HOUSTON — NAI Partners has arranged the sale of a 50,000-square-foot heavy manufacturing facility situated on 7.4 acres at 810 McHard Road in Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, a locally based partnership, and procured the buyer, Texas Yards LLC, in the transaction.
FREMONT, CALIF. — JLL Income Property Trust has acquired Fremont Distribution Center, a two-building industrial portfolio in the Oakland/East Bay submarket of Fremont. An undisclosed seller sold the asset for $47 million. At the time of sale, the 240,000-square-foot property was fully leased.
CHICAGO — Farpoint Development, Clayco and CRG have launched Decennial Group, a national Opportunity Zones (OZ) real estate and energy investment and development fund based in Chicago. The joint venture is targeting investment of $1 billion in development projects and is designed to leverage the OZ tax incentives created through the 2017 tax reform legislation. A formal fundraising campaign will be announced soon. The OZ marketplace is generating interest around the country for its potential to positively transform economically distressed communities. Decennial Group derived its name from its 10-year approach to investment and development, which positions neighborhoods for transformative, long-term and inclusive growth. The platform focuses on commercial, industrial, multifamily and energy projects located in OZs throughout America’s heartland. A differentiator from other OZ funds is Decennial’s renewable energy strategy, led by David Pavlik of 11 Million Acres, which has structured over $2 billion in renewable energy and infrastructure projects. Decennial includes Scott Goodman of Farpoint, Bob Clark of Clayco and Shawn Clark of CRG, Clayco’s real estate development and investment company. Steve Glickman of Develop LLC will serve as senior advisor to the management team. Decennial’s team also includes Dan Gilman, a private equity veteran who heads investments for …
HAMILTON, N.J. — HFF has negotiated the $8.5 million sale of a 76,220-square-foot industrial facility in Hamilton. Located at 17 Quakerbridge Plaza Drive, the fully leased facility is situated on more than 13 acres. Marc Duval, Jordan Avanzato, Mark Mahasky, Kevin O’Hearn, Steve Simonelli and Michael Oliver of HFF represented the seller, Matrix Development Group, in the transaction. The buyer was Black Creek Group.
CINCINNATI — Messer Construction has purchased one-third of a development-ready industrial site from The Port of Greater Cincinnati Development Authority. In partnership with Terrex Development and Construction, Messer plans to build a 73,000-square-foot building. A groundbreaking is slated for this summer with completion in 2020. The project team also includes BHDP Architecture, Colliers International and Fifth Third Bank. The project represents a $6.5 million investment, according to Tim Steigerwald, Messer CEO. The site was formerly home to the Cincinnati Gardens property, which The Port purchased in July 2016.
Through economic ebbs and flows, the self-storage sector continues to prove its strength. Although real estate industry players are wary about labeling any sector as recession-proof, the self-storage sector tends to be a stable asset class during economic booms and downturns, according to Paul Letourneau, manager of commercial real estate lending with Chicago-based Alliant Credit Union. And over the last decade, self-storage facilities have become more flexible spaces, which is driving greater demand for the product. Across the country, these facilities are being used in novel ways, such as short-term product warehousing for small businesses; incubator space; personal workspaces; and wine storage in climate-controlled units. These new uses, coupled with traditional storage needs, create increasing demand and stability in the self-storage sector. According to Letourneau, self-storage facilities have adjusted to urban environments and their residents’ needs with multi-story climate-controlled properties that feature customer lounges and high-tech monitoring and security systems. Meanwhile, suburban markets show greater demand for traditional single-story self-storage facilities with space for RV and vehicle storage. However many suburban facilities are adding climate-controlled units and more security to meet customers’ needs. “The bottom line is that customers — from baby boomers and millennials to small business owners — …
COLLEGE PARK, GA. — Canadian produce company EarthFresh will lease 140,000 square feet of warehouse space in College Park beginning in September. More than 100 employees will work at the packing plant and distribution center. EarthFresh delivers potatoes and other food items in Canada and the United States, and the new location will serve the Southeastern and Southcentral U.S. Four Colliers International teams assisted EarthFresh in its search. Chris Cummings, Turner Wisehart and Sam Campbell represented EarthFresh in the site selection and lease transaction. Lee Cardwell and Darren Ross represented the landlord, Oakmont Industrial Group, in the lease transaction. John Walden assisted with comparative site analyses and incentives negotiations. Suzan Talley will assist with construction and build-out.
YORKVILLE, WIS. — Hillwood, a Perot company, has acquired two logistics facilities totaling 338,000 square feet as well as 58 acres of vacant land within Grandview Business Park in Yorkville. The purchase price was not disclosed. The two buildings are fully occupied by five tenants. Property features include clear heights of 30 feet and 145-foot truck courts. The vacant land can support up to 845,000 square feet of new construction. Grandview Business Park has convenient access to I-94 and is located within Racine County near the Illinois border.
SOLON, OHIO — Chase Properties has purchased a 55,000-square-foot cold storage warehouse and distribution center in Solon, about 20 miles southeast of Cleveland. The purchase price was not disclosed. The property, situated at 6575 Davis Industrial Parkway, is Chase Properties’ first industrial acquisition.
HOUSTON — Marcus & Millichap has arranged the sale of a 34,000-square-foot industrial asset located at 11500 S. Sam Houston Parkway West in Houston. According to crexi.com, the property was built in 2001 and is triple net-leased to a single tenant. David Luther and Morgan Hansen of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was an out-of-state exchange investor. The asset had a list price of $3.95 million.