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.
AUBURN, WASH. — Fortress Investment has acquired the former Cutwater Boat factory in Auburn from JJL LLC for $9.5 million. Situated on 4.5 acres at 47 37th St. NE, the property features 27,000 square feet. The buyer was able to separate the deal with a leaseback on half of the property, while it works toward developing the other half of the property for a future tenant. Matt Murray of Kidder Mathews represented the buyer and seller in the transaction.
SPRING, TEXAS — CBRE has arranged the sale of The Pines Business Park I and II, a portfolio of six industrial buildings totaling 281,481 square feet located in the northern Houston suburb of Spring. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the seller, AEW Capital Management, in the transaction. Nuveen Real Estate, a division of The Teachers Insurance & Annuity Association of America (TIAA), purchased the portfolio for an undisclosed price. The buildings were fully leased at the time of sale.
PHILADELPHIA — Atlanta-based investment management firm Invesco Real Estate and Webster Bank have provided $76.8 million for the refinancing of a 282,737-square-foot industrial property in Philadelphia. DH Property Holdings recently completed the Class A facility, which is a build-to-suit for TJX Cos., the parent company of Marshalls and T.J. Maxx. Building features include a clear height of 53 feet, proximity to Interstates 95 and 76 and ample car and trailer parking. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing.
LINDEN, N.J. — Bridge Logistics Properties, a subsidiary of national industrial investment firm Bridge Investment Group, has purchased a 170,000-square-foot complex in the Northern New Jersey community of Linden. The two buildings at 3301 and 3351 Tremley Point Road sit on a combined 14.6 acres. The north building is a Class A facility with a clear height of 36 feet that includes cold storage space. The south building is a Class B warehouse with dock-high and grade-level doors. Leo Josephs and Joshua Meisner of Leo Josephs & Co. Inc. brokered the off-market transaction.
HOUSTON — A joint venture between Dallas-based Urban Logistics Realty and a fund backed by Crow Holdings has broken ground on Urban District 290, a 238,200-square-foot industrial project in Houston. The site is located near the corner of State Highway 290 and Bingle Road on the city’s northwest side. The development will consist of a 64,800-square-foot building and a 173,400-square-foot building with clear heights of 32 feet, speculative office space, ample car parking and ESFR sprinkler systems. Completion is slated for the second quarter of 2023. CBRE has been tapped as the leasing agent.
MONTGOMERY, PA. — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the sale of a 97,000-square-foot industrial complex in Montgomery, located about 80 miles southwest of Scranton. The two-building complex, which was originally constructed in 1930 and last renovated in 2020, was fully leased at the time of sale to New York City-based e-commerce firm Priority Bicycles. Tom Georges of Stan Johnson Co. represented the undisclosed seller in the transaction. The buyer was a California-based 1031 exchange investor.
ANDOVER, MASS. — Employment agency ALKU has signed a 75,000-square-foot office lease at 100 Brickstone Square in the northern Boston suburb of Andover. Brickstone Square was originally constructed in 1922 and recently underwent a capital improvement program that delivered expanded café services, a fitness center, onsite bistro, game room and a new outdoor patio and courtyard. Blake Baldwin, Shayne O’Neil and Petra Flynn represented the landlord, KS Partners, in the lease negotiations. Joe Doyle of Cresa represented the tenant.
NEWARK, N.J. — Global investment management firm Realterm has acquired a 33,500-square-foot industrial property located at 74 Avenue L in Newark. The facility sits on a 1.7-acre site near the Port of Newark and features 15 dock-high doors. The seller and sales price were not disclosed. Torsten Thaler, Steve Shoemaker and Tom Tucci at Cushman & Wakefield brokered the deal.
HAZELWOOD, MO. — CBRE has pre-leased a total of 382,105 square feet of industrial space to four tenants at Aviator Business Park in Hazelwood, a suburb of St. Louis. The pre-leased space is part of the latest expansion to the 155-acre industrial park. Three new buildings are slated to open later this month and are now 60 percent pre-leased. The new tenants include Pretium Packaging, which leased 178,128 square feet in Aviator 6; Federal Moving and Storage, which leased 97,734 square feet in Aviator 6, Community Wholesale Tire, which will occupy 76,058 square feet in Aviator 2; and Rivian, which inked a lease for 30,185 square feet in Aviator 5. Katie Haywood and John Frith of CBRE handled lease negotiations on behalf of the landlord and developer, California-based Panattoni Development Co. Inc. Kadean Construction is the general contractor. Panattoni purchased the Hazelwood Ford property in 2008 with plans to build Aviator Business Park. To date, the developer has completed six buildings that are fully occupied by tenants such as Graybar, International Foods and Weekends Only. Once the three new buildings are completed, the park will total more than 2.7 million square feet.