NEW JERSEY — National brokerage firm SVN has negotiated the sale of a portfolio of self-storage facilities located throughout New Jersey that consists of 3,147 units and 393,400 net rentable square feet. The portfolio comprises five stabilized facilities that were originally built in the mid-1980s and two expansion projects. Nick Malagisi and Hans Hardisty of SVN brokered the deal. The buyer and seller were not disclosed.
MILLSTONE, N.J. — Crow Holdings will develop Millstone 8 Logistics Center, a 1.2 million-square-foot industrial project that will be located in Millstone, an eastern suburb of Trenton. The project will consist of a 1 million-square-foot building and a 220,000-square-foot building that will be developed on a 140-acre parcel. The first building will feature a clear height of 40 feet, 274 trailer parking stalls and 172 loading doors, while the second building will offer a clear height of 36 feet, 37 dedicated trailer parking stalls and 50 loading doors. Construction is expected to be complete in the second quarter of 2022. Crow Holdings is developing the property in partnership with The Carlyle Group and 2020 Acquisitions. JLL will handle leasing.
By Bobby Weinberg, senior vice president of debt and equity, NorthMarq Employment growth is providing a powerful tailwind for the Dallas-Fort Worth (DFW) commercial real estate market. And while Dallas may be the headline name that is attracting employers and investment capital to the metroplex, Fort Worth is commanding attention as a formidable market in its own right. DFW embodies a classic story of a high tide raising all boats. The metro has been one a national leader in terms of employment growth for several years, and the region is expected to add another 150,000 jobs this year. Employers that are looking to tap into that workforce are finding that Fort Worth checks all the right boxes. It has an educated labor pool with colleges and universities that include Texas Christian University and the nearby University of Texas-Arlington, among others. Furthermore, the city has a business-friendly government. An important third leg to that stool involves the affordable cost of living for workers. Fort Worth offers a multitude of workforce housing options — both in its single-family residential and its growing multifamily sector — that provide lifestyle choices for workers that employers like. Investors are discovering that there is not a …
HOUSTON — TricorBraun, a designer and distributor of packaging supplies, has signed a 70,106-square-foot industrial lease at Ella West Crossing, a 221,363-square-foot development in East Houston. The property, which is located within Pinto Business Park, features 32-foot clear heights, an ESFR sprinkler system and 67 trailer parking spaces. Kelly Landwermeyer, Craig Bean and John Kruse of Dallas-based Holt Lunsford Commercial represented the landlord, Seefried Industrial Partners, in the lease negotiations. Steve Schmid and Will Condrey of Cresa represented the tenant.
TEXARKANA, TEXAS — Cherokee Federal, a contractor that serves the construction, engineering, manufacturing and defense industries, has signed two new lease agreements with TexAmericas Center (TAC) to accommodate the company’s expansion. Cherokee Nation Red Wing, a defense contractor serving the Red River Army Depot, will lease a 19,228-square-foot light manufacturing space at 154 Service St. This move represents an expansion of the company’s existing 126,00-square-footprint at 312 Panther Creek Drive on TAC’s central campus. In addition, the company’s aerospace and defense department will lease 4,000 square feet of office space at 342 Texas Ave. TexAmericas Center owns and operates roughly 12,000 development-ready acres of land and about 3.5 million square feet of commercial and industrial product that serve four states.
MOONACHIE, N.J. — Nevada-based investment and development firm Dermody Properties has acquired a 72,045-square-foot warehouse that is situated on a three-acre site in Moonachie, located in Bergen County. The property offers proximity to Interstates 95, 80 and 78 and features a clear height of 20 feet, 62 parking spaces and 9,388 square feet of office space. Gary Stein of Savills, along with Craig Engelhardt and Steve Korfiatis of Newmark, represented Dermody Properties, which will implement a value-add program in the transaction. Capital improvements will include repaving the truck court and parking areas, installing new dock packages and fully renovating the existing office space. KBC Advisors will market the property for lease beginning in the fourth quarter.
NATICK, MASS. — Kula Bio, a provider of fertilizer for the agriculture industry, will open a 7,500-square-foot headquarters facility in the western Boston suburb of Natick. The company has tapped Massachusetts-based Dacon Corp. to lead the retrofit of an existing 14,350-square-foot building, with plans to immediately occupy 7,500 square feet and leave 6,850 square feet for future expansion. Completion of the retrofit is scheduled for October. About 30 people will work in the new facility.
KENT, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $1.2 million sale of an industrial building in Kent, about 40 miles southeast of Cleveland. Located at 4211 Karg Industrial Parkway, the property features 25,750 square feet of warehouse space, 2,250 square feet of office space on the first floor and 2,250 square feet of office space on the second floor. Tom Fox and Graydon Fox of SVN brokered the transaction. The buyer, SprayWorks Equipment Group, plans to utilize the space to expand product offerings and provide more training programs.
BURLINGAME, CALIF. — Colliers International has arranged the sale of a single-tenant industrial property located in the Burlingame submarket of the San Francisco Peninsula. The asset traded hands for $55 million. The names of the seller and buyer were not released. Located at 1649 Adrian Road, the single-story facility features 129,759 square feet of industrial space on 6.6 acres. At the time of sale, the building was 100 percent leased to Lahlouh Inc., an end-to-end communications management services company that has been a tenant since 1996. The building was built in 1957. Tim Maas, Mike Davis, Tony Crossley and Darren Kuiper of Colliers represented the seller in the deal.
CHINA GROVE, N.C. — The Silverman Group has purchased approximately 198 acres located in China Grove for a speculative industrial park known as 85 North Logistics Center. The land seller was not disclosed, but the sales price was approximately $10.4 million. The project is slated for delivery in the third quarter of 2022. The project has the potential for upwards of 1.8 million square feet of Class A industrial space across two buildings. Silverman Group could potentially deliver one building spanning 1.5 million square feet as well as a second 414,000-square-foot building. The project could include trailer and auto parking, as well as ceiling heights of 40 feet and greater should it be desired by a prospective tenant. The Silverman Group is a privately owned and operated private equity and real estate development firm based in Basking Ridge, N. J. Avison Young has been chosen to lease the property.