Industrial

CBRE Arranges $69M in Financing for 1 MSF Industrial Portfolio in Southwest

by Amy Works December 16, 2020

LOS ANGELES — CBRE Capital Markets’ Debt & Structured Finance team has arranged $69 million for the recapitalization of a four-property industrial portfolio totaling 991,634 square feet across the southwestern United States. Shaun Moothart, Bruce Francis, Jennifer Ansari, Dana Summers, Bob Ybarra and Doug Birrell of CBRE secured the 20-year, 2.13 percent loan on behalf of the borrower, Moulton Co., a family-owned and operated private equity asset management firm based in Southern California. The portfolio consists of four core industrial assets: Harbor Gateway, located at 20100 S. Western Ave. in Torrance, Calif. Longley Commerce Center at 6550 Longley Lane in Reno, Nev. The Landing at PMG, located at 7613-7753 E. Ray Road in Mesa, Ariz. Northgate Distribution Center at 4800 E. Tropical Parkway in Las Vegas At the time of sale, all four facilities were fully leased.

December 16, 2020

Acquisitions Arizona Industrial Western

Dalfen Industrial Acquires 109,510 SF Gilbert Distribution Center in Arizona

by Amy Works December 16, 2020

GILBERT, ARIZ. — Dalfen Industrial has purchased Gilbert Distribution Center, an industrial property located at 1495 E. Baseline Road in Gilbert, a southeast suburb of Phoenix. The property was acquired in an off-market transaction for an undisclosed price. The name of the seller was not released. Built in 2014, the property features 109,510 square feet of industrial space. At the time of sale, the facility was 100 percent leased to two longstanding tenants: Scrapbook.com and TLC Label. Dalfen Industrial has acquired and developed more than $1.2 billion of last-mile industrial properties this year.

December 16, 2020

Acquisitions California Industrial Western

Hill Properties, Westport Capital Buy 61,000 SF Industrial Portfolio in San Diego

by Amy Works December 16, 2020

SAN DIEGO — A joint venture between San Diego-based Hills Properties and a fund managed by Westport Capital Partners has acquired an industrial portfolio in San Diego’s Miramar industrial neighborhood. Providence II Camino Santa Fe LLC sold the assets for $11.3 million. Located at 8250-8260 Camino Santa Fe, the two-building portfolio features 61,000 square feet of multi-tenant industrial space. Evan McDonald of Colliers International represented the seller in the deal.

December 16, 2020

Industrial Leasing Activity Midwest Missouri

Cambridge Air Solutions Signs 68,605 SF Industrial Lease in Metro St. Louis

by Kristin Harlow December 16, 2020

WENTZVILLE, MO. — Cambridge Air Solutions has signed a 68,605-square-foot industrial lease at 1290 Interstate Drive in Wentzville within metro St. Louis. Houston-based SparrowHawk LLC owns the 420,000-square-foot building in a joint venture with American National Insurance Co. Cambridge is a manufacturer and distributor of HVAC systems. This is the second St. Louis-area location for Cambridge, which maintains its headquarters at 760 Long Road Crossing Drive in Chesterfield. Christopher Schmidt of JLL represented Cambridge in the lease transaction. David Branding and Patrick Reilly of JLL represented SparrowHawk.

December 16, 2020

Acquisitions Industrial Texas

MAG Capital Partners Sells 126,000 SF Industrial Complex in Mansfield, Texas

by Taylor Williams December 16, 2020

MANSFIELD, TEXAS — Locally based investment firm MAG Capital Partners LLC has sold a 126,000-square-foot industrial complex at 601 Airport Drive in Mansfield, a southern suburb of Fort Worth. The six-building site spans 7.5 acres and includes a newly built 22,000-square-foot office building and land for future expansion. The buyer was NexPoint, a Dallas-based alternative investment firm. The tenant, Gamma Aerospace LLC, will continue to occupy the complex for the long term. Peter Bauman and Tivon Moffitt of the Scottsdale, Arizona, office of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based buyer in the transaction.

