Industrial

Newmark Negotiates $37M Sale of Office, Industrial Campus in Burbank, California

by Amy Works January 4, 2023

BURBANK, CALIF. — Newmark has arranged the sale of 2777 North Ontario Street, an office and industrial campus in Burbank. A joint venture between Washington Capital Management, on behalf of its client, and SSV Properties sold the asset to Montana Avenue Capital for $37 million. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark represented the seller in the transaction. Totaling 127,140 square feet, the two-story office and industrial campus is 71 percent leased to entertainment and media-related companies. Eikon, a post-production firm, occupies 79,312 square feet in the office component, while Iron Mountain occupies 47,828 square feet of the industrial space. The campus recently underwent a $7 million renovation, including a revitalized common area, updated HVAC and MEP systems, a seismic retrofit, remodeled bathrooms, resurfaced parking, operable windows and skylights, and new landscaping and hardscaping, as well as revitalized branding and color scheme.

January 4, 2023

Acquisitions California Development Industrial Western

Seefried Properties, USAA Buy 19 Acres for Logistics Center Development in Tracy, California

by Amy Works January 4, 2023

TRACY, CALIF. — Seefried Partners and USAA Real Estate have acquired a 19-acre site at the northwest corner of Grant Line Road and Chrisman Road for the development of a distribution warehouse. Construction for the speculative, 335,157-square-foot building is slated to begin in fourth-quarter 2023. The building will feature ample auto and trailer parking, 36-foot clear heights, ESFR sprinklers, and LED warehouse and site lighting that meets the needs of modern industrial users. Mike Goldstein and John Steinbuch of Colliers represented the development partners in the land transaction and will handle leasing efforts for the project. HPA Architecture is serving as project architect and Kier & Wright is the civil engineer.

January 4, 2023

Acquisitions Industrial Kansas Midwest

MAG Capital Partners Acquires 216,000 SF Kansas Industrial Property in Sale-Leaseback

by Kristin Harlow January 4, 2023

CHANUTE, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a nearly 216,000-square-foot industrial property in Chanute, a city in eastern Kansas. The sales price was undisclosed. Located at 1700 S. Washington Ave., the 47-acre property features rail access with roughly 7,600 feet of track. Gary Glatter of Cresa represented the seller, Babcock & Wilcox Enterprises Inc. Founded by Dax Mitchell and Andrew Gi, Dallas-based MAG Capital Partners is focused on industrial real estate.

January 4, 2023

Acquisitions Georgia Industrial Southeast

Brennan, Global Gate Purchase 522,410 SF Industrial Portfolio in Dalton, Georgia

by John Nelson January 4, 2023

DALTON, GA. — A joint venture between Brennan Investment Group LLC and Global Gate Capital has purchased Greenpoint Industrial Park Buildings 1-3, a portfolio of newly built industrial assets in the northwest Atlanta suburb of Dalton totaling 522,410 square feet. An entity doing business as Dossche Holdings LLC sold the portfolio for an undisclosed price. Dennis Mitchell, Britton Burdette, Matt Wirth, Mitchell Townsend and Bo Osgood of JLL represented the seller in the transaction. Completed in 2022, the buildings were 100 percent preleased during construction to The Recreational Group, which designs, manufactures and installs recreational surfacing products, including synthetic turf and composite modular tile. Situated 24 miles from Appalachian Regional Port, the three-property portfolio along Duckworth Road makes up the first phase of the master-planned Greenpoint Industrial Park, the second phase of which will add an additional 1.2 million square feet. Austin Kriz and Tom Cromartie of JLL handle leasing at the park and led efforts to finalize the stabilization of Phase I.

