BUFFALO, N.Y. — Battery manufacturer Viridi Parente will increase its footprint at the former General Motors plant in Buffalo to 190,000 square feet. The company is working with St. Louis-based Alberici Construction to build 70,000 square feet of additional lab, assembly, office and production space at the 850,000-square-foot facility, which was originally built in 1923. Viridi Parente’s current 120,000-square-foot space comprises 60,000 square feet of battery assembly and manufacturing space, 20,000 square feet of office and lab space and a 40,000-square-foot shipping and receiving warehouse. American Axle & Manufacturing previously occupied the facility before vacating it in 2007.
BENSALEM, PA. — A partnership between Pennsylvania-based developer Endurance Real Estate Group and ASB Real Estate Investments has sold a 430,373-square-foot industrial building in Bensalem, located in Bucks County, for $41.9 million. The property was originally built in 1973 within Expressway 95 Business Park. Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the partnership and procured the buyer, global owner-operator EQT Exeter, in the transaction.
DALLAS — Industry professionals believe the commercial real estate values for industrial, office and suburban multifamily properties across the United States are expected to return to pre-pandemic levels or remain stable, hinting at a potential full recovery for the rest of 2021, according to a CBRE Group Inc. survey released on Aug. 31. CBRE’s survey looked at capitalization rates for stabilized assets and investment sentiment on market conditions. Capitalization rates measure a property’s value by dividing its net operating income by its sale price and a lower cap rate generally shows a higher value. In the survey, investors predicted cap rate movement will vary across different property types for the second half of 2021. For example, cap rates for industrial and multifamily properties are expected to compress in most markets, while the cap rates for office, retail and hotel properties are expected to stay steady. The survey also found that investors were willing to purchase industrial and multifamily properties at a premium or higher price than other property types. Additionally, investors looked mainly for small to moderate pricing discounts for office properties, and moderate to large discounts for retail properties and hotels. More than 75 percent of real estate investors …
RIALTO, CALIF. — The Voit Co. has broken ground on Renaissance Commerce Center, a speculative industrial property located at 1993, 2033 and 2133 W. Casmalia St. in Rialto. Totaling 87,189 square feet, the single-tenant industrial asset will feature a 34,015-square-foot building, a 28,837-square-foot facility and a 24,337-square-foot property. Each building will offer state-of-the-art amenities, including dock-high doors, 26- to 28-foot clear heights, ample parking and designated office space within each building. Completion is slated for first-quarter 2022. Juan Gutierrez and John Viscounty of Voit Real Estate Services will represent The Voit Co. in lease or sale of the property.
JACKSONVILLE, FLA. — Newtown Square, Penn.-based Graham Capital has acquired three fully leased warehouse buildings in Jacksonville’s Westside submarket. Mark Scott of Foundry Commercial represented Graham Capital in the transactions. The sales price and seller were not disclosed. The first warehouse property spans 216,000 square feet and is located at 1550 N Ellis Road. The other two properties are located at 7051 Stuart Ave. and 6982 Highway Ave. and total 153,625 square feet. All three buildings are located close to Interstate 10 and Interstate 295.
LISLE, ILL. — Brown Commercial Group has negotiated the sale of a 20,362-square-foot industrial building in Lisle, a western suburb of Chicago. The sales price was undisclosed. Located at 1808 Ogden Ave., the property includes 8,840 square feet of warehouse space, 6,953 square feet of production space, 4,360 square feet of office space and 80 parking stalls. Mike Antonelli of Brown represented the seller, a private trust. Anthony Ciaravino of Cushman & Wakefield represented the buyer, Gator Chef, a supplier of new and used restaurant equipment.
SEGUIN, TEXAS — Bellomy & Co., a self-storage brokerage firm based in Austin and Houston, has negotiated the sale of K2 Storage, a 321-unit facility located about 35 miles northeast of Austin in Seguin. The property spans 53,650 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Texas-based seller, KTCK2 Management LLC, in the transaction. The duo also procured the New York-based buyer, an entity doing business as AGAP Seguin Lettau LLC.
FORT WORTH, TEXAS — Dallas-based investment firm Leon Capital has acquired an 81,718-square-foot industrial building located at 3601 Conway St. in Fort Worth. James Mantzuranis and Adam Jones with Stream Realty Partners represented Leon Capital in the transaction. Seth Koschak and Forrest Cook, also with Stream, represented the sellers, Wayne Corbell and Bonnie Corbell.
CARROLLTON, TEXAS — Proterra Properties has completed the lease-up of Point 35/190, a 178,000-square-foot office and warehouse building located in the northern Dallas suburb of Carrollton, with the execution of two leases of undisclosed sizes. The tenants are SOPREMA USA, a manufacturer and engineering firm that supports the construction industry, and Compass Group USA, a Charlotte-based foodservices provider. Boston-based Longpoint Realty Partners developed the project, with Proterra Partners serving as the leasing agent. Jerry Reis and Harrison Shipp of Property Advisers Realty represented SOPREMA USA, and David Eseke and Adam Curran of Cushman & Wakefield represented Compass Group USA.
TACOMA, WASH. — Davis Property & Investment has purchased the former Tacoma News Tribune headquarters building, situated on 13 acres at 1950 State St. in central Tacoma, for $15.5 million. The name of the seller was not released. The 248,000-square-foot building was constructed and occupied by the newspaper in 1974. The property consists of 60 percent quasi-specialized industrial space and 40 percent office space with a grand lobby featuring a Chihuly sculpture and on-site conference, cafeteria and fitness facilities. The newspaper vacated the building in 2019 when the owner McClatchy Co. decided to outsource printing of the newspaper and move the offices to downtown Tacoma. Davis Property & Investment plans to redevelop the property and construct a 248,000-square-foot warehouse and distribution building to be named Tacoma Central Logistics. With groundbreaking slated for this month, the property is scheduled for delivery in second-quarter 2022. Tacoma Central Logistics will feature 36-foot clear heights, double-loaded dock-high access, 130- to 150-foot truck courts, multiple access points and secured trailer parking/outside storage. The project team includes Ronhovde Architects as architect, AHBL and Barghausen Engineering as engineer and Poe Construction. Neil Walter Co. will handle leasing of the project.