CHELSEA, MASS. — Cushman & Wakefield has brokered the sale of 22 Willow Street, a 287,856-square-foot industrial property in Chelsea, a northern suburb of Boston. The asset is situated within an 8.4-acre industrial complex leased to 52 tenants across a variety of industries. Rob Byrne, Scott Gredler, Pete Rogers, Mary Kensinger, Phillip Verre and James Murphy of Cushman & Wakefield represented the seller, Everett Place LLC. The buyer was a joint venture between Berkeley Partners and the Seyon Group.
HOUSTON — Transwestern Development Co. (TDC) has broken ground on Sam Houston Distribution Center, an 833,720-square-foot industrial project in northwest Houston. The Class A development will consist of three buildings and is scheduled for completion in the second quarter of 2020. The front-load and cross-dock buildings will range from 138,720 to 494,800 square feet and can accommodate users from 35,000 to 833,720 square feet. The ceiling heights range from 32 to 36 feet. The property also offers land for added trailer storage or a build-to-suit opportunity, as well as ample car parking and trailer stalls.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of a 733-unit portfolio of self-storage facilities located in and around Tyler, about 100 miles east of Dallas. The portfolio spans 103,582 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also secured the buyer, a DFW-based owner-operator.
KENT, WASH. — BKM Capital Partners has purchased West Valley Business Park, an industrial asset located at 19226 66th Ave. in Kent, approximately 13.5 miles from downtown Seattle. Entera Properties sold the park for $30.4 million in an off-market transaction. Totaling 205,655 square feet, the industrial park consists of 179 units in 19 buildings. Originally constructed in 1982, the property was 92 percent leased to 164 tenants at the time of sale. BKM plans to invest approximately $1.2 million in capital improvements to renovate and reposition the property. Both the seller and buyer were self-represented in the deal.
CARLSBAD, CALIF. — San Diego-based Stos Partners has purchased a two-tenant R&D/office property located at 5816 Dryden Place in Carlsbad. A private entity sold the asset for $3.8 million. Stos Partners negotiated a sale-leaseback through which the seller will remain a long-term tenant, occupying 79 percent of the 22,156-square-foot building. The buyer plans to implement cosmetic improvements and building upgrades that include a new roof, exterior and interior paint, revived drought-tolerant landscaping, parking lot upgrades and speculative creative office interior improvements. This transaction brings Stos Partners’ year-to-date acquisition volume in 2019 to 402,500 square feet totaling more than $55.5 million throughout Southern California. Adam Foster of Foster Commercial Real Estate represented Stos in the acquisition.
MOKENA, ILL. — The Opus Group is building Mokena Corporate Center, a two-building speculative industrial development in Mokena, about 35 miles southwest of Chicago. Completion of the 268,225-square-foot project is slated for June 2020. The development will sit on nearly 16 acres. The first building will total 154,581 square feet while the second will span 113,644 square feet. Opus is the developer, design-builder, architect and structural engineer. Lee & Associates will market the buildings for lease.
FORT MILL, S.C. — Crescent Communities has acquired 15 acres within Lakemont Business Park in Fort Mill to develop Stateline Logistics Center, a 104,000-square-foot flex industrial building less than two miles from the South Carolina-North Carolina state border and 18 miles south of downtown Charlotte. The new building will feature 24-foot clear heights, 26 trailer parking spaces and surface parking. Crescent Communities expects to deliver the building in second-quarter 2020.
HOUSTON — EastGroup Properties has broken ground on Northwest Crossing, a 278,000-square-foot industrial project in located near the Interstate 290 and State Highway 6 interchange in northwest Houston. The project will deliver a three-building, Class A complex that will offer both multi- and single-tenant spaces for office/warehouse, light manufacturing, research & development and assembly users. Building features will include 24- to 32-foot clear heights and 20-by-20 overhead doors. JLL will handle leasing of the facility, completion of which is slated for the second quarter of 2020.
HOUSTON — Lee & Associates has negotiated a 72,319-square-foot industrial lease at 1903 Tellepsen Drive in Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the tenant, PSC Industries Inc., in the lease negotiations. Dayne Wunderlich, Steve Hazel and Ryley Caton of Insite Realty represented the landlord, Billingsley Co.
HILLSBOROUGH, N.J. — A joint venture between The Hampshire Companies and Harrison Street Real Estate Capital has broken ground on a 903-unit self-storage facility in Hillsborough, located approximately 20 miles north of Trenton. The 120,524-square-foot property is located at 141 US Highway 206. Extra Space Storage will manage the facility upon completion of construction, which is slated for early 2020.