ANCHORAGE, ALASKA — Time Equities Inc. has purchased Midtown Mall and 5900 Old Seward Highway in Anchorage from Seritage Growth Properties for a $44 million. Totaling 252,663 square feet, the deals mark Time Equities’ entry to Alaska. Midtown Mall is a 164,664-square-foot, grocery-anchored shopping center. At the time of sale, the property was 81 percent leased. Current tenants include Carr’s Grocery Store, Guitar Center, Nordstrom Rack and Planet Fitness. Situated on 7.8 acres, 5900 Old Seward Highway is a 98,087-square-foot former Sears warehouse building, which is currently vacant. Ami Ziff, Jonathan Kim and Grant Scott provided in-house representation for Time Equities, while Dino Christophilis of CBRE represented the seller in the deal.
CONROE, TEXAS — NAI Partners has negotiated a 9,991-square-foot industrial lease at 501 Hickerson St. in Conroe, located about 40 miles north of Houston. According to LoopNet Inc. the single-tenant property was built in 2015. Travis Land and A.J. Williams of NAI Partners represented the landlord in the transaction. Neal King of SVN | J. Beard Real Estate — Greater Houston represented the tenant, e-commerce firm H5 Products Inc.
CHICAGO — Chicago-based JLL Capital Markets has brokered the sale of an eight-property self-storage portfolio totaling 4,317 units across Illinois, North Carolina and Texas for an undisclosed price. In addition to a property in Chicago, the facilities are located in Plano, Little Elm, Garland and Flower Mound, Texas; and Durham, Raleigh and Spring Lake, N.C. The portfolio was 93 percent leased as of year-end 2021. Steve Mellon and Brian Somoza led the JLL team that represented the seller, Harrison Street. Life Storage was the buyer.
CHARLOTTE, N.C. — Beacon Partners has begun construction on two speculative buildings totaling 375,874 square feet within Carolina Logistics Park, a master-planned industrial park in Charlotte. Building 2 will span 202,403 square feet and Building 3 will be 173,471 square feet. Buildings 2 and 3 are situated at one of the park’s two entrances at the intersection of Carolina Logistics Drive and Downs Road. Both buildings will offer 32-foot clear heights, 180-feet concrete truck courts with ample trailer parking and six-inch floor slabs. The buildings are scheduled for delivery in the third quarter. Additionally, Building 4, a 525,624-square-foot property located at 11925 Carolina Logistics Drive, is already underway and scheduled for completion in June. Tim Robertson of Beacon Partners is handling leasing for Carolina Logistics Park. The project team includes general contractor Conlan Co., Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo is providing construction financing for the two speculative buildings. Carolina Logistics Park is a 288-acre park that will eventually accommodate up to 3.6 million square feet of Class A space. The site sits within proximity to Interstates 77 and 485, Charlotte Douglas International Airport and Uptown Charlotte. The park’s existing tenants include Amazon (1 million …
WEST PALM BEACH, FLA. — Stan Johnson Co. has arranged the $7.1 million sale of an infill industrial outdoor storage facility located at 3945 Fiscal Court in West Palm Beach. Brandon Duff and Mack Wolfgram of Stan Johnson Co. brokered the transaction between the seller, an individual investor based in Fort Lauderdale, and the buyer, a private investment and development company based in Philadelphia. Built in 1990, the property features a 14,000-square-foot concrete building situated on a 3.6-acre site. The asset includes an improved industrial yard that is fully paved with lighting and perimeter fencing. The property is fully leased to United Site Services on a triple-net basis. Additionally, with direct frontage on Interstate 95, the property is positioned in an industrial corridor that includes other national tenants such as ABC Supply Co., Herc Rentals, SiteOne Landscape Supply, Builders FirstSource, Allied Trailers and Enterprise Truck Rental.
CARLSBAD, VISTA AND SAN MARCOS, CALIF. — BentallGreenOak has acquired a 614,020-square-foot industrial portfolio consisting of seven manufacturing and distribution buildings in the northern suburbs of San Diego. The name of the seller and acquisition price were not released. The portfolio includes: Vista Distribution Center, a three-building property at 1205, 1211-1215 and 1225 Park Center Drive in Vista 2710 Progress St. in Vista 1880 Diamond St. and 120 Mata Way in San Marcos 2281 Las Palmas Drive in Carlsbad At the time of sale, the portfolio was 100 percent leased. Jeffrey Cole, Aric Starck, Jeff Chiate, Mike Adey, Ed Hernandez and Drew Dodds of Cushman & Wakefield’s Southern California Capital Markets team represented the seller in the deal.
BENBROOK, TEXAS — California-based investment firm DealPoint Merrill has sold a 982-unit self-storage facility in Benbrook, a southwestern suburb of Fort Worth, for $20 million. The two-story property spans 112,000 square feet and includes a 10,036-square-foot Goodwill store. The self-storage facility features entirely climate-controlled space. The buyer was not disclosed.
NEW YORK CITY — Affiliates of private equity giant Blackstone (NYSE: BX) have agreed to acquire PS Business Parks (NYSE: PSB), a Glendale, Calif.-based commercial owner-operator primarily focused on industrial assets, for $7.6 billion. The deal is scheduled to close in the third quarter. Under the terms of the agreement, New York City-based Blackstone will purchase all outstanding shares of PSB’s common stock for $187.50 per share, which represents a premium of approximately 15 percent over the weighted average share price over the last 60 days. Blackstone plans to take the company private as part of the acquisition. Public Storage (NYSE: PSA), which is also based in Glendale, currently owns about 26 percent of PSB’s common stock, and the self-storage REIT’s executives and shareholders have voted in favor of the sale to Blackstone. The transaction will also include the acquisition of Public Storage’s limited partner equity interests in PSB’s operating partnership at the same per-share price of $187.50. As of March 30, 2022, PSB owned and operated 96 commercial properties across the country, primarily in California, South Florida, Texas and Northern Virginia. Those assets span approximately 27 million square feet and are occupied by nearly 5,000 tenants. Though mainly comprised …
OXFORD, N.C. — Malvern, Pa.-based CertainTeed LLC, the building products subsidiary of Saint-Gobain, has plans to invest $118.8 million over the next five years to expand its roofing shingle manufacturing facility in Oxford. The CertainTeed Oxford plant, which began operations in 1978, is already one of the largest roofing shingle manufacturing sites in North America, sitting on 113 acres in Granville County. The project will add 225,000 square feet of manufacturing space to the campus and create at least 37 new full-time manufacturing jobs. The project is supported with $650,000 in reimbursement grants from the State of North Carolina, including funds from the One North Carolina Fund and a Rural Division Building Reuse Grant.
HOUSTON — Fort Worth-based investment firm Fort Capital has purchased two industrial properties in Houston totaling 322,475 square feet. Haynes-Theall Industrial Park is a 197,400-square-foot development on the city’s north side that was 97 percent leased at the time of sale to 36 tenants. Harwin Business Park, located on the southwestern side of Houston, spans 125,075 square feet and was 98 percent leased at the time of sale. The seller and sales price were not disclosed.