COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.
ALTOONA, IOWA — Endeavor Development has broken ground on the first phase of its I-80 Distribution Center located at 451 9th St. in Altoona. Completion of the 300,000-square-foot building is slated for the first quarter of 2023. Upon full buildout of the three phases, the speculative project will span 900,000 square feet. JLL is leading the leasing efforts, and JLL’s David Berglund, Colin Ryan and Scott Loving arranged debt and equity. Endeavor is a Minneapolis-based developer, owner and manager.
MADISON, WIS. — Lee & Associates has brokered the sale of a 30,000-square-foot industrial building in Madison for $2.7 million. The property is located at 5601 Manufacturers Drive. Blake George of Lee & Associates represented the seller, an entity doing business as Pony Express LLC. The buyer was IA Manufacturers LLC.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired Champions Commerce Park, a development in North Houston that consists of 16 light industrial and self-storage buildings totaling 161,753 square feet. The Class B portfolio had a total occupancy rate of 91 percent at the time of sale. The seller and sales price were not disclosed.
METUCHEN, N.J. — Locally based investment firm Seagis Property Group has purchased a 158,641-square-foot industrial facility located in the Northern New Jersey community of Metuchen. The front-load building features a clear height of 21 feet, 20 tailgate doors, two drive-in ramps and parking for 25 trailers. The seller was New Jersey-based trucking company P&V Warehouse Distribution. Steve Bussel of Bussel Realty Corp. represented both parties in the transaction. Seagis plans to implement a multimillion-dollar value-add program.
PITTSBURGH — Developer Westrise Capital has completed Launchpad, a 60,000-square-foot redevelopment project located in between Pittsburgh’s downtown and West Oakland areas. The site at 304 Jumonville St., which previously housed an industrial laundry facility that served a local hospital, can now support office, technology, life sciences, research and development or light manufacturing and assembly uses. JLL is marketing the property for lease.
EAST RUTHERFORD, N.J. — California-based Temco Logistics has signed a 57,076-square-foot industrial lease in the Northern New Jersey community of East Rutherford. The space features a clear height of 24 feet, two drive-in ramps and 4,700 square feet of office space. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the tenant in the lease negotiations. Monte Radfar and Eric Lewin of Team Resources represented the landlord, Safer Development & Management.
HACKENSACK, N.J. — Cushman & Wakefield has brokered the $7.3 million sale of the Burlews Industrial Portfolio, a collection of seven industrial buildings totaling 44,500 square feet in Hackensack. Andrew Schwartz, Jordan Sobel and André Balthazard of Cushman & Wakefield represented the seller, Brentwood Realty, and procured the buyer, private investor Dave Goldberg, in the transaction. The portfolio was fully leased to 11 tenants at the time of sale.
SACRAMENTO, CALIF. — LDK Ventures has completed the disposition of a warehouse building in Sacramento to Belvedere Logistics CA Property Owners for $42.8 million. Located at 8301 Belvedere Ave., the property features 340,000 square feet of industrial space. LDK Ventures originally acquired the asset in 2015 from a family trust. After purchase, LDK renewed both existing tenant leases and made building and site improvements, which included expansion of the interior, infill of existing rail tracks to create more usable floor space, and asphalt improvements to the site and parking areas. Rebecca Perlmutter, Darla Longo, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Michael Longo, Paige Morgan, Michael Luca and Ryan DeAngelis of CBRE represented LDK Ventures in the transaction.
KENNESAW AND CALHOUN, GA. — Lincoln Property Co. Southeast (LPC Southeast) has acquired land in the northwest Atlanta suburbs of Kennesaw and Calhoun to build two new industrial developments totaling 800,000 square feet. The development in Calhoun, a 400,000-square-foot industrial facility on Belwood Road just off I-75, will break ground in the third quarter and deliver in summer 2023. In Kennesaw, LPC Southeast has purchased a 175,000-square-foot facility and additional land directly off I-75 and a quarter-mile from Kennesaw State University. The land can accommodate up to 400,000 square feet of additional development. No construction timeline was given for the Kennesaw project. LPC Southeast’s Turner Fortin and Colin Beecham will oversee construction, marketing and leasing of both buildings.