ROCKLEDGE, FLA. — Marcus & Millichap has brokered the $4.8 million sale of Rockledge Business Center, a 47,000-square-foot industrial facility located at 1535 Cogswell St. in Rockledge. The buyer and seller, both private investors, requested anonymity. Ray Turchi and David Vaughn of Marcus & Millichap’s Orlando office represented both parties in the transaction.
HOUSTON — Locally based investment firm Pagewood has acquired a 97,997-square-foot industrial property located at 10205 Market St. Road in East Houston. The multi-tenant facility, which was built in phases during the late 1980s/early 1990s, offers proximity to Port Houston as well as Interstates 10 and 610. Nick Spearman oversaw the transaction for Pagewood, which plans to implement a value-add program, on an internal basis. The seller and sales price were not disclosed. The property was 80 percent leased at the time of sale.
NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has topped out The Borden Complex, a 900,000-square-foot industrial project in the Long Island City area of Queens. The development will feature elevated truck courts and a vertical parking structure, as well as purpose-built film studio space. IPG acquired the site, which previously housed the warehouse of online grocer FreshDirect, in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Construction began in July 2022, and the development team is targeting a spring 2024 completion. Eastdil Secured arranged construction financing for the project through Starwood Property Trust and J.P. Morgan. Starwood also originally provided $155 million in project financing in early 2021.
TRUESDALE, MO. — Refresco, a global independent beverage solutions provider, is investing more than $20 million to expand capacity at its beverage manufacturing facility in Truesdale, about 58 miles west of St. Louis. Refresco plans to increase production capabilities through the installation of an additional production line. The Truesdale facility is Refresco’s fourth and largest plant in Missouri. The company maintains 74 production locations across North America, Europe and Australia.
EAST RUTHERFORD, N.J. — NAI James E. Hanson has negotiated a 9,178-square-foot industrial lease in the Northern New Jersey community of East Rutherford. According to LoopNet Inc., the property at 1 Madison St. was built in 1980 and totals 65,000 square feet. Andrew Somple and Jessica Curry of NAI Hanson represented the tenant, Meadowlands Starz Cheer, and the landlord, Kelways Associates, in the lease negotiations.
MENIFEE, CALIF. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on Gateway at Menifee, a speculative industrial project near Interstate 215 and Scott Road in Menifee. Totaling 544,114 square feet, the project will offer three Class A industrial buildings. Spanning 36.4 acres, the three rear-load buildings will feature 32- to 36-foot clear heights, 107 total dock-high doors and 130- to 190-foot court depths. The project is the second and final phase of the industrial park, which features a 229,934-square-foot building, a 220,606-square-foot building and a 93,575-square-foot building. Patrinely Group is developing the project, which KPRS will build. Ryan Bos and Colin MacMillan of KBC Advisors and Scotts Stewart and Gordon Mize of Lee & Associates will handle leasing of the project under the direction of Phillip Moore and Dennis Tarro of Patrinely Group.
MESA, ARIZ. — SkyBridge Arizona has broken ground on SkyBridge Building 109, the latest addition to SkyBridge’s 435-acre mixed-used development adjacent to the runway at Phoenix-Mesa Gateway Airport in Mesa. Building 109 is the first of two 250,000-square-foot, Class A manufacturing/warehouse/logistics buildings that SkyBridge plans to break ground on at Gateway Airport during the first half of the year. Building 109 will feature immediate access the airport, 32-foot clear heights, 30 dock-high doors, six ground-level doors and generous power and parking. Additionally, the building is divisible to approximately 80,000 square feet, allowing it to serve a wide range of tenant types and sizes. At full build-out, SkyBridge will be the nation’s first cargo hub with a joint U.S.-Mexico Customs inspection facility on site. The project is slated for 1.3 million square feet of aeronautical development, 2.2 million square feet of non-aeronautical development and 270,000 square feet of commercial retail and office space. ADM Group is serving as architect for SkyBridge Building 109 and Graycor Construction Co. is serving as general contractor. Jackie Orcutt, Pete Wentis, Kevin Cosca, Jonathan Teeter and Alex Wentis of CBRE are the leasing brokers for the project.
CARLSBAD, CALIF. — Versum Materials US has acquired a building at Palomar Oaks Tech Center in Carlsbad from Bemer USA for $5.7 million. Located at 1989 Palomar Oaks Way, the asset offers 19,601 square feet of flex space. Jeff Abramson of Lee & Associates North San Diego County represented the seller, while Casey Sterk of JLL and Greg Bisconti represented the buyer in the deal.
ENGLEWOOD, COLO. — NorthPeak Commercial Advisors has arranged the sale of an industrial building located at 2931 S. Tejon St. in Englewood. The 11,000-square-foot asset traded for $1.7 million, or $155 per square foot. Drew Williams, Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the undisclosed buyer and undisclosed seller in the deal.
NEW YORK CITY — Affiliates of Centerbridge Partners LP and GIC Real Estate Inc. have entered into an agreement to acquire INDUS Realty Trust Inc. (Nasdaq: INDT) in an all-cash transaction valued at approximately $868 million. Participating members of INDUS’ board of directors have unanimously approved the deal. Under the terms of the merger agreement, INDUS stockholders will receive $67 per share in cash. That figure represents a premium of 17 percent to the company’s closing stock price on Nov. 25, the date of Centerbridge’s initial public announcement that it intended to issue a takeover offer with GIC to acquire INDUS. “The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history,” says Michael Gamzon, president and CEO of INDUS. INDUS, a New York City-based industrial REIT, owns 42 buildings totaling roughly 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. The deal is expected to close this summer and is subject to customary closing conditions. Upon completion of the transaction, INDUS’ common stock will no longer be listed on Nasdaq and INDUS will become a privately held …
