ATLANTA — Ready Capital has closed a $15.4 million loan for the acquisition, renovation and lease-up of an approximately 520,000-square-foot, Class B industrial property in the North Clayton/Airport submarket of Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property, with improvements including lighting upgrades, parking lot resurfacing and painting. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. The buyer plans to lease the property aggressively to maximize occupancy at market-rate rents.
HOUSTON — A subsidiary of Kentucky-based Charah Solutions has purchased and will redevelop the 6,166-acre Gibbons Creek Steam Electric Station & Reservoir in Grimes County, located northwest of Houston. The new ownership plans to redevelop the property to support solar, battery, and energy storage uses and will work with the Texas Commission on Environmental Quality (TCEQ) to complete all environmental remediation required for the property. Richard Shields, Richard Hanson, Marissa Rose and Tommy Leblanc of Avison Young advised Charah Solutions on the deal.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Amadco Self Storage, a facility in Fort Worth. The number of units was not disclosed. The property is situated on 10 acres and spans 31,305 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
FORT WORTH, TEXAS — Colliers International has negotiated the sale of Golden Heights Business Park, a 48,000-square-foot industrial flex property in Fort Worth. The property consists of four buildings that were built in 2017 and were fully occupied at the time of sale. Cody Payne, Austin Edelmon and Michael Tran of Colliers represented the seller, a private investor, in the transaction. The buyer was an out-of-state 1031 exchange investor.
LOUISVILLE, COLO. — Etkin Johnson Real Estate Partners has completed the disposition of a 16-property industrial portfolio in Louisville. An undisclosed institutional investor acquired the portfolio for $392.9 million. Totaling nearly 1.7 million square feet, the properties are located within Colorado Technology Center, a 580-acre master-planned business park near US Route 36 and the Northwest Parkway in Boulder County. Jeremy Ballenger, Tyler Carner, Jim Bolt, Tim Richey and Jessica Ostermick of CBRE represented the seller in the transaction.
REXBURG, IDAHO — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the purchase of StorageBay Rexburg, a self-storage facility located at 322 W. Fourth South in Rexburg. Terms of the transaction were not released. Jordan Farrer and Adam Schlosser of Marcus & Millichap, with Paul Ryan of Marcus & Millichap serving as the broker of record, procured the buyer in the deal. Situated on nearly one acre, StorageBay Rexburg consists of 12,652 net rentable square feet totaling 167 self-storage units. The property was built in 2008 and features best-in-class construction and amenities.
SPENCER, IND. — Bradley Co./RESOURCE has arranged the sale of a 258,375-square-foot medical manufacturing facility in Spencer, about 17 miles northwest of Bloomington. The sales price was undisclosed. Boston Scientific has occupied the building, located at 780 Brookside Drive, since 1988 and uses the site for producing instruments for its endoscopy and urology divisions. An expansion of the property began in July 2019. Boston Scientific will utilize the new space for administrative functions to free up more production space. Joshua Abrams, Sam Smith and Mitch Doner of Bradley, along with Camille Renshaw and Tim Hain of B+E Net Lease, represented the undisclosed seller.
BEACHWOOD, OHIO — Industrial Commercial Properties (ICP) has acquired a 112,000-square-foot office and industrial building located at 23550 Commerce Park Drive in Beachwood, an eastern suburb of Cleveland. The purchase price was undisclosed. ICP has already begun a renovation and restoration of the property, including a new façade, flooring and LED lighting. It will be available for lease by early summer. This transaction represents ICP’s 10th acquisition in 2021 and its first in Beachwood. The company’s portfolio includes more than 150 properties totaling 42 million square feet in five states.
WINDSOR, N.Y. — Coldwell Banker Commercial has brokered the $6.6 million sale of a 65,800-square-foot industrial building that is situated on a 3.1-acre lot in Windsor, located just outside of Binghamton. The property was built in 1977 and includes 3,540 square feet of office space. Steven Shell of Coldwell Banker represented the undisclosed seller in the transaction. Additional terms of sale were not disclosed.
CARLSTADT, N.J. — Legacy Capital has purchased a 60,400-square-foot industrial building located at 2 Palmer Terrace in the New York City suburb of Carlstadt. The single-tenant property was originally built in 1977. Jose Cruz, Jordan Avanzato, Marc Duval and Mark Belenky of JLL represented the seller, Palmer Terrace Realty Associates, in the transaction. The sales price was undisclosed.