Industrial

CBRE Negotiates $21.5M Sale of Industrial Property in Vineland, New Jersey

by Taylor Williams January 19, 2021

VINELAND, N.J. — CBRE has negotiated the $21.5 million sale of a 269,000-square-foot industrial property located in the Southern New Jersey city of Vineland. The property is leased to Burberry Wholesale Ltd. (235,739 square feet) and Stellar Distributing (33,761 square feet). Building features include 32- to 34-foot ceilings, 16 loading docks, four drive-in bays, and parking for 222 cars and 16 trailers. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Vineland Construction, in the transaction. The buyer was Massachusetts-based private equity firm High Street Logistics Properties.

January 19, 2021

Acquisitions Industrial Midwest Missouri

Sealy & Co. Acquires 99,704 SF Warehouse in Kansas City

by Kristin Harlow January 19, 2021

KANSAS CITY, MO. — Sealy & Co. has acquired a 99,704-square-foot warehouse in the Johnson County submarket of Kansas City for an undisclosed price. Built in 2019, the Class A building is situated within the Perimeter Park Commerce Complex and is fully leased. Sealy’s investment services team, along with Ed Elder and John Stafford of Colliers International, brokered the sale. Jones Development was the seller.

January 19, 2021

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $9M Sale of Distribution Center in Spring Valley, Illinois

by Kristin Harlow January 18, 2021

SPRING VALLEY, ILL. — Marcus & Millichap has brokered the $9 million sale of the Marmon Keystone Distribution Center in Spring Valley, about 55 miles north of Peoria. The 184,320-square-foot property was constructed as a build-to-suit for Marmon Keystone in 2010. The single-tenant, net-leased facility sits on 22 acres. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a developer. The buyer was undisclosed.

January 18, 2021

Acquisitions Indiana Industrial Midwest

Two-Building Industrial Property Trades Hands in Indianapolis

by Kristin Harlow January 18, 2021

INDIANAPOLIS — A two-building, 52,336-square-foot industrial property located on the southeast side of Indianapolis has traded hands for an undisclosed price. The temperature-controlled facility, located at 2301 Churchman Ave., is fully leased to Shenandoah Growers, a producer of organic culinary herbs. The property was extensively renovated in 2018 to serve as the Midwest regional hub for Shenandoah Growers, which operates 12 indoor growing facilities across the country. Alex Cantu and Alex Davenport of Colliers International represented the seller, Patterson Holdings. A California-based private investor purchased the asset.

January 18, 2021

Acquisitions Industrial Texas

MAG Capital Partners Sells 206,341 SF Manufacturing, Distribution Facility in Miami, Oklahoma

by Taylor Williams January 18, 2021

MIAMI, OKLA. — Fort Worth-based investment firm MAG Capital Partners has sold a 206,341-square-foot manufacturing and distribution facility in Miami, located in the northeastern corner of Oklahoma. Built in 1971, the 27.7-acre site comprises four buildings with 30-foot clear heights, four drive-in doors and six loading docks. Automotive parts supplier Hopkins Manufacturing Corp. occupies the property on a long-term basis. The facility was renovated in 2015, with an 85,000-square-foot addition built onsite. The site has remaining acreage for potential future development. Peter Bauman and Tivon Moffitt of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based private buyer in the transaction.

January 18, 2021

California Development Industrial Western

CRG, Bird Dog to Develop 5.5 MSF Industrial Park in Glendale, Arizona

by Amy Works January 18, 2021

GLENDALE, ARIZ. — CRG, in a joint venture with Phoenix-based Bird Dog Industrial, is developing The Cubes at Glendale, a 335-acre, up to 5.5 million-square-foot industrial park in at the intersection of Reems Road and Northern Avenue in Glendale. The first phase of the project includes the construction of a 1.2 million-square-foot speculative warehouse with 40-foot clear heights, 213 dock doors, 50-foot by 56-foot column spacing and parking for 740 cars and 470 trailers. Construction is slated to begin on March 1, with the firm having already acquired the first 260-acre parcel of land. Acquisition of the second parcel is expected to close in the second quarter. Chicago-based Clayco, CRG’s parent company, will serve as builder, with Lamar Johnson Collaborative serving as architect for the first warehouse. John Lydon of JLL represented CRG in the land acquisition, while Tony Lydon, also of JLL, represented the undisclosed seller. John Lydon and Bill Honsaker of JLL will handle leasing at The Cubes at Glendale.

January 18, 2021

11-Centennial-Drive-Peabody-Massachusetts

Acquisitions Industrial Massachusetts Northeast

Longpoint Realty Acquires 271,592 SF Industrial Property in Peabody, Massachusetts

by Taylor Williams January 18, 2021

PEABODY, MASS. —Locally based investment firm Longpoint Realty Partners has acquired a 217,592-square-foot industrial property located at 11 Centennial Drive in Peabody, a northern suburb of Boston. The property is situated within the 300-acre Centennial Park mixed-use campus and was fully leased to drug wholesaler Cardinal Health (NYSE: CAH) at the time of sale. Robert Griffin, Tony Coskren, Ed Jarosz, Matthew Pullen, Rick Schuhwerk, Samantha Hallowell, Lizzie Kusbit and Dominick Romano of Newmark represented the seller and the buyer in the transaction.

January 18, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $20.4M Sale of Industrial Property in Metro Orlando

by Alex Tostado January 15, 2021

ALTAMONTE SPRINGS, FLA. — Cushman & Wakefield has arranged the $20.4 million sale of Altamonte Commerce Center, an eight-building, 185,600-square-foot industrial property in Altamonte Springs. The buildings are situated on 13.2 acres, one half-mile from Interstate 4 and 11 miles north of downtown Orlando. The portfolio was 96 percent leased at the time of sale. The buildings offer 1,000- to 14,800-square-foot spaces. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi, with support from Jared Bonshire, David Perez, Zachary Eicholtz, Ryan Jenkins and Jordan Stenholm of Cushman & Wakefield represented the seller, SunCap Opportunity Fund LLC. Longpoint Realty Partners acquired the property for $110 per square foot.

January 15, 2021

Industrial Loans South Carolina Southeast

Ready Capital Closes $9.7M in Acquisition, Renovation Financing for Industrial Property in Greenville

by Alex Tostado January 15, 2021

GREENVILLE, S.C. — Ready Capital has closed $9.7 million in acquisition and renovation financing for a 320,000-square-foot industrial property in Greenville. The 36-month, non-recourse loan features a floating interest rate and interest-only payments. The Class B asset is situated along Interstate 385. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade and subsequently lease-up the property. Improvements include roof and HVAC repairs, improved lighting, sprinkler system upgrades and fresh paint.

January 15, 2021

Development Industrial Kansas Midwest

Contegra Construction Completes First Distribution Facility at Turner Logistics Center in Kansas City

by Kristin Harlow January 15, 2021

KANSAS CITY, KAN. — Contegra Construction Co. has completed the first of several planned distribution facilities at NorthPoint Development’s Turner Logistics Center in Kansas City. The 408,000-square-foot building features a clear height of 36 feet, 36 dock doors with four drive-in ramps, parking for 210 vehicles and a small office. The 250-acre Turner Logistics Center has the capacity for 3 million square feet of industrial space. Contegra also completed infrastructure improvements to support future development.

January 15, 2021

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