KEARNY, N.J. — Marcus & Millichap has brokered the $21.1 million sale of a 135,000-square-foot industrial building located within an opportunity zone in Kearny, a suburb of Newark. The property includes warehouse and manufacturing space and features clear heights of 15 to 20 feet, nine loading docks and 10,000 square feet of office space. Mark Gjonbalaj, Alan Cafiero, Ben Sgambati and David Adjmi of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
SAN JOSE, CALIF. — Grosvenor Americas has acquired Orchard-Trimble, an office and R&D campus located at Orchard Parkway and West Trimble Road in North San Jose’s Golden Triangle. The acquisition price and name of the seller were not released. Toshiba America Electronic Components, the U.S. storage and semiconductor division of Toshiba Corp., occupies the 218,645-square-foot property, which features R&D lab space. The campus is near San Jose International Airport and provides access to downtown San Jose via the VTA Light Rail.
GOODYEAR, ARIZ. — CIM Group has purchased a newly constructed industrial building, located at 2250 S. Litchfield Road adjacent to Phoenix Goodyear Airport in Goodyear. Terms of the transaction were not released. The 450,619-square-foot, cross-dock facility features 36-foot clear heights, 190-foot truck courts and ample auto and trailer parking on a 29.2-acre site. Additionally, the property is the largest available site with rail access east of Loop 303.
GRAND PRAIRIE, TEXAS — Locally based development and investment firm Westmount Realty Capital has sold Fountain Parkway, a 301,399-square-foot warehouse and manufacturing facility located in the central metroplex city of Grand Prairie. The warehouse features 16 dock doors, five drive-in doors and 17.5-foot clear heights, and the entire facility offers 219 parking spots with the capacity for expansion to 532 spaces. Westmount first purchased the property in 1988. Bollinger Industries, a manufacturer of fitness equipment, was a long-term lead tenant at Fountain Parkway for many years until the property became a multi-tenant facility in 2007. Reed Parker and Adam Graham of Lee & Associates represented Westmount in the sale. The buyer was not disclosed.
FOREST HILL, TEXAS — Marcus & Millichap has brokered the sale of a 74,000-square-foot industrial building in Forest Hill, a southern suburb of Fort Worth. The property was built on 6.3 acres in 1985. Adam Abushagur and Faith Wilson of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
YORK, PA. — JLL has negotiated the $73 million sale of York Logistics Hub, a 1.4 million-square-foot industrial and office development in southern Pennsylvania. The property consists of a 743,413-square-foot industrial facility anchored by Johnson Controls, a 548,632-square-foot warehouse with redevelopment potential and a 116,255-square-foot, multi-story office tower. York Logistics Hub was 72.5 percent leased at the time of sale to a roster of 13 tenants. John Plower, Ryan Cottone and Jeff Lockard of JLL represented the seller, Patriot Equities, in the transaction. Chad Orcutt and Michael Pagniucci, also with JLL, arranged a $48.2 million floating-rate acquisition loan through a regional bank on behalf of the buyer, SK Realty Management.
ABERDEEN, S.D. — Marcus & Millichap has arranged the sale of a 333,346-square-foot single-tenant manufacturing facility in Aberdeen for an undisclosed price. Built in 2007, the property sits on 54 acres at 1401 Brown County 19 North. The tenant, Molded Fiber Glass Cos., announced it would not be renewing its lease during escrow. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private REIT. The duo also procured the buyer, an out-of-state private investment group.
TROY, OHIO — Stull Woodworks, a family-owned architectural millwork company, has acquired a 46,000-square-foot industrial facility in Troy, nearly 20 miles north of Dayton. The property, located at 155 Marybill Drive, is roughly three times the size of Stull’s current headquarters in Troy. Tim Echemann of Industrial Property Brokers represented both Stull and the undisclosed seller. Stull plans to be up and running in the new facility by the end of October. Stull produces architectural millwork for courthouse interiors, restaurants, retail spaces, large restoration projects and public venues across the country.
WOODBRIDGE, VA. — Finmarc Management Inc. has sold a 14-building industrial portfolio in Woodbridge for $104.2 million. The buyer was a joint venture between Stockbridge Capital Group and Rosenthal Properties. Gerry Trainor, Caulley Derringer and Jim Cardellichio of Transwestern represented Finmarc in the transaction, and Joe Hoffman of Kelley Drye & Warren provided legal services to the Bethesda, Md.-based firm. The portfolio, which is located within Featherstone Industrial Park, includes nearly 740,000 square feet of warehouse and industrial space. The portfolio was 93 percent leased at the time of sale to tenants including Coleman Worldwide Moving, Foundation Building Materials, General Services Administration and Joe Moholland Moving. Featherstone Industrial Park is located adjacent to Jefferson Davis Highway, two miles from Interstate 95, 25 miles from Washington, D.C. and 30 miles from Dulles International Airport. The properties were part of a larger 16-building portfolio acquired by Finmarc in 2017.
ROSLYN HEIGHTS, N.Y. — A joint venture between New Jersey-based developer The Hampshire Cos. and Blumenfeld Development Group has begun construction on a 691-unit self-storage facility in Roslyn Heights, located on Long Island. Extra Space Storage will manage the property, the site of which formerly housed a manufacturing plant. The facility, which will be the 44th property developed by Hampshire Cos. for Extra Space Storage in the eastern part of the country, is scheduled for completion in the second quarter of 2022.