CORINTH AND FORT WORTH, TEXAS — Marcus & Millichap has brokered a portfolio sale comprising two self-storage facilities totaling 1,321 units in the Dallas-Fort Worth metroplex. The portfolio spans 162,960 net rentable square feet. The first property is a 557-unit facility in Corinth, located north of the metroplex, and the second property is a 764-unit facility in Fort Worth. Both properties were built in 2018 and are managed by Extra Space Storage. Brandon Karr of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction.
EDISON, N.J. — JLL has arranged a $7.2 million loan for the refinancing of a 63,200-square-foot industrial/research and development building in the Northern New Jersey city of Edison. The property was built in 1970 and features a clear height of 20 feet, three loading docks and both traditional lab and office space. Michael Klein and Max Custer of JLL arranged the five-year, fixed-rate loan through Signature Bank on behalf of the borrower, New York City-based Northpath Investments. The building was fully leased at the time of the loan closing.
WACO, TEXAS — Coldwell Banker Commercial Jim Stewart, Realtors has brokered the sale of a 138,307-square-foot building located within Waco Industrial Park. Bland Cromwell and Jim Stewart of Coldwell Banker represented the seller, Manitou Equipment America, in the transaction. Gregg Glime, also with Coldwell Banker, represented the buyer, Gato Montez, a locally based firm that will also occupy the property. The sales price was not disclosed.
CALIMESA, CALIF. — Birtcher Development has broken ground on Birtcher Oak Valley Commerce Center, a 125-acre, ground-up industrial development at Singleton and Roberts roads in Calimesa. Birtcher is developing the project with QuadReal Property Group. Totaling 2.2 million square feet, the development will consist of four Class A industrial buildings offering 40-foot clear heights, flat floor and a minimum of 185-foot truck courts. Completion of the 1.2-million-square-foot first phase is scheduled for second-quarter 2023, with the 1-million-square-foot second phase slated for completion in third-quarter 2023. The project team includes HPA, Proactive Engineering Consultants West, Albert A. Webb Associates, Alta California Geotechnical and Southern California Geotechnical. The site’s previous owner, Oak Valley Development Co., owned the property since 1997 and obtained entitlements for the project in first-quarter 2021. Oak Valley Development Co. will deliver the offsite and road infrastructure for the project in addition to the building pads for Birtcher’s vertical development. Oak Valley Development Co. plans to develop an 80-acre retail center immediately adjacent to Birtcher Oak Valley Commerce Center. Herb Grabell and David Burback of Kidder Mathews and Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL handled the sales transaction.
LEBANON, PA. — Third-party logistics company DHL Supply Chain will open a 970,000-square-foot distribution center in Lebanon, an eastern suburb of Harrisburg. DHL Supply Chain is both the developer and end user of the project, which will be part of a larger, two-building development. The project is expected to generate $88 million in capital investment for the region and add about 200 jobs to the local economy. Construction of the first facility is expected to begin in mid-July and to be complete in the first quarter of 2022.
PHILLIPSBURG, N.J. — CBRE has negotiated a 607,269-square-foot industrial lease in Phillipsburg, located on the New Jersey-Pennsylvania border. The tenant, Italian logistics form OMLog, will occupy space within Building 3 at Bridge Point 78, a 3.9 million-square-foot master-planned development by Bridge Industrial and PGIM Real Estate. Jake Terkanian, Mindy Lissner and Vincent Ranalli of CBRE represented the landlord in the lease negotiations. Kevin Dudley, also with CBRE, represented the tenant.
NEW YORK CITY — Building materials supplier City Lumber has signed a 73,000-square-foot headquarters lease at 84-00 73rd Ave. in the Glendale area of Queens. The property includes warehouse and office space, as well as 32,500 square feet of outdoor space for additional storage or parking needs. The lease term is 12 years, and the rental rate equates to $23 per square foot. Josh Berger and Alex Lubin of Norman Bobrow & Co. represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.
EDWARDSVILLE, ILL. — TriStar Properties has sold a 593,094-square-foot distribution center and 54 associated acres in Edwardsville near St. Louis. An institutional buyer purchased the asset for an undisclosed price. The property is located at 3077 Gateway Commerce Center Drive. Constructed in 2018, the facility is part of TriStar’s Gateway Commerce Center, a 2,300-acre regional logistics and bulk distribution park. The building features a clear height of 36 feet and parking for more than 400 vehicles.
PLAINFIELD, IND. — Developer HSA Commercial Real Estate has selected Meridian Design Build to construct a 278,148-square-foot speculative industrial building in Plainfield. Located at 915 Airtech Parkway, the project will sit on 25 acres. Precast delivery is scheduled for mid-August. The building will feature a clear height of 32 feet, up to 54 loading docks, four drive-in doors, 400 auto parking spaces and 143 trailer parking stalls. The project marks Meridian’s fifth ground-up development in the Indianapolis area and its third building for HSA. The project team includes Cornerstone Architects, Swift Structural Design and American Structurepoint. Terry Busch and Jared Scaringe of CBRE will market the property for lease.