STAFFORD, TEXAS — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has sold Commerce Center, a 245,495-square-foot industrial flex property located in the southwestern Houston suburb of Stafford. The property comprises 16 single-story buildings on a 14.5-acre site. Trent Agnew and Charlie Strauss of JLL represented the seller in the transaction. Los Angeles-based Rising Realty Partners purchased the asset for an undisclosed price.
ARLINGTON, TEXAS — Fort Worth-based investment firm Fort Capital has acquired Ballpark Circle, a 236,547-square-foot industrial and office complex in Arlington. Ballpark Circle, located at 1401 and 1501 Nolan Ryan Expressway, consists of a 74,739-square-foot light industrial building and a 161,808-square-foot office building. The seller and sales price were not disclosed.
EASTAMPTON TOWNSHIP, N.J. — New York City-based developer Rockefeller Group has broken ground on a 345,600-square-foot distribution center in Eastampton Township, located about 30 miles east of Philadelphia. Rockefeller Group Logistics Center Eastampton will feature a clear height of 36 feet, 96 trailer parking spaces, 384 auto parking spaces, 18-foot truck court depths and 4,000 square feet of office space. KSS Architects designed the project, and Menlo Engineering is the civil engineer. Blue Rock Construction is serving as the general contractor, and CBRE has been tapped to lease the development. Completion is slated for next fall.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates is underway on preliminary site work for Flemington Junction Business Park, a 150,000-square-foot industrial project in Northern New Jersey. The project will comprise four buildings on a 29-acre site that is located just one mile from U.S. Route 31. Building features will include clear heights of 32 feet and LED lighting, while the entire complex will feature 270 car parking spaces. Larken Associates’ in-house construction management team, Core Enterprises, is overseeing development of the project, which is slated for a fourth-quarter 2022 delivery.
RAMSEY, N.J. — New York City-based Ready Capital has closed a $12.5 million loan for the acquisition and renovation of an unnamed, 92,000-square-foot industrial building in the Northern New Jersey community of Ramsey. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.
CHICAGO — Bradley Business Center, an office and industrial complex on Chicago’s North Side, has traded hands. The sales price was nearly $100 million, according to Crain’s Chicago Business. The 23-acre property consists of four buildings totaling 466,871 square feet. The asset is 97 percent leased to 21 tenants. Cody Hundertmark, Tom Sitz, David Knapp, Mike Tenteris, Adam Tyler and Jim Carpenter of Cushman & Wakefield represented the seller, a private venture led by Hansen Realty Group. Hines Global Income Trust Inc. was the buyer.
LOCKPORT, ILL. — Cushman & Wakefield has brokered the sale of 355 Logistics Center in Lockport, about 30 miles southwest of Chicago. The sales price was undisclosed. Constructed in 2018, the two-building industrial development spans 611,576 square feet. Both buildings feature a clear height of 32 feet. James Carpenter, Mike Tenteris and Adam Tyler of Cushman & Wakefield represented the seller, Boston-based High Street Logistics Properties. A fund managed by a subsidiary of Ares Management Corp. was the buyer.
ALTOONA, IOWA — VanTrust Real Estate is developing a 496,800-square-foot speculative warehouse at Altus Commerce Center in Altoona. The facility is the largest speculative industrial project to be built in Iowa, according to JLL, which is marketing the development for lease. Completion is slated for January 2023. The building will feature a clear height of 36 feet as well as parking for up to 330 cars and 47 trailers. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL are marketing both this building and VanTrust’s first building at Altus Commerce Center. The first building will span 265,200 square feet and is slated for completion in summer 2022.
GILBERT, ARIZ. — GID and SunCap Properties, along with Graycor Construction Co., have broken ground for the development of three speculative industrial buildings, totaling 309,547 square feet, at Gilbert Spectrum, a 64-acre industrial park in Gilbert. The buildings will range in size from 66,446 square feet to 142,200 square feet, with divisibility to 20,000 square feet. Totaling 100,000 square feet, Building 9 will feature 32-foot clear heights and a mix of 38 dock-high and drive-in doors. The 142,200-square-foot Building 10 will offer 32-foot clear heights and a mix of 50 dock-high and drive-in doors. Totaling 66,400 square feet, Building 11 will feature 28-foot clear heights and a mix of 25 dock-high and drive-in doors. The three buildings will share a 190-foot loading court and each building will feature generous power and ESFR sprinklers. Completion is slated for May 2022. Graycor serves as the design-build general contractor and Balmer Architectural Group is the project architect. Ken McQueen and Chris McClurg of Lee & Associates Arizona are the project’s leasing brokers.
CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of 7770 Palmetto Commerce Parkway, a 196,540-square-foot industrial facility in Charleston. Pete Pittroff, Dave Andrews, Patrick Nally, Josh McArdle, Michael Scarnato and Zach Lloyd of JLL represented the seller, a joint venture between Charleston-based The Beach Co. and Greensboro, S.C.-based Samet Corp. New York-based Indus Realty Trust Inc. acquired the property for an undisclosed amount. 7770 Palmetto Commerce Parkway is a Class, A rear-load warehouse that is partially leased to Cummins Inc., an Indiana-based diesel and alternative fuel engines and generators retailer. The infill property is situated adjacent to Interstate 26, eight miles from Charleston International Airport and 16.2 miles from Port of Charleston.
