Industrial

Valley-View-Trade-Center-Jessup-Pennsylvania

Trammell Crow, Diamond Realty Sell 1 MSF Valley View Trade Center in Jessup, Pennsylvania

by Taylor Williams October 22, 2021

JESSUP, PA. — A joint venture between Dallas-based Trammell Crow Co. and Diamond Realty Investments has sold Valley View Trade Center, a roughly 1 million-square-foot distribution center in Jessup, a northern suburb of Scranton. Built on a speculative basis in 2020, Valley View Trade Center features a clear height of 40 feet, truck court depths of 190 feet, an ESFR sprinkler system, 311 trailer parking spots, 277 car parking spots and 159 dock positions. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE represented the joint venture in its disposition of the property. Los Angeles-based Preylock Holdings purchased the asset, which was fully leased at the time of sale, for an undisclosed price.

October 22, 2021

Acquisitions Industrial Massachusetts New York Northeast

Pacer Partners, Drake Real Estate Buy Three Industrial Buildings Totaling 63,000 SF in Northeast

by Taylor Williams October 22, 2021

DEER PARK AND HAUPPAGE, N.Y. AND RANDOLPH, MASS. — A joint venture between regional investment firm Pacer Partners and New York City-based Drake Real Estate Partners has purchased three industrial buildings totaling approximately 63,000 square feet. Two of the single-tenant buildings are located on Long Island in the communities of Deer Park and Hauppage, and the third is located in the southern Boston suburb of Randolph. Thomas Didio Jr. of JLL arranged acquisition financing for the transaction through ConnectOne Bank. The seller was not disclosed.

October 22, 2021

Development Industrial North Carolina Southeast

WDG to Develop 630,000 SF Industrial Park in Statesville, North Carolina

by Julia Sanders October 21, 2021

STATESVILLE, N.C. — Williams Development Group (WDG) plans to break ground on Statesville Commerce Center, a 630,000-square-foot speculative industrial park in Statesville. Grant Miller, Rob Speir and Justin Smith of Colliers | Charlotte have been hired by WDG to lease and market the property. Statesville Commerce Center will offer access to Interstates 77, 40 and 85 and will feature two Class A buildings with Building 1 set to include 370,136 square feet, 36-foot clear heights, 72 dock-high doors and 145 trailer spaces. Building 2 will include 263,701 square feet, 32-foot clear heights, 33 dock-high doors and 73 trailer spaces. Both buildings will feature an ESFR fire suppression system and LED lighting. Building 1 and 2 are slated for completion by 2023. WDG and Colliers | Charlotte are collaborating on this project with Merriman-Schmitt Architects Inc., Oak Engineering and Landmark Builders. Statesville Commerce Center is WDG’s fifth development in North Carolina following projects in Greensboro, Whitsett, Winston-Salem and High Point.

October 21, 2021

Development Florida Industrial Southeast

Foundry, Modlo Break Ground on 495,000 SF Modlo Air Logistics Center in Metro Miami

by Julia Sanders October 21, 2021

DORAL, FLA. — Foundry Commercial, in partnership with Modlo, the logistics platform of GLP Capital Partners, has broken ground on the Modlo Air Logistics Center, a three-warehouse property near Miami spanning over 495,000 square feet. The 23.7-acre site located at 7777 NW 41st St. in Doral once housed a PepsiCo bottling facility. The three structures include Building 1 with 171,254 square feet, Building 2 with 173,716 square feet and Building 3 with 150,103 square feet. The new warehouses will feature insulated glass, R-20 roofs, LED lighting, 36-foot clear heights, 54-foot column spacing and electric car charging stations. The project is slated for completion by the summer of 2022. The site is located within two miles of Miami International Airport’s cargo entrance and is also near major expressways and PortMiami. In addition to Foundry Commercial, which is serving as the fee developer for the build, project collaborators include Miller Construction, Puga & Associates International, DDA Engineers and Kimley-Horn.

