CHICAGO — Avison Young has brokered the sale of a 21-property industrial portfolio totaling 704,270 square feet for an undisclosed price. The properties are located in markets such as Chicago, Atlanta, Memphis, Columbus, Long Island and Philadelphia. Erik Foster and Mike Wilson of Avison Young’s Chicago office represented the sellers, institutional investors advised by J.P. Morgan Global Alternatives and Realterm. Biynah Partners was the buyer.
WHEELING, ILL. — Lee & Associates has arranged the sale of a 119,115-square-foot industrial building in the Chicago suburb of Wheeling for $4.5 million. The property sits on 6.5 acres at 742 Glenn Ave. Tom Boyle of Lee & Associates represented the buyer, JV Global Services. David Haigh of NAI Hiffman and Tak O’Haru of White Cube LLC represented the seller, Tomoegawa, which maintains its U.S. headquarters in Wheeling and manufactures toner products.
SAN DIMAS, CALIF. — Newport Beach-based RanchHarbor and Los Angeles-based Manhattan West have partnered to purchase a multi-tenant industrial warehouse property located at 221-299 Allen Ave. and 906-924 Cataract Ave. in San Dimas. Terms of the transaction were not released. Situated on five acres, the value-add asset includes four individual buildings encompassing 91,000 rentable square feet across 44 individual suites. At the time of sale, the property was 98 percent occupied. The property’s four concrete tilt-up structures feature 14-foot to 18-foot clear heights and 44 ground-level doors. Unit sizes range from 1,232 square feet to 6,250 square feet. The property was originally built in 1979 and renovated in 2005. The buyers plan to perform deferred maintenance and capital improvements to the property. Jack Haley of Lee & Associates represented the buyer, while Todd Launchbaugh and Justin Leewood of Lee & Associates represented the undisclosed seller in the deal.
GEORGE WEST, TEXAS — Marcus & Millichap has brokered the sale of 281 Mini Storage, a 199-unit self-storage facility in George West, located roughly midway between San Antonio and Corpus Christi. The facility spans 37,440 net rentable square feet. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also procured a privately held, Texas-based investment group as the buyer. Both parties requested anonymity.
GRIMES, IOWA — Matthews Real Estate Investment Services has brokered the $17.5 million sale of an Amazon-occupied distribution center in Grimes, about 16 miles northwest of Des Moines. Built in 2019 and located at 1301 Southeast Gateway Drive, the property spans 109,786 square feet. Alexander Harrold of Matthews represented the buyer, a Los Angeles-based family office completing a 1031 exchange. The buyer was seeking an investment opportunity in the Midwest that would provide higher yields compared with California, according to Matthews. Matt Berres, Samer Khalil, Karick Brown and Jeffrey Miller of Newmark represented the seller, Briar Capital Management.
CHENEY AND SPOKANE, WASH. — Colliers has brokered the sales of two industrial buildings for a total consideration of $62 million. Bill Condon and Matt McGregor of Colliers oversaw the two separate transactions. In the first deal, Bridge Investment Group acquired a 306,000-square-foot building located at 9212 W. Hallet Road in Cheney for $40.4 million. The Class A industrial facility was fully leased to a long-term, high-credit tenant at the time of sale. In the second deal, Dogwood Industrial Properties purchased a 111,000-square-foot facility at 15909 E. Marietta Ave. in Spokane for $21.6 million. The Class A property is fully leased to four long-term tenants, including Keystone Automotive.
GILBERT, ARIZ. — San Diego-based Intersection has purchased KeyWest Plaza, a multi-tenant flex industrial property in Gilbert for $13.2 million. Golden Key Industrial Park LLC sold the asset in an off-market transaction. Leroy Breinholt, David Bean, Cory Sposi, Cory Breinhold and Kelli Jelinek of Commercial Properties’ Phoenix office represented the seller in the transaction. Located at 700-734 N. Golden Key St., the asset features 92,750 square feet of multi-tenant flex industrial space. Intersection plans to complete renovations at the property that will improve curb appeal and the overall tenant experience. Improvements will include new paint and upgrades to the parking lot and landscaping. The new owners will also implement a signage program providing tenants with greater visibility. Commercial Properties will continue to manage and lease the property for Intersection.
By Taylor Williams The combination of dwindling vacancies and skyrocketing construction costs is beginning to have a marginally negative impact on the confidence that industrial brokers across major U.S. markets have in their chosen property type, according to the latest sentiment report from the Society of Industrial & Office Realtors (SIOR). For the first time in the report’s history, the average sentiment of industrial brokers that carry the designation, while still very bullish overall, dropped below eight on a scale of one to 10. Specifically, overall sentiment fell from 8.2 in the fourth quarter of 2021 to 7.7 in the first quarter of 2022. The report also identified an environment of rising interest rates as an additional detractor on industry sentiment, though that factor is not unique to the industrial sector. With industrial users heavily investing in their supply chains amid the pandemic and e-commerce boom, there’s simply very little Class A space to be had, especially within infill locations in core markets. Disruptions within those same supply chains have helped drive costs of construction materials and timelines for projects to way-above-average levels, putting further downward pressure on supply growth. As a result, overall industrial leasing activity has slowed. According …
CHICAGO — Four Star Mushrooms (FSM) has signed a lease to open an 11,000-square-foot production facility at 300 N. Oakley St. in Chicago’s Kinzie Industrial Corridor. The facility represents a significant expansion from the company’s current 1,800-square-foot space. FSM’s mission is to revolutionize the cultivation of rare, unique and nutrient-dense mushrooms to help build sustainable food and ecological systems. The new facility will feature a commercial kitchen, wet lab, dry lab, cold storage, retail storefront and dining concept. Dimitri Tsiribas and Michael Conway of JLL represented FSM in the site selection process. Controlled environment agriculture, which involves the cultivation of plants and fungi in an indoor setting, is a rapidly growing sector of the food and agriculture market, according to JLL.
HOUSTON — Ideal Steel Inc., an Oregon-based fabricator, has signed a 66,500-square-foot industrial lease renewal at 5900 Brittmoore Road in northwest Houston. According to LoopNet Inc., the single-tenant property was built in 1969. Jake Wilkinson and Darren O’Conor of NAI Partners represented the tenant in the lease negotiations. Brad Berry and Ryan Wasaff represented the locally based landlord, Welcome Group, on an internal basis.