Industrial

Cale Enterprises, 36th Street Partners Divest of Two-Building Industrial Project in Phoenix

by Amy Works November 13, 2020

PHOENIX — Cale Enterprises and Los Angeles-based 36th Street Partners have completed the disposition of Desert Gateway II, a two-building industrial property located at 747 and 777 W. Pinnacle Peak Road in Phoenix. A California-based private investor acquired the asset for $13.4 million in an off-market transaction. Completed in January 2018, the property features 76,874 square feet of Class A industrial space spread across two multi-tenant buildings. The 36,004-square-foot and 40,870-square-foot buildings feature 20-foot clear heights, 12-foot by 14-foot overhead doors, office build-out and air conditioning throughout the office and warehouse space. At the time of sale, the property was 95 percent occupied. Dylan Scott, Mike Ciosek and Eric Bell of Kidder Mathews served as leasing agents prior to the sale.

November 13, 2020

California Development Industrial Western

CapRock Acquires 230,000 SF Infill Industrial Property in San Gabriel Valley for Redevelopment

by Amy Works November 13, 2020

POMONA, CALIF. — Newport Beach, Calif.-based CapRock Partners has purchased an infill industrial property situated on 12.5 acres at 4200 W. Valley Blvd. in Pomona. Terms of the transaction were not released. The buyer acquired the asset as a sale-leaseback from an owner-tenant that will continue to occupy the existing 230,000-square-foot manufacturing building in the short term. Upon expiration of the lease, CapRock intends to demolish the existing facility and develop a 270,000-square-foot, 36-foot-clear-height building offering up to 10,000 square feet of speculative office space. The property’s location is within minutes of the California State Route 57 and Interstate 605 interchange, Interstate 10 and California State Route 71. Wes Hunnicutt, Matt Moore and Eric Tomchick of Newmark represented the buyer and undisclosed seller in the transaction. Additionally, the Newmark team will serve as leasing agents for the property. Greg Brown, Peter Thompson and San Godfrey of JLL Capital Markets Debt Placement arranged an undisclosed amount of financing on behalf of CapRock Partners.

November 13, 2020

Industrial Southeast Top Stories

GCP Sells 47-Property, 11.6 MSF Southeastern Industrial Portfolio for $800M

by Katie Sloan November 13, 2020

BIRMINGHAM, ALA. — GCP has sold its Fund I portfolio, which consists of 47 industrial properties totaling 11.6 million square feet, to an undisclosed group of institutional investors for $800 million. The portfolio consists of 11 properties in Alabama totaling 2.9 million square feet; 13 properties in Georgia totaling 2.9 million square feet; seven properties in Florida totaling 2.3 million square feet; seven properties in North Carolina totaling 1.9 million square feet; and nine properties in South Carolina totaling 1.6 million square feet. The properties were 98 percent occupied at the time of sale. John Huguenard of JLL’s Chicago office brokered the transaction on behalf of GCP. “This transaction highlights the investment community’s laser focus on acquiring institutional-quality industrial product from operators in growth markets as a defensive play in response to the changing landscape brought on by the COVID-19 pandemic,” says Huguenard. GCP was under contract to sell its Fund I portfolio prior to the start of the pandemic, but the initial buyer elected not to proceed due to the potential impact of COVID-19 on the industrial market. “In August, GCP was approached by several institutional investors who ultimately made unsolicited offers to acquire the Fund I portfolio,” says …

November 13, 2020

Industrial Leasing Activity Southeast Tennessee

Starbucks Renews 680,160 SF Industrial Lease Near Nashville

by Alex Tostado November 12, 2020

LEBANON, TENN. — Starbucks Corp. has renewed its 680,160-square-foot industrial lease within Park 840 East 1009 in Lebanon. Starbucks will continue to fully lease the facility, which features 36-foot clear heights, dock- and drive-in doors, trailer parking and automobile parking. The building is situated at 1050 International Drive, 27 miles east of downtown Nashville. The site serves as a Southeastern distribution hub for the Seattle-based company. Lonnie Russell of Cushman & Wakefield represented the landlord, Duke Realty, in the transaction. Laura Hart of CBRE represented the tenant.

