FARMINGDALE, N.Y. — JLL has negotiated the $13.7 million sale of a 96,600-square-foot light industrial facility in Farmingdale, located on Long Island. The property sits on a four-acre site less than two miles from the Long Island Expressway and was 92 percent leased to multiple tenants at the time of sale. Jose Cruz, Jordan Avanzato, Marc Duval, Mike Kavanagh, Nick Stefans and Andrew Scandalios of JLL represented the undisclosed seller, which acquired the asset in 2004 and made multiple capital improvements, in the transaction. Additional terms of sale were not disclosed.
IRVINE, CALIF. — Irvine-based Shopoff Realty Investments, in a partnership with Artemis Real Estate Partners, has broken ground for its Interstate-10 Logistics Center project, which is located near the I-10 and Cherry Valley Boulevard interchange in the Inland Empire East. Upon completion, the project will feature more than 1.8 million square feet of industrial space, which is being designed to obtain LEED Silver certification. The development will feature two industrial high-cube warehouses, one offering 811,000 square feet and the second offering 1 million square feet. The project will feature 40-foot clear heights, 300 dock-high roll-up doors and 519 trailer parking spots. The project site totals 240 acres, with approximately 155 acres included within the developed portion of the project, and the remaining 85 acres of land will be donated to the Rivers and Lands Conservancy as permanently conserved open space.
ALAMEDA, CALIF. — Newmark has arranged $99.2 million in financing to Invesco Advisers for the acquisition and conversion of a newly developed, six-building portfolio in Alameda. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team arranged the financing for the buyer. PGIM Real Estate placed the loan. Located at 1410-1430 Harbor Bay Road and 1955-2115 N. Loop Road, the six buildings feature 24- to 28-foot clear heights, dock-high and at-grade doors and ample power. Invesco plans to convert the 335,000-square-foot property into a state-of-the-art life sciences complex, including lab research, development and domestic good manufacturing practice (GMP) manufacturing.
WEST HENDERSON, NEV. — Brass Cap Development has broken ground on Silver and Black, a two-building industrial complex located at the corner of Dale Avenue and Chaparral Road in West Henderson. Each building will offer approximately 75,000 square feet that can be divisible to 7,500 square feet. Both properties will feature 30-foot clear heights; 20 dock doors measuring nine by 10 feet high with dock bumpers installed at each door per building; 10 dock doors measuring 12-foot by 14-foot high per building; ESFR fire suppression systems; and 2,500 amps, 277/480V, three-phase power per building. Las Vegas-based LM Construction Co. is the design-build general contractor for the project. Colliers Las Vegas is handling leasing and sales at the property.
By Jakub Nowak, senior vice president investments, Marcus & Millichap Last year’s COVID-19 lockdown took a major toll on parts of New York City’s real estate market. The city’s industrial sector, however, fared relatively well compared with other asset classes. Although dollar volume for outright industrial sales transactions over $1 million fell by almost 25 percent from $1.75 billion in 2019 to $1.35 billion in 2020, the average price per square foot over the same period held flat at about $445 per square foot. Meanwhile, capitalization rates for industrial properties in 2020 continued their steady downward trajectory, compressing further from 4.7 to 4.4 percent on a year-over-year basis. Importantly, these 2020 sales numbers do not account for the $800 million-plus of institutional capital that poured into local industrial real estate by way of partial interest sales. Notable transactions included a joint venture between Hackman Capital and Square Mile Capital deploying just under $375 million for a majority interest in Queen’s Silver Cup Studios; GIC obtaining a 25 percent stake in Sunset Park’s Industry City for $330 million; and a joint venture between Madison Realty Capital, Meadow Partners and Acadia Realty acquiring a share of Sunset Park’s Liberty View Plaza for …
NEW YORK CITY AND OVERLAND PARK, KAN. — Blackstone (NYSE: BX) has entered into a definitive acquisition agreement with QTS Realty Trust (NYSE: QTS), a data center real estate investment trust, in an all-cash transaction valued at $10 billion. Upon completion of the transaction, the parties expect that QTS will continue to be led by its senior management team and maintain its corporate headquarters in Overland Park. QTS has a diverse footprint spanning more than 7 million square feet of owned data centers across 28 markets in North America and Europe, including Atlanta, Chicago, Dallas-Fort Worth, Miami, the Netherlands, Northern Virginia, Overland Park, the Pacific Northwest, Phoenix and Southern California. The decision by Blackstone follows several high-profile acquisitions in other niche real estate property sectors. Since January 2020, the New York City-based firm’s dealings have included a joint venture with Starwood Capital to buy hotelier Extended Stay America for $6 billion; the $3.4 billion acquisition of a life sciences portfolio in metro Boston; a joint venture with Hudson Pacific to develop movie studios and creative offices in Hollywood, Calif.; and a $4.6 billion partnership with MGM Growth Properties to buy the MGM Grand and Mandalay Bay casinos in Las Vegas. …
HOUSTON — The Webstaurant Store, a Pennsylvania-based e-commerce firm specializing in restaurant supplies and equipment, has signed a 643,940-square-foot industrial lease within Cedar Port Industrial Park near Port Houston. The tenant will occupy Cedar Port Logistics Building I, a cross-dock facility developed by Avera Cos. and AEW Capital Management, on a long-term basis. Building features include 36-foot clear heights, 185-foot truck court depths, 211 trailer parking spaces and an ESFR sprinkler system. Jim Belcher and Rob Stillwell of Newmark represented The Webstaurant Store in the lease negotiations. Gray Gilbert, Holden Rushing and Chris Haro of NAI Partners represented building ownership.
HOUSTON — General contractor Harvey Builders will construct a 115,000-square-foot manufacturing and office facility in Houston. Designed by Powers Brown Architecture, the facility will be situated on an 8.3-acre site within the Houston Spaceport campus on the city’s southwest side. The project will be a build-to-suit for Hamilton Sundstrand, a subsidiary of Collins Aerospace, and is expected to be complete in summer 2022. Houston-based Griffin Partners has been tapped as the development manager for the project, which is expected to add about 250 new jobs to the local economy.
PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.
VALPARAISO, IND. — Mauser Packaging has signed a 25,110-square-foot industrial lease at 2650 Barley Road in Valparaiso, a city in Northwest Indiana. Barley Properties owns the newly constructed building, which spans 65,592 square feet. Holladay Properties and Holladay Construction Group provided development and construction services for the project. The two firms have also been tapped to market the property for lease. Mauser specializes in manufacturing packaging products from recycled content as well as reconditioning, reuse, recycling and professional disposal.