Industrial

Lincoln Property Co. Enters Nevada Market, Buys Hughes Airport Center for $72M

by Amy Works May 22, 2020

LAS VEGAS — The Desert West Region of Lincoln Property Co. (LPC) has acquired its first-ever asset in Nevada. The company purchased Hughes Airport Center, a six-building industrial portfolio located in Las Vegas’ airport submarket. An undisclosed seller sold the asset for $72 million. At the time of sale, the 425,752-square-foot industrial complex was 98 percent occupied. The property is part of the larger 3.3 million-square-foot Hughes Airport Center master-planned business park, which includes office and industrial product across 420 acres. Located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road, the portfolio offers unit sizes ranging from 4,352 square feet to 86,674 square feet, with the ability to support a variety of uses including distribution, warehouse, office and flex. The asset also features 3.5 acres of on-site parking with near-immediate access to McCarran International Airport and interstates 215 and 15. Darla Longo and Barbara Emmons of CBRE’s National Partners team represented the seller. Kevin Higgins of CBRE will handle leasing for the property, while LPC, in partnership with its affiliate Lincoln Harris, will lead all property management services. LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico, and the company …

May 22, 2020

Industrial Loans Multifamily Washington Western

Gantry Arranges $24.8M in Financing for Two Properties Near Puget Sound

by Amy Works May 22, 2020

TACOMA AND EVERETT, WASH. — San Francisco-based Gantry has arranged $24.8 million in financing for two properties located in Washington’s Puget Sound region. Mike Wood of Gantry’s Seattle office secured the financing for both properties through two correspondent life insurance companies The firm arranged a three-year, $17 million bridge loan for the Brewery Blocks, a multifamily property in Tacoma. The newly built community features 49 apartments and 31,000 square feet of commercial space. Wood secured the loan for the borrower, Horizon Commerce Partners, with a West Coast-based life insurance company. Additionally, Wood arranged a $7.8 million loan for two buildings at Seaway Business Park in Everett. The loan includes five years of interest-only payments. Built in 2003, the two industrial buildings are located at 1330 and 1500 Industry St. and offer a total of 112,475 square feet. Building G consists of 46,590 square feet and Building H features 65,885 square feet. The properties offer 24-foot clear heights and reinforced concrete construction.

May 22, 2020

Acquisitions Industrial Self-Storage Texas

Trez Capital, Hines Acquire 760-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams May 22, 2020

WYLIE, TEXAS — A partnership between investment firm Trez Capital and Houston-based developer Hines has acquired a 760-unit self-storage facility located at 570 Country Club Road in Wylie, a northeastern suburb of Dallas. The 11-building, Class A property spans 101,931 square feet and includes 75 RV storage spaces. The seller and sales price were not disclosed. CubeSmart operates the facility.

May 22, 2020

Acquisitions Industrial Massachusetts Northeast

Stan Johnson Co. Brokers Sale of 180,000 SF Manufacturing Facility in Greenfield, Massachusetts

by Alex Patton May 21, 2020

GREENFIELD, MASS. — Stan Johnson Co. has brokered the sale of a 180,000-square-foot manufacturing facility in Greenfield, a city in northwestern Massachusetts. The property is located at 53 Silvio O. Conte Drive. The facility has been 100 percent leased to Schweitzer-Mauduit International Inc., a manufacturer of paper, film, surface protection supplies and other products, for more than 30 years. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, a partnership between Jera Partners LLC and a DRA Advisors LLC, in the transaction. The buyer and sales price were not disclosed.

May 21, 2020

Acquisitions California Industrial Western

Westcore Acquires Industrial Warehouse in Oakland for $40.5M

by Amy Works May 21, 2020

OAKLAND, CALIF. — San Diego-based Westcore has purchased a 155,000-square-foot industrial warehouse located at 8380 Pardee Drive in Oakland for $40.5 million. Constructed in 2012, the fully leased distribution facility features 8,000 square feet of cold storage, 30-foot clear heights and ESFR fire suppression. The site is adjacent to the Oakland airport. Tom Damaschino of Cushman & Wakefield represented the buyer, while Richard Sutherland of The Sutherland Company represented the undisclosed seller in the deal.

