PHILADELPHIA — Patagon Ventures LLC, a Utah-based developer and investment firm, has acquired a 29,994-square-foot industrial building located at 533 E. Hunting Park Ave in Philadelphia for $1.6 million. Patagon plans to redevelop the property as a self-storage facility. A construction timeline was not released. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Patagon in the transaction. Tony Rod of The Flynn Co. represented the seller, SBG Real Estate LLC.
Industrial
SIOUX FALLS, S.D. — Smithfield Foods Inc. has closed its pork processing plant in Sioux Falls until further notice. Nearly 250 workers tested positive for the coronavirus, more than half of the active coronavirus cases in the state of South Dakota, according to Gov. Kristi Noem. The Smithfield plant is one of the largest pork processing facilities in the U.S., representing 4 to 5 percent of U.S. pork production. It supplies nearly 130 million servings of food per week, or about 18 million servings per day. Smithfield employs 3,700 workers at the facility and more than 550 independent family farmers supply the plant. “The closure of this facility, combined with a growing list of other protein plants that have shuttered across our country, is pushing our country perilously close to the edge in terms of our meat supply,” says Kenneth Sullivan, president and CEO of Smithfield. “It is impossible to keep our grocery stores stocked if our plants are not running.” Virginia-based Smithfield will resume operations in Sioux Falls once local, state and federal officials give further direction. The company will continue to compensate its employees for the next two weeks.
DAYTON, OHIO — Marcus & Millichap has arranged the sale of Needmore Road Self Storage, a 61,750-square-foot self-storage facility in Dayton. The sales price was undisclosed. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.
LOUISVILLE, KY. — Molto Properties has broken ground on a 324,012-square-foot industrial building within Renaissance South Business Park in Louisville. The new speculative building will be situated on 22.4 acres and will feature 36-foot clear heights, ESFR sprinklers, LED lighting, 2,760 square feet of speculative office space, 234 car parking spaces, 98 trailer park spaces, a loading area with 42 dock-high doors and four drive-in doors. Molto expects to deliver the facility by December. Kevin Grove and Doug Butcher with CBRE will be leading the leasing/selling efforts of this project. Paul Hemmer Co. is serving as the general contractor. Louisville Renaissance Zone Corp. is the main developer of Renaissance South Business Park, a 680-acre business park situated two miles from Louisville Muhammad Ali International Airport.
DEER PARK, N.Y. — Cushman & Wakefield has arranged the sale of a 541-unit self-storage property in Deer Park. Located at 541 Acorn St. on Long Island. The 58,500-square-foot facility features 10 one- and two-story buildings that were completed between 2000 and 2003. The property was 83 percent occupied at the time of sale. Mike Mele, Luke Eliott, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, 4 Storage LLC, in the transaction. The buyer was an undisclosed private equity group. The sales price was undisclosed.
G&G Investment Group Acquires 33,270 SF Industrial, Office Building in Branford, Connecticut
by Alex Patton
BRANFORD, CONN. — G&G Investment Group, a New Haven-based investment firm, has acquired a 33,270-square-foot industrial and office building in Branford, an eastern suburb of New Haven. The sales price was $1.7 million. Located at 32 Commerce Drive, the building comprises approximately 10,000 square feet of office space and a 24,000-square-foot warehouse. The property also features a 16,576-square-foot covered loading and vehicle parking area which can be enclosed for additional warehouse space. Bill Clark of The Geenty Group represented G&G Investment Group in the transaction. Frontier Communications was the seller.
OLD LYME, CONN. — Gofsco LLC has sold nine acres zoned for light industrial development in Old Lyme, located approximately 40 miles southeast of Hartford. The site located at 50 Hatchetts Hill Road was vacant at the time of sale and offers convenient access to Interstate 95. Ron Lyman of Lyman Real Estate represented Gofsco LLC in the transaction. A private investor purchased the property for an undisclosed price.
HOUSTON — Lee & Associates has brokered the sale of a 100,000-square-foot industrial flex property situated on 6.2 acres at 8201 and 8211 La Porte Freeway in Houston. Trey Erwin, Justin Tunnell and Justin Cole of Lee & Associates represented the seller, Duma Land LLC, in the transaction. Jim Autreuy of Moody Rambin represented the buyer, Ivest LP. The property comprises two buildings with 43,000 square feet of office space, 14 dock-high doors, three ramps and one recessed dock with cross-dock capabilities.
AZUSA, CALIF. — Rexford Industrial has completed the purchase of an industrial asset located at 720-750 N. Vernon Ave. in Azusa, within the Los Angeles – San Gabriel Valley market. An undisclosed seller sold the property for $15.5 million, or $59 per land square foot. The property was acquired through a sale-leaseback transaction underwritten on a land-value basis. The 71,692-square-foot property is fully leased on a long-term basis. The buyer plans to collect cash flow from the in-place lease and, upon lease expiration, to redevelop the property by constructing a new, larger Class A warehouse/distribution facility.
ELK GROVE VILLAGE, ILL. — STREAM Capital Partners LLC has arranged the sale of a 200,000-square-foot industrial building in Elk Grove Village, located adjacent to O’Hare International Airport, for an undisclosed price. Material Sciences Corp., a technology provider of metal solutions, fully occupies the property on a net-lease basis. Adam English, Phil DiGennaro and Chelsea Mandel of STREAM represented the seller, a partnership between Jera Partners LLC and a fund managed by DRA Advisors LLC. Miami-based Midtown Capital Partners LLC purchased the asset.