WESTBOROUGH, MASS. — A joint venture between Dallas-based Lincoln Property Co. and Cara Real Estate, the U.S. investment arm of German firm Cara Investment, has purchased a 198,000-square-foot manufacturing facility in Westborough, located in between Boston and Worcester. The sales price was approximately $20.6 million. At the time of sale, the majority of the property was leased to two tenants, NEO Tech, which produces electronics components, and Columbia Tech, which provides product development and engineering solutions to an array of industries. The seller was not disclosed.
BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of a two-building light industrial portfolio totaling 121,572 square feet in the Minneapolis-area community of Bloomington. The portfolio comprises the 58,976-square-foot Victoria Pond Center and the 62,596-square-foot Cedar Business Center, both of which were developed in the mid-1980s. Victoria Pond Center is fully leased to 11 tenants. Cedar Business Center is 91 percent leased to four tenants. David Berglund and Colin Ryan of JLL represented the seller, Hoyt Properties Inc. The sales price and buyer were undisclosed.
NEWPORT, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of Raceway Business Center I in Newport, just southeast of St. Paul. The sales price was undisclosed. The 83,000-square-foot warehouse is located at 710 Hastings Ave. Developed by Scannell Properties in 2018, the property features a clear height of 28 feet, 10 dock-high doors, three drive-in doors, 122 parking stalls and a 120-foot truck court. Mark Kolsrud, John McCarthy, Pete Carbonneau, Kyle Delarosby, Tom Sullivan, Peter Fooshe, Tanner Theis and Lydia Turczyn of Colliers represented the seller, Starline Properties LLC. STAG Industrial Holdings LLC was the buyer.
DENTON, TEXAS — Dallas-based Urban Logistics Realty will develop Urban District 35, a four-building, 440,663-square-foot industrial park that will front Interstate 35 in Denton. Building features will include 28- to 32-foot clear heights, 60-foot speed bays and ample car and trailer parking. Construction is slated for a fourth-quarter completion. Dallas-based Holt Lunsford Commercial has been tapped to lease the development.
GREENCASTLE, PA. — Marcus & Millichap has brokered the sale of A-1 Greencastle Self Storage, a 378-unit facility located in Franklin County in the southern part of the state. The facility consists of 71,426 net rentable square feet across 365 non-climate-controlled units, 10 climate-controlled units and three commercial spaces. The property also features 17 parking spaces. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
MANASSAS, VA. — Bethesda, Md.-based Finmarc Management Inc. has disposed of a six-building portfolio comprising 212,000 square feet of warehouse and flex space in Manassas for $45.6 million. Boston-based The Davis Cos. and West Palm Beach, Fla.-based Davin Holdings were the buyers. Marc Tasker, Ryan Moody and Christopher Kubler of NAI KLNB represented Finmarc Management. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye provided legal services. The portfolio was located at 7345, 7663 and 7795 Coppermine Drive and 7201, 7301 and 7401 Gateway Court. The portfolio was 86 percent leased at the time of sale to tenants including Aimpoint, Capital Lighting & Supply, Cedar F&B, Eaton Corp., DH Cos., Lennox Industries and Notal Vision. The six properties were part of a 26-building portfolio containing approximately 950,000 square feet of commercial office, flex/office and warehouse space.
KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of Stadium Business Park in Kansas City for an undisclosed price. The Class A industrial park spans five buildings and 276,000 square feet. Tenants include Amazon, UPS, JB Hunt and Aramark. Mark Long and John Hassler of Newmark Zimmer represented the buyer, Sealy & Co. Mark Fountain of True North Industrial Realty represented the undisclosed seller.
BRASELTON, GA. — Foxfield Industrial has sold a 455,602-square-foot bulk distribution facility at 1001 Cherry Drive in Braselton, about 49.3 miles from downtown Atlanta. Dennis Mitchell, Matt Wirth, Mitchell Townsend and Britton Burdette of JLL Capital Markets represented the seller. Birmingham-based Growth Capital Partners acquired the property for $27.4 million. Completed in 1985 and expanded in 1996, the property is fully triple-net leased to two tenants: YearOne Inc. and TransSouth Logistics. The building’s amenities include clear heights ranging from 22 to 28 feet, 45 dock-high doors, eight drive-in doors and 486 auto spaces. The 30.5-acre site provides excess land for potential building expansion and/or additional outdoor and trailer storage. The property is situated adjacent to Interstate 85 and is 56 miles from Hartsfield-Jackson Atlanta International Airport.
MINNEAPOLIS — MDH Partners has acquired an 81,000-square-foot cold storage facility located at 740 Kasota Circle in Minneapolis. The purchase price was undisclosed. Constructed in 1977, the property features a clear height of 24 feet. Approximately 80 percent of the building is temperature-controlled. Wholesale Produce Supply, a distributor of produce in the upper Midwest and Canada, fully leases the facility. Houston Hawley served as the acquisition lead for MDH. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller.
MCKINNEY, TEXAS — Transwestern Development Corp. (TDC) has broken ground on a five-building, 945,000-square-foot industrial project in the northern Dallas suburb of McKinney. McKinney National Business Park will be a speculative development that will be constructed in two phases on a 64-acre site adjacent to McKinney National Airport. Completion of Phase I is slated for the fourth quarter.