FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The IN Self Storage portfolio, a collection of four facilities in the Dallas-Fort Worth metroplex. The properties total 1,041 units across 136,150 net rentable square feet and are located in Aubrey, Flower Mound, Fort Worth and Wylie. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the undisclosed seller and procured the buyer, Cohen Investment Group, in the transaction.
HOUSTON — Texas-based developer Constellation Real Estate Partners and a fund advised by Crow Holdings Capital will develop Constellation Post Oak, a 426,200-square-foot industrial complex that will be located in Houston. The property will comprise a 304,400-square-foot, cross-dock building with 36-foot clear heights and a 121,800-square-foot front-load building with 32-foot clear heights. Powers Brown Architecture is designing the project with Langan Engineering. Zack Taylor of Colliers represented Constellation in its acquisition of the 33-acre site on which the property will be developed. Colliers has also been retained to lease the development. Construction is set to begin in June 2022 with completion scheduled in the second quarter of 2023.
CHICAGO — Chicago-based Harrison Street has sold a portfolio of 12 self-storage facilities located across four states for an undisclosed price. Storage Post and Life Storage were the buyers. The portfolio consists of 625,598 rentable square feet across properties in Texas, New York, North Carolina and Illinois. Harrison Street operated the facilities in joint venture partnerships with Advantage Self Storage, Storage Post and Reliant Real Estate Management. Life Storage managed one of the properties on a third-party basis. The portfolio was 91 percent leased at the time of sale.
HARPER WOODS, MICH. — NorthPoint Development has unveiled plans to build Eastland Commerce Center in Harper Woods, a northeast suburb of Detroit. The speculative industrial project will consist of three buildings ranging from 200,000 to 536,000 square feet each. The development will be situated on an 80-acre site formerly occupied by Eastland Center shopping mall, which opened in 1957 and closed in late 2021. Joe Hamway and Greg Hudas of Signature Associates will market the project for lease. Pre-leasing is underway for Building 1, which will span up to 297,000 square feet and is slated for completion in early 2023. All three buildings are slated for completion by the end of 2023.
GOLIAD, TEXAS — Stan Johnson Co. has arranged the sale-leaseback of a portfolio of 13 industrial facilities totaling 118,000 square feet in Goliad, about 100 miles southeast of San Antonio. John Rotunno of Stan Johnson Co. represented the seller and tenant, Oryx Oilfield Services, in the transaction. Colorado-based private equity firm Real Capital Solutions purchased the portfolio for an undisclosed price.
MOONACHIE, N.J. — Faropoint, a locally based investment firm, has acquired a 62,000-square-foot industrial property in the Northern New Jersey community of Moonachie for $17.7 million. David Schechtman, David Benharouch and Ikey Betesh of Meridian Capital Group brokered the sale, the seller in which was not disclosed. The deal follows Faropoint’s $132.5 million acquisition of a portfolio of 10 industrial buildings in Northern New Jersey from Kushner Cos.
NORWOOD, N.J. — Phoenix Aromas & Essential Oils has signed a 79,466-square-foot industrial lease renewal at 355 Chestnut St. in the Northern New Jersey community of Norwood. Owned and developed by Alfred Sanzari Enterprises, the property features six loading docks and a clear height of 20 feet. Mitch Helfman of MRH Real Estate Services represented the tenant in the lease negotiations. Steve Jennings represented the landlord on an internal basis.
MESA, ARIZ. — Bird Dog Industrial has completed the disposition of Power 202 Business Park, a multi-building project at 4617, 4631 and 4645 S. Power Road in Mesa. GID Industrial acquired the asset for an undisclosed price. Constructed in 2021, the 330,496-square-foot, Class A light industrial park was fully preleased prior to completion. Situated on more than 19 acres, the three-building property features 24-foot to 32-foot clear heights, grade-level and dock-high loading doors, ESFR sprinklers, concrete truck court aprons, ample parking and functional divisibility with a variety of bay sizes. Additionally, the property provides quick access to a full diamond interchange at the Loop 202 Freeway. Will Strong, Greer Oliver, Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented the seller in the deal. Ken McQueen and Chris McClurg of Lee & Associates provided market advisory for the transaction.
NEW YORK CITY — New York City-based brokerage firm Invictus Property Advisors has negotiated the $18 million sale of a 22,500-square-foot industrial building in the Manhattanville area of West Harlem. The sale included the larger site on which the building is situated, which is zoned to support an additional 45,770 square feet of industrial development. Josh Lipton and Andrew Levine of Invictus Property Advisors represented the seller, a local family that had owned the existing building since 1986, in the transaction. The duo also procured the undisclosed buyer.
CARY, N.C. — Merritt Properties has bought 142 acres in Cary for $9 million with plans to build Merritt RDU Business Park, a 738,750-square-foot industrial park. The transaction includes three parcels. Construction is expected to begin early 2023. The seller of the land was not disclosed. Merritt RDU Business Park will span up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The industrial park will offer clear heights from 18 to 32 feet, leasable bays starting at 1,500 square feet, traditional rear-loaded docks and drive-in capabilities and free surface parking. The first phase of the project will include three buildings on the western side of the site, near the corner of Nelson and Pleasant Grove Church roads. The park will be located three miles from RDU International Airport, and will be close to Interstates 540 and 40, as well as US Highway 70. The project will be Merritt’s’ sixth speculative industrial project in the state, as well as the company’s largest North Carolina project since 2020. Merritt has nearly 2 million square feet of leasable space that is developed, proposed or under construction across five other projects in the Triangle area.