MARLBOROUGH, MASS. — Dallas-based Lincoln Property Co. has received approval from the City of Marlborough, located west of Boston, for the development of a 120,600-square-foot industrial project that will be situated on a 12.3-acre site. Building features will include a clear height of 32 feet and 10 loading docks. Construction is scheduled to begin in the first quarter of next year, and the development team expects the space to be available for occupancy by the end of 2022.
SYOSSET, N.Y. — Simi Capital Group, an investment firm with offices in New York City and Miami, and Cerberus Capital Management have acquired an industrial building located in the Long Island community of Syosset for $15 million. The building sits on a six-acre site. The seller was not disclosed. The new ownership plans to utilize the property as an outdoor storage facility.
DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …
BAYTOWN, TEXAS — Locally based firm Avera Cos. and AEW Capital Management will develop Kilgore Grand Parkway, a 522,135-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. Situated on a 33.9-acre site near Port Houston, the building will offer 40-foot clear heights, 185-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Cushman & Wakefield is the leasing agent for the project, which is expected to be complete in the fourth quarter of 2022.
FAIRFAX, VA. — Galloway Group has purchased Spring Street Business Park, a 53,268-square-foot industrial property in Fairfax. Malcolm Shaw and Bill Wrench of Washington, D.C.-based Phillips Realty Capital secured $7.5 million in debt financing from Fairfax-based FVCbank as part of an $11 million capitalization. Multiple equity investors raised the funds, and Audeo Partners provided a major portion of the equity. Next-Realty Mid-Atlantic represented the Galloway Group in the transaction. Built in 1988, Spring Street Business Park is fully leased and features three adjacent buildings on a 2.9-acre parcel. The properties encompass a mix of industrial uses including warehouse, light industrial and service industrial. The park features 18-foot to 22-foot high ceilings with overhead insulated roll-up garage doors, tempered glass paneled entrance doors, tempered fixed windows and bays spanning approximately 2,180 square feet.
AVON, MASS. — New York City-based Ready Capital has closed a $6 million loan for the acquisition and renovation of a 60,000-square-foot warehouse in Avon, a southern suburb of Boston. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement plan to modernize the warehouse and convert a portion of the office suite into flex space.
Speaking at the Port of Baltimore on Nov. 10, President Joe Biden touted the now passed $1 trillion infrastructure bill as a “once-in-a-generation investment” designed to help us push past the COVID-19 pandemic. The $17 billion earmarked specifically for port improvements is welcome news as on Nov. 15, the day the bill was signed, 90 container ships carrying goods valued at $85 billion were still waiting to dock off the coast of California. Throughout the pandemic, the transportation infrastructure and labor supply for the East Coast and the Mid-Atlantic specifically have demonstrated efficiency and productivity. The two main ports — the Port of Virginia and Port of Baltimore — processed record container volumes of imports and exports through cargo ship, rail and barge at record “turn times” of under one hour, meeting and overcoming many of the challenges within the supply chain. Connecting the dots As we approach the 2021 gift-giving season and beyond, it is crucial to focus on the “why I should care” factor. The Port of Virginia for example, which by 2024 will be the only 55-foot-deep port on the East Coast, experiences cargo movements that occur 64 percent by truck, which is nearly double the next …
BALTIMORE — Trout Daniel & Associates (TD&A) has brokered the sale of 1870 & 1900 Frankfurst Ave., a combined 91,175-square-foot industrial property in Baltimore’s Fairfield industrial submarket. Steven Cornblatt and Jared Engel of TD&A represented the seller, an entity doing business as WFP-Port Liberty LLC, in the transaction. New York-based Criterion Group purchased the properties for $7 million. The two properties sit near each other and total 12.3 acres. The site is located close to Interstate 895 and the Port of Baltimore. Many years prior, the properties were used to manufacture Liberty Ships to transport cargo in the Allies’ World War II efforts. In 2003, WFP-Port Liberty LLC purchased the properties, and TD&A shortly thereafter executed a long-term lease with Amports, an automotive services provider. Amports remained a tenant at the site until this past July.
HOUSTON — Hercules Inc., an Alabama-based manufacturer of polyethylene products, has signed a 111,062-square-foot industrial lease in northwest Houston. The company will occupy roughly half the space at Park 8, a 242,760-square-foot distribution center owned by Avera Cos. and AEW Capital Management. Completed in April 2020, the cross-dock building features 36-foot clear heights, 130-foot truck court depths and an ESFR sprinkler system. Jim Autenreith and J.W. Wall III of Moody Rambin represented the tenant in the lease negotiations. Jason Dillee and Nathan Wynne of CBRE represented the landlord.
CARROLLTON, TEXAS — Illinois-based investment and development firm ML Realty Partners has purchased a 72,000-square-foot industrial building located at 2520 Marsh Lane in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1997 and offers 24-foot clear heights and 7,325 square feet of office space. Dan Spika of Henry S. Miller (HSM) Brokerage represented ML Realty Partners in the transaction. Jim Turano, also with HSM, represented the undisclosed seller.
