Industrial

13955-Stowe-Dr-Poway-CA

POWAY, CALIF. — Stos Partners has purchased a corporate headquarters and manufacturing facility located at 13955 Stowe Drive in Poway. A private seller sold the asset for $8.6 million. Stos Partners plans to implement a series of capital upgrades including interior office rehabilitation, roof repair and HVAC system replacement. Shortly after closing, the buyer secured a tenant to fully occupy the 37,500-square-foot office and manufacturing building. James Duncan and Mickey Morera of Kidder Matthews represented Stos Partners in the transaction. C3Bank provided financing for the acquisition.

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MANSFIELD, MASS. — CBRE has negotiated the $17.6 million sale of an 81,596-square-foot light industrial building in Mansfield, located south of Boston. Built in 1986 and renovated in 2017, the property is located within the 50-acre Cabot Business Park and was fully leased to seven tenants 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, QS Forbes Boulevard LLC, in the transaction. Andrew Stone of CBRE arranged acquisition financing on behalf of the buyer, Connecticut-based investment firm Brickman.  

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Gateway35-Commerce-Center-Georgetown

GEORGETOWN, TEXAS — Titan Development has broken ground on the 294,297-square-foot Building 1 at Gateway35 Commerce Center in the northern Austin suburb of Georgetown.  The cross-dock building, which is being constructed on a speculative basis, will feature 36-foot clear heights, four drive-in ramps, 220 car parking spaces and an ESFR sprinkler system. Completion is slated for June 2022. The site of Gateway35 Commerce Center spans 114 acres, and the project will be developed in two phases in partnership with the City of Georgetown.

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Camp Hall

RIDGEVILLE, S.C. — Frampton Construction Co. LLC has broken ground on three industrial facilities at Camp Hall, an industrial park in Ridgeville. The Camp Hill park spans approximately 6,800 acres with 2,600 acres dedicated as preserved land. The three facilities at Camp Hall will total 940,000 square feet and will be located on the park’s 77-acre Campus 4A site. Portman Industrial, an Atlanta-based logistics developer, recently purchased Campus 4A from EQT Exeter for an undisclosed price. John Gaskin of Portman Industrial is leading the project. The Campus 4A project is located adjacent to Volvo Cars’ manufacturing facility at the intersection of Fish Road and Volvo Cars Drive. The three facilities will be constructed of tilt-up concrete wall panels with structural steel frames. Buildings A and B will span approximately 220,000 square feet each with a rear-loading layout, 32-foot clear heights, 36 dock doors and two drive-in doors. Building C will span approximately 500,000 square feet and feature a cross-dock layout, 36-foot clear heights, 116 dock doors and four drive-in doors. Located at 114 Three Point Drive, Camp Hall has direct access to Interstate 26. The property is also situated 33.7 miles from the Port of Charleston, 27 miles from Charleston …

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JOLIET, ILL. — Principle Construction Corp. has broken ground on an $11 million service center in Joliet for Highway Transport, a company that transports liquid chemicals. The 17,730-square-foot service center, located on nearly 23 acres, will double the size of Highway Transport’s current facility in Joliet where it has operated for two decades. The new facility will feature a tank wash, maintenance shop, conference room, multiple offices and amenities for drivers such as a break room, Wi-Fi access and showers. The property will include parking for tanker trucks from the company’s fleet of more than 400 trucks. Partners in Design Architects is the project architect. Completion is slated for spring 2022.

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JOPLIN, MO. — Matthews Real Estate Investment Services has brokered the $7.8 million sale of a 79,454-square-foot industrial facility occupied by FedEx in the Southwest Missouri town of Joplin. The property is located at 3752 Enterprise Ave. Brett Davis and Alexander Harrold of Matthews brokered the transaction. Both the seller and buyer were private investors.

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BURNSVILLE, MINN. — KW Commercial | AMK Properties has arranged the $3.1 million sale of Ridgeview Business Center in Burnsville, about 20 miles south of Minneapolis. The 45,503-square-foot industrial property, located on Portland Avenue, features nine loading doors and a clear height of 14 feet. Matthew Klein and Andy Manthei of KW Commercial | AMK Properties represented the seller, Aaron Lake LLC. The undisclosed buyer will occupy space within the facility.

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ALBUQUERQUE, N.M. — Schenker has signed a deal to occupy a 150,000-square-foot speculative industrial facility in Albuquerque. The transportation and logistics services company will take occupancy once construction is completed in second-quarter 2022. Situated on more than 10 acres at 7200 Bluewater Road NW, the building features 32-foot clear heights, dock and drive-in ramp access and concrete tilt-up construction. Development of the property commenced in July 2021. Brecken Mallette and Jim Smith of the CBRE Albuquerque Industrial team represented the tenants as local brokers, while David Albert and Nicolas Palazzo of CBRE Miami work with the tenant on a national level. The landlord is Bluewater@Airport Opportunity Partners LLC.

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Pomona-Business-Park-Pomona-CA

POMONA, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of Pomona Business Park, an industrial property located on 3.9 acres in Pomona. A private investor sold the asset to a local investor for $6.8 million. The buyer plans to implement a value-add renovation program at the 60,032-square-foot property, which is located at 201 N. Palomares St. At the time of sale, the property was 95 percent leased to multiple tenants. Dennis Sandoval and Kevin Sandoval of DAUM represented the seller, while Ryan Campbell of NAI Capital represented the buyer in the deal.

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Monmouth

NEWTON, MASS. AND HOLMDEL, N.J. — Industrial Logistics Properties Trust (ILPT) has agreed to acquire all the outstanding shares of Monmouth Real Estate Investment Corp. (NYSE: MNR) for $21 per share in an all-cash transaction valued at approximately $4 billion. The agreement includes the acquisition of $409 million of debt and all of Monmouth’s industrial properties. The transaction is slated to close in the beginning of 2022. Under the agreement, ILPT will add Monmouth’s 126 Class A, single-tenant industrial properties totaling more than 26 million square feet to its portfolio. The Monmouth assets have an average remaining lease term of approximately eight years. The portfolio is over 80 percent leased to tenants that generate yearly rental revenue of $169.4 million. ILPT cites geographic diversity and tenant diversity as benefits of the acquisition. Also, the merger will allow ILPT to improve its tenant base with renters such as Home Depot, Mercedes Benz and Ulta. “This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital, which we expect will drive cash flow growth and long-term value for our shareholders,” says John Murray, chief executive officer of …

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