EL CAJON, CALIF. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of VIP Self Storage in El Cajon. Terms of the transaction were not released. Totaling 23,620 square feet, VIP Self Storage offers 376 non-climate-controlled units. Keith Phillips and Charles LeClaire of Marcus & Millichap represented the seller, a California-based partnership that has owned the asset for more than 25 years. The buyer is a real estate investment firm that operates nationwide.
DAYTON, OHIO — Sealy & Co. has acquired a 1.1 million-square-foot industrial portfolio in Dayton for $53.2 million. Known as the Mid States Industrial Portfolio, the portfolio contains 10 buildings that are home to 22 tenants. The assets are concentrated in two submarkets, Moraine and Airport/Vandalia, both of which are located along I-75. Jason Gandy and Davis Gibbs led the transaction for Sealy on an internal basis. Steve Timmel, Jeff Johnston and Will Roberts of CBRE represented the seller, Culmen Real Estate Services. Sealy maintains corporate offices in Dallas and Shreveport, La.
STOCKBRIDGE, GA. — Birmingham, Ala.-based Growth Capital Partners (GCP) has recently signed Dollar General Corp., the Goodlettsville, Tenn.-based national discount retailer, to a full-building industrial lease in metro Atlanta. GCP’s Fund II purchased the recently vacated property, located at 500 Business Center Drive in Stockbridge, in March. The 712,040-square-foot property is situated in the South I-75 Atlanta industrial submarket and features 30-foot clear heights, 74 dock doors and seven rail doors. The center is expected to be fully operational in the fourth quarter and will employ approximately 50 Dollar General employees. Reed Davis, Bob Currie and Brad Pope of JLL represented GCP in the lease negotiations, and Scott Delphy of Food Properties Group represented Dollar General. GCP’s Fund II includes 1.9 million square feet of bulk distribution properties in Georgia and Tennessee and 1.9 million square feet of industrial development projects currently under construction in the Carolinas, Florida, Tennessee and Texas. In addition to the Stockbridge facility, Dollar General recently invested $480 million to expand its distribution network with three new facilities planned in Arkansas, Oregon and Colorado.
Still going strong after two years since the onslaught of COVID-19, Orlando’s industrial market has seen a steady increase of robust leasing activity and development, with no signs of stopping. The growth is attributable to record-low vacancy, emerging construction and increasing demand from existing tenants expanding their businesses and new tenants in the market. Economic conditions affecting the market are similar to last year, as labor shortages and supply chain issues remain. However, the industrial sector overall has not been adversely affected. Orlando continues to be the place for existing business advancement and new business development. The city’s population growth outpaces that of any other city in Florida due to its central location, warm weather year-round, no state tax and relative affordability. As such, the market is seeing large enterprise retail and consumer goods companies claiming their stake in the Sunshine State. Robust leasing activity The total industrial leasing volume in the Orlando market for the second-quarter 2022 was 4.5 million square feet, 43 percent of the total leasing volume seen in 2021. Eight leases over 100,000 square feet were signed to date in 2022. The largest lease in the first half of 2022 was the new 294,787-square-foot Coca-Cola lease …
BUDA, TEXAS — Alliance Industrial has broken ground on Corridor Commerce Center, a 157,450-square-foot speculative industrial project that will be located in Buda, a southern suburb of Austin. Designed by Seeberger Architecture, the building will be situated on a 12-acre site along I-35 and will feature 32-foot clear heights, two drive-in doors and a ESFR sprinkler system. Completion is slated for March 2023. Transwestern will lease the property.
PALESTINE, TEXAS — Colliers has negotiated the sale of a 36,119-square-foot warehouse in Palestine, about 110 miles southeast of Dallas. The property sits on a 77-acre site, the undeveloped acreage of which was included in the sale. Steve Demuth and Ray Ver Hey of Staples Commercial Group represented the sellers, private investor Tom Clamon and Baylor University, which respectively own the building and the land, in the transaction. Judy Beebe and Blake Gibson of Colliers represented the buyer, Perfect Life TX LLC, a provider of fragrances and flavors that plans to build a manufacturing plant at the site.
EAST BRUNSWICK, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of Edgeboro Corporate Center, an 84,000-square-foot industrial property located in the Central New Jersey community of East Brunswick. The two-building complex was constructed in 1977 and features clear heights of 19 feet and 20 dock-high doors. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the financing through an undisclosed life insurance company on behalf of the borrower, New Jersey-based Denholtz Properties. The loan carried a 10-year term and a fixed interest rate.
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.
SAVANNAH, GA. — Denholtz Properties has purchased a three-property, 358,884-square-foot industrial portfolio in Savannah. The undisclosed seller sold the properties for $33 million. Colliers brokered the transaction, and JLL arranged an undisclosed amount of acquisition financing on behalf of Denholtz. Located at 101 and 111 Coleman Blvd. and 10 Artley Road, the portfolio is situated near the Port of Savannah, Norfolk Southern and CSX’s robust regional rail networks, I-16 and I-95 and Savannah-Hilton Head International Airport. The portfolio is currently fully leased to a variety of tenants, including Collins Aerospace, Johnson Matthey and East Coast Logistics.
BROADVIEW AND BUFFALO GROVE, ILL. — Lightstone has purchased two Chicago-area industrial properties totaling 558,000 square feet for an undisclosed price. The first property is a 332,000-square-foot warehouse and office building located at 2600 S. 25th Ave. in Broadview. The facility is 96 percent leased to 19 tenants. In Buffalo Grove, Lightstone purchased 990 and 1000 Deerfield Parkway, a 226,000-square-foot lab and warehouse property. The building is fully leased to Siemens. With these acquisitions, Lightstone’s industrial portfolio has grown to more than 6.5 million square feet across 15 markets. The seller was not provided.
