Industrial

Talonvest Arranges $16.5M Loan for Refinancing of Self-Storage Facility in Norwalk, Connecticut

by Alex Patton February 24, 2020

NORWALK, CONN. — Talonvest Capital Inc., a California-based self-storage advisory firm, has arranged a $16.5 million bridge loan for the refinancing of Secure Self Storage, a 766-unit facility in Norwalk, an eastern suburb of Stamford. A Midwest-based bank provided the 42-month loan, which carried 36 months of interest-only payments. Located at 587 Connecticut Ave., the property totals 72,490 square feet. Eric Snyder, Kim Bishop and Jim Davis led the Talonvest team that arranged the loan. A joint venture between TVG Partners and Clark Investment Group was the borrower.

February 24, 2020

Acquisitions Industrial Midwest Ohio

Whirlpool Enters Into $178.9M Sale-Leaseback Agreement for Industrial Portfolio Largely in Ohio

by Kristin Harlow February 24, 2020

MARION, FINDLAY, OTTAWA AND CLYDE, OHIO — Whirlpool has entered into a $178.9 million sale-leaseback agreement for a 3.1 million-square-foot industrial portfolio largely in the state of Ohio. In addition to four distribution centers in Ohio (Marion, Findlay, Ottawa and Clyde), the portfolio includes one manufacturing facility in Tennessee and two office buildings in Italy. Bruce Westwood-Booth, Guy Ponticiello, Maury Vanden Eykel and Kyle Sals of CBRE represented Whirlpool in the transaction. The buyer was undisclosed. Corporate clients with multi-continent real estate holdings are entering into more sale-leaseback deals today, according to Westwood-Booth.

February 24, 2020

3001-3175-Mission-Oaks-Blvd-Camarillo-CA

Acquisitions California Industrial Western

STAG Industrial Sells Two Industrial Buildings in Southern California for $88M

by Amy Works February 21, 2020

CAMARILLO, CALIF. — STAG Industrial has completed the disposition of two freestanding industrial buildings in Camarillo for $88 million. An undisclosed Southern California-based real estate investment and development company acquired the assets. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark Knight Frank represented the seller, while DeGrinis, DuRoss, Abraham, Kevin Shannon, Jim Linn, Bret Hardy and Andrew Briner, also of NKF, represented the buyer in the transaction. Located at 3001 Mission Oaks Blvd., the 308,780-square-foot asset features 28- to 30-foot clearances, 23 dock-high positions with the potential for 15 additional doors, a 14,540-square-foot office space, ESFR sprinklers and ample parking. The second property is a 425,039-square-foot building located at 3175 Mission Oaks Blvd. that features 30- to 35-foot clear heights, 31 dock-high loading doors, 19,680 square feet of office space, ESFR sprinklers and parking.

February 21, 2020

Industrial Loans Washington Western

Ready Capital Closes $13.2M Refinancing for Industrial/Flex Portfolio in Metro Seattle

by Amy Works February 21, 2020

FEDERAL WAY AND AUBURN, WASH. — Ready Capital has closed $13.2 million in financing for the recapitalization, renovation and stabilization of an industrial/flex portfolio located in Federal Way and Auburn, located in metro Seattle. The assets offer approximately 138,000 square feet of Class B industrial and flex space. Proceeds will be used for the recapitalization of funds, capital improvements, tenant leasing costs, and interest and operating shortfalls. The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible pre-payment and collateral release provisions.

February 21, 2020

Acquisitions Industrial Texas

CBRE Negotiates Sale of 1.7 MSF Industrial Portfolio in El Paso, Santa Teresa

by Taylor Williams February 21, 2020

EL PASO, TEXAS AND SANTA TERESA, NEW MEXICO — CBRE has negotiated the sale of the IDI Logistics portfolio, a collection of 20 buildings totaling approximately 1.7 million square feet in El Paso and Santa Teresa, New Mexico. Seventeen of the buildings are located in El Paso and three are located in Santa Teresa. The portfolio was 96.4 percent occupied at the time of sale. William Caparis, Andres Sandoval and Jonathan Bryan of CBRE represented Atlanta-based IDI Logistics in the transaction. The buyer was a partnership between Massachusetts-based Equity Industrial Partners and New York City-based Raith Capital Partners.

