PORTLAND, ORE. — BKM Capital Partners has purchased Airport Business Center in Portland for $37.3 million. The 11-building light industrial portfolio is located at 6756 NE Alderwood Road and 6620-7040 NE 79th Court in Portland’s Columbia industrial corridor. The 228,518-square-foot business park contains 41 units with an average size of 5,600 square feet. The spaces were 92 percent occupied at the time of the sale. BKM acquired the asset through a joint venture partnership with TerraCore Capital.
LOS ANGELES — Selective Eton Nordhoff LLC has acquired a 48,550-square-foot industrial property in the Chatsworth and Canoga Park communities of Los Angeles. Though the purchase price was not disclosed, the asset was listed at nearly $10.5 million and sold for above asking price. The multi-tenant industrial property was built in 1977. It has largely remained the same since that time, save for cosmetic updates over the years. Arthur Pfefferman of Coldwell Commercial Quality Properties represented both the buyer and the seller.
CARLSBAD, CALIF. — PSRS has arranged $5.9 million in financing for the acquisition of a 32,000-square-foot industrial property in Carlsbad. The deal closed in 35 days to meet the borrower’s 1031 exchange deadline. The non-recourse loan features a five-year term with a 5.55 percent interest rate and a 30-year amortization. Ryan Frankman and Ari Zeen of PSRS arranged the financing through an insurance company.
TUCSON, ARIZ. — Tahl Machine, which provides parts for mechanical and electronic equipment, has renewed its lease for 10,500 square feet of industrial space at Tucson Industrial Center. The space is located at 4151 E. Tennessee St., Suites 239 and 257 in Tucson. Cintya Denisse Angulo Garcia of Cushman & Wakefield | PICOR represented the landlord in this transaction.
NEW YORK CITY — Manhattan Mini Storage is underway on a self-storage redevelopment project on the Upper West Side that will add 1,200 units to the local supply. The company, which is owned by Missouri-based developer and operator StorageMart, plans to redevelop the site of the former CMX Cinema into a six-story self-storage building that offers 65,000 net rentable square feet of space. The project, which is slated for a 2024 completion, will also function as an addition to Manhattan Mini Storage’s existing facility at 420 E. 62nd St.
DALLAS — JLL has negotiated the sale of Greenville Self Storage, a 741-unit facility located in the northern-central part of Dallas. CubeSmart operates the four-story, climate-controlled facility, which was built in 2019 and spans roughly 83,000 net rentable square feet. Brian Somoza, Steve Mellon, Matthew Wheeler and Adam Roossien of JLL represented the seller, Wentworth Property Co., in the transaction. Utah-based REIT Extra Space Storage purchased the facility for an undisclosed price. Greenville Self Storage was more than 90 percent occupied at the time of sale.
CARROLLTON, TEXAS — Locally based brokerage firm Bradford Commercial Real Estate Services has negotiated a 4,491-square-foot industrial flex lease at Avion Business Center in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the building at 2155 Chenault Drive was constructed in 1984 and totals 24,944 square feet. Jason Finch of Bradford Commercial represented the undisclosed landlord in the lease negotiations. The representative of the tenant, FireTron Inc., a provider of fire extinguishers, was also not disclosed.
ROSEMONT, ILL. — Rosemont-based Venture One Real Estate has formed a joint venture with DRA Advisors for the recapitalization of a 2.7 million-square-foot industrial portfolio. The venture bought the portfolio from Venture One’s VK Industrial V fund. The $369 million transaction encompasses all the remaining assets within that fund, including 54 infill, last-mile and logistics properties throughout metro Chicago, New Jersey, Long Island and Philadelphia. The partnership plans to continue to add value to the properties through leasing and building improvements. Webster Bank, CIT, Wintrust and Byline Bank provided financing. Michael Caprile, Zach Graham, Ryan Bain, Brad Ruppel and Brian Fiumara of CBRE represented Venture One. VK Industrial is a series of funds managed by Venture One and Kovitz Investment Group.
MOUNT PROSPECT, ILL. — A joint venture between PCCP and Stotan Industrial is developing a 100,400-square-foot speculative building in the Chicago suburb of Mount Prospect. The property at 350 N. Wolf Road will feature a clear height of 32 feet, up to 20 exterior docks, two drive-in doors, 20 truck trailer parking spaces, 96 car parking spaces, a 125-foot-deep truck court and office space. The project site was previously home to a vacant single-story office building that was built in 1960 and served as one of Comcast’s local Chicago offices. Demolition of that building was completed in late 2022. Site grading is scheduled to begin in April with completion slated for late this year. Signature Bank provided construction financing, and Principle Construction is the general contractor.
LISLE AND NORTHBROOK, ILL. — Greenstone Partners has arranged the sale of a 117,000-square-foot industrial portfolio in suburban Chicago for $9.4 million. The three-property portfolio includes 2200 Ogden Ave. and 1997 Ohio St. in Lisle as well as 3170-3190 MacArthur Blvd. in Northbrook. The properties are fully leased to 10 tenants in industries such as healthcare, technology, marketing services, e-commerce, wholesale distribution and custom design/build. Paul Tesdal and Jason St. John of Greenstone represented the seller, a Chicago-based investment group. Greenstone also procured the buyer, a West Coast-based real estate investment group.