December 16, 2020

Industrial Leasing Activity Texas

S.I. Warehousing Signs 252,203 SF Industrial Lease at Monument Business Park Near Houston

by Taylor Williams December 16, 2020

DEER PARK, TEXAS — Logistics firm S.I. Warehousing Co. Inc., a subsidiary of St. Louis-based Slay Industries, has signed a 252,203-square-foot industrial lease at Monument Business Park in Deer Park, an eastern suburb of Houston. Monument Business Park consists of a 414,900-square-foot cross-dock building and a 194,610-square-foot front-load building that were completed in the fourth quarter of 2019. The buildings feature 32- to 36-foot clear heights and ample trailer parking. David Munson of Boyd Commercial represented the owner and developer, Molto Properties, in the lease negotiations. Kelley Parker, Coe Parker and John Littman of Cushman & Wakefield represented the tenant.

December 16, 2020

Industrial Loans New York Northeast Self-Storage

Talonvest Arranges $59.5M Loan for Refinancing of Three Self-Storage Facilities in New York

by Taylor Williams December 16, 2020

OCEANSIDE, GARDEN CITY AND HEWLETT, N.Y. — Mortgage banking firm Talonvest Capital LLC has arranged a $59.5 million bridge loan for the refinancing of three self-storage facilities in New York. The newly constructed properties total 246,248 net rentable square feet and are located in the Long Island hamlets of Oceanside, Garden City and Hewlett. Utah-based REIT Extra Space Storage operates the properties. The nonrecourse loan featured a 48-month term with extension options and a loan-to-value ratio of 80 percent. The borrower was Illinois-based LSC Development. The direct lender was not disclosed.

December 16, 2020

Acquisitions Georgia Industrial Southeast

JLL Negotiates $38.5M Sale of Industrial Campus in North Atlanta

by Alex Tostado December 15, 2020

ATLANTA — JLL has negotiated the $38.5 million sale of a four-building, 281,677-square-foot industrial campus in Atlanta’s Cumberland-Galleria submarket. The property was 87 percent leased to 36 tenants at the time of sale. The asset is situated on 23 acres at 120 Interstate NW, less than one mile from the Interstate 75-285 interchange and 23 miles north of Hartsfield-Jackson Atlanta International Airport. The buildings feature 14- to 18-foot clear heights, new roofs, 34 dock-high doors and 39 grade-level roll ups. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, a joint venture between The Ardent Cos., Taconic Capital Advisors and Axonic Capital, in the transaction. Albany Road Real Estate acquired the property through its Albany Road Fund III.

December 15, 2020

Illinois Industrial Leasing Activity Midwest

Anritsu Infivis Signs 61,627 SF Industrial Lease at Elk Grove Technology Park

by Kristin Harlow December 15, 2020

ELK GROVE VILLAGE, ILL. — Anritsu Infivis Inc. has signed a 61,627-square-foot industrial lease at 701 Innovation Drive within the Elk Grove Technology Park in Elk Grove Village. The tenant is a supplier of advanced product inspection and foreign material detection equipment installed on food and pharmaceutical production lines globally. The new lease represents an expansion from the company’s former location on Cambridge Drive. David Creiner and Corey Chase of Newmark represented the tenant in the lease transaction. Elk Grove Technology Park is a 600,000-square-foot industrial park that includes bike and walking paths. Brennan Investment Group is the developer of the park.

December 15, 2020

Acquisitions Industrial Texas

Hines Acquires 1.2 MSF Fulfillment Center Leased to Amazon in Schertz, Texas

by Taylor Williams December 15, 2020

SCHERTZ, TEXAS — Hines Global Income Trust, an institutional investment arm of the Houston-based real estate giant, has acquired a 1.2 million-square-foot fulfillment center leased to Amazon in Schertz, located northeast of San Antonio. The property is situated along the Interstate 35 corridor. The seller and sales price were not disclosed.

December 15, 2020

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