November 12, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 350-Unit Self-Storage Facility in Houston

by Taylor Williams November 12, 2020

HOUSTON — Marcus & Millichap has brokered the sale of West Bellfort Self Storage, a 350-unit facility in southwest Houston. The property was built on 4.3 acres in 2008 and features 42,925 net rentable square feet of non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based limited liability company, in the transaction. A Dallas-based limited liability company purchased the asset for an undisclosed price.

November 12, 2020

Industrial Leasing Activity Office Texas

Worth & Associates Lands First Tenant at 135,000 SF Walker Ranch Business Park in San Antonio

by Taylor Williams November 12, 2020

SAN ANTONIO — Worth & Associates has landed the first tenant at Walker Ranch Business Park, the locally based developer’s 135,000-square-foot office and flex project on the city’s north-central side. Computer Solutions, a San Antonio-based technology and IT consulting firm, will occupy 20,540 square feet at Building II, where about 90 employees will work. The 78,000-square-foot Building II is under construction, and the tenant expects to take occupancy of its new space in April 2021. Russell Noll of Transwestern represented Computer Solutions in the lease negotiations.

November 12, 2020

Acquisitions Industrial Midwest Wisconsin

Marcus & Millichap Brokers $6.4M Sale of Industrial Property in Madison, Wisconsin

by Kristin Harlow November 12, 2020

MADISON, WIS. — Marcus & Millichap has arranged the sale of a 117,791-square-foot industrial property in Madison for $6.4 million. Compass Group occupies the building, which is located at 2305 Daniels St. The tenant recently executed a new long-term, net lease. Brett Winger and Dominic Sulo of Marcus & Millichap’s The Sulo Group secured and represented the buyer, a limited liability company. Seller information was not disclosed.

November 12, 2020

Acquisitions Industrial New Jersey Northeast

Bridge Development Sells 2.2 MSF Industrial Complex in Phillipsburg, New Jersey

by Taylor Williams November 12, 2020

PHILLIPSBURG, N.J. — Bridge Development Partners has sold Phase I of Bridge Point 78, an industrial complex in Phillipsburg that consists of approximately 2.2 million square feet across four buildings. Phase I was completed in 2019 and is part of a larger, 3.8 million-square-foot development. Bridge Development secured Japanese clothing manufacturer and retailer UNIQLO as an anchor tenant in October 2019. Beverage distributor Mark Anthony Brands also signed a lease for 419,460 square feet in April of this year. PGIM Real Estate purchased the property for an undisclosed price. Brian Fiumara of CBRE brokered the deal.

November 12, 2020

Acquisitions California Industrial Western

Cohen Asset Management Buys 112,075 SF Industrial Facility Near Los Angeles

by Amy Works November 12, 2020

RANCHO DOMINGUEZ, CALIF. — Cohen Asset Management (CAM) has purchased a newly constructed logistics building located at 15100 S. San Pedro St. in Rancho Dominguez. Terms of the transaction were not released. A large credit tenant occupies the 112,075-square-foot building on a long-term lease. The building offers close proximity to the ports of Los Angeles and Long Beach in Los Angeles’ South Bay industrial submarket.

November 12, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1 MSF Industrial Facility Near Atlanta

by Alex Tostado November 11, 2020

NEWNAN, GA. — JLL has arranged the sale of Cubes at Bridgeport, a 1 million-square-foot industrial facility in Newnan. A joint venture between CRG, the investment arm of Chicago-based Clayco; U.S. Logistics Fund 1; and Pope & Land completed the shell of the asset on a speculative basis in 2019. The asset features 40-foot clear heights; a 620-foot, cross-loaded bay; and 60-foot speed bays. The property was fully preleased at the time of sale, though the tenant and move-in date were not disclosed. According to JLL, the tenant will bring 500 jobs to the area. The Cubes at Bridgeport is the first building to be delivered within a 500-acre site that will also feature up to 8.5 million square feet of industrial space. The property is situated at the Interstate 85 and Exit 41 interchange, 31 miles southwest of Hartsfield-Jackson Atlanta International Airport. John Huguenard, Britton Burdette, Matt Wirth and Dennis Mitchell of JLL represented the seller, CRG, in the transaction. Chris Tomasulo and Steve Grable of JLL led the leasing efforts for the project. KKR acquired the asset for an undisclosed price.

November 11, 2020

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