DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.
MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …
VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.
WHITESTOWN, IND. — Green Rabbit has leased 187,941 square feet of cold storage space in Whitestown near Indianapolis. The newly constructed facility is located along I-65. Tony Hupp of Colliers International represented Green Rabbit, which is a Massachusetts-based supplier of cold storage transportation. Becknell Industrial owns the property.
PLAINFIELD, IND. AND MOUNT PLEASANT, WIS. — Two new tenants have signed leases at industrial properties owned by HSA Commercial Real Estate in Indiana and Wisconsin. In the first transaction, Sedgwick leased 68,486 square feet at Gateway V, a facility within the 55-acre Gateway Business Park in Plainfield. The 262,758-square-foot property, which HSA developed in 2019, is now fully leased. Sedgwick is a provider of technology-enabled risk, benefits and integrated business solutions. In the second transaction, Ryder Last Mile Inc. moved into 75,290 square feet at 1570 International Drive in Mount Pleasant. The 116,600-square-foot building is one of three developed by HSA within the 184-acre Park 94. Ryder is a provider of last-mile logistics solutions for retail brands. Ned Frank, Pat Hake and Steve Sewart of Colliers International represented ownership in the Ryder lease, while Scott Furmanski and Karl Wiedenman of CBRE represented the tenant. Terry Busch and Jared Scaringe of CBRE represented ownership in the Sedgwick lease, while J.D. Graves of CBRE represented the tenant.
HOUSTON — Logistics firm Custom Goods LLC has signed a 353,600-square-foot, full-building lease at Bay Area Business Park, a 232-acre master-planned industrial development near Port Houston. Justin Robinson and Woody Hillyer of Stream Realty Partners represented the landlord, Principal Real Estate Investors, in the lease negotiations. Barry Hill and Doug Nicholson of Newmark represented the tenant.
YAPHANK, N.Y. — 3650 REIT has funded a $59 million acquisition loan for 50 Horseblock, a 491,200-square-foot industrial property in the Long Island community of Yaphank. Built in 1986, the property was fully leased to New Jersey-based drug manufacturer Amneal Pharmaceuticals at the time of sale. Building features include a clear height of 28 feet and 12 loading docks. Adam Licari and Jeff Shriver of Eastdil Secured arranged the 10-year loan on behalf of the borrower, private equity firm New Mountain Capital.
BOURNE, MASS. — National self-storage developer True Storage has completed a 1,033-unit facility that will be operated under the CubeSmart brand in Bourne, located at the nexus of Cape Cod and mainland Massachusetts. The facility occupies the site of a former Grand Union supermarket and spans 111,000 square feet. The majority of the units are located indoors and feature climate-controlled space, multiple loading bays and elevator access to the second floor. The remaining units are located outside and offer drive-up access.
By Tim With, Senior Vice President, Colliers The amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the brink of new construction for some time, with the need for new Class A space far outweighing the current availability. The nationwide industrial supply posted record deliveries in 2020 that totaled more than 300 million square feet. This represents about a 2 percent year-over-year increase in total inventory. In comparison, Albuquerque’s inventory grew by less than 1 percent over the past five years, while vacancy rates decreased by almost 550 basis points. Most new construction has been build-to-suit activity. Tenants, meanwhile, are challenged with a lack of choice as a considerable amount of the existing vacant space is functionally obsolete. The average overall asking lease rates for existing warehouse/distribution space was $6.58 per square foot, triple net, at the end of …
PASADENA AND DEER PARK, TEXAS — JLL has negotiated the sale of a three-building, 738,701-square-foot industrial portfolio near Port Houston. The properties were built in 2019 on a combined 44.6 acres and are located in Pasadena and Deer Park. Collectively, the buildings feature 30- to 36-foot clear heights, 175 dock-high doors, 10 drive-in-ramps, 262 trailer parking spaces and 399 car parking spaces. Trucking and logistics companies occupy the single-tenant buildings. Trent Agnew, Rusty Tamlyn, Charles Strauss and Katherine Miller of JLL represented the seller, Triten Real Estate Partners, in the transaction. Affiliates of Lexington Realty Trust purchased the portfolio for an undisclosed price.