LONGVIEW, TEXAS — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the sale of a 28,907-square-foot industrial facility in Longview, located about 120 miles east of Dallas. The two-building complex was constructed in phases in the 1970s and is leased to utilities contractor ADB Cos. and S&B Engineers. Evan Altemus of Stan Johnson Co. represented the seller, a locally based private investor, in the transaction. An undisclosed, California-based 1031 exchange purchased the asset at a cap rate of 9.3. percent.
NEW BEDFORD, MASS. — New Hampshire-based developer True Storage has completed a 627-unit self-storage facility in New Bedford, located south of Boston, that will be operated under the Extra Space Storage brand. The facility totals 55,600 net rentable square feet. True Storage acquired the site, which previously housed a recycling distribution center for Parallel Products, in 2020 and converted it to self-storage use.
GREER, S.C. — Development and investment firm CRG has sold Building C at The Cubes at Inland 85 in Greer, located midway between Greenville and Spartanburg. Investment management firm PRP purchased the asset for $119.5 million. An affiliate of Techtronic Industries Co. Ltd. fully occupies the 1.4 million-square-foot distribution center. Techtronic is a global consumer products company headquartered in Hong Kong. Its brand portfolio includes Milwaukee, Ryobi, Hoover and others within the cordless power tools, accessories, floorcare and do-it-yourself segments. Completed in early November, Building C features a clear height of 36 feet, 246 dock doors, a 185-foot truck court and 555 trailer parking spaces. The building is situated five miles from the Greenville-Spartanburg International Airport and four miles from Inland Port Greer, with rail connection to the Port of Charleston. “The project benefits from great access to major transportation, which we know is more important than ever as e-commerce providers are striving to meet the growing consumer demands for quick delivery,” says Mike Demperio, partner and senior vice president of the Southeast region at CRG. “Additionally, Greenville-Spartanburg continues to be an attractive investment market because of its business-friendly, labor-rich environment and easy access to the Southeast and Eastern Seaboard.” …
ST. LOUIS — Cushman & Wakefield has brokered the sale of two industrial buildings totaling 1.1 million square feet in St. Louis for $75.1 million. The buildings are part of Gateway Commerce Center and are situated within the city’s Metro East submarket. The facilities, Gateway East 520 and Gateway East 624, were both developed in 2016. James Carpenter, Mike Hanrahan, Ed Lampitt and Elizabeth Given of Cushman & Wakefield represented the seller, Dallas-based L&B Realty Advisors. Plymouth REIT was the buyer.
ELKHART, IND. — Holladay Properties has sold a 97,412-square-foot industrial building in Elkhart for an undisclosed price. The property, which is located at 2810 Bridger Court and built in 1999, is fully leased to All-State Industries and Midwest Sales and Service. Holladay acquired the asset from All-State Industries in 2020. Holladay’s Paul Phair coordinated the sale, while Ryan White of Pinnacle Properties represented the undisclosed buyer.
BAYTOWN, TEXAS — Marcus & Millichap has arranged the sale of Main Plaza Storage, a 554-unit self-storage facility located in the eastern Houston suburb of Baytown. The property spans 66,500 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also procured the New York-based buyer, which plans to implement a value-add program. Both parties requested anonymity.
DALLAS — Illinois-based chemicals distributor Univar has sold a 57,418-square-foot industrial building located at 3636 Dan Morton Drive in southwest Dallas. The rail-served building sits on 8.5 acres and was vacant at the time of sale. Craig Jones and Caleb McCoy of JLL represented the seller in the transaction. Chicago-based Industrial Outdoor Ventures purchased the property for an undisclosed price.
MARLBOROUGH, MASS. — Dallas-based Lincoln Property Co. has received approval from the City of Marlborough, located west of Boston, for the development of a 120,600-square-foot industrial project that will be situated on a 12.3-acre site. Building features will include a clear height of 32 feet and 10 loading docks. Construction is scheduled to begin in the first quarter of next year, and the development team expects the space to be available for occupancy by the end of 2022.
SYOSSET, N.Y. — Simi Capital Group, an investment firm with offices in New York City and Miami, and Cerberus Capital Management have acquired an industrial building located in the Long Island community of Syosset for $15 million. The building sits on a six-acre site. The seller was not disclosed. The new ownership plans to utilize the property as an outdoor storage facility.
DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …