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Industrial

Ready Cap
FloridaIndustrialLoansSoutheast

Ready Capital Closes $8.2M Loan for Industrial Property in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — Ready Capital has closed the $8.2 million loan for the acquisition and renovation of a 170,000-square-foot industrial warehouse and distribution property in Jacksonville. The name of the property was not disclosed. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the sponsor will implement a capital improvement plan to renovate property exteriors and common areas.

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CaliforniaIndustrialLoansWestern

PSRS Provides $45M Refinancing for Industrial Property in Commerce, California

by Amy Works

COMMERCE, CALIF. — PSRS has provided $45 million in financing for an industrial building in Commerce. Built in 1960 on two acres, the property features 649,000 square feet of owner-user warehouse space. The building features 32-foot clear heights and a parking ratio of approximately 2.00/1,000 per square feet. Additionally, the property features 75 percent industrial space and 25 percent office. Michael Tanner and Jonny Soleimani of PSRS secured a non-recourse loan with a 10-year term and 30-year amortization.

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18-Creek-Parkway-Boothwyn-Pennsylvania
AcquisitionsIndustrialNortheastPennsylvania

Wharton Industrial Acquires 750,000 SF Industrial Portfolio in Philadelphia Area

by Taylor Williams

PHILADELPHIA — Wharton Industrial, an investment arm of New York-based Wharton Equity Partners, has acquired a portfolio of seven industrial properties totaling roughly 450,000 square feet in the Philadelphia area. Four of the properties are located in the Pennsylvania markets of Croydon, Boothwyn and Reading. The other three are located in the Southern New Jersey communities of Marlton, Moorestown and Pennsauken. The seller and sales price were not disclosed.

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Carter-Distribution-Center-Fort-Worth
IndustrialLeasing ActivityTexas

RSI SmartCap Signs 391,985 SF Industrial Lease at Carter Distribution Center in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — RSI SmartCap, a provider of stainless steel truck cap systems, has signed a 391,985-square-foot industrial lease at Building F within Carter Distribution Center in Fort Worth. The four-building complex is located within Carter Industrial Park and features 32- to 36-foot clear heights, an ESFR sprinkler system and ample car and trailer parking spaces. Matt Carthey and Thomas Grafton of locally based brokerage firm Holt Lunsford Commercial represented the landlord, PGIM Real Estate, in the lease negotiations. Grant Pruitt with Whitebox Real Estate represented the tenant.

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AcquisitionsIndustrialTexas

CBRE Arranges Sale of 300,437 SF Industrial Portfolio in Metro Dallas

by Taylor Williams

ADDISON AND CARROLLTON, TEXAS — CBRE has arranged the sale of a portfolio of nine industrial properties totaling 300,437 square feet in the northern Dallas metros of Addison and Carrollton. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE represented the locally based seller, Kennington Commercial, in the transaction. A joint venture between Birtcher Anderson & Davis and Belay Investment Group purchased the portfolio for an undisclosed price.

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AcquisitionsIndustrialMassachusettsNortheast

GLP Capital Partners Buys Suburban Boston Industrial Portfolio for $173M

by Taylor Williams

BOSTON — GLP Capital Partners has purchased the Northeast Logistics Portfolio, a collection of four warehouse and distribution buildings in the Boston area totaling approximately 1 million square feet, for $173 million. The properties include 192 Mansfield Ave. in Norton; 100 Adams Road in Clinton; and 132 Campanelli Drive and 1010 W. Chestnut St. in Brockton. The portfolio was fully leased to 11 tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Ed Jarosz, Brian Pinch, Samantha Hallowell and Nick Revers of Newmark represented the seller, Marcus Partners, in the transaction. The team also procured GLP Capital Partners as the buyer.

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DevelopmentIllinoisIndustrialMidwest

Peak Breaks Ground on Phase II of DuPage Business Center in West Chicago

by Kristin Harlow

WEST CHICAGO, ILL. — Peak Construction Corp. has broken ground on the second phase of DuPage Business Center in West Chicago. Scannell Properties is the developer for the 250,100-square-foot speculative warehouse, which will feature a clear height of 32 feet, 30 dock positions, four drive-in doors and parking for 208 cars and 95 trailers. The facility is designed to accommodate up to four tenants. Completion is slated for the third quarter of 2022. The project team includes SpaceCo, Ware Malcomb and IMEG. Cory Ramey and Shamus Conneely of John Greene Industrial will market the project for lease.

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2550-Orange-Ave-Signal-Hill-CA
CaliforniaDevelopmentIndustrialWestern

CenterPoint to Develop 100,147 SF Distribution Center Near Ports of Los Angeles, Long Beach

by Amy Works

SIGNAL HILL, CALIF. — CenterPoint Properties has acquired nine acres of land at 2550 Orange Ave. in Signal Hill from Signal Hill Petroleum for an undisclosed price. CenterPoint plans to develop a 100,147-square-foot distribution facility with 17 dock-high doors and 73 trailer parking stalls on the former driving range site. Tom Holland, Justin Domblaser and Alex Matar represented CenterPoint in the deal.

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Victor Hill
AcquisitionsIndustrialSouth CarolinaSoutheast

Dalfen Acquires 366,240 SF Industrial Property in Greer, South Carolina

by Julia Sanders

GREER, S.C. — Dalfen Industrial has acquired Victor Hill Industrial Park, a 366,240-square-foot industrial property located in Greer. Exxcel Project Management sold the property for an undisclosed sales price. Victor Hill Industrial Park is a recently constructed, Class A, two-building industrial park. Located at 859 and 861 Victor Hill Road, the property is situated a quarter mile from the BMW manufacturing plant, two miles from Interstate 85 and the Greenville-Spartanburg Industrial Airport, three miles to Fedex Air and five miles to Inland Port Greer.

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Topaz-Business-Center-Simi-Valley-CA
AcquisitionsCaliforniaIndustrialWestern

Rexford Industrial Acquires 242,101 SF Topaz Business Center in Simi Valley

by Amy Works

SIMI VALLEY, CALIF. — Rexford Industrial has purchased Topaz Business Center, a six-unit industrial building in Simi Valley, from 2280 LLC for $46.4 million. The property features 242,100 square feet of industrial space. Topaz Distribution purchased the asset 10 years ago for $14 million and added 40,000 square feet of rentable building footprint during a 2015 renovation. Topaz Distribution occupies about 51,000 square feet of the property. Additional tenants include Tire Hub, Sooner Express, Frontline, Derma E and Lifetech Resource. Mike Tingus, Jose Jusko and Grant Fulkerson of Lee & Associates’ LA North/Ventura office represented the buyer and seller in the deal.

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