October 21, 2021

Acquisitions Industrial North Carolina Southeast

Avison Young Brokers $14.6M Sale of Industrial Building in Charlotte

by Julia Sanders October 21, 2021

CHARLOTTE, N.C. — Avison Young has brokered the sale of a 128,000-square-foot industrial building located at 2345 Township Road in Charlotte, about 9.9 miles from downtown Charlotte. The sales price was $14.6 million. The seller and buyer were not disclosed. The industrial building is fully leased by Magellan Aviation Group, a global supplier of aftermarket aircraft products and services. Built in 2000, this property features pre-cast panel construction, an ESFR sprinkler system and multiple storefronts. Chris Loyd, Tom Tropeano and Chris Skibinski of Avison Young’s Charlotte industrial team facilitated the transaction on behalf of the private seller.

October 21, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 714-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams October 21, 2021

MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Midlothian Self Storage, a 714-unit facility located on the southern outskirts of Dallas. The property spans 94,385 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a 1031 exchange investor. Both parties involved in the transaction requested anonymity.

October 21, 2021

Stow Road Corporate-Park-Marlton-New-Jersey

Acquisitions Industrial NAI New Jersey Northeast

NAI Mertz Arranges Sale of 160,000 SF Stow Road Corporate Park in Marlton, New Jersey

by Taylor Williams October 21, 2021

MARLTON, N.J. — NAI Mertz has arranged the sale of Stow Road Corporate Park, a 160,000-square-foot industrial flex development in the Southern New Jersey community of Marlton. The five-building complex is located off State Highway 73, within a few miles of the New Jersey Turnpike. The buyer, a subsidiary of Philadelphia-based Velocity Venture Partners, plans to rebrand the property as Velocity Business Park and add about 20 loading positions and drive-in doors to enhance the functionality of each unit. The seller and sales price were not disclosed. Jonathan Klear and Fred Meyer of NAI Mertz brokered the deal.

October 21, 2021

Acquisitions Illinois Industrial Midwest

MDH Partners Acquires 1.3 MSF Industrial Portfolio in Bedford Park, Illinois

by Kristin Harlow October 21, 2021

BEDFORD PARK, ILL. — MDH Partners has acquired a 1.3 million-square-foot industrial portfolio in Bedford Park, an industrial suburb of Chicago. The purchase price was undisclosed. The portfolio comprises six buildings and one trailer lot. The buildings range in size from 120,000 to 380,000 square feet and feature clear heights from 22 to 28 feet. The portfolio is 96 percent leased to seven tenants, including Heligear Acquisition Co., Trimark Marlinn, Power Stop, Nexus Distribution, Westrock CP and Bus & Truck of Chicago Inc. FedEx Ground Package Systems Inc. leases the 150-stall trailer lot. The acquisition represents MDH’s entrance into the Chicago market. Houston Hawley led the acquisition for MDH. CBRE represented the undisclosed seller.

October 21, 2021

Industrial Leasing Activity Midwest Ohio

Kennametal Leases 125,000 SF Warehouse in Cleveland

by Kristin Harlow October 21, 2021

CLEVELAND — Kennametal, a supplier of tooling and industrial materials, has leased a 125,000-square-foot warehouse at 18105 Parkway in Cleveland. Christopher Livingston, Jonathan Elson and Brad Totten of Avison Young represented the tenant in the lease transaction. Chelm Properties Inc. is the landlord. Kennametal’s headquarters are in Pittsburgh, but the company has operated in Cleveland for 22 years.

October 21, 2021

Industrial Midwest Missouri

ElmTree Funds Closes its Largest Commingled Fund with $888M of Investor Commitments

by Kristin Harlow October 21, 2021

ST. LOUIS — St. Louis-based ElmTree Funds LLC has closed its largest commingled fund to date. Known as Net Lease Fund IV LP, the fund raised $888 million of investor commitments. Fund IV has approximately $2.5 billion in immediate investment capacity, of which roughly $800 million has been committed and deployed. The fund’s investor base is comprised of public and private pension plans, insurance companies, endowments and foundations. Fund IV targets investments in industrial and logistics assets across the United States. Annie Hsieh of ElmTree led the fundraising effort for Fund IV.

October 21, 2021

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