FAIRFIELD, N.J. — New Jersey-based investment firm Denholtz Properties has received a loan of an undisclosed amount for the refinancing of a 90,000-square-foot industrial facility in the Northern New Jersey community of Fairfield. The two-building property was built on six acres in 1970 and features a clear height of 19 feet and 20,700 square feet of office space. Jon Mikula, Michael Klein and Gerard Quinn of JLL placed the 10-year, fixed-rate loan through Principal Real Estate Investors on behalf of Denholtz Properties.
WICHITA FALLS, TEXAS — Lee & Associates has arranged the sale of a 458,810-square-foot industrial property located on a 97.1-acre site in Wichita Falls, about 115 miles northwest of Fort Worth. According to LoopNet Inc., the property was built in 1978 and features 21- to 45-foot clear heights and 12 dock-high doors. Nathan Denton, Reid Bassinger and Trey Fricke of Lee & Associates represented the seller, an entity doing business as 8600 Central Venture, in the transaction. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the buyer, Panda High Plains.
AUSTIN, TEXAS — Bellomy & Co. has brokered the sale of a 463-unit CubeSmart self-storage facility that is located approximately eight miles outside of downtown Austin. The property was built in 2019 and totals 57,707 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Dallas-based entity doing business as I35 South LP, in the transaction. The duo also procured the buyer, a locally based entity doing business as PG Cactus Bulldog I LLC.
MEMPHIS, TENN. — LRC Properties, in a joint venture with funds managed by Miami-based Rialto Capital Management, has purchased a 1.1 million-square-foot industrial portfolio in Memphis for $57 million. The seller was not disclosed. The portfolio is currently 100 percent occupied by tenants including Geodis Logistics and Dayco. The properties are located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road. LRC Properties plans to do minor capital improvements to the portfolio. With this purchase, New York City-based LRC Properties owns approximately 6 million square feet of commercial properties in the Southeast. LRC has recently purchased the 640,000-square-foot Technicolor Building in Memphis; a 288,860-square-foot industrial property at 2 Dell Parkway in Nashville; and a 469,830-square-foot industrial property in Jacksonville.
ELK GROVE VILLAGE, ILL. — Alliance Ground International LLC has signed a 253,000-square-foot industrial lease at 1717 Busse Road in the Chicago suburb of Elk Grove Village near O’Hare. The airline cargo handling service will occupy the entire building, which features a clear height of 32 feet, 57 exterior docks, two drive-in doors, 25,000 square feet of office space and parking for 34 trailers and 186 cars. Jeffrey Provenza and Todd Hendricks of Darwin Realty/CORFAC International represented Alliance Ground in the lease transaction. Britt Casey and Al Caruana of Cushman & Wakefield represented the landlord, Duke Realty.
LAS VEGAS — Newmark has brokered the sale of a cold storage and ice production plant in Las Vegas. ZNZ Enterprises sold the asset to an undisclosed buyer for $16.6 million. Located at 1201 Searles Ave., the 100,991-square-foot property is fully triple-net leased to Reddy Ice Corp. The facility has operated as an ice production and cold storage facility since 1983. Reddy Ice has operated at the facility since 1999. Michael Zobrist, Lauren Tabeek and Jeffrey Price of Newmark represented the seller in the deal.
CITY OF INDUSTRY, CALIF. — Ready Capital has closed $7.5 million in financing for an industrial property located in the City of Industry that is currently. The undisclosed borrower will implement a strategy to sign new leases at market rents and extend the weighted average lease term across the 85,000-square-foot property. The borrower plans to achieve market rents through the completion of tenant improvements and minor capital upgrades to the property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.
CAMPBELL, CALIF. — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has purchased 267,000 square feet of office and R&D space within Vasona Technology Park in Campbell. An undisclosed seller sold the assets for $147.2 million. The transaction includes 220 E. Hacienda Ave., occupied by Kaiser Permanente for medical offices; 240 East Hacienda Ave., occupied by ChargePoint Inc. as its corporate headquarters; and 1359 Dell Ave., occupied by Imperative Care as its corporate headquarters. Stephen Etheredge, Max Shapiro, Keith Pollock, Marc Young and Max Rawn of Allen Matkins represented Kennedy Wilson Fund VI in the acquisition.
NORTH LAS VEGAS, NEV. — Harsch Investment has completed Tropical Speedway Commerce Center in North Las Vegas. Located at 6150 Tropical Parkway, the property offers 150,000 square feet of light industrial space. The facility features dock and grade loading, 28- to 32-foot clear heights, 130-foot truck court and a parking ratio of 1.46:1,000. Current tenants at the building include Foundation Building Materials, Moroccan Oil, Kemco West and Amsoil. This fall, Harsch is set to break ground on the 155,000-square-foot Tropical Speedway Commerce Center 2. The third phase of the project, Tropical Speedway Commerce Center 3, will add two shell buildings totaling 732,160 square feet.
CAMARILLO, CALIF. — Westcore has purchased a warehouse building located at 201 Flynn Road in Camarillo. Southern California-based Decker-Goetsch Properties sold the asset for $20 million. The 117,342-square-foot facility is currently fully leased for more than eight years. Darla Long, Barbara Perrier and Eric Cox of CBRE National Partners represented the seller, while Westcore represented itself in the transaction.