DALLAS — Idaho-based Cold Summit Development will build a $60 million cold storage facility at 2800 Cedardale Road in South Dallas. The 343,000-square-foot facility will be situated on 29 acres and will feature 50-foot clear heights. Site work and construction are anticipated to start immediately with completion slated for September 2021. Cold Summit Dallas will be just the 12th cold storage facility built in the metroplex in the last 20 years, according to the developer.
HEREFORD, TEXAS — A subsidiary of Green Plains Inc. (NASDAQ: GPRE), a processor of food commodities, has entered into an agreement to sell its ethanol plant in Hereford, located outside Amarillo, for $39 million. Green Plains has also entered into an asset purchase agreement to acquire the storage and transportation assets and the assignment of railcar leases associated with the Hereford ethanol plant for $10 million. Hereford Ethanol Partners LP is buying the plant.
CHICAGO — Logistics Property Co. (LPC) has closed its develop-to-core fund named LPC Logistics Venture One LP with total equity commitments of $1 billion from several global institutional investors. The fund focuses on ground-up development opportunities across the country. Chicago-based LPC, launched in early 2018, focuses on the acquisition, development and management of logistics properties across North America. The company has already allocated approximately 90 percent of the fund with significant holdings in Atlanta, Chicago, Dallas, Houston, Seattle and Pocona, Pa. MIRA Real Estate, part of Macquarie Group and the majority shareholder of LPC, acted as exclusive financial advisor and placement agent on the fund. LPC manages properties in key logistics markets with an estimated value of over $1.5 billion.
MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.
TOLLESON, ARIZ. — The Phoenix Business Unit of Trammell Crow Co., along with capital partner Clarion Partners, has started construction of Cowden Logistics Center in Tolleson. Situated on 16 acres at 420 S. 104th Ave., the industrial project will bring 285,131 square feet of logistics space to Phoenix’s Southwest Valley submarket. The facility will feature 36-foot clear heights, 237 car parking stalls, 41 trailer parking stalls, five points of ingress and egress, R-38 insulation and an ESFR sprinkler system. The project team includes Butler Design Group as architect and Wespac Construction as general contractor. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are handling leasing for the project.
KING OF PRUSSIA, PA. — NAI Mertz has brokered the $9.3 million sale of a 97,000-square-foot industrial flex building located at 780 Fifth Ave. in King of Prussia, a northern suburb of Philadelphia. Scott Mertz and John Adderly of NAI Mertz represented the seller, Fifth Avenue KOP LP, an affiliate of New Jersey-based Rudner Real Estate, in the transaction. The buyer was an affiliate of Philadelphia-based Velocity Ventures Partners. The property was 89 percent leased at the time of sale.
PINEVILLE, N.C. — Nance Cos. and MPV Properties will develop Berkshire Business Centers No. 26, a 30,250-square-foot industrial facility within Pineville Distribution Park in Pineville. The developers are building the asset to accommodate a single tenant. The property will feature 24-foot clear heights, multiple drive-in and dock-high doors and office space. The building will be situated at 10121 Pineville Distribution St., 13 miles south of downtown Charlotte and 15 miles southeast of Charlotte Douglas International Airport. Timmons Group is the engineer and Merriman Schmitt designed the building, which is being developed on a speculative basis. Bailey Patrick Jr. and Billy Thomas of MPV are handling the leasing efforts. The developers expect to deliver the asset in fall 2021. This will mark the third building to be delivered within the distribution park, following Beacon Development’s 525,000-square-foot facility for Campbell Snacks in 2019, and Nance and MPV’s 67,000-square-foot center earlier this summer.
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.
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.
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.
