NOVI, MICH. — Motor City Floors and Coatings has purchased a new 8,180-square-foot building on Grand River Avenue in Novi that will serve as the company’s headquarters. The company, which specializes in concrete coatings for residential, commercial and industrial uses, is relocating from Commerce Township. Michael Murphy of Gerdom Realty & Investments represented Motor City. Jim Montgomery of Signature Associates represented the seller. The sales price and seller were undisclosed.
AUSTIN, TEXAS — Southern California-based investment firm Greens Global has acquired a 1,152-unit, CubeSmart-branded self-storage facility located at 8023 W. Parmer Lane in Austin. The five-story property was built in 2019 and spans 110,505 square feet. C.W. Sheehan and Alastair Barnes of JLL arranged an undisclosed amount of acquisition financing for the off-market transaction through Happy State Bank. The loan was structured with a five-year term and a fixed interest rate. CSW Development sold the asset for an undisclosed price.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 103,658-square-foot industrial lease at 2895 113th St. in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property was built in 1988 and features 28-foot clear heights. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, The Wilkerson Group, in the lease negotiations. Krista Raymond of CBRE represented the tenant, Rent-A-Tire.
REDLANDS AND RIVERSIDE COUNTY, CALIF. — Newcastle Partners is developing three speculative industrial properties in the Inland Empire totaling 824,500 square feet. The company, in partnership with Sun Life, plans to construct Redlands Commerce Center, a 190,000-square-foot warehouse distribution facility in Redlands. Construction costs are estimated at $20.1 million for the speculative industrial facility. In a joint venture with Rockefeller Group Development, Newcastle has planned a 345,000-square-foot industrial warehouse and distribution center on 16.8 acres of land on Harvill Avenue in Riverside County. Construction is scheduled to start in the fourth quarter, with completion slated for late third-quarter 2021. In another joint venture with Rockefeller Group, the company plans to construct Val Verde Distribution Center, a 289,300-square-foot property on 12.9 acres at the northwest corner of Cajalco Road and Harvill Avenue in Riverside County. Construction is set to start in the fourth quarter, with completion scheduled for third-quarter 2021.
SANTA FE SPRINGS, SYLMAR, OCEANSIDE, NATIONAL CITY AND SANTA ANA, CALIF. — Rexford Industrial Realty has acquired two industrial facilities for $27.6 million and completed the disposition of three properties for $44.2 million. The acquisitions were funded using cash on hand. Rexford purchased 12133 Greenstone Ave. in Santa Fe Springs for $5.5 million, or $26 per land square foot, through an off-market transaction. The single-tenant container storage facility features a 12,586-square-foot truck terminal building on 4.8 acres with excess land serving as truck parking. At the time of sale, the property was fully leased on an agreement that is slated to expire in the near-term. The company also acquired 12772-12746 San Fernando Road in Sylmar for $22.1 million, or $78 per land square foot. The facility comprises a 6.5-acre development site currently containing two legacy industrial buildings totaling 140,840 square feet. Following a short-term lease period, Rexford plans to demolish the existing buildings and develop a 145,000-square-foot, single-tenant, Class A industrial building on the site. Rexford sold a single-tenant vacant building at 3927 Oceanic Drive in Oceanside for $10.3 million, or $188 per square foot, and a multi-tenant building located at 121 W. 33rd Street in National City for $13.5 …
SALEM, ORE. — Los Angeles-based Trojan Storage has acquired Hawthorne Mini Storage in Salem from a private investor for $8.3 million. Nick Walker, Trevor Roberts and Morgan Windbiel of CBRE represented the seller in the deal. Located at 1241 Hawthorne Ave. NE, the 99,435-square-foot property offers 654 self-storage units ranging in size from 25 square feet to 750 square feet. Additionally, the facility features covered RV and boat parking. The property consists of 14 single-story and two-story buildings and features a gated entrance with key-code access, 24-hour video surveillance cameras, climate-controlled units and an on-site manager.
ROMEOVILLE, ILL. — Colliers International has arranged the sale of a 648,960-square-foot distribution center occupied by Samsung in Romeoville. The Class A facility is located within Pinnacle Business Center, just south of the full interchange at I-55 and Weber Road. Samsung has occupied the building since 2012 and uses the facility as its primary Chicago-area distribution center for all appliance lines. Samsung recently renewed its lease. Jeff Devine and Steve Disse of Colliers represented the seller, LaSalle Investment Management. Exeter Property Group purchased the asset for an undisclosed price.
BARTLETT, ILL. AND PHOENIX, ARIZ. — NAI Hiffman has negotiated the sale of a three-building industrial portfolio in Bartlett, a western suburb of Chicago, and Phoenix. The GSI Family Office, along with Greco/DeRosa Investment Group, sold the portfolio to a discretionary fund managed by CBRE Global Investors. The properties include: 1323 Brewster Creek Blvd. and 1550 Hecht Drive in Bartlett; and 4450 N. 45th Ave. in Phoenix. They are home to seven tenants. Pat Sullivan, Ryan Chambers and Jeff Fischer of NAI Hiffman represented the seller. Tony Lydon and John Lydon of JLL assisted in the sale of the Phoenix property. Built in 2017, 1323 Brewster Creek Blvd. spans 421,354 square feet and features 48 docks, 800 car parking spaces and a clear height of 32 feet. It was the first building in Brewster Creek Business Park, which is now home to more than 1 million square feet of food-related tenants. Built in 2006, 1550 Hecht Drive serves as the headquarters for Greco Foods. The 209,628-square-foot warehouse offers an office and cold storage component. The Phoenix asset, built in 2017, spans 368,478 square feet.
MINNESOTA AND NORTH DAKOTA — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of the Storage Max Portfolio, a seven-property self-storage portfolio located across Minnesota and North Dakota. The portfolio totals 382 non-climate-controlled units and 48,710 net rentable square feet. Chris Kampmeyer and Adam Schlosser of Marcus & Millichap’s Denver office marketed the portfolio on behalf of the seller, a local limited liability company. Neither the buyer nor the sales price was disclosed.
For years, “just in time” has been the key to driving efficiency of retailers and manufacturers alike. This model by and large combined low-cost production in Asian markets supported by speedy air carrier distribution to move goods while holding minimal cushion for backup stock. Post-pandemic thinking could bring that epoch to an end. The crisis has underscored our distribution networks’ fragility, which are now vulnerable to closed facilities, ports and borders. Many businesses are planning major restructuring of their supply chain processes due to the disruptions that we all have endured in recent months. The new model based on quick recovery will likely be driven by resiliency that ensures adequate merchandise availability in the event of threats to a business’ supply chain stability. This will require more warehouse and distribution space to store goods for deliveries in last-mile markets. The noticeable effects continue to grow as more last-mile oriented warehouse space is leased closer to the end-user. Industrial users see the impact of the pandemic as a short-term challenge that is altering the long-term growth strategy of their corporate planning. By way of example, Publix’s Southeast store sales climbed 21.8 percent for the second quarter of this year. Grocery now …