CORSICANA, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has brokered the sale of Mini-West Storage, a 735-unit facility located in Corsicana, about 60 miles south of Dallas. Built in stages between 1986 and 2016, the property comprises 192 climate-controlled units and 543 non-climate-controlled, drive-up units totaling 81,050 net rentable square feet. Additional features include property-wide surveillance cameras, perimeter fencing and lighting and the capacity for future expansion. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, a private investor, and procured the buyer, a Colorado-based owner-operator. The sale included two adjacent parcels, one of which houses a self-service car wash. The sales price was not disclosed.
ROWLETT, TEXAS — Southeastern Business Intermediaries (SBI), an Atlanta-based self-storage brokerage firm, has negotiated the sale of Long Horn Self Storage, a 345-unit facility located in the eastern Dallas suburb of Rowlett. The sales price was approximately $3.5 million. SBI represented the buyer, a national self-storage investment and management firm, in the transaction. Craig Rice of CSD Realty Co. represented the undisclosed seller.
BENTON, ILL. — Barber Murphy has brokered the sale of a 397,000-square-foot manufacturing plant in Benton for an undisclosed price. The property is situated on 39 acres at 451 E. Illinois Ave. Marine Acquisitions Inc. sold the plant to Mincon Rockdrills USA Inc. Barber Murphy represented both parties in the sale.
FOREST LAKE, MINN. — KW Commercial has arranged the sale of A-1 Mini Storage in Forest Lake for $2.7 million. The self-storage facility is located northeast of the Twin Cities metro area. Built in 1997, the 38,450-square-foot property was expanded in 2007 and 2008. It now spans 10 buildings. Tom Flannigan, Alex Ihrke and Corly Wilkerson of KW Commercial represented the undisclosed seller. The buyer has the opportunity to add an onsite office and utilize the 15.5-acre site for additional mini-storage buildings, according to the brokers.
ATLANTA — Americold Realty Trust has acquired Lanier Cold Storage for $82 million. Lanier Cold Storage has two temperature-controlled facilities northeast of Atlanta along Interstate 985. The two facilities total 14 million refrigerated cubic feet and have 51,000 pallet positions. The assets are designed to serve poultry and other products to markets across the country. According to GeorgiaInfo, an online almanac, the poultry industry contributes more than $18.4 billion to the state’s economy each year. Atlanta-based Americold currently has a 3.8 million-cubic-foot facility in Gainesville, one of its 155 temperature-controlled warehouses in the United States, Australia, New Zealand, Canada and Argentina.
SAVANNAH, GA. — The Port of Savannah and the surrounding industrial market are both growing exponentially. That trend was reinforced with the $172 million investment announced last week by Plastic Express to build two new manufacturing facilities in nearby Pooler. “They’re going to export plastic resins out of our port to the tune of 100,000 TEUs (twenty-foot equivalent units) per year,” said Hugh “Trip” Tollison, president and CEO of Savannah Economic Development Authority (SEDA). “Plastic Express has instantaneously become one of the port’s largest customers.” Tollison was one of the featured speakers at a luncheon hosted by SEDA on Wednesday, May 1 at 5Church restaurant in Midtown Atlanta’s Colony Square. The event brought together several of Savannah’s top businesses, including Savannah Bourbon, Visit Tybee Island, Georgia Grown, The Salt Table and Leopold’s Ice Cream, which is turning 100 years old this year. Tollison highlighted many economic drivers in the Savannah region, including aerospace giant Gulfstream Aerospace Corp. hiring its 12,000th employee; healthcare system St. Joseph’s/Candler opening a new hospital in Pooler last month; and the film industry that last year doubled its 2017 economic spend thanks to productions of films like the upcoming “Gemini Man” starring Will Smith. The straw …
HOUSTON — Marcus & Millichap has brokered the sale of Hollister Business Park, a 241,427-square-foot industrial development in northwest Houston. The asset, which had a listing price of approximately $9.4 million, offers proximity to Beltway 8 and includes office space. Thomas Costello of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not disclosed.
KAPOLEI, HAWAII — Alexander & Baldwin has purchased the ground lease interest in Kapolei Business Park West Lot 31 in Kapolei for $41 million in an off-market transaction. The property is commonly known as the Honolulu Authority of Rapid Transportation (HART) precast yard. The 36.4-acre parcel of I-2 (industrial-zoned) land is licensed to the City and County of Honolulu through 2025. The property is a fabrication facility and storage yard for the precast concrete components of the guideways for the HART rail project. Additional terms of the sale were not released.
SAN DIEGO — An undisclosed developer has broken ground on RB Vista, the first new speculative industrial building in Rancho Bernardo area of San Diego in 10 years, according to JLL. Situated on 10.1 acres on Via Del Campo, RB Vista will feature a 141,027-square-foot industrial building that can accommodate a variety of requirements ranging from 70,000 square feet to 141,027 square feet. The facility will include 32-foot minimum warehouse clear height, 36 dock-high loading doors, manufacturing power, 135-foot court, ESFR sprinklers and a highly secure site. Completion is slated for first-quarter 2020. JLL’s Andy Irwin and Jay Alexander are overseeing leasing of the property.
BELLEVILLE, N.J. — JLL has arranged a $31.5 million loan for the refinancing of Storage Rentals of America, a self-storage facility located in Belleville, located due north of Newark. The facility, which was approximately 85 percent occupied at the time of sale, comprises 2,064 units totaling approximately 400,000 gross square feet. The property also houses 83,464 square feet of light industrial space. Griffin Guthneck and Wes Wallace of JLL arranged the nonrecourse loan, which includes a seven-year term and a fixed interest rate, through an undisclosed life insurance company. The borrower is Florida-based SROA Capital.