MICHIGAN, MINNESOTA, ILLINOIS AND IOWA — Saudi Arabia-based Arbah Capital and Chicago-based Brennan Investment Group have acquired a five-property industrial portfolio across four Midwest states. JLL Capital Markets arranged the joint venture partnership between the two companies as well as $22.9 million in debt financing for the acquisition. The portfolio spans more than 557,000 square feet and includes light industrial and flex space in Michigan, Minnesota, Illinois and Iowa. The properties include: 5460 Executive Parkway in Grand Rapids, Mich.; 1865 Industrial Drive in Grand Haven, Mich.; 7550 49th Ave. in New Hope, Minn.; 4050 Ryan Road in Gurnee, Ill.; and 1100 E. LeClaire Road in Eldridge, Iowa. Four of the five properties are single-tenant assets. The portfolio is 97.5 percent leased to tenants in the automotive, manufacturing and telecommunications industries. Claudio Sgobba, Christopher Carroll, David Berglund, Matthew Schoenfeldt and Doug Childers of JLL arranged the partnership and financing. Wintrust Bank provided the five-year, floating-rate loan. The seller was undisclosed.
BENSENVILLE AND SCHAUMBURG, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a four-building industrial portfolio spanning 126,086 square feet in the suburban Chicago communities of Bensenville and Schaumburg. The purchase price was not disclosed. The properties are located at 401 Eastern Ave., 501 Eastern Ave. and 1231 Ellis St. in Bensenville and 635 Remington Road in Schaumburg. The Bensenville properties are all single- Stenant buildings and are fully leased. The Schaumburg facility is home to multiple tenants and is currently 82 percent leased. Venture One plans to make improvements to the Schaumburg building’s 9,507-square-foot vacant space. Eric Fischer of Cushman & Wakefield represented the undisclosed seller. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
NORTH LAS VEGAS, NEV. — Harsch Investment Properties has started construction of Tropical Speedway Commerce Center in North Las Vegas. This new development will bring the company’s total holdings in metro Las Vegas to 30 properties totaling more than 10.5 million square feet. Totaling 150,000 square feet, Tropical Speedway Commerce Center will feature 28-foot to 32-foot minimum warehouse clear heights, 36 dock-high doors and eight grade-level doors, 221 parking spaces, a 130-foot minimum truck court and ESFR sprinklers. Completion is slated for second-quarter 2021. The facility will accommodate users ranging from 14,875 square feet to 150,000 square feet. The project team includes R&O Construction as general contractor and VLMK Engineering + Design and VTN Consulting Engineers as the design team. JLL’s Jason Simon, Xavier Wasiak and Rob Lujan will oversee leasing at the property.
YORK COUNTY, MAINE — A subsidiary of New York-based Power REIT has acquired a three-acre site in York County that houses a 32,800-square-foot cannabis cultivation facility that is under construction. Locally based cannabis grower Sweet Dirt is the operator of the greenhouse, which is expected to be complete by the end of the year. The site also houses a 2,800-square-foot distribution building. The seller was not disclosed.
NEW YORK CITY — Venture Capital Properties has negotiated a 24,000-square-foot lease at a vacant parcel that formerly housed a warehouse at 5200 1st Ave. in Brooklyn. The tenant, valet parking service Park Pro Systems, will use the property to store its vehicles but will not develop any portion of the site. Jacob Stavsky of Venture Capital Properties represented both Park Pro Systems and landlord John Luhrs in the off-market deal.
COLORADO SPRINGS, COLO. — In Self Storage Management has acquired the former Toys R Us building located at 3730 N. Citadel Drive in Colorado Springs. Dunton Commercial of Colorado sold the asset for an undisclosed price. The buyer plans to retrofit the existing freestanding building into mini-storage and make way for a new In Self Storage facility. The 3.1-acre property is bordered by Galley Road, North Citadel Drive, North Academy Boulevard and Delaware Drive. Patrick Kerscher of CBRE represented the seller in the deal.
PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.
COLUMBUS, OHIO — VanTrust Real Estate has broken ground on a 1 million-square-foot speculative warehouse near the Rickenbacker International Airport in Columbus. VanTrust will build the project on land that it acquired from K-Nova LLC earlier this year. The master-planned industrial park will be known as Rickenbacker Exchange at Commercial Point and encompasses more than 900 acres of shovel-ready logistics and manufacturing ground. VanTrust says it can accommodate an additional 1.2 million square feet of warehouse space at the site. Jack Tzagournis of Fortress Real Estate Cos. assisted K-Nova in the sale. Pepper Ohio, a subsidiary of Pepper Construction Group, will lead construction. RED Architecture designed the building. Michael Linder of Colliers International has been retained as listing agent.
VERNON HILLS, ILL. — Wool Finance Partners has arranged a $6.2 million loan for the construction of a 95,245-square-foot speculative industrial building at Corporate Woods Business Park in Vernon Hills. The borrower, Forest Edge TH LLC, will acquire and demolish a vacant 48,100-square-foot office building at the site. Martin Siegel of Wool arranged the loan with a Chicago-based bank. The three-year loan features a floating rate starting at 3.5 percent. The project is led by Cary Goldman of Timber Hill Group and Jim Woldenberg. Brett Kroner of Cushman & Wakefield will serve as leasing agent and Premier Design + Build Group is the general contractor. A timeline for construction was not disclosed.
FREDERICK, MD. — Matan Cos. has broken ground on the first two buildings of Center 85, a speculative, 556,800-square-foot industrial park in Frederick. The company has started on Buildings I and II, which will span 116,000 square feet and 64,000 square feet, respectively. The locally based developer expects to deliver the two buildings in July 2021 with tenant improvements slated to begin in May 2021. Matan will break ground on Building III dependent on leasing activity on the first two buildings. Matan is available to begin construction on the 276,000-square-foot asset and have the same timetable as the other two buildings. The buildings will feature 30-foot clear heights, a 120-foot truck court, 50-foot speed bay and two drive-in dock doors. Morgan Keller is the general contractor of Center 85, and Powers Brown in the architect.