January 4, 2023

Logistics-Center-at-I-95-Jackson-New-Jersey

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 1 MSF Industrial Facility in Jackson Township, New Jersey

by Taylor Williams January 3, 2023

JACKSON TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of an approximately 1 million-square-foot industrial facility located at 515 Monmouth Road in Jackson Township, about 30 miles east of Trenton. The newly constructed complex comprises one cross-dock and one rear-load building that total 617,452 and 383,092 square feet, respectively. Building features include clear heights of 40 feet, 185-foot truck court depths, 713 car parking spaces and 181 trailer parking stalls. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, a partnership between Active Acquisitions and Stonecutter Capital, in the transaction. The team also procured Brookfield Properties as the buyer.

January 3, 2023

Industrial Leasing Activity New Jersey Northeast

I-FE Apparel Signs 36,165 SF Industrial Lease Renewal in South Hackensack, New Jersey

by Taylor Williams January 3, 2023

SOUTH HACKENSACK, N.J. — I-FE Apparel, the company behind clothing brands such as PJ Mark and Bleecker & Mercer, has signed a 36,165-square-foot industrial lease renewal in South Hackensack, located outside of Manhattan in Northern New Jersey. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.

January 3, 2023

Acquisitions Industrial Retail Top Stories

Realty Income Agrees to Acquire 185-Property Retail Portfolio from CIM for $894M

by Jeff Shaw January 3, 2023

SAN DIEGO — Realty Income Corp. (NYSE: O), a publicly traded REIT, has agreed to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust Inc. for approximately $894 million. The exact composition of the portfolio depends on completion of due diligence and the potential exercise of rights of first refusal related to certain properties. If the entire 185 properties are included, the transaction will represent a 7.1 percent capitalization rate. “We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth,” says Richard Ressler, president, CEO and chairman of CIM Real Estate Finance Trust. “Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.” The properties feature a weighted average remaining lease term of approximately 9.2 years with approximately 48 percent of the portfolio’s annualized contractual rent derived from investment-grade rated clients. The properties total 4.6 million square feet, with 55 retail clients representing 95 percent of the total portfolio rent. The remaining 5 percent comes from four industrial clients. The top two renters in the portfolio …

January 3, 2023

Acquisitions Industrial Texas

JLL Negotiates Sale of 540,324 SF Industrial Park in Fort Worth

by Taylor Williams December 23, 2022

FORT WORTH, TEXAS — JLL has negotiated the sale of Westside 35, a 540,324-square-foot industrial park in Fort Worth. Westside 35 comprises two front-load warehouses with 36-foot clear heights,185-foot truck court depths and combined parking for 107 trailer parking spaces and 373 cars. The site also includes a 7.1-acre parcel that can support additional trailer parking space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Matthew Barge and Jake Benalloul of JLL represented the undisclosed seller in the transaction. CBRE Investment Management purchased Westside 35, which was fully leased to three tenants at the time of sale, for an undisclosed price.

December 23, 2022

Development Industrial Texas

Titan Development Breaks Ground on 167,794 SF Industrial Project in Lockhart, Texas

by Taylor Williams December 22, 2022

LOCKHART, TEXAS — Titan Development has broken ground on Building 1 at Lockhart 130 Industrial Park in Central Texas, a project that will add 167,794 square feet of industrial space to the local supply. The rear-load building will feature 32-foot clear heights, 36 dock doors and a 60-foot speed bay. Completion is slated for the fourth quarter of 2023. At full buildout, Lockhart 130 Industrial Park will consist of four buildings totaling roughly 650,000 square feet across 45 acres.

December 22, 2022

Acquisitions Industrial Texas

Fort Capital Acquires 76,200 SF Industrial Portfolio in Arlington

by Taylor Williams December 22, 2022

ARLINGTON, TEXAS — Fort Worth-based investment firm Fort Capital has acquired a portfolio of seven industrial buildings totaling 76,200 square feet in Arlington. The Class B, multi-tenant buildings offer proximity to major thoroughfares such as Interstates 20 and 30, as well as Loop 820. The portfolio had an occupancy rate of 94 percent at the time of sale. The seller and sales price were not disclosed.

December 22, 2022

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