HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 23 light industrial buildings totaling 711,399 square feet that are located throughout the Houston area. The properties provide access to major transportation arteries such as Interstates 10, 45 and 610, as well as the Sam Houston Tollway and U.S. Highways 290 and 59. The Class B portfolio was 76 percent leased at the time of sale to 125 tenants with footprints ranging in size from 833 to 24,439 square feet. The seller and sales price were not disclosed. Los Angeles-based lender PCCP LLC provided a $72 million acquisition loan for the deal.
MIDDLETOWN, DEL. — Alcohol distributor Breakthru Beverage Group has opened a 282,500-square-foot distribution facility in Middletown, located in Delaware’s New Castle County. The facility features a clear height of 36 feet and a 29,350-square-foot, temperature-controlled room for cold storage, as well as 29,790 square feet of offices, training and break rooms. Lastly, the facility houses an experience center where clients can taste new products. MRP Industrial developed the project, with Ware Malcomb and Penntex Construction respectively serving as the architect and general contractor.
AGOURA HILLS, CALIF. — Adler Realty has completed the sale of an office and R&D complex located at 30601 Agoura Road in Agoura Hills. Harbor Realty acquired the asset for $19.3 million. Jay Rubin and Jared Smits of Lee & Associates – LA North/Ventura represented the seller, while Mark Perry of CBRE represented the buyer in the deal. At the time of sale, the 118,864-square-foot building was 58 percent occupied. The facility includes a solar power plant.
SALISBURY AND MOORESVILLE, N.C. — CBRE has arranged the $23.6 million sale of two self-storage facilities in the Charlotte suburbs of Salisbury and Mooresville. Lakeland Village acquired the portfolio, both of which are operated by Extra Space Storage, from an undisclosed private investor. Morgan Windbiel of CBRE’s Self Storage Advisory Group represented the seller in the transaction. The Salisbury facility, located at 725 Jake Alexander Blvd. S, measures 66,000 square feet and includes 680 units. A second phase expansion was delivered at certificate of occupancy, according to CBRE. The Mooresville facility, located at 1110 Brawley School Road, measures 70,994 square feet and consists of 705 units.
MCCOOK, ILL. — A joint venture between PCCP and Midwest Industrial Funds is underway on the development of a 245,000-square-foot, Class A industrial facility in McCook. Located at 8701 W. 53rd St., the project will feature a clear height of 36 feet, 40 exterior docks, two drive-in doors, 271 car parking spaces and a 130-foot truck court. Completion is slated for spring 2023. CBRE National Partners advised on the joint venture between the two firms.
Amazon recently reconfigured and consolidated its network of warehouses, and many other retailers followed suit. The result? The outlook for industrial real estate, particularly retail warehouses, is now more difficult to interpret. Many retail clients are repositioning their supply chains to help avoid slowdowns and a potential International Warehouse Logistics Association (IWLA) union strike on the West Coast. This change has merged with a corporate need to find additional options for shipping and transport (especially as prices for transportation and industrial rents rise). The demand for industrial space has increased rapidly in less “congested” areas. As economic uncertainty continues, there is a shift towards tertiary markets for industrial real estate. This change provides significant opportunities for industrial investors, says Steve Pastor, VP of global supply chain, and ports/rail logistics/consultant at NAI James E. Hanson, who serves as NAI Global Industrial Council Chair. Investors and developers may be able to take advantage of a pause in a highly competitive field, in tertiary markets that have been traditionally less expensive than major and core markets. Amazon’s Impact News of Amazon’s plans to scale back its acquisition of industrial space (and to sublease its existing property to other retailers) has given some users opportunities …
AUSTIN AND BEE CAVE, TEXAS — JLL has negotiated the sale of three self-storage facilities totaling approximately 1,600 units that are located in the Austin area. Two of the properties are located within the city limits at 8200 S. I-35 Service Road and 8327 S. Congress Ave., and the third is located in the western suburb of Bee Cave. The properties traded as part of a portfolio sale that totaled 6,550 units across 11 facilities, with the other eight assets being located in California and Oregon. Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roossien and Jake Kinnear of JLL represented the seller, Pegasus Group, in the portfolio sale to California-based SecureSpace Self Storage.
NEW YORK CITY — Meridian Capital Group has arranged a $147 million loan for the refinancing of three New York City self-storage facilities. The names and unit counts of the facilities, all of which were built in 2017, were not disclosed. Drew Anderman and Ben Nevid of Meridian Capital arranged the loan through Slate Asset Management on behalf of the borrower, Saratoga Springs-based Prime Group.
SHOEMAKERSVILLE, PA. — JLL has brokered the $54.5 million sale of a 310,238-square-foot warehouse and distribution center located in the Lehigh Valley community of Shoemakersville. Built on roughly 24 acres in 2022, the facility features a clear height of 36 feet, 40 loading doors, 185-foot truck court depths and parking for 81 trailers and 185 cars. John Plower, Ryan Cottone, Jeff Lockard and Ryan Barros of JLL represented the seller, a joint venture between The Keith Corp. and The Kiel Group, in the transaction. The buyer was not disclosed. At the time of sale, the facility was fully leased to online fashion retailer Revolve Group and Arcadian Crossing Consumer Products, which provides disposable tabletop and food storage solutions.
TORONTO AND WASHINGTON, D.C. — Toronto-based commercial real estate services firm Avison Young has signed an agreement to acquire Washington, D.C.-based Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand as part of the acquisition, which is expected to close in September. Financial terms of the deal were not disclosed. The acquisition includes more than 20 million square feet of affected real estate, as well as 235 team members, including property managers, agency leasing professionals, project managers, building engineers and accountants. The former Madison Marquette staffers will integrate with Avison Young’s existing markets, primarily in Texas and California, the East Coast region and a new Hawaii office. Avison Young will integrate its data analytics, technology and global real estate intelligence platform with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trustand Principal Global Investors. “This is a transformative opportunity for both companies to build on their core strengths to achieve competitive advantage,” says Vince Costantini, CEO of Madison Marquette. “We made the strategic choice to move a portion of our services to Avison Young to better serve our office …