Industrial

Coldwell Banker Commercial Arranges $4M Sale of Industrial Building in Delavan, Wisconsin

by Kristin Harlow February 26, 2021

DELAVAN, WIS. — Coldwell Banker Commercial has arranged the $4 million sale of a 100,000-square-foot industrial building in Delavan, about 45 miles southwest of Milwaukee. Built in 2019, the property sits on 17.4 acres at 2153 Hobbs Drive. The building features a clear height of 30 feet, eight docks and one drive-in door. Bill Mears and Adam Schultz of Coldwell Banker Commercial McGuire Mears & Associates represented both the buyer and seller in the transaction. The buyer, Prop Shaft Supply, a division of Machine Service Inc., plans to move its 85 employees to the property.

February 26, 2021

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Acquires 7.8-Acre Industrial Site in Chicago

by Kristin Harlow February 26, 2021

CHICAGO — Dayton Street Partners has acquired a 7.8-acre industrial site in Chicago for an undisclosed price. The site, which includes several buildings totaling 66,154 square feet, is located at 2217 S. Loomis St. Southfield Corp. was the seller. Dayton Street says it expects to garner interest from tenants that require direct access to the city’s neighborhoods as well as users that require significant trailer or fleet parking and outdoor storage. David Lane of Burr and Temkin, along with Ed Wabick, Terry Lynch and Mark Hale of Paine Wetzel, will lead the marketing and leasing efforts.

February 26, 2021

Acquisitions California Industrial Western

Sentre Acquires Rancho Bernardo Vista Industrial Facility in San Diego for $50M

by Amy Works February 26, 2021

SAN DIEGO — Sentre has purchased Rancho Bernardo Vista, a newly constructed Class A industrial facility situated on 10 acres at 16915 Via Del Campo in San Diego’s Rancho Bernardo area. An undisclosed seller sold the asset for $50 million. Delivered last year, the core industrial distribution property features 141,518 square feet of industrial space, including 32-foot clear heights, an ESFR fire protection system, deep truck court, 36 dock doors, four grade-level doors, mezzanine space and ample vehicle parking. The property was fully leased to the largest e-commerce company in the world prior to completion and will serve as a mission-critical, last-mile facility for the credit tenant. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal. Aldon Cole and Bradley Vansant of JLL Capital Markets Debt Placement team arranged $26 million in fixed-rate, financing with a seven-year term through a publicly traded life insurance company for the buyer. Jay Alexander and Andy Irwin of JLL represented the developer in its lease negotiations.

February 26, 2021

Colorado Development Industrial Western

Confluent Development, Invesco Real Estate Plan 243,950 SF Industrial Park in Central Denver

by Amy Works February 26, 2021

DENVER — Confluent Development and Invesco Real Estate have unveiled plans for Central Park Business Center, an infill industrial business park located at the intersection of Interstate 70 and Central Park Boulevard. Construction is slated to start in March on the 243,950-square-foot project, located at 9575 E. 40th Ave., with delivery scheduled for fourth-quarter 2021 The industrial park will feature two Class A buildings, divisible down to approximately 20,000 square feet, with direct interstate visibility. Building One will consist of 130,900 square feet, divisible to 22,880 square feet, and Building Two will total 113,050 square feet, divisible to 19,760 square feet. Both facilities will offer front-park, rear-load design with 60-foot speed bays, dock-high and drive-in loading, 28-foot clear heights, ESFR sprinklers and a combined total of 248 parking spaces.

February 26, 2021

Crossings-Industrial-Portfolio-Philadelphia

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $69.5M Acquisition Loan for Philadelphia-Area Industrial Portfolio

by Taylor Williams February 26, 2021

PHILADELPHIA — Cushman & Wakefield has arranged a $69.5 million acquisition loan for the Crossings Industrial Portfolio, a collection of 25 light industrial buildings totaling 1.2 million square feet in the Philadelphia area. John Alascio, Sridhar Vankayala, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan through Natixis on behalf of the borrower, Camber Real Estate Partners.

