Industrial

CBRE Arranges $154M Sale of Industrial Portfolio in Metro Boston

by Alex Tostado January 14, 2021

WILMINGTON, MASS. — CBRE has arranged the $154 million sale of an eight-building, 687,000-square-foot industrial portfolio in Wilmington. The properties were 96 percent leased at the time of sale to 27 tenants including Crate & Barrel, Energy Sciences, 3Step Sports and Altro USA Inc. A joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate acquired the portfolio, which spans 49 acres. The buildings are located at 21, 42, 65 and 80 Industrial Way; 42 and 80 Rear Industrial Way; 1 Progress Way; and 844 Woburn St., four miles north of the Interstate 95-93 interchange and 17 miles north of Boston Logan International Airport. Scott Dragos, Doug Jacoby, Chris Skeffington, Tony Hayes, Tim Mulhall, Roy Sandeman and Daniel Hines of CBRE represented the seller, I. Fred Dicenso Trust LLC, in the transaction. “Boston is a target market on all investors’ radar right now, and it’s not very often a true infill industrial cluster becomes available,” says Dragos. “What this portfolio uniquely offered was its scale, location, proximity to I-93 and market opportunities.” — Alex Tostado

January 14, 2021

Development Georgia Industrial Southeast

Brennan Investment Group to Develop 300,000 SF Industrial Portfolio in Metro Atlanta

by Alex Tostado January 13, 2021

JONESBORO, GA. — Brennan Investment Group has acquired 25 acres in Jonesboro to develop Jonesboro Logistics Center, a three-building, 300,000-square-foot industrial campus in Jonesboro. Buildings One and Two will span 50,500 square feet, while Building Three will total 200,000 square feet. Each building is designed to accommodate two tenants. Buildings One and Two will be able to expand to house four tenants. Construction is scheduled to begin this quarter with completion targeted for the end of this year. Nick Peacher of Stream Realty Partners represented Chicago-based Brennan in the land transaction.

January 13, 2021

Industrial Leasing Activity South Carolina Southeast

The Home Depot Signs 68,040 SF Industrial Lease in Columbia

by Alex Tostado January 13, 2021

COLUMBIA, S.C. — The Home Depot has signed a 68,040-square-foot industrial lease within Midway Logistics VI in Columbia. Magnus Development is developing the 192,780-square-foot facility, which is situated within Lexington County Industrial Park, less than two miles from the Interstate 26/77 interchange and six miles southeast of the Columbia Metropolitan Airport. Midway Logistics VI features 32-foot clear heights, ESFR sprinklers, motion-sensor LED lighting and trailer parking. The Home Depot plans to utilize the space as a last-mile distribution center. A timeline for the Atlanta-based retailer’s move-in was not disclosed. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the landlord in the lease negotiations.

January 13, 2021

Acquisitions Industrial New Hampshire Northeast Self-Storage

Skyview Advisors Brokers Sale of 2,453-Unit Self-Storage Portfolio in New Hampshire

by Taylor Williams January 13, 2021

NEW HAMPSHIRE — Tampa-based Skyview Advisors has brokered the sale of the 603 Self-Storage Portfolio, a collection of 12 properties totaling 2,453 units in New Hampshire. The portfolio spans 325,914 net rentable square feet. Richard Riddle and Ryan Clark of Skyview Advisors represented the undisclosed, New Hampshire-based seller in the transaction. An out-of-state institutional investor purchased the portfolio for an undisclosed price.

January 13, 2021

Development Industrial Northeast Pennsylvania

J.G. Petrucci, Cabot to Develop 225,000 SF Industrial Project in Fairless Hills, Pennsylvania

by Taylor Williams January 13, 2021

FAIRLESS HILLS, PA. — A partnership between New Jersey-based developer J.G. Petrucci Co. and Boston-based Cabot Properties will develop a 225,000-square-foot industrial project in Fairless Hills, about 25 miles north of Philadelphia. The property will be situated on 18.3 acres and will feature 36-foot clear heights, 50 trailer parking spaces and 172 parking stalls. Jon Mikula and John Plower of JLL arranged the partnership between the co-developers. The project is expected to be complete by the end of the year. Jeffrey Licht, Adam Lashner and Jared Licht of NAI Mertz represented the seller, Hiossen, a supplier of implants and prosthetics, in the disposition of the land.

