Industrial

Exclusive France Media Survey Shows Lenders Are Placing Their Bets on Multifamily, Industrial Sectors

by Taylor Williams February 2, 2022

By Matt Valley An overwhelming percentage of direct lenders and financial intermediaries believe the multifamily and industrial sectors provide the most attractive financing opportunities for the lending community today, according to France Media’s 11th annual reader forecast survey. Conversely, the hotel and office sectors offer the least attractive financing opportunities, say survey participants. More specifically, 83 percent of participants in the email survey conducted between Nov. 19 and Dec. 13 indicate that the multifamily sector provides the most attractive financing opportunities, followed by industrial (75 percent), mixed-use (25 percent), retail (17 percent), hotel (14 percent) and office (7 percent). Multiple answers were permitted for this question. On the flip side, 62 percent of respondents believe that the hotel sector provides the least attractive financing opportunities, followed by office (58 percent), retail (27 percent), multifamily (7 percent), industrial (3 percent) and mixed-use (0 percent). Despite the persistence of the COVID-19 pandemic — which as of early January had claimed the lives of more than 830,000 Americans and has hobbled the hotel, office and retail sectors for nearly two years — the real estate fundamentals of the apartment and industrial sectors have remained rock solid. Fueled by strong tenant demand, the national …

February 2, 2022

Acquisitions Alabama Industrial Southeast

Monmouth Real Estate Acquires Distribution Center Near Birmingham for $51.7M

by Julia Sanders February 1, 2022

VANCE, ALA. — Holmdel, N.J.-based Monmouth Real Estate Investment Corp. has acquired a 530,000-square-foot distribution center in Vance for $51.7 million. The seller was not disclosed. The distribution center is net-leased for 10 years to automobile giant Mercedes-Benz U.S. International Inc. The building will serve Mercedes-Benz’s new electric vehicle assembly line. Located at 11146 Will Walker Road on approximately 53.5 acres, the property is situated 37.3 miles from Birmingham and 21.3 miles from Tuscaloosa. Monmouth specializes in single tenant, net-leased industrial properties. The firm’s portfolio includes 124 properties with a total of approximately 25.7 million rentable square feet and an occupancy rate of 99.7 percent.

February 1, 2022

Acquisitions Indiana Industrial Midwest

Stos Partners, Cardinal Industrial Acquire 1.1 MSF Industrial Portfolio in Metro Indianapolis

by Kristin Harlow February 1, 2022

INDIANAPOLIS — Stos Partners and Cardinal Industrial have acquired a 1.1 million-square-foot light industrial portfolio in metro Indianapolis for an undisclosed price. The 34-property portfolio is 95 percent occupied by a variety of tenants. The California-based buyers plan to make improvements such as roof and parking lot upgrades and adding amenities. Alex Cantu and Alex Davenport of Colliers represented the seller, Indianapolis-based Mann Properties. Colliers will assume leasing and property management services for the portfolio. Jeremy Thornton, Andrew Gibson and Nicole Sayers of Colliers arranged $67.5 million in acquisition financing through Wells Fargo Bank.

February 1, 2022

Acquisitions California Industrial Office Western

JLL Negotiates $78M Sale of Four-Building Britannia Business Center in Pleasanton, California

by Amy Works February 1, 2022

PLEASANTON, CALIF. — JLL Capital Markets has arranged the sale of Britannia Business Center, a four-building R&D and office campus at 4125, 4155, 4255 and 4385 Hopyard Road in the Bay Area city of Pleasanton. A Virtua Partners-managed company sold the asset to an undisclosed buyer for $78 million. Situated on 19.3 acres, Britannia Business Center features 292,000 square feet of R&D and office space. Originally built between 1997 and 1998, the property features 13-foot to 20-foot clear heights, eight roll-up doors, one dock-high door and 1,600 to 3,000 amps available. At the time of sale, the asset was 68.6 percent leased with nearly half of the tenancy being credit tenants. Erik Hanson, David Dokko and Nick Deaver of JLL Capital Markets represented the seller in the deal.

