Industrial

Rastegar Property to Develop 700,000 SF Distribution Center, Residential Community in Central Texas

by Taylor Williams January 6, 2021

AUSTIN AND KYLE, TEXAS — Austin-based Rastegar Property Co. will develop a 700,000-square-foot bulk distribution center and a 200-acre residential community that will feature single-family homes and townhome rentals in Central Texas. The industrial project will be located at 11708 McAngus Road near the new Tesla Gigafactory, and the residential community will be located at 700 Bunton Lane in the suburb of Kyle. Ronald Granite and Elena Burgos of investment banking firm Eyzenberg & Company arranged a $4.6 million fixed-rate loan through a regional insurance company to partially fund pre-development costs of both projects. Construction timelines were not disclosed.

January 6, 2021

Acquisitions Data Centers Industrial Oregon Western

Harrison Street, 1547 Data Center Fund Acquire Pittock Block in Portland for $326M

by Amy Works January 6, 2021

PORTLAND, ORE. — Harrison Street and 1547 Data Center Real Estate Fund II, an affiliate of fifteenfortyseven Critical Systems Realty, have purchased the historic Pittock Block Building, a 302,262-square-foot, mixed-use asset in Portland’s central business district, for $326 million. The seller was Also Investment Co. The price is the highest transaction cost in Oregon since 2015, according to JLL, which brokered the deal. The 302,200-square-foot building is one of the most connected data center buildings in the United States, serving 179 service providers, according to the buyers. Additionally, the property is one of only two primary internet exchanges in the entire Northwest. The property also features office suites and retail space. The acquisition of Pittock Block is the second investment for Harrison Street and 1547 following the purchase of the Wells Building, a carrier hotel and data center in Milwaukee. The Pittock Block is named after Portland publishing magnate Henry L. Pittock, whose house was located on the property until construction. The building was developed by a subsidiary of the Northwestern Electric Co. and several other investors, primarily as an office building with an electrical and steam generation plant in the three-story sub-basement serving the Portland westside. In 1986, Alco …

January 6, 2021

Acquisitions Industrial Texas

EverWest Real Estate Buys Warehouse Near Port Houston for $8.7M

by Taylor Williams January 6, 2021

LA PORTE, TEXAS — Denver-based EverWest Real Estate Investors has purchased a 109,000-square-foot warehouse in La Porte, a city located near Port Houston. The sales price was $8.7 million. The building is divisible to 40,000 square feet and features 28-foot clear heights and 130-foot truck court depths. Colliers International is marketing the property for lease. The seller was Phelan-Bennett Development. Mark Bigarel and Justin Bennett handled the transaction internally on behalf of the buyer and seller, respectively.

January 6, 2021

Arizona Development Industrial Western

Cushman & Wakefield Brokers $23.2M Sale of Land Parcel Near Phoenix for 2.2 MSF Sarival Logistics Center

by Amy Works January 6, 2021

GLENDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a 108-acre industrial development site at the northeast corner of Loop 303 and West Bethany Home Road in Glendale. An undisclosed national real estate investment trust acquired the property from Loop 303 at Bethany North LLC for $23.2 million. The buyer plans to develop Sarival Logistics Center, which will total up to 2.2 million square feet of Class A industrial space that will be constructed on a speculative basis in multiple phases. The total project site also includes an additional 40-acre plot that the buyer acquired in December 2020. Phase I of the 148-acre Sarival Logistics Center will feature a 1.1 million-square-foot speculative building. Construction is slated to begin in early 2021. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

January 6, 2021

Acquisitions California Industrial Self-Storage Western

Rexford Acquires Four-Building Industrial Portfolio, Outdoor Storage Property in Southern California for $103.1M

by Amy Works January 5, 2021

LOS ANGELES — Los Angeles-based Rexford Industrial has purchased a four-building industrial portfolio and an outdoor storage property in Southern California for $103.1 million. The names of the sellers were not released. Through an off-market transaction, the company acquired four single-tenant industrial buildings located Southern California’s San Fernando Valley, Mid-Counties and Inland Empire West markets for $86.3 million, or $208 per square foot. The properties offer a total of 414,744 square feet of improvements on 25.2 acres. At the time of sale, the portfolio was 100 percent leased. The properties are a 100,157-square-foot asset at 29010 Avenue Paine in Valencia, a 117,151-square-foot building at 29010 Commerce Center Drive in Valencia, a 105,041-square-foot facility at 13369 Valley Blvd. in Fontana and a 92,395-square-foot asset at 6635 Caballero Blvd. in Buena Park. Rexford also acquired an industrial outdoor storage property located at 1235 S. Lewis St. in Anaheim for $16.8 million, or $80 per square foot. The 4.8-acre site features a 62,480-square-foot building.

