KANSAS CITY, KAN. — Industrial Logistics Properties Trust (NASDAQ: ILPT) has purchased a Class A warehouse in Kansas City for $44 million. Built in 2018, the 645,000-square-foot building is situated on 57 acres at 17001 W. Mercury St. The property is fully leased to one tenant, which has 12 years remaining on its lease. The sales price represents a cap rate of 6.5 percent. Industrial Logistics Properties Trust is a publicly traded REIT with 301 properties spanning 43.8 million rentable square feet in its portfolio as of Sept. 30.
BURLINGTON, N.J. — Lee & Associates has brokered the $110.5 million sale of a 116.8-acre industrial redevelopment site in the Southern New Jersey city of Burlington. The property currently houses a 1 million-square-foot warehouse that was previously occupied by the U.S. General Services Administration and will be decommissioned. The new ownership, a partnership between New York-based Clarion Partners and MRP Industrial, plans to build two Class A distribution centers on the site on a speculative basis. Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill Jr. of Lee & Associates represented the seller, Boston-based STAG Industrial, in the deal.
NEW YORK CITY — DH Property Holdings has broken ground on a 370,000-square-foot industrial project at 640 Columbia St. in Brooklyn. The site spans 4.5 acres and is located in the Red Hook waterfront district. The three-story building will feature 18- to 28-foot clear heights, 130-foot truck court depths, office space and parking for up to 184 vehicles. Ware Malcomb is the project architect; Suffolk Construction is the general contractor, and Bohler is the civil engineer. Completion is slated for the fourth quarter.
RUNNEMEDE, N.J. — CBRE has arranged the $29.3 million sale of Runnemede Corporate Center, a seven-building, 304,077-square-foot light industrial portfolio in Runnemede, located outside Philadelphia in Southern New Jersey. The sale included four development parcels with the capacity to house 125,000 square feet of new product. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Richards & Robbins, in the transaction. The buyer was industrial investment firm Faropoint. Tenants at the property include Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty.
HICKSVILLE, N.Y. — JLL has brokered the $74.5 million sale of Lincoln Logistics @ Hicksville, a 195,610-square-foot distribution center in the Long Island hamlet of Hicksville that is fully leased to The Home Depot. The seller and developer, Lincoln Equities Group, completed the property in December 2020. Building features include 36-foot clear heights, 29 dock-high doors and 4,185 square feet of office space. Jose Cruz, Marc Duval, Jordan Avanzato, Tyler Peck, Rob Kossar, Leslie Lanne and Tom DiMicelli of JLL represented Lincoln Equities Group in the transaction. The buyer was an undisclosed institutional investor.
MELROSE PARK, ILL. — JLL Capital Markets has arranged the sale of a 456,417-square-foot industrial building in the Chicago-area community of Melrose Park for an undisclosed price. The property, located at 1400 N. 25th Ave., is fully leased to 15 tenants in the warehouse, distribution, food production, showroom and sports and entertainment sectors. The building features 15 dock-high doors, 22 drive-in doors and clear heights ranging from 18 to 24 feet. Ed Halaburt, Robin Stolberg and John Huguenard of JLL represented the seller, Baker Development Corp., which completed extensive renovations to the property in 2019. Glen Una Management was the buyer.
SANFORD, FLA. — BlueScope Properties has sold Sanford Logistics Center, a 113,149-square-foot industrial facility in Sanford, for $14.1 million. The property was delivered in April 2020 and is situated at 2152 Martin Luther King Jr. Blvd., 22 miles north of downtown Orlando and four miles east of Interstate 4. The facility features 32-foor clear heights, ESFR sprinklers and a 130-foot truck court with a 60-foot concrete apron. Sanford Logistics Center was 50 percent leased at the time of sale to Marine Fasteners. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield represented the Kanas City, Mo.-based seller in the transaction. Dallas-based Dalfen Industrial acquired the asset.
AUSTIN, TEXAS — Austin-based HPI Real Estate Services & Investments will develop Crossroads Logistics Center, a 1.6 million-square-foot industrial project that will be located east of Parmer Lane between U.S. Highway 290 and State Highway 130 in Austin. The project will be developed across four phases, with the first phase consisting of three cross-dock buildings totaling 483,840 square feet. Delivery of Phase I is scheduled for the fourth quarter of 2021. Project partners include David Bessent Architects and Jamison Civil Engineering.
IRVING, TEXAS — JLL has negotiated the sale of Gateway Logistics Center, a 1.4 million-square-foot industrial park located near DFW International Airport in Irving. The property was built in 2019. Dustin Volz, Stephen Bailey, Jody Thornton, Zach Riebe and Wells Waller of JLL represented the seller and developer, a partnership between Dallas-based Bandera Ventures and Boston-based Long Wharf Capital, in the transaction. BentallGreenOak acquired the five-building industrial park on behalf on an institutional investor.
WILLOWBROOK, ILL. — SVN Commercial Chicago has brokered the $7.1 million sale of a 142,000-square-foot industrial property in Willowbrook, a southwest suburb of Chicago. The building sits on 12 acres at 7409 S. Quincy St. The sale also included a 4.9-acre site for future development or expansion. The building’s tenant vacated prior to the end of 2020. Paul Cawthon and Angelo Labriola of SVN’s Cawthon-Labriola Group represented the seller. The buyer and seller information was not disclosed.