RANCHO CUCAMONGA, CALIF. — Faris Lee Investments has arranged the sale of Hermosa Technology Center, an incubator industrial park located at Hermosa Avenue and Sixth Street in Rancho Cucamonga. A private family office based out of Riverside County, Calif., sold the asset to a Los Angeles-based family office for $11.4 million, or $271 per square foot. Nick Miller and Shaun Riley of Faris Lee represented the seller in the deal. At the time of sale, the 42,119-square-foot property was fully leased.
ONTELAUNEE, PA. — Crow Holdings Industrial will develop Route 61 Logistics Center, a 652,080-square-foot industrial project in Ontelaunee, located near Reading in the southern part of the state. The property will feature a clear height of 40 feet, 484 car parking spots, 182 trailer parking stalls and 124 loading docks. Crow Holdings acquired the nearly 60-acre site from the economic development arm of the Greater Reading Chamber Alliance (GRCA), which purchased the land in 2019 and subsequently rezoned it for industrial use. Construction will begin before the end of the year. JLL is marketing the property for lease. The project is Crow Holdings’ first in the Lehigh Valley.
GEORGETOWN, TEXAS — Dallas-based Green Point Property Co. will develop GTX Logistics Park, an industrial project in the northern Austin suburb of Georgetown that will ultimately consist of roughly 3 million square feet of space on a 231-acre site. Phase I of the project will center on a 409,822-square-foot warehouse that will have 36-foot clear heights, 66 dock doors and 2,500 square feet of office space. Completion of this building, which will be located within a Qualified Opportunity Zone, is slated for the third quarter of 2022. Colliers has been tapped to lease GTX Logistics Park. Clint Coe, Chris McColpin and Dom Espinosa of JLL arranged construction financing through Community Bank of Texas on behalf of Green Point.
NORWICH, CONN. — Solar Seal, a manufacturer of insulated glass units, has signed a 201,000-square-foot industrial lease at 40 Wisconsin Ave. in Norwich, located in Connecticut’s New London County. According to LoopNet Inc., the property was built on 25 acres in 1980 and features a clear height of 28 feet. Nicholas Morizio and Sean Kumnick of Colliers represented the tenant and the landlord, an affiliate of Massachusetts-based Grossman Cos., in the lease negotiations.
BRISTOL, CONN. — Marcus & Millichap has brokered the $5 million sale of a 69,494-square-foot industrial property in Bristol, located in Hartford County. The property was built in 1969 and renovated in 2020. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer. Both parties requested anonymity.
TROY, OHIO — Plymouth Industrial REIT has purchased a three-building industrial portfolio totaling 396,800 square feet in Troy, about 20 miles north of Dayton. The purchase price was $22.5 million. The portfolio includes: a 160,000-square-foot building at 2180 Corporate Drive that is leased to F&P America; a 160,000-square-foot building at 1520 Experiment Farm Road that is leased to F&P America; and a 76,800-square-foot property at 952 Dorset Road that is home to Remedi SeniorCare and Cox Media Group. Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser and Doug Whitten of CBRE represented the seller, Culmen Real Estate Services.
DALLAS — Billingsley Co. will develop a 234,395-square-foot, build-to-suit warehouse in North Dallas for Sherwood Bedding, a mattress manufacturer that is owned by Tempur Sealy. The property will be located within the 1,700-acre Austin Ranch master-planned community. Construction of the new building is scheduled to begin in February and to be complete in March 2023. Damian Rivera of ESRP represented Sherwood Bedding in the negotiations for the 10-year lease. George Billingsley represented the developer on an internal basis.
HOUSTON — Marcus & Millichap has brokered the sale of Easy Self Storage, a 236-unit facility in Houston. Built In 1984, the property spans 29,716 net rentable square feet across 172 non-climate-controlled units and 64 climate-controlled units. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also secured the buyer, a limited liability company. Both parties requested anonymity.
BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe. The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. In a separate transaction, Blackstone’s European Core Plus business and its affiliates acquired the remaining European properties, which feature 22 properties totaling 2.2 million square feet of industrial space. The properties are located in European markets such as the Midlands, North West and South East in the United Kingdom; Amsterdam; and Düsseldorf in Germany. “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” says Franz Colloredo-Mansfeld, chairman and chief executive officer of Cabot. “This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K. and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over …
HOUSTON — A partnership between locally based developer Avera Cos. and AEW Capital Management will build Champions Park, a 242,021-square-foot industrial project that will be located in northwest Houston. The property will be situated on 14 acres and will feature 36-foot clear heights, ample car and trailer storage and build-to-suit office space. Completion is slated for the fourth quarter of next year. Cushman & Wakefield is leasing the development.