LAS VEGAS — RealComm Advisors has arranged the acquisition of an industrial property located at 7175 Belcastro St. and 7255 W. Arby Ave. in Las Vegas. Credi Gramercy LLC, Reinhardt LLC, Roman Crescentini Family Trust and Chiara Crescentini Family Trust purchased the asset for $13.9 million. The facility offers 73,468 square feet of industrial space. Greg Pancirov, Mike De Lew and Paul Hoyt of RealComm Advisors represented the buyer in the deal.
MURRAY, UTAH — Marcus & Millichap has negotiated the sale of The Storage Center Salt Lake City, a self-storage facility in Murray. Terms of the transaction were not released. Located at 4317 S. Commerce Drive, the 100,450-square-foot property was constructed in phases from 1976 to 1992. The asset features a leasing office, resident manager’s quarters and 570 units. The buyer plans to complete a large-scale renovation on the property to bring it to institutional standards. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the transaction.
IRVING, TEXAS — Lee & Associates has negotiated an 81,280-square-foot industrial lease at 6425 Campus Circle in Irving. According to LoopNet Inc., the property was built in 1981. Ken Wesson, Adam Graham and Chris Hillman of Lee & Associates represented the landlord, Longpoint Realty Partners, in the lease negotiations. The representative of the tenant, West Shore Homes, was not disclosed.
PHILADELPHIA — A joint venture between Philadelphia-based investment firm Arden Group and global investment management firm Arcapita Holdings Group has acquired a portfolio of 18 industrial properties totaling approximately 5 million square feet. The properties are located in seven U.S. markets: Atlanta, Charlotte, Columbus, Dallas, Houston, Philadelphia and Indianapolis. The acquisition is part of the joint venture’s strategic plan to acquire up to $2 billion in multi-tenant industrial assets across the country. The seller(s) was not disclosed. Sheheryar Hafeez,John Huguenard, John Rose, Brian Walsh, Ross Bratcher, Anderson Granger and Michael Brady of JLL arranged acquisition financing for the joint venture.
By Joe Iannacone, senior vice president, Titan Development; and Omar Nasser, senior vice president, AQUILA Commercial The Central Texas industrial market stretches between Austin and San Antonio along the Interstate 35 “Innovation” Corridor, an approximately 80-mile expanse that encompasses some of the fastest-growing cities in the nation. Austin, now the 10th-largest city in the nation population-wise, continues to see unprecedented growth in the tech, e-commerce and household industry sectors. Most notably, Tesla decided to construct its Cybertruck Gigafactory in East Austin along State Highway 130, which has and will be a boon to the region. The electric car maker also recently announced plans to relocate its headquarters from Silicon Valley to Austin. San Antonio, the nation’s seventh-largest city, has seen continued growth in the automotive, financial, life sciences and food and beverage sectors. Large companies continue to flock to the region to establish a major presence, including USAA, H-E-B and Toyota. The markets in between Austin and San Antonio from south to north — Schertz, New Braunfels, San Marcos, Kyle and Buda — have benefitted from the synergies of both markets due to their location and strong economies. As a result of the continued economic activity and with the effects …
SIMI VALLEY, CALIF. — Stream Realty Partners and QuadReal Property Group, in a joint venture, have broken ground on Tapo Canyon Commerce Center, a five-building industrial complex in Simi Valley. Located at 1800 Tapo Canyon Drive, the property will feature 344,056 square feet of Class A industrial space. Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,579 square feet with leasing options from 19,239 square feet to the entire 344,056-square-foot campus. The buildings will feature 28-foot to 36-foot clear heights, window-lined office space, above-regional-standard dock-high loading, five different access points and immediate 118 freeway access. The project team includes HPA Architects, Kimley-Horn and KRPS as general contractor. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark are handling leasing for the property.
MISSOURI CITY, SPRING AND SUGAR LAND, TEXAS — Locally based investment firm Lovett Industrial has completed construction of three warehouses totaling approximately 1.6 million square feet in the Houston area. The properties include a 1 million-square-foot building in the southwestern suburb of Missouri City; a 220,000-square-foot facility within 99 North Logistics Park in the northern suburb of Spring; and a 326,000-square-foot asset located within Sugar Land Business Park, also on the city’s southwestern outskirts. The first two projects were executed as build-to-suits for an undisclosed, global e-commerce firm. The third building is 50 percent leased to Boise Cascade Building Materials Distribution. Lovett Industrial delivered the buildings with 95 percent of the total space preleased.
MOORESTOWN, N.J. —OPEX, a manufacturer of automated machines, has purchased a 115,422-square-foot industrial building at 1224 N. Main St. in the Southern New Jersey city of Moorestown. Situated on eight acres, the property features a clear height of 22 feet and 12 loading docks, as well as proximity to Interstate 295, the New Jersey Turnpike and State Route 38. Scott Mertz of NAI Mertz represented the buyer, which will also occupy the building, in the transaction. The seller was Northbridge Partners.
MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed. One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.
CONSHOHOCKEN, PA. — EQT Exeter has sold a portfolio of 328 industrial properties for $6.8 billion on behalf of its private real estate funds, EQT Exeter Industrial Value Fund IV and related investment vehicles. The properties span 70.5 million square feet across the state of New York; Dallas; Atlanta; Chicago; Los Angeles; Memphis, Tenn.; Indianapolis; Columbus, Ohio; and Louisville, Ky. The portfolio consists primarily of logistics properties serving major corporations, including facilities for big box regional distribution, e-commerce fulfillment and last-mile distribution. EQT Exeter — which was formed earlier this year when Swedish private equity firm EQT AB acquired Exeter Property Group for $1.9 billion — assembled the portfolio through a mix of development and acquisitions. The company developed 15 million square feet of the portfolio, with 7 million square feet still under construction, and acquired the balance through 100 transactions over the course of the past three years. The portfolio was 95 percent occupied at the time of sale. The buyer — an undisclosed group led by an Asian sovereign-wealth fund, according to reports by The Wall Street Journal — was procured by Eastdil Secured. EQT Exeter will continue to operate and manage the properties as part of the transaction. …