GOLETA, CALIF. — Agoura Hills-based Majestic Asset Management has purchased a six-building industrial/R&D campus located at 315-346 Bollay Drive and 320-340 Stork Road in Goleta, for $50.7 million in an off-market transaction. The asset was part of a portfolio of commercial properties managed by The Towbes Group. Situated on 11.9 acres, the 194,625-square-foot portfolio is occupied by multiple tenants, including Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs and Santa Barbara Imaging Systems. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the buyer in the transaction.
ELK GROVE, CALIF. — Kubato Tractor Corp. has closed escrow on a 43.7-acre land parcel located at 10251 E. Grant Line Road in Elk Grove. Terms of the transaction were not released. Kubato plans to develop a 632,000-square-foot Western Regional Distribution Center at the site, which has an additional 12-plus acres of expansion land for future needs. The company will relocate from its 180,000-square-foot facility in Lodi, where it has operated its Western distribution center since 2005. Tim Pryor of Mid Cal Industrial Properties and Ken Noack of Newmark Knight Frank handled the transaction.
MESQUITE, TEXAS — Phoenix-based developer Creation Equity has broken ground on Mesquite 635, an industrial project that will be located on the eastern outskirts of Dallas and will total roughly 556,000 square feet. Creation Equity is developing the property, which will comprise two rear-load buildings and one front-load building, in partnership with Crow Holdings Capital. Building A will span 159,728 square feet and feature 32-foot clear heights and 37 trailer parking spots. Building B will comprise 156,144 square feet and offer 32-foot clear heights and 27 trailer stalls. Building C will total 239,918 square feet and feature 36-foot clear heights and 46 trailer parks. LGE Design Group is the project architect and general contractor. Completion is slated for the second quarter of 2023.
FORT WORTH, TEXAS — Shoppa’s Material Handling, a provider of industrial equipment and machinery, has signed a 65,814-square-foot industrial lease in Fort Worth. Reid Bassinger and Trey Fricke of Lee & Associates represented the tenant in the lease negotiations. Adam Graham and Mark Graybill, also with Lee & Associates, represented the landlord, ML Realty Partners.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The IN Self Storage portfolio, a collection of four facilities in the Dallas-Fort Worth metroplex. The properties total 1,041 units across 136,150 net rentable square feet and are located in Aubrey, Flower Mound, Fort Worth and Wylie. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the undisclosed seller and procured the buyer, Cohen Investment Group, in the transaction.
HOUSTON — Texas-based developer Constellation Real Estate Partners and a fund advised by Crow Holdings Capital will develop Constellation Post Oak, a 426,200-square-foot industrial complex that will be located in Houston. The property will comprise a 304,400-square-foot, cross-dock building with 36-foot clear heights and a 121,800-square-foot front-load building with 32-foot clear heights. Powers Brown Architecture is designing the project with Langan Engineering. Zack Taylor of Colliers represented Constellation in its acquisition of the 33-acre site on which the property will be developed. Colliers has also been retained to lease the development. Construction is set to begin in June 2022 with completion scheduled in the second quarter of 2023.
CHICAGO — Chicago-based Harrison Street has sold a portfolio of 12 self-storage facilities located across four states for an undisclosed price. Storage Post and Life Storage were the buyers. The portfolio consists of 625,598 rentable square feet across properties in Texas, New York, North Carolina and Illinois. Harrison Street operated the facilities in joint venture partnerships with Advantage Self Storage, Storage Post and Reliant Real Estate Management. Life Storage managed one of the properties on a third-party basis. The portfolio was 91 percent leased at the time of sale.
HARPER WOODS, MICH. — NorthPoint Development has unveiled plans to build Eastland Commerce Center in Harper Woods, a northeast suburb of Detroit. The speculative industrial project will consist of three buildings ranging from 200,000 to 536,000 square feet each. The development will be situated on an 80-acre site formerly occupied by Eastland Center shopping mall, which opened in 1957 and closed in late 2021. Joe Hamway and Greg Hudas of Signature Associates will market the project for lease. Pre-leasing is underway for Building 1, which will span up to 297,000 square feet and is slated for completion in early 2023. All three buildings are slated for completion by the end of 2023.
GOLIAD, TEXAS — Stan Johnson Co. has arranged the sale-leaseback of a portfolio of 13 industrial facilities totaling 118,000 square feet in Goliad, about 100 miles southeast of San Antonio. John Rotunno of Stan Johnson Co. represented the seller and tenant, Oryx Oilfield Services, in the transaction. Colorado-based private equity firm Real Capital Solutions purchased the portfolio for an undisclosed price.
MOONACHIE, N.J. — Faropoint, a locally based investment firm, has acquired a 62,000-square-foot industrial property in the Northern New Jersey community of Moonachie for $17.7 million. David Schechtman, David Benharouch and Ikey Betesh of Meridian Capital Group brokered the sale, the seller in which was not disclosed. The deal follows Faropoint’s $132.5 million acquisition of a portfolio of 10 industrial buildings in Northern New Jersey from Kushner Cos.