HUNTLEY, ILL. — Premier Commercial Realty has brokered the sale of a 45,000-square-foot industrial building located at 11253-11299 Kiley Drive in Huntley, about 50 miles northwest of Chicago. The sales price was undisclosed. The multi-tenant building was fully leased at the time of sale. Bruce Kaplan and Kevin Kaplan of Premier brokered the transaction. A private investor purchased the asset from Blackhawk Huntley LP.
HIALEAH, FLA. — Bridge Development Partners and PGIM Real Estate will develop Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The joint venture expects to deliver the speculative property in fourth-quarter 2021. The 20.1-acre site is situated at the intersection of NW 162nd Street and NW 102nd Avenue, 18 miles northwest of Miami International Airport. The asset will be able to accommodate multiple tenants and will feature 50-foot clear heights, 39 dock-high doors, 207 parking spaces and 49 trailer parking stalls. The building’s refrigeration system is expected to provide temperatures ranging from minus-10 degrees to -55 degrees. Ware Malcomb is the architect for the building. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield brokered the land transaction.
Commercial Partners Realty Negotiates Sale-Leaseback of 94,000 SF Industrial Property in Metro Tampa
PINELLAS PARK, FLA. — Commercial Partners Realty has negotiated the sale-leaseback of a 94,000-square-foot industrial building in Pinellas Park. Woodhill Real Estate LLC acquired the asset for $6 million. The seller and tenant, Nautical Structures, specializes in manufacturing, designing, distributing and engineering yachting equipment. The property spans five acres and is situated at 7301 114th Ave., 20 miles west of downtown Tampa. Scott Clendening of Commercial Partners Realty represented the seller in the transaction.
BOSTON AND CHICAGO — Investcorp, a global private equity firm based in Bahrain, has sold a 1.8 million-square-foot portfolio of industrial buildings located in the Boston and Chicago areas for $200 million. The Boston component of the portfolio includes a warehouse, distribution center and flex building totaling roughly 1.1 million square feet. The Chicago component features three cold storage properties totaling approximately 700,000 square feet. Investcorp initially acquired the portfolio, which was 98 percent leased at the time of sale, in 2017. The buyer was not disclosed.
BENSENVILLE, ILL. — Clear Height Properties has purchased a 30,000-square-foot industrial building located at 464-480 Country Club Drive in Bensenville for an undisclosed price. Built in 1973, the property was vacant at the time of sale. It has primarily been used for warehouse distribution and light manufacturing purposes. Clear Height plans to make capital improvements such as new landscaping, sidewalks, parking lot, dock staircase and overhead doors. Justin Lerner of Transwestern represented Clear Height in the transaction. Marcus & Millichap represented the seller, Aspen Industries.
SOUTH SAN FRANCISCO, CALIF. — Terreno Realty has acquired an industrial building located in South San Francisco for $6.3 million. The name of the seller was not released. Located at 179 Starlite St., the 22,000-square-foot property features two dock-high and one grade-level loading positions and parking for 15 cars. At the time of sale, the building was fully leased to one tenant.
ARLINGTON, TEXAS — Stream Realty Partners has brokered the sale of a 53,586-square-foot industrial building located at 1200 Gambrel Road in Arlington. The property was originally built in 2005. James Mantzuranis of Stream Realty Partners represented the buyer, Arlington Investment Properties LLC, in the transaction. Sarah LanCarte and David Corle of LanCarte Commercial represented the seller, 109th Street LP.
TOMBALL, TEXAS — MSP Drilex Inc., a technology and service provider for the oil and gas industry, has signed an 11,375-square-foot industrial lease at 21227 Hufsmith-Kohrville Road in the northern Houston suburb of Tomball. According to LoopNet Inc., the property was built in 2015 on 1.1 acres and includes 2,700 square feet of office space. Mike Spears and Patrick Wolford of Lee & Associates represented the landlord, Epic International, in the lease negotiations. Payton Indermuehle with Keen Realty Group LLC represented the tenant.
PHOENIX — CBRE Capital Markets Debt & Structured Finance has arranged a $22 million loan for the acquisition of a cold storage facility in Phoenix. Bruce Francis, Robert Ybarra, Shaun Moothart, Dana Summers, Doug Birrell and Jim Korinek of CBRE facilitated the loan on behalf of the borrower, a joint venture between Condor Cold Storage and AEW Capital Management. Located at 7000 W. Buckeye Road, the 285,022-square-foot property features 36-foot clear heights and office, warehouse, baking, production and ammonia freezer facilities. Café Valley Bakery, a producer of bakery products for in-store bakeries, club stores, foodservice and convenience stores, fully occupies the property. The asset was built in 2010.
PHOENIX — Gantry has secured $17 million in acquisition financing for a Class A industrial building located in Phoenix’s Southwest Industrial submarket. The borrower, Kaiser Industrial SPE, is purchasing the asset from an institutional seller for $31 million in an off-market transaction. Developed by Sun State Builders in 2013, the 325,800-square-foot warehouse is located at 7400 W. Buckeye Road. At loan close, the property was fully leased to OnTrac and Vesta Foodservice. OnTrac, a third-party logistic provider, occupies 236,200 square feet, while Vesta Foodservice, a fresh produce and specialty grocery delivery service, occupies the remaining 89,600 square feet. Situated on 18.7 acres, the property features 32-foot clear heights; ESFR sprinklers; evaporative coolers; a gate-secured, 180-foot truck court with concrete truck apron; 70 dock-high doors; and ample car and trailer parking stalls. Tim Storey and Chad Metzger of Gantry’s Phoenix office secured the 10-year, interest-only loan through a correspondent life insurance company. Gantry will service the loan.