May 21, 2020

Industrial Leasing Activity Midwest Missouri

Two Tenants Expand Industrial Leases Within Kansas City’s SubTropolis

by Kristin Harlow May 21, 2020

KANSAS CITY, MO. — Pharmaceutical company Nostrum Laboratories and online retailer FarmFoods have increased their footprint in Kansas City’s SubTropolis, a massive underground business complex. New Jersey-based Nostrum has expanded from 10,000 to 32,000 square feet, while FarmFoods has expanded from 6,000 to 36,000 square feet. Hunt Midwest owns SubTropolis. There is more than 6.5 million square feet of leasable space within the property.

May 21, 2020

Florida Industrial Leasing Activity Southeast

Bausch Health Signs 127,254 SF Industrial Lease in Tampa

by Alex Tostado May 20, 2020

TAMPA, FLA. — Bausch Health has signed a 127,254-square-foot industrial lease within Cabot at Aprile Farms in Tampa. Cabot at Aprile Farms comprises 390,395 square feet and offers 417 car stalls and 116 trailer drops along with dock-high loading and onsite trailer storage. The property is situated at 8963 E. Sligh Ave., near the interchange of Interstate 4 and U.S. Highway 31, nine miles northeast of downtown Tampa. John Dunphy of JLL represented the landlord, Cabot Properties, in the lease transaction. Jodie Matthews, Scott Claiborne and Peter Cecora, also with JLL, represented the tenant. Bausch Health is a Canadian-based pharmaceutical company developing, manufacturing and marketing pharmaceutical products and branded generic drugs.

May 20, 2020

Acquisitions Industrial Texas

NAI Robert Lynn Brokers Sale of 124,658 SF Industrial Facility in Fort Worth

by Taylor Williams May 20, 2020

FORT WORTH, TEXAS — NAI Robert Lynn has brokered the sale of a two-building, 124,658-square-foot industrial facility located at 4901 N. Beach St. in Fort Worth. According to LoopNet Inc., the property was built on 11.5 acres in 1981 and includes additional outdoor storage space. Todd Hubbard of NAI Robert Lynn represented the seller, G&W Ventures, in the transaction. Hubbard will also handle leasing of the space on behalf of the new owner, Dallas-based CanTex Capital. The new ownership will rebrand the property as Beach Industrial Park and will target e-commerce users for occupancy.

May 20, 2020

Development Industrial Self-Storage Texas

MCP to Develop 550-Unit Expansion Project at CubeSmart Self-Storage Facility in Kyle, Texas

by Taylor Williams May 20, 2020

KYLE, TEXAS — Dallas-based Montfort Capital Partners (MCP) will develop a 550-unit expansion project at its CubeSmart-operated self-storage facility located on Cromwell Drive in the Central Texas city of Kyle. The expansion building will span 55,000 square feet of net rentable space and will offer both climate- and non-climate-controlled units. The groundbreaking is scheduled for July, and the project is expected to be complete by early 2021.

May 20, 2020

Development Industrial Northeast Pennsylvania

Duke Realty Nears Completion of 615,000 SF Build-to-Suit Industrial Project in Myerstown, Pennsylvania

by Alex Patton May 20, 2020

MYERSTOWN, PA. — Indiana-based REIT Duke Realty Corp. is nearing completion of Central Logistics Park 100, a 615,000-square-foot warehouse in Myerstown, approximately 35 miles east of Harrisburg. Located at 100 Fort Motel Drive, the building will feature 45-foot clear heights and 7,000 square feet of office space. The remaining acreage on the site can accommodate additional development of up to 584,820 square feet. The development is a build-to-suit project for wholesale tire distributor Max Finkelstein Inc. Duke expects to complete construction in late spring or early summer of 2020.

May 20, 2020

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