FREEHOLD, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a 199,000-square-foot industrial property that is situated on a 30-acre site at 235 Willow Brook Road in Freehold, located in Monmouth County. Jonathan Glick and Matt Leonelli of Sheldon Gross Realty represented the undisclosed seller in the transaction. CBRE represented the buyer, New York City-based Saadia Group.
ALLEN, TEXAS — JLL has negotiated the sale of a 144,128-square-foot industrial facility in the northeastern Dallas suburb of Allen that is fully leased to KONE, a provider of elevator and escalator systems. The complex was constructed in 2016 and consists of a 121,852-square-foot building with 28-foot clear heights and a seven-story, 22,276-square-foot elevator testing tower with office space. Stephen Bailey, Dustin Volz, Dom Espinosa, Wesley Gilmer and Beth Copeland of JLL represented the seller, Houston-based Sentinel Capital, in the transaction. Tradition Senior Living LP purchased the property for an undisclosed price via a 1031 exchange as part of an effort to increase its exposure to other asset classes.
PORT ST. LUCIE, FLA. — Amazon will be opening a 220,000-square-foot delivery station in Legacy Park at Tradition, a distribution park in Port St. Lucie. Construction is expected to be complete by September. The Seattle-based e-commerce giant plans to hire 200 full-time workers to prepare customer orders for last-mile delivery at the project. The facility will be a single-story building standing 44 feet. Sansone Group is the project developer, while Threecore is the general contractor. Robert Smith of CBRE worked with Sansone Group to sign Amazon on as a tenant at Legacy Park. Once completed, Legacy Park at Tradition will total approximately 5.4 million square feet of single and multitenant light industrial and distribution facilities. Other tenants at the Class A distribution park includes FedEx Ground and Cheney Brothers.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.5 million acquisition loan for a portfolio of three industrial buildings totaling 225,000 square feet in Houston. The portfolio was built in phases, with the most current component delivered in 2019, and is occupied by metal products supplier G&H Diversified Manufacturing. Frank Montalto and Dean Giannakopoulos of MMCC arranged the 10-year loan, which carried a 65 percent loan-to-value ratio and five years of interest-only payments. The borrower was not disclosed.
DECATUR, GA. — Reno, Nev.-based Dermody Properties has completed LogistiCenterSM at Miller Road, a 154,440-square-foot distribution facility in Decatur. Located at 2800 Miller Road, LogistiCenterSM is situated 16.7 miles east of downtown Atlanta. The property features 32-foot clear heights, 150 car parking stalls, 23 trailer stalls, 35 dock-high doors, an ESFR fire protection system and build-to-suit office space. LogistiCenterSM, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply chain requirements for companies. Matt Bentley of NAI Brannen Goddard is the leasing broker for the project. The building is immediately available for lease.
PHILADELPHIA — Los Angeles-based PCCP LLC has provided a $500 million loan to fund the redevelopment of the former PES oil refinery in South Philadelphia into a 15 million-square-foot logistics and life sciences campus that will be known as The Bellwether District. The borrower, a joint venture led by Hilco Redevelopment Partners, acquired the 1,300-acre property in 2020 out of bankruptcy. The transformation of the site includes the decommissioning of the refinery and significant demolition and remediation work, including the abatement of roughly 30,000 tons of asbestos. Redevelopment efforts initially commenced in June 2020. Site work and vertical construction are expected to commence this year, with the first tenants expected to occupy buildings in 2023.
LANSING, MICH. — Ultium Cells, a joint venture between General Motors Co. (NYSE: GM) and LG Energy Solution, has unveiled plans for a $2.6 billion investment to build its third battery cell manufacturing plant in the United States. The facility, which will be located in Lansing, the state capital, is part of a larger $7 billion investment in four Michigan manufacturing sites to increase battery cell and electric truck manufacturing capacity. Detroit-based GM says this is the single largest investment announcement in its history. The Michigan Strategic Fund Board approved $824.1 million in incentives for the projects, according to local media reports. Ultium Cells will build the new plant in Lansing on land leased from GM. The facility is expected to create 1,700 new jobs when fully operational. Site preparation on the roughly 2.8 million-square-foot property is scheduled to begin this summer, and the plant is expected to open in late 2024. The facility will supply battery cells to Orion Assembly in Michigan and other GM electric vehicle (EV) assembly plants. “This significant investment demonstrates our commitment to strengthen our Michigan and U.S. manufacturing presence and grow good-paying jobs,” says Mary Barra, GM chair and CEO. “We will have the …
EASLEY, S.C. — Alice Manufacturing Co. Inc., a textile company, has sold Arial Mill, a 343,686-square-foot distribution center in Easley, about 12.6 miles west of Greenville. Farpoint Acquisitions LLC purchased the property for $2.6 million. Nick Hollstegge and Katherine Southard of CBRE represented the seller in the transaction. Located on 19.2 acres at 212 Rice Road, Arial Mill is situated within an Opportunity Zone on the Highway 8 corridor. The property is also within five miles of Pickens County Commerce Park and Pickens County Airport, and within 20 miles of downtown Greenville and Clemson University. Originally built as a textile mill in 1924, Arial Mill most recently served as a distribution center for textile products.
MCKINNEY, TEXAS — New York City-based investment firm Thor Equities Group has sold a 129,914-square-foot industrial property located at 3601 N. McDonald St. in the northern Dallas suburb of McKinney for $20 million. Thor Equities acquired the building, which features a rear-load configuration, 130-foot truck court apron and an ESFR sprinkler system, in August 2021 via a joint venture with Morgan Stanley. Stream Realty Partners represented the joint venture in the deal. The buyer was not disclosed. Building B at the property totals 301,796 square feet.
BOLINGBROOK, ILL. — Chicagoland Quad Cities Express has signed an 89,000-square-foot lease expansion at 3-9 Timber Court in the Chicago suburb of Bolingbrook. The transportation and warehousing tenant already occupies 90,000 square feet at the 320,722-square-foot property, which was built in 1993. The company will now lease 590,000 square feet in the Chicago market between its Bolingbrook and Bridgeview locations. George Cibula of Darwin Realty/CORFAC International represented the tenant in the new lease, which begins in February. Sean Henrick, Jason West and Ryan Klink of Cushman & Wakefield represented ownership, The Realty Associates Fund Portfolio LP.