PHOENIX, GLENDALE AND CHANDLER, ARIZ. — JLL Capital Markets has arranged $16.1 million in financing for a seven-building light industrial distribution and manufacturing portfolio in metro Phoenix. The borrower is a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital. Casey Wenzel, Aldon Cole, Jeremy Womack and Alastair Barnes of JLL Capital Markets secured the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility. The portfolio is situated on 16.1 acres at 10950 W. Northview Ave. in Glendale, 235 E. Pima St. in Phoenix, and 481 N. Dean Ave., 5740 W. Oakland St. and 5753, 5763 5773 W. Erie St. in Chandler. At the time of financing, the portfolio was 54.6 percent leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.7 million across the portfolio.
PENDERGRASS, GA. — JLL has arranged the $43.9 million sale of an 811,000-square-foot distribution center leased to Bed Bath & Beyond in northeast Georgia. The property is located at 860 John B. Brooks Road in Pendergrass. The asset, which is situated on 62 acres along Interstate 85, features tilt-up construction, 32-foot clear heights and a cross-dock configuration. Alex Sharrin, Britton Burdette, Brian Shanfeld, Matt Wirth and Dennis Mitchell of JLL represented the seller, Oak Street Real Estate Capital LLC, in the transaction. An unnamed institutional investment group purchased the property.
HASLET, TEXAS — A joint venture between two Dallas-area developers, Gruene Real Estate Partners and Weber & Co., will construct Intermodal Commerce Park, a 1.4 million-square-foot industrial facility in the northern Fort Worth suburb of Haslet. The three-building, Class A complex will be situated on an 82-acre site approximately one mile from Interstate 35 and near the southern end of Alliance Airport. Intermodal Commerce Park will consist of one front-load and two cross-dock buildings that feature 32- to 40-foot clear heights, deep truck courts, 186 dock doors, 10 ramp doors, 313 trailer stalls and ample car parking. Dustin Volz, John Rose, Stephen Bailey and Wells Waller of JLL arranged a five-year construction loan through First United Bank on behalf of the developers and delivered a private real estate fund advised by Crow Holdings Capital as a joint venture equity partner. JLL is also handling leasing of the project.
SAN ANTONIO — Locally based developer Koontz Corp. has sold Foster Ridge Distribution Center, a 327,000-square-foot industrial facility located at the junction of Foster Road and Interstate 10 in San Antonio. Koontz completed the Class A facility in October 2019. The buyer is metro Philadelphia-based industrial owner and developer Exeter Property Group. Building features at Foster Ridge Distribution Center include 32-foot clear heights, 75 dock-high overhead doors, 130-foot truck courts and an ESFR sprinkler system. Trent Agnew of JLL represented Koontz Corp. in the sale, and Exeter Property Group was self-represented.
BERKELEY, MO. — Provender Partners has sold a 232,556-square-foot distribution center leased to Dollar General in Berkeley near St. Louis. Provender also sold a separate Dollar General-occupied distribution center in San Antonio along with the Berkeley facility for a total of nearly $64 million. Provender acquired both facilities in 2019 and invested more than $6 million in improvements and renovations before securing 10-year leases with Dollar General for both properties. With freezer, cooler and dry storage space, the properties are part of Dollar General’s new DG Fresh initiative to bring logistics capabilities in-house. Guy Ponticello and Robert Gibson of CBRE and Scott Delphey of Food Properties Group represented Provender in the sale. The buyer was undisclosed.
SHAKOPEE, MINN. — The Opus Group has broken ground on a 131,000-square-foot industrial build-to-suit for Cherne Industries in Shakopee, a southwestern suburb of the Twin Cities. Cherne, which produces pneumatic plugs, mechanical plugs, gauges and testing equipment, will use the building as its new headquarters and manufacturing facility. The project will feature a clear height of 32 feet, eight dock doors, three drive-in doors and 177 car parking stalls. The company’s 115-person workforce will have access to amenities such as a fitness center, locker room and prayer room. Opus is the developer, design-builder, interior designer, architect and engineer. Cabot Properties will own the building. Colliers International represented Opus, while AREA Commercial Real Estate Advisors represented Cherne. CBRE facilitated financing for the project. Completion is slated for early 2021.
VINELAND, N.J. — Boston-based investment firm High Street Logistics Properties has acquired a 432,000-square-foot industrial facility located within the 2.7 million-square-foot Vineland Industrial Park, about 40 miles south of Philadelphia. The sales price was $23.2 million. Built in 1989 and expanded in 1997, the cross-dock property is fully leased to Ardagh Glass Inc., a provider of sustainable packing solutions. Building features include 28- to 34-foot clear heights, 24 dock doors, 18 trailer parking spaces, 54 automobile parking spaces and 110- to 120-foot truck court depths. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Vineland Construction, in the transaction. CBRE local market advisors Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green also assisted on the sale.
Left: Paul Letourneau, Manager of Commercial Loan Originations, Alliant Credit Union. Right: Randall Shearin, Senior Vice President, France Media. Flexibility and Lending in the Midst of Pandemic Listen to Paul Letourneau, Manager of Commercial Loan Originations at Alliant Credit Union describe why his company has been able to continue lending in the midst of the pandemic. COVID-19 has forced many capital providers to pull back, but Alliant’s flexibility and adaptability has allowed it to source deals discerningly. Tune in to hear a concise conversation on what balance sheet lenders have to offer borrowers and how Alliant is able to look to the future of financing. Q&A sponsor: Alliant’s members-first philosophy has always served them well. With over 80 years of history and more than $12 billion in assets, Alliant Credit Union is the largest credit union in Illinois and one of the largest in the nation. Their excellent online, mobile and phone banking services, combined with their full suite of competitive products, make banking simpler for their 500,000 members nationwide.
FORT MILL, S.C. — Crescent Communities has delivered Stateline Logistics Center, a 104,000-square-foot industrial facility in Fort Mill. The property offers 30 dock doors, two drive-ins, a 130-foot truck court and parking for trailers and cars. The asset is located within Lakemont Business Park, which is situated along Interstate 77 and 14 miles south of Charlotte Douglas International Airport. Merriman Schmitt Architects designed the building, Intercon Building Corp. was the general contractor and Cushman & Wakefield is handling leasing.
ROMEOVILLE, ILL. — Colliers International has brokered the sale of Interchange 55 Logistics Park in Romeoville for $98 million. Located near I-55, the two-building industrial development spans 1.3 million square feet. Completed in late 2019, the project was 30 percent occupied at the time of sale. Both buildings feature clear heights of 36 feet. Jeff Devine and Steve Disse of Colliers International represented the seller, Macquarie Real Estate. Prologis purchased the asset.