Industrial

Mohr Capital Completes Development of 846,260 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow March 15, 2023

WHITELAND, IND. — Mohr Capital has completed the development of an 846,260-square-foot industrial facility at its Mohr Logistics Park in the Indianapolis suburb of Whiteland. The property at 5365 N. Graham Road features a clear height of 40 feet. So far, one tenant has signed a lease for 513,000 square feet. A lease for the remaining space is currently under negotiation. Both tenants are expected to occupy the building this summer. The project team included Pepper Construction, Curran Architecture and American Structurepoint. Mark Writt of CBRE handles the leasing.

March 15, 2023

Acquisitions Industrial Midwest Minnesota

Sealy & Co. Acquires 221,128 SF Industrial Building in Metro Minneapolis

by Kristin Harlow March 15, 2023

BROOKLYN PARK, MINN. — Sealy & Co. has acquired a newly constructed industrial building totaling 221,128 square feet in the Minneapolis suburb of Brooklyn Park. The purchase price was undisclosed. Located at 10600 Xylon Ave. N., the facility is fully leased to multiple tenants. The property features a clear height of 32 feet, 50 dock-high doors, two drive-in doors and abundant auto and trailer parking. Jason Gandy and Davis Gibbs represented Sealy on an internal basis. Scannell Properties was the seller.

March 15, 2023

Acquisitions California Industrial Self-Storage Utah Western

CBRE Investment Management Acquires Self-Storage Portfolio in Southern California, Utah

by Jeff Shaw March 15, 2023

LOS ANGELES — A fund sponsored by CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah that totals 8,697 units. The fund now owns 100 self-storage properties across the U.S., totaling 55,477 units. The seller and price were not disclosed. The self-storage assets, which will operate under the StorQuest brand, are primarily single-story, drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio includes a mix of indoor, climate-controlled units and outdoor units. The properties are currently 95 percent leased. Nick Walker of CBRE’s National Self Storage Advisory Group represented the seller in the transaction. Tom Traynor and James Millon of CBRE’s Large Loans division, along with Talonvest, arranged the financing in the transaction.

March 15, 2023

California Development Industrial Loans Western

Lovett Industrial Receives $24.9M Construction Financing for Rialto, California Project

by Jeff Shaw March 14, 2023

RIALTO, CALIF. — Lovett Industrial has received $24.9 million in construction financing to develop Rialto II, a 114,115-square-foot, Class A industrial development in Rialto. Once completed, Rialto II will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. The six-acre site is located at 1910 W. Renaissance Parkway. The three-year, fixed-rate loan is through American Realty Advisors. Peter Thompson, Samuel Godfrey and Jordan Leake led the JLL Capital Markets debt advisory team.

March 14, 2023

California Industrial Leasing Activity Western

R.L. Jones Leases 240,975 SF Industrial Building at Landmark at Otay in San Diego

by Jeff Shaw March 14, 2023

SAN DIEGO — R.L. Jones Customhouse Brokers has leased a 240,975-square-foot industrial building currently under construction at Landmark at Otay in San Diego. The facility is situated at the intersection of SR-905 and SR-125. Targeted for shell completion in May 2023, R.L. Jones will relocate its corporate headquarters to 1610 Landmark Road as it expands its operations in the park to nearly 400,000 square feet across two new Class A industrial structures. R.L. Jones signed its first lease, totaling more than 150,000 square feet, within the same park in 2021. The new agreement represents the largest non-Amazon industrial lease in Otay Mesa in the past decade, and the largest in San Diego County in the past five years, according to the Colliers San Diego team of Mark Lewkowitz, Chris Holder and Will Holder, which is responsible for marketing and leasing the development. Majestic Realty Co. and Sunroad Enterprises are the developers behind Landmark at Otay.

March 14, 2023

Acquisitions Industrial Michigan Midwest

Crestlight Capital Acquires 1.1 MSF Industrial Portfolio Near Detroit Metro Airport

by Kristin Harlow March 14, 2023

BELLEVILLE AND ROMULUS, MICH. — Crestlight Capital, in partnership with Sabal Investment Holdings, has acquired a four-property industrial portfolio totaling 1.1 million square feet near the Detroit Metropolitan Wayne County Airport. The purchase price was undisclosed. The buildings are located at 7525 and 6505 Cogswell St. in Romulus and 41133 and 41199 Van Born Road in Belleville. They are fully leased to various tenants. Crestlight has retained Dan Labes, Jack Coury and Chris Hill of Newmark to manage and lease the buildings.

March 14, 2023

Indiana Industrial Loans Michigan Midwest

iBorrow Provides $13.5M Loan for Refinancing of Two Industrial Properties in Michigan, Indiana

by Kristin Harlow March 14, 2023

ALMA, MICH. AND MUNSTER, IND. — iBorrow has provided a $13.5 million loan for the refinancing of two industrial properties in Alma and Munster. The two manufacturing facilities are fully leased and total 301,000 square feet. The loan will enable the borrower to refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by buying out an equity partner. The properties are located at 2000 Michigan Ave. in Alma, a city in central Michigan, and 9325 Kennedy Court in Munster, a city in Northwest Indiana.

March 14, 2023

Development Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $20M Construction Loan for Central New Jersey Industrial Project

by Taylor Williams March 14, 2023

EAST BRUNSWICK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $20 million construction loan for a 146,570-square-foot industrial project in the Central New Jersey community of East Brunswick. The speculative warehouse will feature a clear height of 36 feet, 18 loading docks and parking for 91 vehicles and 15 trailers. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the three-year loan through an undisclosed regional bank. The borrower/developer was also not disclosed.

March 14, 2023

Industrial Leasing Activity Massachusetts Northeast

Navisun Signs 60,282 SF Industrial Lease in Avon, Massachusetts

by Taylor Williams March 14, 2023

AVON, MASS. — Solar energy provider Navisun has signed a 60,282-square-foot industrial lease in the southern Boston suburb of Avon. According to LoopNet Inc., the property at 61 Strafello Drive was built in 1974 and renovated in 2022. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented Navisun and the landlord, DH Property Holdings, in the lease negotiations.

March 14, 2023

California Development Industrial Western

Patrinely Group Buys Industrial Development Site in Menifee, California for $61M

by Jeff Shaw March 13, 2023

MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.

March 13, 2023

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