HAZLETON, PA. — CIT, a division of First Citizens Bank, has provided $17 million in construction financing for two industrial projects in Hazleton, located roughly midway between Scranton and Allentown. The sites are located within the 3,000-acre Humboldt Park and can support Class A developments of 105,000 and 115,000 square feet. The borrower was Saxum Real Estate.
FRANKLIN, IND. — A partnership between Northern Virginia-based Legacy Investing LLC and an affiliate of New York City-based investment manager Axonic Capital LLC has acquired I-65 Indianapolis Logistics Center South. The newly constructed distribution center spans 954,370 square feet and is located in Franklin, a southern suburb of Indianapolis. Andrew Morris and Jeremy Woods of CBRE represented the undisclosed seller and represented the new owners in securing a lease for the property with a third-party logistics company. The sales price was undisclosed.
PREMIER Design + Build Group Breaks Ground on 438,750 SF Industrial Build-to-Suit in Elgin, Illinois
ELGIN, ILL. — PREMIER Design + Build Group has broken ground on a 438,750-square-foot industrial build-to-suit in Elgin for Atlantic Packaging, a designer and manufacturer of packaging solutions. The property, situated at 2601 Mason Road, will serve as the firm’s Midwest branch. The facility will feature a clear height of 36 feet, 30 dock positions, three drive-in doors, seven offices, conference rooms and open workspaces. PREMIER will install an exterior asphalt lot to accommodate 300 vehicles and 32 trailers. Completion is slated for February 2023. The project team includes architect Ware Malcomb, civil engineer Manhard Consulting and structural engineer LJB Engineers. Industrial Equity Partners and World Richman are the developers.
LA VISTA, NEB. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of an All About Storage property located at 11109 Olive St. in the Omaha suburb of La Vista. Built in 2005, the self-storage facility features 780 units, 83 percent of which are occupied. Phillip Gause of MMCC arranged the 10-year loan, which features a loan-to-value ratio of 60 percent and an interest rate of 4.1 percent. The lender was undisclosed.
MORGAN HILL, CALIF. — Trammell Crow Co. and joint-venture partner CBRE Investment Management, on behalf of one of its funds, have sold Butterfield 5 Technology Park in Morgan Hill. Invesco Real Estate acquired the asset for an undisclosed price. Totaling 410,101 square feet, the industrial park was completed earlier this year and features five Class A industrial buildings situated on 24 acres. HPA Inc. served as architect and Lusardi Construction acted as general contractor for the project. Rebecca Perlmutter with CBRE National Partners represented the sellers in the disposition. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will continue to handle marketing and leasing for the industrial park.
NORTH LAS VEGAS, NEV. — Portland, Ore.-based Schnitzer Properties has acquired Westland Center, an industrial and retail property located at the intersection of East Craig and North Pecos roads in North Las Vegas. Terms of the transaction were not released. Totaling 95,213 square feet, Westland Center features six buildings with 43 light industrial and retail units spread across 9.7 acres. Schnitzer Properties has owned and operated property in the greater Las Vegas area since 1994.
SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.
LOXLEY, ALA. — Imperial Dade, a food packaging and janitorial supplies distributor based in Jersey City, N.J., has opened a new logistics hub in Loxley, a city in Alabama’s Baldwin County situated along I-10. The $20 million warehouse and office facility will support the company’s growing customer base in the Gulf Coast and create 55 new jobs. The Class A facility is situated on 29 acres and features a concrete tilt-wall construction. Zach Plevritis and Mary Mozejko led Imperial Dade’s integration team internally and worked with city and county officials for the project.
WILMINGTON, MASS. — Middlesex Savings Bank has provided a $39.1 million construction loan for a 214,440-square-foot industrial project in Wilmington, a northern suburb of Boston. The two-building development is scheduled for a January 2023 completion and will feature a clear height of 32 feet, ESFR sprinkler systems and ample car and trailer parking. Brett Paulsrud and Jonathan Schneider of JLL, working with Middlesex’s Nick Giberson, arranged the loan on behalf of the borrower, Boston-based Davis Cos.
CHICAGO — JLL Capital Markets has arranged a $61 million loan for the acquisition of a 21-property industrial portfolio across 17 markets in the Southeast, Mid-Atlantic, New England and Central U.S. The portfolio is 93 percent leased to 18 tenants with an average tenure of nearly 17 years. Matthew Schoenfeldt and Lucas Borges of Chicago-based JLL arranged the loan on behalf of the borrower, Biynah Industrial Partners. The lender and loan terms were not provided.