LAWRENCE, MASS. — Locally based brokerage firm ABG Commercial Realty has negotiated the $15.7 million sale of a 90,692-square-foot industrial property in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The property was built on 6.2 acres in 1968 and renovated in 2014. At the time of sale, the facility was fully leased to logistics firm Mainstream Global. The buyer was a joint venture between Boston-based Oliver Street Capital and an undisclosed institutional investor. The seller was also not disclosed.
NEW YORK CITY — Global logistics operator Realterm has acquired a 130,000-square-foot warehouse located in the Maspeth neighborhood of Queens. The building, which has 15 loading positions, sits on 5.2 acres at 50-35 56th Road, roughly five miles from LaGuardia Airport. The property was fully leased at the time of sale. Eastdil Secured represented the undisclosed seller in the transaction. Isaac Ilkhanov of Stelth Group represented Realterm.
By Dan MacDavid, Principal, AO Mixed-use industrial has become a significant economic driver in the Inland Empire. Cities are benefiting from business synergies, additional tax revenue, high-quality design and civic engagement that builds community. The recent mixed-use trend can be attributed to one key change: the significant growth in size and scale of industrial master plans over the past few decades, combined with a new approach to industrial as a partial result of the pandemic. After the 2008 financial crisis, the U.S. economy has managed to make a comeback in ways that are unique and new to the commercial real estate industry, specifically in the mixed-use industrial sector. The Inland Empire — historically regarded as a key industrial market — saw record-level demand for industrial space as online sales surged during the pandemic. Some 19.1 million square feet of industrial space was leased in the fourth quarter of 2020. This was down slightly from 19.8 million square feet in the third quarter, according to JLL’s fourth-quarter market report. Despite 19.7 million square feet of new product being delivered in 2020, supply still lags demand. Data from the second quarter of 2020 shows there are no signs of slowing in this sector, particularly in …
MIAMI — JLL Capital Markets has secured a $73.4 million refinancing loan for a five-property industrial portfolio totaling 713,481 square feet in Doral, Medley, Miami and Cooper City. Greg Nalbandian, Jim Cadranell, Maxx Carney and Michael Lachs of JLL arranged the loan on behalf of the borrower, metro Philadelphia-based Seagis Property Group LP. An undisclosed correspondent life insurance company provided the 10-year, fixed-rate, interest-only loan. The 12-building portfolio includes Class A and B properties located at 8305 NW 27th St. in Doral; 8150 NW 76th St. and 2101 NW 82nd St. in Medley; 3000 NW 125th St. in Miami; and the nine-building Cooper Commerce Center located at 2229-12260 SW 53rd St. and 12323 SW 55th St. in Cooper City. The portfolio was 99 percent leased at the time of the financing to 67 tenants. All the buildings feature efficient loading and clear heights ranging from 21 to 24 feet.
DALLAS — Dallas-based Rosewood Property Co. has acquired a portfolio of 16 self-storage facilities totaling approximately 1.3 million net rentable square feet across roughly 12,000 units. The locations of the properties are split among 12 states, with three facilities in Texas. Aaron Swerdlin, Kenneth Cox and Taucha Hogue of Newmark represented the seller, Utah-based REIT Extra Space Storage, in the transaction. Jim Davies, Erich Pryor and Tom Sherlock of Talonvest Capital represented Rosewood Property Co. Extra Space Storage will continue to manage the majority of the properties. The acquisition brings Rosewood’s self-storage portfolio to 73 facilities across 21 states totaling more than 5.8 million square feet and approximately 44,500 units.
DALLAS — A partnership between locally based development and investment firm Eider Creek Capital and a fund backed by Crow Holdings has broken ground on Mountain Creek East Logistics Center, a 467,541-square-foot speculative industrial project in southwest Dallas. Ricardo Quinones of Davidson Bogel Real Estate represented the development team in its acquisition of the four-parcel, 25-acre site on which the project will be developed. Completion is slated for August. CBRE has been tapped to lease the development.
NEWARK, N.J. — JLL has arranged a $110 million permanent loan for an 850,000-square-foot warehouse and distribution center in Newark. Thomas Didio, Thomas Didio Jr. and Ryan Carroll of JLL arranged the nonrecourse loan, which carried a fixed interest rate and a 15-year term, through a correspondent life insurance company. The borrower was not disclosed.
SOMERSET, N.J. — CBRE has brokered the $30.7 million sale of a 15-acre site in Somerset, located in the northern-central part of the Garden State, that currently houses a 209,000-square-foot office building. The undisclosed buyer plans to redevelop the property, which was built in 1986, into a warehouse and distribution center. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer in the transaction. The seller was also not disclosed.
ASHBURN AND ARCOLA, VA. — A joint venture between American Real Estate Partners (AREP) and Harrison Street has announced plans to develop six powered shell data centers in Virginia’s Data Center Alley for $1 billion. The campuses will span 2.1 million square feet across two sites in Ashburn and Arcola. The first project will include a portion of the former AOL headquarters on Pacific Boulevard in Ashburn. The development will feature four built-to-suit data centers delivering 300 megawatts (MW) of electrical power capacity. The second development will be located on Arcola Boulevard, directly across the street from a new development by Google and near Dulles International Airport in Arcola. The campus will include two built-to-suit data centers offering approximately 100 to 125 MW of electrical power capacity. The new buildings will range from 265,000 to 440,000 square feet in size. A timeline for the developments was not announced. The joint venture has also broken ground on ABX-1 at Beaumeade, a 265,000-square-foot, two-story, powered shell data center located on Loudoun County Parkway along the Ashburn Fiber Ring in Ashburn. The partnership acquired the site in January 2021 and has not announced a timeline for the project. A number of large-scale data …
2021 was a historic year for Kansas City industrial real estate. The local market size eclipsed 300 million square feet of space, representing the 16th-largest industrial market in the U.S. Class A building inventory is nearly 44 million square feet, ranking 15th in the nation. Of the industrial building inventory, 14.4 percent is Class A, ranking ninth-highest in the country, suggesting the inventory that we have is quality compared with other U.S. markets. Capital markets are firm influencers with soft voices. Nationally, the amount invested is a record high. Rental rate growth is at an all-time high and investors are confident that this growth will sustain. While you may not read about where capital is being deployed, the institutional development and investment activity provide the output to see where institutions have comfort. Cap rates in the Kansas City area broke records and saw compression in the last year of 50 to 150 basis points depending on the asset class. This is a result of investors seeking return and believing in the long-term strength of tier II industrial markets and yield premium afforded in these markets compared with gateway cities. Well-positioned assets traded with cap rates in the low to …