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Industrial

515-E-Dyer-Santa-Ana-CA
AcquisitionsCaliforniaIndustrialWestern

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

by Amy Works

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.

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AcquisitionsIndustrialNorth CarolinaRetailSoutheast

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

by John Nelson

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.

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AcquisitionsIndustrialLoansSoutheastTennessee

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

by John Nelson

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.

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IndustrialLoansNew JerseyNortheastRetail

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

by Taylor Williams

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.

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AcquisitionsIndustrialNew JerseyNortheast

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

by Taylor Williams

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.

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AcquisitionsCompany NewsIndustrialOfficeTexas

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

by Taylor Williams

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.

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DevelopmentIndustrialTexas

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

by Taylor Williams

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.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 17,900 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — Venture One Real Estate has acquired a 17,900-square-foot industrial building located at 1161 S. Northpoint Blvd. in Waukegan for an undisclosed price. Constructed in 2000, the property was vacant at the time of acquisition. It features two exterior docks, one drive-in door, 2,476 square feet of office space and parking for 31 cars. Ralph Huszagh of JC Forney Realty Inc. represented the undisclosed seller and will be retained by Venture One to market the building for lease. Venture One acquired the asset via its acquisition fund VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Soaring Demand for Inland Empire Warehouse Space Brings Opportunities for Developers

by Jeff Shaw

By Richard Lee and J.C. Casillas, NAI Capital Commercial In the fourth quarter of 2020, the Inland Empire industrial market continued to battle the effects of an economy that has so far spent three-fourths of the year under a COVID-19 shutdown. After dipping for several quarters, the average asking rent held steady at $0.72 triple net, down 6.5 percent from the fourth quarter of 2019. The vacancy rate nudged up 10 basis points from the previous quarter’s record low, down 90 basis points from the fourth quarter of 2019 to 3.9 percent. Pointing to the market’s resilience this time around, vacancy remains 8.4 percentage points lower than the prior peak, which hit in the third quarter of 2009 during the Great Recession. There has been exponential growth in demand for ecommerce due to COVID-19 and related industries, such as packaging and third party logistics. This has resulted in a fast recovery for the Inland Empire industrial market. Soaring demand for warehouse and distribution space has created opportunities for developers. The vacancy rate has increased, due to the 1.9 million square feet of completed construction added to the market in the fourth quarter of 2020. Since the first quarter of this …

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