FAIR LAWN, N.J. — The Storage Acquisition Group has sold A Space Station Self Storage in Fair Lawn. The sales price was undisclosed. Located at 16-01 McBride Ave., the 117,885-square-foot property offers climate-controlled units, electronic gate access and video surveillance. Bill Sitar Jr. and Thomas Palumbo of Sitar Realty Co. represented the Storage Acquisition Group in the transaction. The buyer was undisclosed.
TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …
HAMILTON, N.J. — HFF has brokered the $20.5 million sale of a 44,975-square-foot truck terminal in Hamilton. Located at 49 Thomas J. Rhodes Industrial Drive, the fully leased facility includes 101 dock-high doors and one drive-in door. Built in 2009, the property is currently occupied by YRC Freight. Jose Cruz, Marc Duval, Jordan Avanzato and Mark Mahasky represented the seller, Matrix Development Group, in the transaction. The buyer was Realterm Logistics.
SAN ANTONIO — Mission Capital Advisors, a financial intermediary with five offices across the country, has arranged the sale of a 484,369-square-foot industrial portfolio in San Antonio. Four properties located on the northwest side of the city comprise the portfolio, which was 88 percent occupied at the time of sale. Will Sledge and Kyle Kaminski of Mission Capital represented the seller, a CMBS special servicer, in the transaction. Alex Draganiuk and Lexington Henn of Mission Capital arranged acquisition financing on behalf of the buyer, Los Angeles-based Entrada Partners.
OLIVE BRANCH, MISS. — Sealy & Co. has acquired a 1 million-square-foot distribution facility located at 7755 Polk Lane in Olive Branch, about 27 miles south of downtown Memphis and about 18 miles south of Memphis International Airport. The building is leased to Williams-Sonoma Inc. and is equipped with 66 loading docks, 36-foot clear heights and surface parking. Jason Gandy and Scott Sealy Jr. represented Sealy & Co. internally. Hank Martin of NAI Saig represented the seller, Tratt Properties, in the transaction. The sales price was not disclosed.
CHARLOTTESVILLE, VA. — CoConstruct LLC, a construction software provider, has leased 40,000 square feet of office space at 3Twenty3 in downtown Charlottesville. CoConstruct will consolidate its two locations to form one headquarters. Insite Properties is developing 3Twenty3, a five-story, 120,000-square-foot office building located at 323 2nd St. SE that will be situated atop a four-story parking structure. Amenities will include a pedestrian plaza and walkway, common lobby gathering space, rooftop event and conference space, catering kitchen, patio, electric car charging stations and bike racks. A timeline for completion was not disclosed. John Pritzlaff of Cushman & Wakefield | Thalhimer represented the landlord in the lease transaction. Robin Amato of REIII Commercial Properties represented the tenant.
CORONA, CALIF. — CapRock Partners has completed the construction and sale of Temescal Valley Commerce Center, a Class A industrial building in Corona. Brothers International Desserts, a Southern California-based ice cream manufacturer, acquired the property for an undisclosed price. Situated on 9.4 acres along Interstate 15, the 140,000-square-foot facility features 32-foot clear heights, 11 high-dock doors, two ground-level doors, eight excess trailer parking stalls, office suites and 90 parking spaces. The building also features immediate access to the Dos Lagos on/off ramp and a private queuing lane to enable vehicles to quickly move through the property. Fullmer Construction provided general contracting services for the development. Austin Hill, Jeff Ruscigno and Jeff Smith of Lee & Associates brokered the transaction.
ALBUQUERQUE AND SANTA FE, N.M. — ARCO/Murray has completed the construction of Ladera Storage in Albuquerque and Vegas Verde Storage in Santa Fe for Titan Development. Ladera Storage is a the three-story, 103,350-square-foot property offering fully climate-controlled units. The four-story Vegas Verda Storage features 88,184 square feet of climate-controlled self-storage space and two interior covered loading docks. Extra Space Storage will manage both facilities. ARCO/Murray provided design-build services, including architectural, structural and MEP design, as well as permitting and construction for each property.
ORION TOWNSHIP, MICH. — General Motors is investing $300 million in its Orion Township assembly plant to produce a new Chevrolet electric vehicle. The investment will bring 400 new jobs to the plant, which is located approximately 40 miles north of Detroit. The announcement is part of GM’s new commitment to invest a total of $1.8 billion in its U.S. manufacturing operations, creating 700 new jobs and supporting 28,000 jobs across six states. The Orion plant currently builds the Chevrolet Bolt electric vehicle, along with the Chevrolet Sonic and test vehicles for the Cruise autonomous vehicle.
SEWARD, NEB. — Scoular, an Omaha-based company that offers supply chain solutions for grain, feed and food ingredients suppliers, has unveiled plans to build a new freeze-drying manufacturing facility in Seward. The facility will establish Scoular’s new freeze-dried pet food ingredients platform. Scoular will invest approximately $50 million to build the facility, which is expected to create nearly 100 new jobs. A groundbreaking ceremony is expected to take place in June. Construction of the 105,000-square-foot building will take approximately 14 to 16 months to complete and be operational by early fall 2020. An indirect, wholly owned subsidiary of the company will construct the facility.