ST. LOUIS — Marcus & Millichap has negotiated the sale of a Life Storage self-storage facility in St. Louis for an undisclosed price. The 71,015-square-foot property is located at 4935 Fyler Ave. The facility initially opened in December 2019 with 426 climate-controlled units. In July 2021, the property was expanded to include an additional 172 non-climate-controlled units and 137 parking spaces. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a Texas-based limited liability company.
PORTLAND, CONN. — Marcus & Millichap has brokered the sale of Stor U Self Storage, a 651-unit facility in Portland, located in Middlesex County in the central part of the state. The facility comprises 68,774 net rentable square feet across 528 climate-controlled units, 122 non-climate-controlled units and one commercial space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Susan Bands of Marcus & Millichap assisted in closing the deal as the broker of record.
SYRACUSE, N.Y. — Illinois-based investment firm Inland Private Capital Corp. has sold a 124,980-square-foot industrial facility in Syracuse for $13.4 million. At the time of sale, the property was 100 percent leased to Niagara Mohawk Corp., an energy provider that also conducts business under the name National Grid. The company purchased the property in 2011 and sold it through a Delaware Statutory Trust (DST). The buyer was not disclosed.
CHELMSFORD, MASS. — The Shearwater Cos., an investment firm based in southern New England, has acquired a 91,476-square-foot industrial building in Chelmsford, a northern suburb of Boston. The sales price was $14.8 million. The recently renovated building features a clear height of 27 feet and was fully leased to a subsidiary of medical device provider Teleflex Inc. at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, The RAM Cos., in the transaction.
By Conrad Madsen, SIOR, co-founder and partner, Paladin Partners; and Kipp Collins, partner, Paladin Partners Just 20 years ago, the conventional wisdom and commonly held belief throughout the Dallas commercial real estate scene was that office and retail were preferable sectors to be in versus industrial. Looking back and reflecting on how industrial has gone from ugly duckling to white swan in just 20 short years, we can’t help but be glad that we didn’t take that advice. Led by Amazon, e-commerce has truly changed the world, and certainly industrial real estate by extension. Everyone talks about how e-commerce is what’s driving the explosion of warehouse and distribution center development and absorption across Dallas-Fort Worth (DFW) and beyond. But the fact of the matter is, e-commerce still only accounts for about 14 percent of total retail sales, according to data from the U.S. Census Bureau. Think about that for a moment — the current proportion of 14 percent leaves a tremendous amount of room for additional growth. Demand for warehouse and distribution space is through the roof; developers can’t build warehouses fast enough these days, and yet the market is nowhere close to reaching its peak. Inventory Growth There is …
IRVING, TEXAS — NAI Robert Lynn has brokered the sale of two adjacent industrial buildings totaling approximately 400,000 square feet in Irving. According to LoopNet Inc., the property at 2205-2255 E. Pioneer Drive totals 271,406 square feet, and the building at 600 N. Wildwood Drive spans 133,205 square feet and was built in 1975. Chase Miller and Robert Blankinship of NAI Robert Lynn represented the undisclosed seller and procured the buyer, Dallas-based CanTex Capital, in the transaction.
LOS ANGELES — Gantry has secured $223 million in permanent financing for seven properties in California. The portfolio includes three multifamily properties totaling 1,140 units, one single-tenant retail property, one self-storage property, and two unique ground lease financing transactions for land holdings in Northern and Southern California. George Mitsanas of Gantry’s Los Angeles office identified and structured the financing package on behalf of the borrower, a private investor. The loans were placed through four of Gantry’s correspondent life insurance companies at very competitive interest rates with long-term maturities. Gantry will be the loan servicer for each of the seven loans. The portfolio includes: Park Regency Apartments, an 892-unit apartment complex in Walnut Creek Concord Square Apartments, a 167-unit apartment building in Reseda NMS Warner Center, an 81-unit apartment building in downtown Warner Center Sand Canyon Self Storage, a self-storage facility in Santa Clarita with 792 storage units and 129 RV vehicle storage spaces Gelson’s Laguna Beach, a retail property in Laguna Beach fully occupied by Gelson’s A ground lease for a 135,000-square-foot Lowe’s Home Improvement Warehouse, situated on 14.9 acres in Rancho Cucamonga Century City Cooling Plant, the collateral is the free interest of an L-shaped, 1.64-acre parcel of land …
Link Logistics, Western Realco Acquire 16.4-Acre Industrial Redevelopment Site in Corona, California
CORONA, CALIF. — A partnership between Link Logistics and Western Realco has purchased a 16.4-acre industrial redevelopment site located at 1375 Magnolia Ave. in Corona. Terms of the acquisition were not released. Jeff Chiate, Mike Adey and Brad Brandenburg of Cushman & Wakefield’s National Industrial Advisory Group represented the undisclosed seller in the deal. Rick Ellison and Brett Lockwood of Cushman & Wakefield will handle leasing for the new project. The site has the potential to house two Class A industrial buildings totaling more than 300,000 square feet of warehouse space. Currently, the property consists of multiple older industrial structures originally built in the mid-1990s that would be demolished.
GRESHAM, ORE. — Westcore has purchased Halsey Business Park, an industrial asset located at 18225-18557 NE Halsey St. in Gresham. New York-based DRA Advisors sold the property for $54.1 million. American Direct, International Paper and Trailblazer Foods fully occupy the 405,000-square-foot facility. Westcore was self-represented, while Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils of JLL represented the seller in the transaction.
READING, PA. — National Coatings & Supplies, a North Carolina-based automotive paint distributor, has signed a 119,537-square-foot industrial lease in Reading. The tenant will occupy space at Building A at Berks 222 Industrial Center, which features a clear height of 32 feet. Joel Kreider, Ed Skonecki and Michael Pietropola of Lee & Associates represented the landlord, locally based developer Endurance Real Estate Group, in the lease negotiations. Ida McMurray of SVN Latus represented the tenant.