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.
EAST GREENWICH, N.J. — CRG, the real estate development and investment arm of Clayco, has sold two speculative industrial facilities located in East Greenwich for $107.7 million. The portfolio includes The Cubes at Huff Lane, a 283,040-square-foot building, and The Cubes at Harmony Road, a 252,750-square-foot building, both located in the East Greenwich Logistics Center about 20 miles southwest of Philadelphia. The buyer was Carson, Calif.-based Watson Land Co. JLL both brokered the sale and the leasing process for both fully occupied facilities. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian, Dean Torosian and Nate Demetsky of JLL represented the seller in the transaction. CRG developed both buildings in a joint venture partnership with Pacific Coast Capital Partners LLC, completing them in September 2020. Lamar Johnson Collaborative designed the facilities, which feature 36-foot clear heights and early suppression fast response fire sprinkler systems. The Cubes at Huff Lane features 43 loading doors, 187 parking spaces and 60 trailer stalls, while The Cubes at Harmony Road — which is leased to a global e-commerce fulfillment company — includes 38 loading doors, 208 parking spaces and 79 trailer stalls. CRG develops its industrial buildings under The Cubes brand, which prioritizes core national markets …
By Anthony Pellegrino III, P.A. Commercial Detroit is the industrial, transnational logistics and auto powerhouse of the Midwest. Detroit has continued year after year to grow and transform its industrial sector in three prominent geographical locations. Each of these locations is anchored by auto innovation, creating a stable market for suppliers and transport: 1. The Mount Elliot Employment District: This is the home of General Motors’ $2.2 billion investment into its existing Hamtramck Assembly. GM is renaming it “GM Factory Zero” to represent its full dedication to electric vehicle production. 2. Southeast Detroit: Fiat Chrysler’s $2.5 billion expansion to Jefferson North includes a new 1.4 million-square-foot Mack Avenue Engine Complex. This is part of a total $4.5 billion earmarked for Michigan plants. 3. Southwest Corktown: Ford is conducting an ongoing investment of $1.45 billion into its autonomous vehicle campus in an area called Corktown. The multi-building transformation is near Detroit’s international bridge and tunnel. Each area contains various tax incentivized Opportunity Zones, New Market Tax Credits and qualified HUB Zones. According to Costar Group MLS, Greater Detroit has a healthy 4.6 percent vacancy rate while Detroit proper has a 9.45 percent vacancy rate for industrial buildings. Much of the 9.45 …
ONTARIO, CALIF. — Newport Beach-based Nuveen Real Estate has purchased an industrial building, located at 2950 E. Philadelphia St. in Ontario, from Myers Power Products in a sale-leaseback transaction for an undisclosed price. Myers Powers, the tenant, is an industry leader in the design and manufacture of engineered-to-order power distribution equipment. The company occupies the freestanding, 236,700-square-foot building and utilizes the facility for its full in-house manufacturing capabilities, including metal fabrication, state-of-the-art paint systems, assembly, integration and testing. Situated on 12 acres, the building features two oversized, grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4,000 amps, a fenced yard and is naturally divisible. Chris Migliori of Daum Commercial Real Estate Services handled the transaction.
SAN JOSE, CALIF. — Redwood City-based Dollinger Properties has acquired Valley Creative Center, a six-building R&D and office campus located at the confluence of Zanker Road, Bering Drive and Charcot Avenue in San Jose. Vista Investment Group sold the asset for $56 million. Located at 2235-2249 Zanker Road, 2340-2390 Bering Drive and 225-245 Charcot Ave., the complex features 166,928 square feet of space with grade-level loading, ample parking and new exterior façade upgrades. Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder of Cushman & Wakefield represented the buyer in the deal. Additionally, the team will service as leasing agents for the multi-tenant property.
MAHWAH, N.J. — CBRE has negotiated the $15.6 million sale of an 84,280-square-foot manufacturing facility in Mahwah, located in the northernmost part of the state. The property was fully leased to Nobel Biocare, a provider of dental implant products, at the time of sale. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the seller, AVR Realty, in the transaction. The team also procured the buyer, Urbana Partners, an investment firm based in South America.
GRAND PRAIRIE, TEXAS — Third-party logistics and supply chain management firm Morrison Express Corp. has signed a 73,962-square-foot industrial lease at GSW Distribution Center in Grand Prairie, located roughly midway between Dallas and Fort Worth. Blake Anderson of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, Morris Truman Associates LLC.
LOS ANGELES — Torrance FRM LLC has completed the disposition of Torrance Technology Campus, a five-building industrial facility situated on 27 acres in Los Angeles’ South Bay market. Rexford Industrial acquired the campus for $182 million. Located at 3100-3110 Lomita Blvd. and 3121 Skypark Drive, Torrance Technology Campus offers 575,976 square feet of industrial space. At the time of sale, the property was 90 percent leased to three credit tenants. L3Harris (S&P: BBB) occupies 80 percent of the campus. Other tenants include Torrance Memorial Medical Center and various parking tenants. Kevin Shannon, Scott Schumacher and Ken White of Newmark represented the seller, while the buyer was self-represented in the deal.