CHICAGO, CLEVELAND, CINCINNATI AND COLUMBUS — Investcorp has sold a portfolio of Midwest industrial properties for $365 million. The assets total approximately 3.5 million square feet and are located within metro Chicago, Cleveland, Cincinnati and Columbus. The portfolio includes a group of 23 light industrial facilities spanning more than 2 million square feet across Columbus, Cincinnati and Cleveland as well as an eight-building, 1 million-square-foot industrial park located three miles from the Chicago O’Hare International Airport and a 434,000-square-foot distribution facility in metro Cleveland.
GILBERTS, ILL. — Opus has broken ground on a 52,174-square-foot build-to-suit facility for Elgin Recycling in Gilberts, about 50 miles northwest of Chicago. The project will be part of Turnberry Lakes Business Park, where Elgin Recycling’s headquarters and one its four Chicago-area recycling scrap yards are also located. Elgin Recycling is a family-owned operation that processes ferrous and non-ferrous metals, exotic alloys and electronics. The new Gilberts location will process recycled electronics from public drop-off facilities, breaking them down into components that will then be transported to electronics components recyclers. The Gilberts facility will feature a clear height of 28 feet, six dock doors, two drive-in doors and up to 58 vehicle parking stalls. Opus is the design-builder for the project and is working in partnership with Architects Plus Design Studio PLLC, the architect of record, and Structural Integrity Inc., the structural engineer of record. Completion is slated for January.
POMPANO BEACH, FLA. — A partnership between Foundry Commercial and Wheelock Street Capital has purchased the former Festival Flea Market site at 2900 W. Sample Road in Pompano Beach. The duo plans to transform the 25-acre property into Festival Logistics Park, a 474,000-square-foot development with three buildings ranging in size from 60,000 to 300,000 square feet. Two of the buildings will front Sample Road, and all buildings will feature 32- to 36-foot clear heights, ESFR sprinkler systems, dock-high loading and ample parking. Foundry and Wheelock Street Capital plan to begin demolition of existing structures on the Festival site in the fourth quarter and deliver the park by the end of 2026. The co-developers have tapped Nick Wigoda and Steve Medwin of Stream Realty Partners to manage leasing at Festival Logistics Park.
HOUSTON — Blacktop Industrial Trust, a South Florida-based REIT, has purchased the 337,705-square-foot Rosslyn Business Park in northwest Houston. Rosslyn Business Park consists of 11 buildings on a 45-acre site that were fully leased to seven tenants at the time of sale. Buildings feature clear heights of 20 to 55 feet and oversized grade-level doors, and the campus includes outdoor storage space. JLL provided financial advisory services to Blacktop. The seller was Houston-based Clay Development & Construction Inc. The sales price was not disclosed. JLL provided financial advisory services to Blacktop.
WARREN, PA. — Cushman & Wakefield has arranged $25.2 million in financing for an 853,611-square-foot industrial property in Warren, located north of Pittsburgh. According to LoopNet Inc., the complex at 100-200 Murray Drive consists of two buildings that span 304,642 and 548,969 square feet. Building features include clear heights of up to 70 feet and 59 total dock doors. Brad Domenico, Frank Stanislaski and Ethan Thompson of Cushman & Wakefield arranged the debt on behalf of the borrower, private investor Yisroel Cherns. The direct lender was not disclosed. The property was 83 percent leased at the time of sale to tenants such as Cummins Inc., Whirley Industries and USA Medical Supplies.
WINTER HAVEN, FLA. — Miller Construction is underway on the $31 million expansion of the Sherwin-Williams Distribution Service Center in Winter Haven. Using tilt-wall construction, the general contractor is adding 296,705 square feet spread across two large warehouses, a truck maintenance building, trailer maintenance building and offices. The new construction adds 298,151 square feet (including a pergola area), which is an expansion of approximately 79 percent of the existing 384,000 square-foot facility. Additionally, Miller Construction is upgrading 3,386 square feet of existing office space and expanding the existing South Building with a 49-foot clear-height ceiling and 15,120 square feet of new exterior wall, while the North Building is receiving a 28-foot clear-height ceiling and 2,904 square feet of new exterior wall. The project team includes C4 (architects and MEP), Richard Adams Engineers (structural), Structural Services Inc. (slab consultant) and Kimley-Horn (civil engineer).
LOCUST GROVE, GA. — Cresa has arranged a 250,041-square-foot industrial lease at 3090 Highway 42 in Locust Grove, about 36 miles south of Atlanta. The tenant is Power Grid Components (PGC), a Blackstone portfolio company that manufactures and distributes advanced components for utility transmission and power distribution. The firm has locations in the Southeast, New York, the Midwest and Canada. Michael Herz and Waite Buckley of Cresa’s New York City office, along with Tom Tindall and Brooks Morris of Cresa’s Atlanta office, represented PGC in the lease negotiations. The landlord was Granite REIT.
HOMESTEAD, FLA. — Marcus & Millichap Capital Corp. (MMCC) has secured $14.5 million in construction financing for the development of a 1,038-unit self-storage facility at 1995 N.E. 8th St. in Homestead, about 32 miles south of Miami. The 135,800-square-foot property will operate as an Extra Space Storage facility. Robert Bhat of MMCC’s Miami office arranged the five-year loan through a local bank on behalf of the borrower, an undisclosed self-storage developer. The loan features a floating interest rate underwritten as 250 basis points above 1-month SOFR for the first three years with 36 months of interest-only payments.
LAS VEGAS — Lincoln Property Co. has completed Windsor Commerce Park, the company’s first-ever ground-up industrial development in the Las Vegas market. Situated on 86 acres, the 1.6 million-square-foot Windsor Commerce Park features eight buildings ranging from 49,920 square feet to 397,440 square feet. Buildings offer rear loading and cross-dock configurations, up to 36-foot clear heights, up to 4,000 amps of power, large clerestory windows and move-in-ready speculative office suites. The property is nearly 50 percent leased with tenants including regional, national and global operators specializing in HVAC, logistics and e-commerce. The project team includes Lee & Sakahara as architect and R&O Construction. Kevin Higgins, Garrett Toft, Jake Higgins and Kelsey Higgins of CBRE are handling leasing for the project.
INGALLS, IND. — B&B Group, a Central Indiana property services company, has broken ground on its new headquarters at Park 69 within Ingalls, a northwest suburb of Indianapolis. The facility will serve as the headquarters for Real Time Detention and Real Time Furniture and is situated about a five-minute drive from the companies’ current offices in Noblesville. The relocation is expected to be completed in 2026. Developed by Podell Partners, the combined headquarters will span 36,000 square feet and feature a two-story office and showroom, column-free warehouse space and professional outside storage. B&B Group, Real Time Detention and Real Time Furniture plan to bring more than 25 jobs to Madison County. The project marks the second industrial facility developed by Podell Partners at Park 69, which encompasses 23 acres of master-planned industrial and multi-use space. The project received a 10-year real property tax abatement. Cam Kucic and Korey Ryan of Colliers represented the landlord in the transaction. Steve Schaub of Avison Young represented the tenant. Elements Financial provided construction financing. Systems Builders is serving as the general contractor.