ST. LOUIS — Sealy & Co. has acquired a five-building industrial portfolio totaling 554,007 square feet in St. Louis for an undisclosed price. The properties are located within the Mid County and North County submarkets with convenient access to St. Louis Lambert International Airport. With the acquisition, Sealy & Co.’s holdings in the St. Louis market account for nearly 13 percent of its total portfolio across the United States. Sealy’s other prominent markets are Dallas and Memphis, Tenn. Michael Hanrahan of Cushman & Wakefield represented the seller, Altus Properties. Jason Gandy and Davis Gibbs of Sealy led the transaction on behalf of the company.
Industrial
ST. PETERS, MO. — Stan Johnson Co. has brokered the sale of an 11,591-square-foot industrial building in St. Peters, a northwest suburb of St. Louis, for more than $4.3 million. Herc Rentals occupies the single-tenant facility, which is located at 8016 Veterans Memorial Parkway. Built in 2008, the property sits on three acres. Zach Harris and Mark Grossman of Stan Johnson represented the seller, Nelson Grumney of Neland Investment Management. Patrick Doherty of Marcus & Millichap represented the buyer, a private investor completing a 1031 exchange.
DALLAS — California-based REIT PS Business Parks Inc. (NYSE: PSB) has acquired Port America, a 717,735-square-foot industrial development in Dallas, for $123 million. Port America, which is located near Dallas-Fort Worth International Airport, consists of eight buildings that were 96 percent leased at the time of sale. The average tenant suite is 8,000 square feet. The seller was not disclosed.
STAFFORD, TEXAS — Chempak International, a locally based logistics firm, has signed a 156,726-square-foot industrial lease within Weatherford Industrial Park in the southwestern Houston suburb of Stafford. Anthony Squillante, Drew Coupe and Josh Morrow of Avison Young represented the tenant, which plans to take occupancy of the space early next year, in the lease negotiations. Walter Menuet, Barkley Peschel and Jason Scholtz of Colliers International represented the landlord, Crow Holdings.
DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 79,359-square-foot industrial lease renewal at 5200 E. Grand Ave. in East Dallas. Josh Barnes and Canon Shoults with Holt Lunsford Commercial represented the landlord, City Warehouse, in the lease negotiations. Buddy Turner with Avison Young represented the tenant, Peachtree Stair Co. Inc.
By Scott Olson, Skogman Commercial On Aug. 10, 2020, eastern Iowa was hit with a derecho. This is the Spanish word for a widespread, long-lived, straight-line windstorm that is associated with a fast-moving group of several thunderstorms. Winds in southwest Cedar Rapids were estimated to be 140 miles per hour with the entire city of 75 square miles sustaining major damage. The statistics are staggering: • Cedar Rapids lost 669,000 mature trees, about 70 percent of its urban canopy. The storm left at least 4.5 million cubic yards of debris. Stacked 35 feet tall and wide, it would extend a whopping 24 miles. • 6,000 homes and properties were damaged. As repairs and reconstruction got underway, the city issued 25,000 building permits in fiscal-year 2021, more than double the number in a typical year. • City government buildings suffered $20 million in damage, while the business community reported losses totaling $170 million. About $70 million of that was the result of derecho-related shutdowns or power outages. • The state cumulatively sustained $11.5 billion in damage, according to the National Oceanic and Atmospheric Administration, which calls the Aug. 10 derecho “the costliest thunderstorm in U.S. history.” However, as evidenced in the …
IRVING, TEXAS — Total Office Solutions, a commercial moving and office furniture sales firm, has signed a 329,328-square-foot headquarters lease to occupy the entirety of Stadium Logistics Center, a newly built speculative development in Irving. The property spans 20 acres and features 192 trailer parking stalls and 300 car parking spaces. Robert Deptula and Collin Rock of Transwestern represented the tenant in the lease negotiations. Craig Jones and Randy Touchstone of JLL represented the landlord, California-based CT Realty. Total Office Solutions will also operate a showroom out of its new headquarters space.
Sterling Bay West, Harrison Street to Acquire Life Sciences Portfolio in Sorrento Mesa, Plan 1.1 MSF Development
by Amy Works
SAN DIEGO — Sterling Bay West and Harrison Street have agreed to acquire an office and life sciences portfolio in San Diego’s Sorrento Mesa submarket. City Office REIT is selling the assets for an undisclosed price. Located at 10390-10445 Pacific Center Court, 5910 Pacific Center Blvd. and 9985 Pacific Heights, the portfolio comprises four life sciences lab buildings, an empty building ready for speculative office/lab space, two office buildings totaling 420,229 square feet and five acres of excess land. The buyers plan to develop up to 1.1 million square feet of ground-up, Class A life sciences campus facilities on the site. Construction is slated to begin in 2023 and will be completed in phases.
HOUSTON — Bellomy & Co. has negotiated the sale of Houston Mini Storage, a 256-unit self-storage facility located about four miles north of downtown Houston. The property spans 34,660 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Utah-based limited liability company, in the transaction. The duo also procured the buyer, a locally based entity doing business as Houston Mini Storage LLC.
PLANO, TEXAS — Locally based investment and financial services firm Provident Realty Advisors has sold Plano Commerce Park, a 176,000-square-foot industrial development located on the northern outskirts of Dallas. Plano Commerce Park consists of two buildings that comprise about 132,000 square feet of manufacturing and warehouse space and 44,000 square feet of office space. Stephen Bailey, Dustin Volz and Zach Riebe of JLL brokered the deal. The buyer was not disclosed. Plano Commerce Park was 100 percent leased at the time of sale.