February 26, 2021

456-Sullivan-Ave.-South-Windsor-Connecticut

Acquisitions Connecticut Industrial Northeast

Metropolitan Realty Associates Buys Connecticut Distribution Center for $50M

by Taylor Williams February 26, 2021

SOUTH WINDSOR, CONN. — Investment firm Metropolitan Realty Associates (MRA) has acquired a 304,249-square-foot distribution center at 456 Sullivan Ave. in South Windsor, located roughly midway between Boston and New York City, for $50 million. Originally constructed by SunCap Property Group in 2012 and expanded in 2015, the Class A property features a clear height of 31.5 feet, 72 trailer parking spaces, 75 long-trailer parking spaces and 99 dock bays specifically designed for heavy distribution uses. An undisclosed transportation company occupies the entirety of the property. Newmark brokered the transaction and arranged acquisition financing through a major institutional lender. Clarion Partners LLC provided equity for the venture through its Clarion Partners Real Estate Income Fund Inc.

February 26, 2021

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Realty Brokers Sale of 102,000 SF Warehouse in Farmingdale, New Jersey

by Taylor Williams February 26, 2021

FARMINGDALE, N.J. — New Jersey-based Sheldon Gross Realty has brokered the sale of a 102,000-square-foot warehouse in Farmingdale, located in the western-central part of the state. The sale included an adjacent undeveloped parcel. An affiliate of Merola Tile, a wholesale distributor of specialty tiles and supplies, purchased the asset for an undisclosed price. Jonathan Glick of Sheldon Gross brokered the deal.

February 26, 2021

Acquisitions Colorado Industrial Western

EverWest Acquires Two-Building Industrial Portfolio in Aurora, Colorado for $66.4M

by Amy Works February 25, 2021

AURORA, COLO. — EverWest Real Estate Investors has purchased Tower Business Center, a 422,961-square-foot industrial portfolio in Aurora, from a joint venture between United Properties and Artis REIT for $66.4 million. Delivered in 2019, Tower Business Center features a 289,113-square-foot building and a 133,848-square-foot building located at 18701 and 18901 E. 38th Ave. The facilities offer 32-foot clear heights, a combined 73 dock-high and five drive-in doors, 130-foot truck courts with secured yards, LED lighting and ESFR sprinkler systems. In total, the campus offers parking for 417 cars and 73 trailers. The 18701 cross-dock building is fully leased to Tempur Sealy, and the 18901 building, with cooler, dry storage and riping capabilities, is fully occupied by Sprouts Farmers Market. Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick of CBRE’s Denver office represented the seller in the transaction.

February 25, 2021

Development Industrial Texas

Gap to Open $140M Distribution Center in Longview, Texas, Create 500 Jobs

by Taylor Williams February 25, 2021

LONGVIEW, TEXAS — Gap Inc. (NYSE: GPS) will open a $140 million distribution center in Longview, located about 120 miles east of Dallas, to meet rising demand for its online shopping business. The new facility will span approximately 850,000 square feet. Construction is set to begin in April with plans for the center to be fully operational by August 2022. The San Francisco-based apparel retailer expects that the move will add about 500 new jobs to the local economy, a figure that could grow to more than 1,000 full-time jobs over the next five years. Additionally, Gap expects to create more than 1,000 part-time and seasonal jobs by 2026. According to local news station KLTV, this will be the first ground-up distribution center that Gap has built in 20 years.

February 25, 2021

Development Industrial New Jersey Northeast

J.G. Petrucci Underway on 1 MSF Spec Industrial Project in Logan Township, New Jersey

by Taylor Williams February 25, 2021

LOGAN TOWNSHIP, N.J. — J.G. Petrucci Co. is underway on construction of Building A at Port Logistics Center at Logan, in Logan Township, located outside of Philadelphia in Gloucester County. The 1 million-square-foot building is part of a larger speculative industrial project that will eventually consist of four buildings totaling 1.9 million square feet across 190 acres. The first and largest building is scheduled to be complete in late 2021. CBRE has been tapped to lease the development.

February 25, 2021

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