January 13, 2021

Industrial Loans Massachusetts Northeast Self-Storage

Talonvest Arranges $15.6M Acquisition Loan for Metro Boston Self-Storage Facility

by Taylor Williams January 13, 2021

NEEDHAM, MASS. — Talonvest Capital, a mortgage banking firm focused on the self-storage sector, has arranged a $15.6 million bridge loan for the acquisition of a 970-unit facility in Needham, a western suburb of Boston. The property was built on 1.9 acres in 2020 and spans 92,500 net rentable square feet. Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler and Jim Davies of Talonvest arranged the nonrecourse, floating-rate loan on behalf of the borrower, a joint venture between Westport Properties Inc. and investment management firm Heitman.

January 13, 2021

Acquisitions Industrial New Jersey Northeast

Venture One, Kovitz Acquire 72,045 SF Industrial Portfolio in Fairfield, New Jersey

by Taylor Williams January 13, 2021

FAIRFIELD, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a two-building, 72,045-square-foot industrial portfolio in Fairfield, about 25 miles west of New York City. The first building totals 46,536 square feet and was built in 1981, while the second building spans 25,509 square feet and was constructed in 1980. The portfolio was fully leased to five tenants at the time of sale. Thomas Atler of Graham Realty Group LLC represented the seller in the transaction.

January 13, 2021

Acquisitions Industrial Maryland Southeast

CBRE Global Investors Acquires 1.4 MSF Industrial Portfolio Near Baltimore

by Alex Tostado January 12, 2021

ABERDEEN, MD. — A fund sponsored by Los Angeles-based CBRE Global Investors has acquired a two-building, 1.4 million-square-foot industrial portfolio in Aberdeen for an undisclosed price. The two buildings are located at 521 and 531 Chelsea Road, 34 miles northeast of the Port of Baltimore and five miles east of Interstate 95. The buildings serve as warehouse/distribution centers and were fully leased at the time of sale to tenants including cosmetics retailer Sephora and home appliance manufacturer Electrolux. The building housing Electrolux spans 692,000 square feet and was originally developed in 2012. The building at 531 Chelsea Road totals 655,800 square feet and was completed in 2014. Both properties are LEED Silver-certified and feature 40-foot clear heights, 50-foot-by-50-foot column spacing and truck and car parking. Bo Cashman and Jonathan Beard of CBRE represented the undisclosed seller in the transaction.

January 12, 2021

Acquisitions Industrial North Carolina Office Southeast

Cushman & Wakefield Brokers $18.5M Sale of Four-Building Flex Property in Charlotte

by Alex Tostado January 12, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $18.5 million sale of Northridge Business Center, a four-building office and warehouse property in Charlotte. The buildings total 174,506 square feet and are situated at 5005-5035 W. W.T. Harris Blvd. in Charlotte’s West Sugar Creek neighborhood. Northridge Business Center was 92 percent leased at the time of sale. Nolan Ashton and Rob Cochran of Cushman & Wakefield represented the seller, SkyREM, in the transaction. SunCap Opportunity Fund LLC, a privately held, national commercial real estate investment firm, acquired the property.

January 12, 2021

Development Industrial Michigan Midwest

Amazon to Open Six New Fulfillment, Sortation Centers in Metro Detroit This Year

by Kristin Harlow January 12, 2021

DETROIT — Amazon has unveiled plans to open six new fulfillment and sortation centers in metro Detroit this year in order to support operations closer to customers. The sites are expected to create more than 2,000 full- and part-time jobs. In addition to a robotics fulfillment center in Detroit, Amazon will build centers in Hazel Park, Pinnacle Park (2), Plymouth and Pontiac. The new Detroit property will span 823,000 square feet and is expected to create 1,200 new full-time jobs upon its opening. Amazon currently operates 10 facilities in Detroit that support customer fulfillment and delivery operations, including four properties that opened in 2020. Since 2010, Amazon has created more than 13,500 jobs in Michigan and invested more than $2.5 billion across the state, including infrastructure and compensation to its employees.

January 12, 2021

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