February 21, 2020

Industrial Leasing Activity Texas

Allied Stone Signs 226,000 SF Industrial Lease at Eagle Park 20/35 in Metro Dallas

by Taylor Williams February 21, 2020

DESOTO, TEXAS — Allied Stone Inc., a provider of quartz, granite and marble countertops, has signed a 226,000-square-foot industrial lease at Eagle Park 20/35 in the southern Dallas suburb of DeSoto. The building spans 454,408 square feet, is situated off Interstate 35 and features a cross-dock configuration with 32-foot clear heights. Matt Dornak and Drew Feagin of Stream Realty Partners represented the landlord, Ridgeline Property Group, in the lease negotiations.

February 21, 2020

Connecticut Industrial Leasing Activity Northeast

Lyman Negotiates 4,000 SF Industrial Lease in Westbrook, Connecticut

by Alex Patton February 21, 2020

WESTBROOK, CONN. — Lyman Real Estate has negotiated a 4,000-square-foot industrial lease in Westbrook, located approximately 30 miles east of New Haven. Septic system servicer Skips Wastewater Services plans to occupy the space at 132 Cross Road beginning in March. Ron Lyman of Lyman Real Estate represented Skips Wastewater in the lease negotiations. Lyman also represented the landlord, 132 Cross Road LLC.

February 21, 2020

Development Industrial Midwest Wisconsin

Zilber Property Group to Build Two Spec Industrial Buildings at Salem Business Park in Wisconsin

by Kristin Harlow February 21, 2020

SALEM LAKES, WIS. — Zilber Property Group (ZPG) is developing two new spec industrial buildings at Salem Business Park in the village of Salem Lakes in southeast Wisconsin. Stabio North America has signed a lease to occupy 110,500 square feet at one building, while Advent Tool and Manufacturing Inc. will occupy 25,000 square feet of a 50,000-square-foot building. Pending government approvals, ZPG plans to begin construction on both facilities this spring. Completion is slated for the fourth quarter. Kenosha Area Business Alliance originally developed the 65-acre industrial business park in partnership with the village in 2016.

February 21, 2020

Acquisitions Illinois Industrial Midwest

Standard Equipment Sells Headquarters in Chicago for $14.8M

by Kristin Harlow February 21, 2020

CHICAGO — Standard Equipment Co. has sold its headquarters property in Chicago’s Fulton Market West for $14.8 million. The 2.8-acre site includes four buildings totaling 43,828 square feet as well as a lot for truck and trailer parking. It has served as the environmental equipment company’s headquarters since 1986. Standard Equipment will relocate its operations to Elmhurst this quarter. George Toscas of ACO Commercial represented the buyer, Realterm Logistics.

February 21, 2020

Industrial Market Reports Texas Texas Market Reports

DFW Industrial Market Poised for More Growth in 2020

by Taylor Williams February 21, 2020

The Dallas-Fort Worth (DFW) real estate market is remarkable. In a recent meeting with a broker from another market, he made the observation: “You guys in Texas are like a country unto yourself. It’s not that you don’t know there are 49 other states, you just don’t care!” While that was a bit of an exaggeration, the point was well taken. Certainly DFW is not immune to national affairs and recessions, but the market appears to have enough momentum to carry through 2020, though the uncertainty of the presidential election could cause a few users and buyers to pause before making decisions. In 2016, as Global President for the Society of Industrial and Office Realtors (SIOR), I travelled throughout North America and Europe. Continually meeting with SIOR brokers in other markets gave me unique perspective on how DFW really does compare to the rest. The leasing and absorption activity far outweigh most other markets, making it an enviable location. Texas will always be a magnet for businesses as long as it retains a pro-business state of mind: Texas is a central part of the country and a right-to-work state with no state income tax, among other attractive incentives. Oftentimes, as …

February 21, 2020

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