Industrial

BentallGreenOak Acquires 607,208 SF North Bay Logistics Center in Fairfield, California

by Amy Works January 25, 2021

FAIRFIELD, CALIF. — BentallGreenOak, on behalf of a discretionary investment vehicle, has purchased North Bay Logistics Center, a fully net-leased distribution warehouse in Fairfield. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1995, the cross-dock, 607,208-square-foot property features functional tenant space with 30-foot clear heights, wide column spacing, ESFR sprinklers, 56 dock-high doors, eight grade-level doors, ample truck and trailer parking and low office finish space. Situated on more than 28 acres, North Bay Logistics Center is within a mile of the convergence of interstates 80 and 680 and CA-12. Mark Detmer, Ryan Sitov, Andie Fezell, Matt Bracco and Glen Dowling of JLL Capital Markets represented the seller in the deal. Additionally, Bruce Ganong, Alex Witt, Tom Gilliland and Lauren Mezzanotte of JLL Capital Market Debt Placement secured an acquisition loan for the buyer. BentallGreenOak has retained JLL to manage the property, with Tracy Scifo of JLL Property Management leading the team.

January 25, 2021

CapRock-Riley-St-Hacienda-Ave-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Partners to Develop Three-Building, 230,262 SF Industrial Park in Southwest Las Vegas

by Amy Works January 25, 2021

LAS VEGAS — CapRock Partners has completed the acquisition of a 12.9-acre parcel at the junction of South Riley Street and West Hacienda Avenue in Southwest Las Vegas. Additionally, the company has successfully petitioned to rezone of the site to allow for the development of a three-building industrial park. The speculative industrial park will include: A 132,450-square-foot facility with 28-foot clear heights, five grade-level doors and 26 dock-high doors A 75,836-square-foot building with 24-foot clear heights, five grade-level doors and 22 dock-high doors A 21,976-square-foot property with 24-foot clear heights, one grade-level door and two dock-high doors The industrial park will also feature a 180-foot shared truck court, more than 200 parking spaces and ESFR sprinklers. Each building is also divisible down to approximately 10,000-square-foot units. Constructed is slated to begin in early summer, with completion scheduled for early spring 2022. The project team includes Lee & Sakahara as architect, Fulcrum Construction as general contractor and Kimley Horn as civil engineer. Brendan Keating and Amy Ogden of Logic Commercial Real Estate represented the undisclosed seller, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock in the land acquisition. Additionally, JLL is overseeing leasing of the property.

January 25, 2021

Acquisitions California Industrial Western

Hines Sells Industrial Logistics Facility in Santa Ana, California for $113.5M

by Amy Works January 22, 2021

SANTA ANA, CALIF. — Hines has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana. An undisclosed buyer acquired the property for $113.5 million. Situated close to State Route 55, Interstate 5 and John Wayne Airport, the facility offers 373,942 square feet of last-mile distribution or more traditional manufacturing and warehouse space in Southern California. Hines purchased the facility in 2017 and implemented a robust capital improvement plan, including new roof, seismic retrofit, expanded trailer parking, office upgrades, landscaping and signage. The facility is fully leased through 2034. Cushman & Wakefield, including John Griffin, represented both parties in the transaction.

January 22, 2021

Acquisitions Industrial North Carolina Retail Southeast

Riverside Furniture Acquires Former Manufacturing Facility in Triad Region, Plans Renovations

by John Nelson January 22, 2021

GIBSONVILLE, N.C. — Riverside Furniture Corp. has acquired the former Burlington Mills warehouse and manufacturing facility in Gibsonville. The buyer plans to convert the building into its first distribution center in North Carolina. The asset is located at 5928 N. N.C. Highway 87, 22 miles northeast of downtown Greensboro. The Fort Smith, Ark.-based retailer plans to house more than 30 full-time employees at the 294,394-square-foot site. A timeline for completion was not disclosed. Brian Craven, David Hagan and Joe Stanley of CBRE|Triad represented the seller, DFA I LLC, in the transaction. The sales price was not disclosed.

January 22, 2021

Acquisitions Industrial Loans Southeast Tennessee

Ready Capital Provides $5M Acquisition Loan for Industrial Property in Memphis

by John Nelson January 22, 2021

MEMPHIS, TENN. — Ready Capital has provided a $5 million acquisition loan for a two-building, 280,000-square-foot industrial property in Memphis’ Airport submarket. The undisclosed borrower will use a portion of the funds to renovate the buildings. Plans include upgraded lighting, roof replacements and parking lot repairs. Ready Capital closed the non-recourse, interest-only loan, which features a 24-month term, floating interest rate, two extension options and flexible prepayment options. The property’s physical address and tenant roster were not disclosed.

January 22, 2021

Industrial Leasing Activity Michigan Midwest

Detroit Thermal Signs 14,700 SF Industrial Lease in Detroit

by Kristin Harlow January 22, 2021

DETROIT — Detroit Thermal has leased a 14,700-square-foot industrial building in Detroit. The company delivers clean steam energy throughout the city and services more than 100 buildings. Greg Hornby of Friedman Real Estate represented the undisclosed landlord in the lease transaction.

January 22, 2021

Industrial Loans New Jersey Northeast Retail

Madison Realty Capital Provides $73.5M Loan for Refinancing of New Jersey Commercial Portfolio

by Taylor Williams January 22, 2021

NEW YORK CITY — Madison Realty Capital, a New York-based real estate private equity firm, has provided a $73.5 million loan for the refinancing of a portfolio of eight commercial properties in New Jersey. The portfolio consists of an 8.7-acre residential, commercial and self-storage development site in Harrison; three industrial assets in Harrison, Kearny and Boonton; a Class A industrial flex building; a net-leased retail property in Harrison; and two parcels totaling 8.1 acres in Kearny and Brick. Glenn Thomas and Thomas Ravert of Pathway Capital Corp. arranged the loan. The borrower was not disclosed.

January 22, 2021

Acquisitions Industrial New Jersey Northeast

Woodmont, EverWest Acquire 144,551 SF Industrial Facility in South Brunswick, New Jersey

by Taylor Williams January 22, 2021

SOUTH BRUNSWICK, N.J. — A partnership between Woodmont Industrial Properties and EverWest Real Estate Investors has acquired a 144,551-square-foot industrial facility in South Brunswick, located in between Trenton and Newark. The property offers proximity to the New Jersey Turnpike and State Route 130. Building features include 22-foot clear heights, 22 dock doors and 120-foot truck court depths. David Blitt of Bussel Realty represented the seller, which has leased back the space on a short-term basis, in the transaction. The new ownership plans to renovate the building.

January 22, 2021

Acquisitions Company News Industrial Office Texas

M2G, Pennybacker Buy 1.2 MSF Former Tuesday Morning Distribution Center, Corporate Office in Metro Dallas

by Taylor Williams January 21, 2021

FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.

January 21, 2021

Development Industrial Texas

Longpoint Realty Partners Breaks Ground on 178,000 SF Industrial Project in Metro Dallas

by Taylor Williams January 21, 2021

CARROLLTON, TEXAS — Boston-based Longpoint Realty Partners has broken ground on Point 35/190, a 178,000-square-foot industrial project located at the northwest corner of Interstate 35 and George Bush Freeway in the northern Dallas metro of Carrollton. The building is designed for one to four tenants and features 32-foot clear heights, 44 dock-high doors, two drive-in ramps and a 142-foot truck court. Additionally, the project has four acres of extra land that can provide trailer parking vehicle parking spaces for a tenant’s requirements. Completion is scheduled for June. Dallas-based Proterra Properties is leasing the project.

January 21, 2021

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