CHARLOTTE, N.C. — Dalfen Industrial and Investcorp have partnered to acquire the North Carolina Industrial Portfolio, a 10-property, 1.9 million-square-foot industrial portfolio spanning from Charlotte to Greensboro. The buildings were built between 2000 and 2013. Major tenants of the portfolio include Crate & Barrel, Lenovo Group Ltd., United Technologies Corp., Britax, Geodis and Henkel AG & Co. Further details of the transaction were not disclosed.
SAN FRANCISCO — Stockbridge Real Estate, a California-based investment firm with additional offices in Chicago and Atlanta, has acquired a portfolio of 17 industrial properties totaling 8.7 million square feet in seven states. Stockbridge purchased the portfolio from Hillwood, an industrial development and investment firm based in Fort Worth, Texas, according to IPE Real Assets, which tracks institutional property investments across the world. The analytics firm also reported that the transaction fetched a sales price of approximately $800 million. All of the properties are fully stabilized and have an average construction delivery date in 2018. The assets are located across the following markets: Dallas-Fort Worth, Austin, Columbus, Cincinnati, Nashville, Chicago, Las Vegas, Jacksonville and Eastern Pennsylvania. “This portfolio stands out for its high-quality, modern construction and well-connected, population-rich locations where major e-commerce industry tenants have chosen to expand their footprints,” says Nicole Stagnaro, managing director at Stockbridge. “In combination, these factors support the kind of cash flow visibility we expect from a long-term core portfolio.” The transaction comes on the heels of Stockbridge’s acquisition of a portfolio of 26 logistics and e-commerce facilities from San Diego-based Westcore Properties. PGIM Real Estate Finance served as the primary lender in both portfolio …
CARLSBAD, CALIF. — U.S. industrial investment is expected to continue at a steady pace into 2020, although headwinds created by tariffs and a slowing economy are beginning to strengthen, according to the third annual Industrial Investor Sentiment Report from Real Capital Markets (RCM) and the Society of Industrial and Office Realtors (SIOR). Investors are shifting strategies, however, to find safe havens against any market slowdown. Some investors are adjusting their portfolios toward land-constrained markets that provide the potential for higher rent growth. Among those strong markets are Seattle, Miami, Northern New Jersey and parts of Southern California. Other investors are moving back to core markets to minimize risk or are focusing on secondary markets where further cap rate compression is more likely, according to the report. “Investors are projecting a steady flow of industrial activity in the United States for the foreseeable future, given the strong fundamentals and the stability this sector offers,” says Steve Shanahan, executive managing director of Carlsbad, Calif.-based RCM, a part of LightBox. “Investors are keenly aware of the potential for an economic slowdown but are focused on the long-term horizon and taking the steps necessary to protect their investments.” The RCM-SIOR report includes insights and …
BUFFALO, N.Y. — JLL has brokered the $8.3 million sale of Bunzl Distribution Center, a 152,000-square-foot industrial property in Buffalo. The facility features 25-foot clear heights, 27 front-loading dock doors and office space. At the time of sale, the property was 100 percent leased to packaged food distributor Bunzl Midatlantic LLC. Jose Cruz and Tyler Peck of JLL represented the seller, Foxfield Industrial, in the transaction. Michael Pagniucci of JLL secured a long-term, fixed-rate acquisition loan through an undisclosed life insurance company for the buyer, which was also undisclosed.
TEMPE, ARIZ. — Dixxon Flannel Co. has purchased a 48,000-square-foot industrial and retail warehouse located at 7200 S. Priest Drive in Tempe. A furniture store sold the asset for $4.5 million. Situated on 2.6 acres, the two-story property features a 13,000-square-foot showroom and office space. The first floor includes four office spaces, a showroom, kitchen, shower and two bathrooms, while the second floor features six office spaces, a storage area and conference room. Additionally, the building features 24-foot clear heights, four dock-high loading doors and a full sprinkler system. Ryan Reisman, Chris Rogers, Trevor McKendry and Steve McKendry of DAUM Commercial Real Estate Services represented the seller in the deal.
TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 25,270-square-foot office and warehouse building in Toledo for $1.5 million. The property is located at 2940 Centennial Road. Ron Jurgenson of Reichle Klein represented the buyer, Toledo-based Tolson Investment LLC. Megan Malczeski of Signature Associates represented the seller, Toledo-based WaterStone Ltd.
AUSTIN, TEXAS — Dallas-based design-build firm Arco/Murray has completed Oak Hill Self Storage, a 124,000-square-foot facility in Austin. The four-story property features 728 units and includes a 1,500-square-foot office space. Arco/Murray handled the architectural, engineering, permitting and construction of the project on behalf of the Houston-based developer, The Jenkins Organization.
BREA, CALIF. — Rexford Industrial Realty has acquired an industrial property, located at 404-407 Berry Way in Brea, for $27.6 million, or $53.72 per land square foot. Situated on 11.8 acres, the 120,250-square-foot asset was fully leased at the time of sale. The low-coverage site comprises three industrial buildings with excess paved land. The name of the seller was not released. Rexford funded the acquisition using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.
LAS VEGAS — EastGroup Properties has acquired a Southwest Commerce Center, a newly constructed industrial asset in Las Vegas, for $25.5 million. Brass Cap Development and LM Construction Co. collaborated on the project. The property consists of three concrete tilt-up buildings offering a total of 195,947 square feet of industrial space. Situated on 11 acres at the northwest corner of Russell Road and Decatur Boulevard, the asset’s three buildings range from 23,000 square feet to 101,000 square feet. Two of the buildings were pre-leased during construction. Rentex, an audio visual and computer rentals company, will occupy the 71,000-square-foot Building B. Ghost, a sports supplement company, will occupy the 23,546-square-foot Building C for its West Coast manufacturing and distribution facility. Dan Doherty, Chris Lane and Jerry Doty of Colliers International | Las Vegas represented the buyer in the deal. This is EastGroup Properties’ third industrial asset in Las Vegas.
ITASCA, ILL. — Premier Design + Build Group has broken ground on a 48-acre industrial project in Itasca on behalf of developer Bridge Development Partners LLC. The project will feature three new industrial buildings totaling 741,621 square feet. In addition to the industrial buildings, Bridge Point Itasca will include more than seven acres of land newly zoned for retail use. In July, Premier supervised the demolition of two decommissioned radio broadcast towers. Each of the industrial buildings will be constructed with a clear height of 32 feet and will be intended for distribution and logistics use. The project team includes Cornerstone Architects Ltd., civil engineer Spaceco Inc. and structural engineer Swift Structural Design LLC. Lee & Associates will market the property for lease. Webster Bank and Associated Bank provided project funding.
