HARRISBURG, PA. — Marcus & Millichap has brokered the sale of Hagy Way Industrial Building, a 59,050-square-foot property in Harrisburg. The asset was fully occupied at the time of sale and traded for $4.1 million. Building features include 22-foot clear heights, four drive-in bays and 10 loading docks. Craig Dunkle of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.
ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers. The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis. “These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas. “We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.” KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta. KKR’s …
PONDER, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 100,000-square-foot industrial building and 23.2 acres at 100 E. FM 2449 in Ponder, located north of Fort Worth and west of Denton. Dan Spika of Henry S. Miller represented the seller, Dallas-based Ponder Property LLC, in the transaction. The buyer was Ferti Management Corp., a Canadian producer of fertilizers. The sales price was not disclosed.
ROCHELLE PARK, N.J. — Dallas-based design/build firm ARCO/Murray has completed a 1,100-unit self-storage project in Rochelle Park, about 25 miles northwest of New York City. The 120,000-square-foot property features a 2,800-square-foot office and an interior loading dock. ARCO/Murray provided a complete design-build solution, including architectural and engineering design, permitting, construction and final equipment. Quinlan Development Group developed the project.
NEW YORK CITY — Westbridge Realty Group has brokered the sale of a 300-unit self-storage facility located at 88 Ninth St. in the Gowanus area of Brooklyn for $6.5 million. The site spans 40,200 square feet. Alexandra Rossland and David Marciano of Westbridge represented the seller, Charles Devito of Chuck Realty Corp., in the transaction. David Marciano of Westbridge represented the buyer, Insite Property Group, a California-based self-storage operator and manager that will continue to run the facility.
ABERDEEN, MD. — A joint venture between MCB Real Estate LLC and Artemis Real Estate Partners has acquired an 890,000-square-foot distribution center in Aberdeen for $65 million. A subsidiary of Rite-Aid fully leases the center, which serves as a distribution hub for more than 1,200 Rite-Aid locations across the Northeast. Rite-Aid sold the warehouse to the joint venture in a sale-leaseback transaction. The asset is situated at 601 Chelsea Road, 35 miles northeast of downtown Baltimore and five miles from Interstate 95. Bill Shrader and John Van Buskirk of Lee & Associates represented the buyer in the transaction. Michael Katz of REF Advisory Inc. represented the seller.
ONTARIO, OHIO — Industrial Commercial Properties LLC (ICP), a Cleveland-based commercial real estate development company, has finalized an agreement with the City of Ontario to redevelop a former General Motors Co. stamping plant. Located about 65 miles northeast of Columbus, the 270-acre site could accommodate up to 2 million square feet upon full buildout, according to ICP. The Ontario plant closed in 2010 after GM’s bankruptcy restructuring in 2009. The city took possession of the property in 2018. ICP plans to redevelop the site into Ontario Commerce Park and says occupancy could begin as early as next year. The first tenant will be specialty film producer Charter Next Generation, which will occupy 45,000 square feet. ICP has also redeveloped former GM sites in Batavia and Moraine, Ohio.
MONEE, ILL. — DeBartolo Development LLC and Location Finders International have sold an 879,040-square-foot warehouse in Monee, a southern suburb of Chicago, for $50.3 million. Dallas-based Hillwood, a Perot company, was the buyer. Located on 61 acres within Bailly Ridge Corporate Center, the facility is named Bailly Ridge 4. It features a clear height of 36 feet, 100 dock doors, four drive-in doors, 346 trailer stalls and up to 406 car parking stalls. Principle Construction Group completed construction of the property in November 2019. Bailly Ridge Corporate Center spans 412 acres. Notable tenants include Amazon, XPO Logistics and Hancock Tires.
WHITTIER AND SYLMAR, CALIF. — Rexford Industrial Realty has acquired two industrial assets in Southern California for a total consideration of $339.2 million. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. The sellers in both cases were not disclosed. The company purchased Gateway Pointe Industrial Campus, a four-building complex located at 3963, 3931, 3735 and 3629 Workman Mill Road in Whittier for $296.6 million, or $300 per square foot. The 45.1-acre asset features four Class A industrial buildings totaling 989,195 square feet of space. The fully occupied complex features 32-foot clear heights at first bay, extensive dock-high loading, excess container parking and access to major transportation corridors. Additionally, Rexford acquired 13943-13955 Balboa Boulevard in Sylmar for $42.6 million, or $212 per square foot. Totaling 200,632 square feet, the property is fully occupied by three tenants.
NORTH LAS VEGAS, NEV. — Whitebox, a manufacturer and e-commerce marketplace and fulfillment partner for DTC brands, has expanded its lease at Golden Triangle Logistics Center in North Las Vegas. The company now occupies 350,528 square feet at the facility, located at 3049 E. Washburn Road. Baltimore-based Whitebox’s North Las Vegas facility consists of a freestanding building, which is part of Phase I of the Golden Triangle Logistics Center. Golden Triangle Industrial Park LLC is the developer of the project. Whitebox’s expansion in the Las Vegas area is reflective of the company’s growth in Southern Nevada. Revenue for Whitebox in first-quarter 2020 increased 40 percent compared to the same period in 2019 and its revenue increased another 78 percent from first-quarter 2020 to second-quarter 2020. Additionally, the company reports that its direct-to-consumer shipments soared to more than 300 percent over the first half of 2020 and had 141 percent growth year-over-year from 2018 to 2019. Golden Triangle Logistics Center is a 2.2 million-square-foot logistics/distribution project being developed on a speculative basis. Phase I will include two buildings comprising approximately 652,000 square feet with delivery slated for third-quarter 2020.