SAN JOSE, CALIF. — Westcore has purchased an industrial warehouse, located at 660 N. King Road in San Jose, for $9.2 million. The 40,000-square-foot property features 29-foot clear heights and a secured yard. Westcore plans to renovate the warehouse to include a new roof, seismic retrofitting, parking lot repairs, office reconfiguration and upgrades. The asset is adjacent to an 87,000-square-foot industrial warehouse, located at 1800 Dobbin Drive, that Westcore acquired earlier this year. Jeffrey Ida and Cole Ferrari of Marcus & Millichap represented the buyer and undisclosed seller in the transaction.
DALLAS — JLL has arranged a $10 million loan for the refinancing of Pinnacle Business Center, a 181,050-square-foot industrial complex in Dallas. The three-building, Class A property was built in 2004 and was fully leased at the time of the loan closing. Property features include clear heights ranging from 24 to 28 feet, 51 dock-high doors, nine ramp access doors, office space and ample parking. D.J. Meagher, Paul Brindley and Dillon Donald of JLL arranged the loan through insurance company National Life on behalf of the borrower, an affiliate of California-based Cohen Asset Management. The loan carries a 10-year term and a fixed interest rate.
EL PASO, TEXAS — A partnership between Massachusetts-based Equity Industrial Partners and New York-based Raith Capital Partners has broken ground on a 123,966-square-foot speculative industrial project in El Paso. The property will be located at 9541 Joe Rodriguez Drive near the Zaragoza International Bridge. Building features will include 28-foot clear heights, overflow trailer storage, a fenced truck court and an ESFR sprinkler system. Construction is expected to be complete in December. Loya Wilke Architects is handling design of the project, and Jacob CM is the general contractor. CBRE will market the space for lease.
DALLAS — CKS Packaging Inc., a national manufacturer of plastic containers, has signed a 50,560-square-foot industrial lease at 2829 Merrell Road in northwest Dallas. Ryan Boozer and Lena Pierce of Stream Realty Partners represented the tenant, which will occupy the entirety of the building, in the lease negotiations. The landlord is Gillis Thomas LP.
DALLAS — Newmark Knight Frank (NKF) has negotiated a 28,892-square-foot industrial lease at Dallas Corporate Center Building 2. According to LoopNet Inc., the property was built in 1996 and spans 115,567 square feet. Cole Collins and Gary Lindsey of NKF represented the tenant, an affiliate of printing ink manufacturer Flint Group, in the lease negotiations. The landlord, Prologis, was represented internally.
HOUSTON — Lee & Associates has secured a 15,000-square-foot industrial lease at 5825 Kelley St. in northeast Houston for BrandSafway Solutions LLC, a provider of scaffolding systems. According to LoopNet Inc., the single-tenant property was built in 2008. Taylor Schmidt and Reed Vestal of Lee & Associates represented the tenant in the lease negotiations. David Munson of Boyd Commercial represented the landlord, Audie Gray Family LP.
SANTA CLARA, CALIF. — CoreSite Realty Corp. has completed the third and final phase of SV8, a 162,000-square-foot data center development in Santa Clara. The final phase consists of a 54,000-square-foot building with six megawatts, with 11 percent of the building pre-leased. The first two phases, totaling 108,000 square feet, are fully leased. The 18-megawatt, purpose-built SV8 project is part of CoreSite’s Santa Clara and broader Silicon Valley connected campus, with close proximity to the heart of the high-tech Silicon Valley market.
NEW BERLIN, WIS. — Associated Bank has provided a $10.5 million loan to WRP New Berlin II for the construction of a 192,800-square-foot warehouse in New Berlin, a suburb of Milwaukee. The project will be located at the intersection of West Small and Moorland roads. Completion is slated for fall 2021. The borrower is a fund managed by Lake Forest, Ill.-based Westminster Capital. Ted Notz of Associated Bank managed the loan and closing.
CHICAGO — Johnstone Supply has leased an entire industrial building located at 4150 N. Knox Ave. in Chicago. Dayton Street Partners completed development of the 41,000-square-foot property in late 2017. The facility features a clear height of 30 feet, six docks, four drive-in doors and parking for 55 cars. Matt Cowie, Larry Goldwasser, Colin Green and John Marks of Cushman & Wakefield represented Dayton Street in the lease. Brendan Green of Colliers International represented Johnstone, which is a Portland, Ore.-based wholesale distributor of HVAC equipment and supplies. Johnstone will use the building as a showroom and distribution hub.
DALLAS — Sealy & Co., a developer headquartered in Dallas, has acquired a 34-property industrial portfolio for $108 million. The sale included three off-market acquisitions of warehouse properties located in Kansas City, Missouri; Oklahoma City; and Memphis, Tennessee. The Kansas City transaction included five buildings in Executive Park, a master-planned industrial park constructed by ADCO Group on 1,200 acres in 1974. That transaction also included a second industrial park in the East Bottoms submarket. Sealy also acquired a 20 distribution warehouses in Memphis’ Southeast submarket consisting of single-tenant buildings averaging 50,500 square feet. The last acquisition was for five modern, Class A distribution warehouse facilities in Oklahoma City. The fully occupied assets are situated 2.5 miles from the Will Rogers World Airport. The sellers were undisclosed in all three transactions. “In a time when many have been forced to the sidelines, we are pleased to continue to capture compelling deals in enduring distribution hubs,” says Michael Sealy, executive vice president of capital markets for Sealy & Co. “Each investment was reviewed for the reliability and stability of future income, the potential for capital appreciation and the impact of each acquisition as it relates to the portfolio as a whole.” Sealy …