves annually. Contegra worked with engineering firm IMEG to fortify infrastructure that would support a highly complex automated manufacturing process with 12 production lines. The facility also includes 15,000 square feet of remodeled office and lab space. American Nitrile was founded in 2021 in response to the need for domestic sources of manufacturing of personal protective equipment (PPE) products.
FORT WORTH, TEXAS — Mississippi-based developer EastGroup Properties has broken ground on a three-building, 351,000-square-foot industrial complex in North Fort Worth. The project represents Phase II of Basswood 35, a seven-building, 882,000-square-foot development. The buildings will span 89,741, 130,750 and 130,750 square feet and feature front- and rear-load configurations. Method Architects designed the project, and Talley Riggins is serving as the general contractor. Halff Associates is the civil engineer, and NAI Robert Lynn is the leasing agent. Construction is slated for a fourth-quarter completion.
MONTGOMERY, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Town Creek Storage, a 251-unit self-storage facility in Montgomery, about 60 miles north of Houston. The facility was built in 2017. Matt Franke and Michael Borden of Northmarq arranged the fixed-rate loan, which was structured with a five-year term and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of Greenkey Storage — Pasadena, a 63-unit self-storage facility located near Gulf Freeway and the Sam Houston Tollway on the east side of Houston. The facility spans 18,060 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were Houston-based limited liability companies that requested anonymity.
DALLAS — Artemis Fine Art Services, which provides artwork shipping and handling services, has signed a 59,000-square-foot industrial lease at 10405 Shady Trail in northwest Dallas. According to LoopNet Inc., the building sits on 4.8 acres and totals 116,140 square feet. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, Mississippi-based REIT EastGroup Properties, in the lease negotiations. The representative of the tenant was not disclosed.
BENTONVILLE, ARK. — Sam’s Club, a division of Bentonville-based Walmart Inc. and a leading membership warehouse club retailer, plans to open more than 30 new “clubs” across the United States over the next several years. The first store, which is planned for an undisclosed Florida city, is slated to open in 2024. The new clubs will span approximately 160,000 square feet, which is larger than most current locations. Most new stores will feature a seafood/sushi island, full-service floral and walk-in dairy and fresh coolers, as well as a larger healthcare space featuring a patient waiting area, health services suites, private consultation rooms and dedicated hearing and optical centers. Many of the new locations will also include fuel stations and liquor offerings. In addition to the new stores, the company has a multiple-year plan to invest in and modernize its supply chain through new distribution and fulfillment center locations across the country. Sam’s Club will launch five new supply chain fulfillment and distribution centers this year, with the first location planned in Georgia in the third quarter. Kathryn McLay, CEO of Sam’s Club, says the decision to invest in expanding the company’s physical footprint was motivated by historic comparable sales growth …
PHOENIX — Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self-storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City, two properties are in Denver and one asset is in Boise, Idaho. John Smeck and Alix Hanna of Colliers Arizona, along with Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld of Eastdil Secured’s New York City office, arranged $160 million in non-recourse, fixed-rate financing for the buyer. Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio, procured the buyer for the off-market transaction.
FOUNTAIN VALLEY, CALIF. — Manhattan West Real Estate has purchased Talbert-Mount Washington Industrial Park, a multi-tenant industrial park in Fountain Valley. DDK Investments Ltd. sold the asset for $16.5 million. Situated on 2.9 acres, the park includes a 28,754-square-foot building at 18071 Mt. Washington St. and a 31,000-square-foot building at 11190-11240 Talbert Ave. Six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO, fully occupy the property. Both two-story buildings feature outdoor storage yards, 18-foot to 23-foot clear heights, fire protection, oversized ground-level doors and HVAC. Additionally, the property offers 113 parking spaces. Joseph Harmon and Charles Johnson of DAUM Commercial Real Estate Services represented the buyer, while Devin Ray and Mike Barreiro of DAUM represented the seller in the deal.