SOMERSET, N.J. — CBRE has brokered the sale of a 143,670-square-foot industrial building in the Northern New Jersey community of Somerset. The property was built on nine acres in 1986 and features a clear height of 26 feet and 13 loading docks. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer, GLP Capital Partners, in the off-market transaction. The seller and sales price were not disclosed.
SAN DIEGO — Lincoln Property Co. has completed the disposition of a newly renovated last-mile distribution center in San Diego’s Kearny Mesa submarket. Realterm Logistics acquired the asset for $64.2 million. Situated on 10.5 acres at 7995 Armour St., the freestanding facility features 104,510 square feet of industrial space. The seller completed significant capital improvements and repositioned the asset, which was built in the 1980s. The facility features well-designed ingress/egress; efficient warehouse and office layouts; dock- and grade-loading capabilities; and ample parking. At the time of sale, the property was fully leased to a global Fortune 50 e-commerce company. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.
FORT WORTH, TEXAS — Locally based developer Trammell Crow Co. (TCC) has unveiled plans for Phase III of Eagle 35, a 2.1 million-square-foot speculative industrial project located at Interstate 35 West and Eagle Parkway in Fort Worth. Phase III of Eagle 35 will consist of five buildings ranging in size from 103,668 to 1.2 million square feet, with the site of the largest building expandable to 1.5 million square feet. The buildings will be constructed on a combined 40 acres adjacent to Alliance Airport and will feature 32- to 40-foot clear heights, 140- to 195-foot truck court depths and ample space for car and trailer parking. Phase I of Eagle 35 consisted of two buildings totaling 1.5 million square feet, and Phase II comprised three buildings totaling 1.6 million square feet. Alliance Architects, Inc. is the project architect for Phase III, and Halff Associates Inc. is the civil engineer. Steve Trese and Bob Scully with CBRE’s Dallas office are leasing and marketing the project. Construction is scheduled to begin in January.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of The Storage Place, a 553-unit self-storage facility located in the eastern Dallas suburb of Mesquite. The property spans approximately 74,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Karr also procured the buyer. Both parties requested anonymity.
WOODRIDGE, ILL. — JLL Capital Markets has arranged a $13.2 million loan for the acquisition of Woodridge Commerce Center in the Chicago suburb of Woodridge. The three-building industrial property spans 148,012 square feet and was 97 percent leased at the time of sale to 21 tenants. Situated on nearly 12 acres along Werch Avenue, Woodridge Commerce Center is situated within the master-planned International Centre Business Park. Jeff Sause and Brian Walsh of JLL represented the borrower, a joint venture between Unilev Capital and real estate investor Nitin Chexal, who is the co-founder and CEO of Palladius Capital Management. JLL placed the three-year, floating-rate loan with Wells Fargo Bank. Unilev’s investment team of Raymond Levy, Ian Konowitch and Peter Berges led acquisition efforts.
EASTON, PA. — JLL has negotiated the $63.2 million sale of a 307,290-square-foot industrial building in Easton, located on the eastern edge of the Lehigh Valley region. Built on 28.4 acres in 1983 and expanded in 2013, the single-tenant property is fully leased to Phillips Pet Food & Supplies, which uses the space as its corporate headquarters and primary distribution facility. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Pennsylvania-based development and investment firm Endurance Real Estate, in the transaction. The buyer was not disclosed.
NEW YORK CITY — A partnership between Simi Capital Group, an investment firm with offices in New York City and Miami, global asset management firm Cerberus Capital Management and Atlanta-based Stonemont Financial has purchased a self-storage facility in Staten Island. The sales price was $19 million. The partnership plans to demolish the building at 2577 Forest Ave. and convert the site into an outdoor storage facility that will feature industrial parking space. Construction is expected to begin early next year.
BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) has broken ground on its new global research and development (R&D) center in Brecksville, a southern suburb of Cleveland. The 600,000-square-foot facility will support product development, coatings research, color technology and process engineering. Cleveland-based Sherwin-Williams is also building a new global headquarters in downtown Cleveland that will span approximately 1 million square feet. The company plans to invest a minimum of $600 million to build both the headquarters and the R&D facility. Together, the two facilities will house more than 3,500 employees. Sherwin-Williams estimates it will add a minimum of 400 jobs at these properties over time, an increase of 11 percent to the company’s current local workforce. The R&D center is expected to open by the end of 2024.
FISHERS, IND. — StorageMart has acquired a 73,183-square-foot CubeSmart Self Storage facility in Fishers, a suburb of Indianapolis. The purchase price was undisclosed. Located at 10415 Allisonville Road, the property features 41 percent drive-up units and 59 percent interior, climate-controlled units. David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman & Co., along with Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates, represented StorageMart. Georgia-based York Allison LLC was the seller. This is StorageMart’s third location in Indiana. The property’s lighting, security system and gate entry will be updated.
KATY, TEXAS — EastGroup Properties, a Mississippi-based REIT, has broken ground on Grand West Crossing 1, a 120,600-square-foot industrial project in the western Houston suburb of Katy. The building, which will be situated within a larger Grand West Crossing master-planned development, will feature 28-foot clear heights and proximity to Interstate 10 and State Highway 290. JLL is marketing the building for lease. Construction is scheduled for a second-quarter 2022 completion. The master plan for Grand West Crossing includes five additional buildings or build-to-suit opportunities.
