CANTON, MASS. — Service Properties Trust (SPT), a Massachusetts-based REIT, has sold a 674,143-square-foot industrial property in Canton, a southern suburb of Boston. The sales price was $51 million. The property is located at 555 Turnpike St. and was constructed in 1962. SPT purchased the property as part of a net-lease portfolio acquisition in September 2019. The buyer was undisclosed.
BETHLEHEM, PA. — MillPress Imports, a supplier of extra virgin olive oil, has signed a 10,000-square-foot industrial lease in Bethlehem, an eastern suburb of Allentown. The space is located within 2198 Industrial Drive, a 101,508-square-foot Class B industrial property constructed in 1982. The tenant is headquartered at a nearby building also owned by the same landlord and will use the new space for overflow storage. Other tenants include Cooper Electric, PolyOne Corp. and IDI Distributors.
ARLINGTON, TEXAS — QFC Industries, a Texas-based hardware supplier, has signed a 26,250-square-foot industrial lease at Forum 303 Crossing in Arlington. The company will occupy space at Building A, which spans 172,632 square feet, according to LoopNet Inc. Michael Stanzel of NAI Robert Lynn represented the tenant in the lease negotiations. Steve Koldyke of CBRE represented the undisclosed landlord.
IRVING, TEXAS — Stream Realty Partners has negotiated an 18,898-square-foot industrial lease at Jetstar Service Center, a 98,000-square-foot building located at 8181 Jetstar Drive in Irving. Ryan Boozer and Mac Hall of Stream Realty Partners represented the tenant, e-commerce firm Fulfillment by Eagle LLC, in the lease negotiations. Transwestern represented the landlord, Denver Third Creek LLC.
HOUSTON — NAI Partners has arranged the sale of a 10,656-square-foot industrial building located at 6921 Homestead Road in Houston. Zane Carman and Clay Pritchett of NAI Partners represented the buyer, TNT Equipment Co., an Ohio-based provider of scaffolding and construction rental equipment, in the transaction. Zack Taylor and Lawton Anderson of Moody Rambin represented the undisclosed seller.
BUFORD, GA. — Olympic Steel Inc. has opened a 120,000-square-foot metal processing facility in Buford. Olympic Steel will use the facility as its flat rolled fabrication hub. From the Buford facility, the metal will be moved to a property in Winder, Ga., where it will undergo first-stage metal processing and distribution. The Buford property is located at 3525 Gravel Springs Road, two miles from Interstate 85 and 37 miles northeast of downtown Atlanta. Olympic Steel plans to host an opening event and offer tours of the new facility later this year.
LAS VEGAS — MDC, a full-service real estate company, has completed the development of a freestanding industrial building located in Las Vegas’ Southwest submarket. Located at 4525 Wagon Trail within an opportunity zone, the 25,880-square-foot property features 2,500 square feet of office space, 28-foot minimum warehouse clear heights, four dock-high loading doors, two grade-level loading doors and potential outside storage. Xavier Wasiak, Jason Simon and Rob Lujan of JLL are marketing the building for lease or sale.
RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has directed the sale of two industrial facilities, totaling more than 85,000 square feet, located in the South Bay market of Rancho Dominguez, an unincorporated community in Los Angeles County. First Industrial Realty Trust purchased the assets from a cosmetic products manufacturer for $14.3 million. The buyer plans to redevelop the two industrial warehouses into a 27,962-square-foot building with 15 docks on 3.9 acres of land. The redeveloped property, which will offer robust distribution capabilities, is slated for completion in third-quarter 2021. The warehouses are located at 19400 and 19302 S. Laurel Park Road. Natalie Lara, Jordan Lara and Andrew Lara of DAUM represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Ideal Property Group, a New York City-based investment firm, has acquired three-property portfolio of Stop & Store self-storage properties in Pennsylvania for $5.2 million. Located in in Dillsburg, York and Dover, the properties total 94,976 net rentable square feet and were 75.6 percent leased at the time of sale. The total number of units was not disclosed. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an individual private owner, in the transaction.
FORT WORTH, TEXAS — Los Angeles-based CIM Group has acquired Junction 20/35, a 1.1 million-square-foot logistics center located at 7550 Oak Grove Road in south Fort Worth The property was built in 1989 and has been renovated several times over the years, most recently in 2018 to include freezer and cold storage space. The sale also included an adjacent 14.4-acre parcel. The seller was not disclosed.