HOUSTON — Los Angeles-based Thorofare Capital has provided a $15.9 million bridge loan for the acquisition of a 234,215-square-foot warehouse and distribution building in Houston. The property features 25-foot clear heights and 25 dock-high doors. The undisclosed borrower will use a portion of the proceeds of the loan, which was structured with a 45-month term and an extension option, to fund capital improvements.
ARLINGTON, TEXAS — K&M Tire, a family-owned regional distributor of tires, wheels and tubes, has signed a 201,600-square-foot industrial lease renewal at Arlington Tech Center. Matt Dornak, Ryan Boozer, Luke Davis and Lena Pierce with Stream Realty Partners represented the undisclosed landlord and the tenant in the lease negotiations.
LOS ANGELES — Gantry has secured a $43 million loan through a correspondent life company lender to refinance a four-building industrial portfolio for a 15-year term. Totaling 430,000 square feet, the four assets are fully leased and well-positioned in Los Angeles, Orange County, Ventura and the Inland Empire industrial submarkets. Mark Ritchie and Josh Natker of Gantry’s Los Angeles office secured the financing on behalf of a private investor. The loan structure features a roughly 50 percent loan-to-value ratio and an interest rate below 2.5 percent.
PHOENIX — Mapleton Investments has purchased a freestanding industrial building located at 3269 E. Harbour Drive in Phoenix. Stephen M. Javinett Trust sold the asset for $4.4 million, or $150 per square foot. Situated within the Southbank Industrial Business Park, the property features 29,665 square feet of space. Constructed in 1989, the building features a 40/60 blend of office and warehouse space, 100 percent air conditioning, three grade-level doors, 1,000 amp, 277/480-volt power, 18-foot clear heights in the warehouse, moisture-abating industrial clerestory skylights, fenced rear yard and 96 parking spaces. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the buyer, while Mike Parker of CBRE represented the seller in the deal.
JERSEY CITY, N.J. — Locally based printing and mailing firm LOGON has signed a 41,000-square-foot industrial lease renewal and added 30,000 square feet to its footprint at the Lackawanna Warehouse Building, a 1.5 million-square-foot industrial property in Jersey City. Dan Reider, Justin Pollner and John Crawford represented the tenant, which has occupied space at the property since 2004, in the lease renewal and expansion negotiations. Jeremy Modest represented the landlord, Solil Management Co., on an internal basis.
SANTA FE, ALBUQUERQUE AND RIO RANCHO, N.M. — Titan Development has completed the disposition of four self-storage assets in New Mexico. Extra Space Storage Inc. (NYSE: EXR) acquired the 380,000-square-foot portfolio for an undisclosed price. The properties are the 88,000-square-foot Extra Space Storage Vegas Verde and the 101,000-square-foot Extra Space Storage Rodeo Business Park in Santa Fe; the 103,000-square-foot Extra Space Storage Ladera Road and Unser Boulevard in Albuquerque; and the 88,000-square-foot Extra Space Storage Corrales and 528 in Rio Rancho. The facilities were the final four self-storage assets within Titan’s inaugural fund, Titan Real Estate Development Fund I (TDREF I), a $112 million private-equity real estate fund established in 2017 to raise and invest capital in $350 million of Titan’s investment opportunities across the industrial, multifamily, self-storage and seniors housing sectors.
NORCROSS, GA. — Dalfen Industrial has bought 5250 Brook Hollow Parkway, a 60,000-square-foot, single-tenant industrial property in Norcross, a northeast suburb of Atlanta. This acquisition brings Dalfen Industrial’s Atlanta portfolio to almost 2 million square feet. The sales price and seller were not disclosed. Built in 1999, the infill property is located close to Interstates 85 and 285 and is approximately 20 miles from the Hartsfield-Jackson Atlanta International Airport. The property features high dock door counts and the potential for outside storage. The 5250 Brook Hollow Parkway property is 100 percent leased to Office Creations, a woman-owned business and office furniture and design retailer.
HOUSTON — Colliers International has negotiated a full-building, 134,800-square-foot industrial lease at Langfield Distribution Center in Houston. The newly built property sits on 8.5 acres and includes 32-foot clear heights, 56 employee parking spaces and 33 trailer parking stalls. John Nicholson and Trey Horne of Colliers represented the landlord, Boston-based Cabot Properties, in the lease negotiations. Billy Gold of CBRE represented the tenant, JFC International, a wholesaler and distributor of Asian food products.
GRAND PRAIRIE, TEXAS — Fidelity Paper & Supply, a distributor of packaging supplies and materials, has signed a 107,082-square-foot lease within Heller Industrial Park in the central metroplex city of Grand Prairie. John Brewer and Riley Maxwell of Transwestern represented the landlord in the lease negotiations. Cameron Rogers with Rubicon Representation represented the tenant.
AVON, MASS. — Axiom Capital Corp. has arranged a $10 million loan for the refinancing of a cold storage facility in Avon, located south of Boston. Built in 1988 and renovated between 2009 and 2012, the property features a clear height of 30 to 32 feet, 25 dock doors and 5.3 million cubic feet of storage space. An undisclosed life insurance company provided the seven-year, fixed-rate loan to the borrower, an undisclosed private owner/developer. The property has been leased to a global cold storage operator since 2013.