WOODRIDGE, ILL. — JLL Capital Markets has arranged a $13.2 million loan for the acquisition of Woodridge Commerce Center in the Chicago suburb of Woodridge. The three-building industrial property spans 148,012 square feet and was 97 percent leased at the time of sale to 21 tenants. Situated on nearly 12 acres along Werch Avenue, Woodridge Commerce Center is situated within the master-planned International Centre Business Park. Jeff Sause and Brian Walsh of JLL represented the borrower, a joint venture between Unilev Capital and real estate investor Nitin Chexal, who is the co-founder and CEO of Palladius Capital Management. JLL placed the three-year, floating-rate loan with Wells Fargo Bank. Unilev’s investment team of Raymond Levy, Ian Konowitch and Peter Berges led acquisition efforts.
EASTON, PA. — JLL has negotiated the $63.2 million sale of a 307,290-square-foot industrial building in Easton, located on the eastern edge of the Lehigh Valley region. Built on 28.4 acres in 1983 and expanded in 2013, the single-tenant property is fully leased to Phillips Pet Food & Supplies, which uses the space as its corporate headquarters and primary distribution facility. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Pennsylvania-based development and investment firm Endurance Real Estate, in the transaction. The buyer was not disclosed.
NEW YORK CITY — A partnership between Simi Capital Group, an investment firm with offices in New York City and Miami, global asset management firm Cerberus Capital Management and Atlanta-based Stonemont Financial has purchased a self-storage facility in Staten Island. The sales price was $19 million. The partnership plans to demolish the building at 2577 Forest Ave. and convert the site into an outdoor storage facility that will feature industrial parking space. Construction is expected to begin early next year.
BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) has broken ground on its new global research and development (R&D) center in Brecksville, a southern suburb of Cleveland. The 600,000-square-foot facility will support product development, coatings research, color technology and process engineering. Cleveland-based Sherwin-Williams is also building a new global headquarters in downtown Cleveland that will span approximately 1 million square feet. The company plans to invest a minimum of $600 million to build both the headquarters and the R&D facility. Together, the two facilities will house more than 3,500 employees. Sherwin-Williams estimates it will add a minimum of 400 jobs at these properties over time, an increase of 11 percent to the company’s current local workforce. The R&D center is expected to open by the end of 2024.
FISHERS, IND. — StorageMart has acquired a 73,183-square-foot CubeSmart Self Storage facility in Fishers, a suburb of Indianapolis. The purchase price was undisclosed. Located at 10415 Allisonville Road, the property features 41 percent drive-up units and 59 percent interior, climate-controlled units. David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman & Co., along with Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates, represented StorageMart. Georgia-based York Allison LLC was the seller. This is StorageMart’s third location in Indiana. The property’s lighting, security system and gate entry will be updated.
KATY, TEXAS — EastGroup Properties, a Mississippi-based REIT, has broken ground on Grand West Crossing 1, a 120,600-square-foot industrial project in the western Houston suburb of Katy. The building, which will be situated within a larger Grand West Crossing master-planned development, will feature 28-foot clear heights and proximity to Interstate 10 and State Highway 290. JLL is marketing the building for lease. Construction is scheduled for a second-quarter 2022 completion. The master plan for Grand West Crossing includes five additional buildings or build-to-suit opportunities.
BOSTON — CBRE has arranged the $175 million sale of the Partners Industrial Portfolio, a collection of six buildings totaling 802,194 square feet in various suburban submarkets of Massachusetts. Specifically, the properties are located in Franklin, Andover, Wilmington, Tewksbury, Hopkinton and Auburn. Scott Dragos, Doug Jacoby, Chris Skeffington, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, AEW Capital Management, in the transaction. The buyer was New York City-based Link Logistics Real Estate. At the time of sale, the portfolio was 100 percent leased to eight tenants with a weighted average remaining lease term of 6.3 years.
WESTBOROUGH, MASS. — Amazon (NASDAQ: AMZN) has opened a 350,000-square-foot robotics facility in Westborough, about 30 miles west of Boston, a move that adds about 200 new jobs to the regional economy. The facility will feature corporate offices, research and development labs and manufacturing space for the production of mobile drive units, which are used for inventory selection and transportation in the company’s automated warehouses. Amazon also operates a robotics facility in North Reading, Massachusetts.
SOUTHAVEN, MISS. — JLL Capital Markets has arranged the sale of Southaven Distribution Center I, a fully leased, 156,825-square-foot, Class A distribution facility in Southaven, a Memphis suburb situated on the Tennessee-Mississippi border. Completed in 2020, Southaven Distribution Center I features tilt-wall construction, 32-foot clear heights, 28 loading positions, ESFR fire protection and office space. The property was fully leased to three tenants at the time of sale. Dennis Mitchell, Matt Wirth, Britton Burdette, Mitchell Townsend and Jack Wohrman of JLL represented the seller, Distribution Realty Group, which has offices in Chicago and Nashville. Newport Beach, Calif.-based Bixby Land Co. acquired the property for an undisclosed price. Located on 8.7 acres at 8921 Airways Blvd., Southaven Distribution Center I is situated just off Interstate 55 near Memphis International Airport.
MIDLOTHIAN, TEXAS — Chicago-based Logistics Property Co. will develop Southern Star Logistics Park, a 548,340-square-foot industrial project that will be located in the southern Dallas suburb of Midlothian. The company has partnered with the Midlothian Economic Development Council on this project, which will be situated on a 45-acre site adjacent to State Highway 67. CBRE is marketing the project for lease. A construction timeline was not released.