January 5, 2021

Development Industrial Washington Western

Bridge Development Plans 1.9 MSF Industrial Park in Suburban Seattle

by Amy Works January 5, 2021

MILTON, WASH. — Bridge Development Partners has purchased a 117-acre land site in Milton, three miles from the Port of Tacoma, for an undisclosed price. The company plans to develop Bridge Point I-5 Seattle, a four-building, 1.9 million-square-foot industrial park at the site. Bridge Point I-5 will be delivered in two phases: a 1 million-square-foot cross-dock facility to be delivered in first-quarter 2023 and three single-load buildings totaling 921,270 square feet to be delivered in 2024. Of the 117 acres purchased, 89 acres will be used for Bridge Point I-5 Seattle. The four planned industrial buildings will range in size from 119,022 square feet up to 1 million square feet. The facilities will feature 32- to 40-foot clear heights, ESFR sprinklers, LED lighting, 1,218 car parking spaces, and 130- to 185-foot truck courts. Mike Newton of Kidder Mathews represented Bridge, while Bob Naber of NAI Puget Sound Properties represented the undisclosed seller in the transaction. Newton was retained to serve as leasing agent for the project.

January 5, 2021

Acquisitions Industrial New York Northeast

Transwestern Arranges $14.4M Sale of Warehouse Occupied by Goodwill in Queens

by Taylor Williams January 5, 2021

NEW YORK CITY — Transwestern has arranged the $14.4 million sale of a 31,000-square-foot warehouse located at 26-25 Fourth St. in the Astoria neighborhood of Queens. Goodwill Industries owns and occupies the building. Stephen Powers, Lindsay Ornstein and Jake Cinti of Transwestern represented Goodwill in the transaction. The buyer was not disclosed.

January 5, 2021

Industrial Leasing Activity New Jersey Northeast

JLL Negotiates Two Industrial Leases Totaling 81,400 SF in Fairfield, New Jersey

by Taylor Williams January 5, 2021

FAIRFIELD, N.J. — JLL has negotiated two full-building industrial leases totaling 81,400 square feet in the Northern New Jersey city of Fairfield. Logistics firm Best Way Trucking Service Inc. signed a lease for 48,100 square feet, and fragrance supplier Excellentia International inked a deal for 33,300 square feet. Howard Weinberg of JLL represented the respective owners, PAN Realty and Patty Brothers Properties, in both sets of lease negotiations.

January 5, 2021

Acquisitions Industrial New Jersey Northeast

CenterPoint Acquires 29,366 SF Industrial Building in Avenel, New Jersey

by Taylor Williams January 5, 2021

AVENEL, N.J. — Illinois-based CenterPoint Properties has acquired a 29,366-square-foot industrial building in Avenel, located south of Newark. The building is situated on a 4.3-acre site at 190 Homestead Ave. near the New Jersey Turnpike and Port Elizabeth-Newark. Jordan Avanzato and Marc Duval of JLL brokered the deal. The seller and sales price were not disclosed.

January 5, 2021

Acquisitions Georgia Industrial Southeast

Monmouth Pays $96.7M to Acquire Industrial Building Leased to The Home Depot in Metro Atlanta

by Alex Tostado January 5, 2021

LOCUST GROVE, GA. — Monmouth Real Estate Investment Corp. has purchased a 657,518-square-foot industrial building in Locust Grove for $96.7 million. The Home Depot occupies the facility and has 20 years remaining on its lease. The asset is situated at 3150 Ga. Highway 42, 35 miles southeast of Hartsfield-Jackson Atlanta International Airport and less than one mile from Interstate 75. Monmouth Real Estate notes that the property spans 130 acres and has an opportunity for future development. The seller was not disclosed.

January 5, 2021

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