February 1, 2022

CapRock-Interchange-Industrial-Center-North-Las-Vegas-NV

Acquisitions California Industrial Western

CapRock Partners Sells 684,000 SF Interchange Industrial Center in North Las Vegas

by Amy Works February 1, 2022

NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has completed the disposition of CapRock Interchange Industrial Center, a Class A industrial campus located at 5345-5445 E. Centennial Parkway in North Las Vegas. Terms of the transaction were not released. Developed in 2020 and 2021, CapRock Interchange Industrial Center features 684,000 square feet of Class A industrial space spread across two warehouses. The 174,000-square-foot Building 1 features 32-foot clear heights, 39 dock-high doors, two grade-level doors and 105 parking spaces. The 510,000-square-foot Building 2 features a cross-dock design, 36-foot clear heights, 89 dock-high doors, four grade-level doors, 115 trailer parking stalls and 249 parking spaces. At the time of sale, the property was 100 percent leased to BarkBox, Boxabl and Evanesce Packaging Solutions. Andrew Briner and Brett Hardy of Newmark represented CapRock in the transaction, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock as local market experts.

February 1, 2022

Acquisitions Industrial Texas

CBRE Negotiates Sale of 622,814 SF Industrial Building in Tulsa

by Taylor Williams February 1, 2022

TULSA, OKLA. — CBRE has negotiated the sale of a 622,814-square-foot industrial building in Tulsa that is fully occupied by Port City Metals Services. Built on 50 acres in 1950, the property features 35-foot clear heights, 70-plus parking spaces and 32,838 square feet of office space. Dwayne Flynn and Ryan Shaffer of CBRE represented the seller, an entity doing business as 1315 LLC, in the transaction. Radix Equity LLC purchased the asset for $13 million.

February 1, 2022

Acquisitions Industrial Texas

MAG Capital Partners Sells Texas Industrial Portfolio Totaling 320,852 SF

by Taylor Williams February 1, 2022

FORT WORTH, TEXAS — MAG Capital Partners has sold a portfolio of three Texas industrial properties totaling 320,852 square feet. Cameron Ashley Building Products Inc. occupies the portfolio, which comprises a 136,882-square-foot asset in Dallas, a 79,970-square-foot facility in Lubbock and a 104,000-square-foot property in San Antonio. An Israel-based fund purchased the portfolio for an undisclosed price. Chelsea Mandel, Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented MAG Capital Partners in the transaction while also securing the buyer.

February 1, 2022

Acquisitions Industrial Northeast Rhode Island

Marcus & Millichap Brokers Sale of 479,000 SF Industrial Property in Cumberland, Rhode Island

by Taylor Williams February 1, 2022

CUMBERLAND, R.I. — Marcus & Millichap has brokered the sale of a 479,000-square-foot industrial property in Cumberland, located north of Providence near the Massachusetts-Rhode Island border. The site previously housed the headquarters of locally based discount retailer Ann & Hope, which ceased operations in 2020. Harrison Klein, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction. Klein also procured the buyer, a developer that similarly requested anonymity. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

February 1, 2022

Acquisitions Industrial NAI New Jersey Northeast

NAI Fennelly Negotiates $40.2M Sale of Vacant Manufacturing Facility in Spotswood, New Jersey

by Taylor Williams February 1, 2022

SPOTSWOOD, N.J. — NAI Fennelly has negotiated the $40.2 million sale of a vacant manufacturing facility that sits on 58 acres in the Central New Jersey community of Spotswood. Jerry Fennelly and Patrick Dintrone of NAI Fennelly represented the undisclosed seller, which operated the facility from 1941 to 2020, in the transaction. The buyer was an unnamed institutional investor.

February 1, 2022

Acquisitions Development Florida Industrial Southeast

Joint Venture Purchases 115-Acre Parcel in Jupiter, Florida for Industrial Development

by Julia Sanders January 31, 2022

JUPITER, FLA. — A joint venture between PCCP LLC, Woodmont Industrial Partners and Butters has purchased 115 acres in Jupiter. The site is situated within Palm Beach Park of Commerce, a 1,200-acre master-planned industrial park located 23 miles northwest of West Palm Beach. The seller and sales price for the land were not disclosed. The parcel is zoned for industrial use and the site plan approval is now in process. The joint venture plans to develop eight industrial buildings totaling approximately 1.5 million square feet at the site. The speculative project will feature concrete tilt-up construction, and the first two buildings for development will include a 301,145-square-foot warehouse with anticipated completion in January 2023 and a 50,094-square-foot warehouse anticipated for completion in July 2023. Palm Beach Park of Commerce is home to more than 70 businesses and 1,400 employees with tenants including Amazon, Walgreens, CSX and McLane. The site is situated close to the Florida Turnpike and Interstate 95.

January 31, 2022

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