Industrial

Pinnacle Peak Acquires Single-Tenant Industrial Building in Phoenix for $17M

by Amy Works January 15, 2020

PHOENIX — Pinnacle Peak, a Bellingham, Wash.-based investment company, has purchased an industrial manufacturing building located at 2140 W. Pinnacle Peak Road in Phoenix. Thul LLC sold the property for $17 million. The seller is a principal of APSM Systems, a sheet metal fabrication company that has occupied the property since 1994. APSM signed a 10-year leaseback for the property. Situated on 13.5 acres within the Deer Valley submarket, the 168,897-square-foot industrial building features 25,484 square feet of office space. Eric Bell, Mike Ciosek and Dylan Scott of Kidder Mathews represented the buyer in the transaction.

January 15, 2020

Acquisitions California Industrial Net Lease Western

CBRE Brokers $16.8M Sale of Newly Built Industrial Property in Southern California

by Amy Works January 15, 2020

BURBANK, CALIF. — CBRE has arranged the sale of a newly built industrial building located at 3700 Vanowen St. in Burbank. Shubin Nadal Realty Investors & Penwood Real Estate Investments sold the asset to Crown Realty Development and its affiliate, CPF Vanowen Associates, for $16.8 million. ARRI Inc., a designer and manufacturer of camera and lighting systems for the film and broadcast industry, occupies the 39,829-square-foot property on a 15-year triple-net lease. The building features creative office space, 24-foot clear heights, HVAC throughout and dock-high loading. Mark Perry, Carlene O’Neil, David Harding and Greg Geraci of CBRE represented the sellers, while the buyers were self-represented in the transaction.

January 15, 2020

Acquisitions Industrial Midwest Missouri Office

ElmTree Sells Majority Interest in $900M Net Lease Portfolio

by Kristin Harlow January 15, 2020

ST. LOUIS — ElmTree Funds has sold a majority position in a portfolio of predominantly industrial and office properties to Guggenheim Investments. The gross asset value of the 18-property portfolio is approximately $900 million. St. Louis-based ElmTree began acquiring and developing the properties in 2016. The build-to-suit, net-leased assets are located in fast-growing metropolitan areas across the United States. ElmTree will manage the assets for Guggenheim and maintain a small equity portion. Notable properties in the portfolio include a 1.5 million-square-foot industrial facility in Dallas net leased to a confectionary manufacturer and a 500,000-square-foot industrial building in St. Louis net leased to a courier delivery services company.

January 15, 2020

Industrial Loans Midwest Wisconsin

Draper and Kramer Arranges $60M Refinancing for Milwaukee Industrial Portfolio

by Kristin Harlow January 15, 2020

MILWAUKEE — Draper and Kramer’s Commercial Finance Group has arranged a $60 million refinancing for an eight-property, 1.6 million-square-foot industrial portfolio located in metro Milwaukee. Dallas-based Westmount Realty Capital LLC owns the portfolio. All of the properties are situated near major regional highways and the General Mitchell International Airport. Westmount acquired the portfolio in 2015 and implemented a capital improvement program, helping push occupancy to nearly 100 percent. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer arranged the nonrecourse loan with a national bank.

January 15, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 305-Unit Self-Storage Facility in Kyle, Texas

by Taylor Williams January 14, 2020

KYLE, TEXAS — Marcus & Millichap has arranged the sale of Kyle Parkway Self Storage & Mini Offices, a 305-unit facility that spans 41,283 net rentable square feet and is located in the Central Texas city of Kyle. The property also includes seven mini-office spaces. The self-storage component consists of 138 climate-controlled units and 167 non-climate-controlled units. Jon Danklefs of Marcus & Millichap handled the transaction on behalf of the undisclosed seller. The buyer was Dallas-based Montfort Capital Partners.

January 14, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 80,704 SF Industrial Building in Roselle, Illinois

by Kristin Harlow January 14, 2020

ROSELLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired an 80,704-square-foot industrial building in Roselle for an undisclosed price. The property sits on 5.1 acres at 31 Presidential Drive, about 30 miles northwest of Chicago. Built in 1992, the facility features a clear height of 18 feet, five docks, three drive-in doors and parking for 232 cars. The single-tenant building was fully leased to an undisclosed tenant at the time of sale. Jeff Janda and Jeff Galante of Lee & Associates represented the undisclosed seller.

January 14, 2020

Acquisitions Industrial New York Northeast

CenterPoint Acquires 925,411 SF Industrial Portfolio in Brooklyn

by Alex Patton January 14, 2020

NEW YORK CITY — CenterPoint Properties has acquired the Flatlands Portfolio, a 925,411-square-foot industrial portfolio comprising three buildings and a one-acre lot in Brooklyn. The three buildings are located at 101-01 Ave. D, 103-00 Foster Ave. and 101-10 Foster Ave., and the one-acre lot is between Avenue D and Foster Avenue on East 105th Street. The buildings feature clear heights ranging from 22 to 32 feet, and the portfolio was 100 percent leased to 13 tenants at the time of sale. Mat Diana, Paul Yuras and Peter Derbar of DY Realty represented the undisclosed seller in the transaction and will represent CenterPoint in leasing the portfolio moving forward.

January 14, 2020

Acquisitions Industrial New Jersey Northeast

CBRE Arranges Sale of 154,824 SF Industrial Property in Freehold, New Jersey

by Alex Patton January 14, 2020

FREEHOLD, N.J. — CBRE has arranged the $8.8 million sale of a 154,824-square-foot industrial property located at 500 Halls Mill Road in Freehold, located approximately 30 miles east of Trenton. Situated at 500 Halls Mill Road, the property offers convenient access to the New Jersey Turnpike and the Garden State Parkway. The buyer, Treetop Development, plans to redevelop the site as an approximately 200,000-square-foot distribution facility with a clear height of 36 feet. Elli Klapper, Charles Berger and Kevin Dudley led a CBRE team that represented Treetop Development in the transaction. The seller was undisclosed.

January 14, 2020

Development Georgia Industrial Southeast

Walmart Opens $90M Meat Processing Plant in South Georgia

by Alex Tostado January 13, 2020

THOMASVILLE, GA. — Walmart has opened a 201,000-square-foot meat processing facility at 121 Roseway Drive in Thomasville, 15 miles north of the Georgia-Florida border. The Thomasville Times-Enterprise reported the facility cost $90 million to develop. The plant will house more than 200 employees who will distribute a selection of Angus beef cuts, such as steaks and roasts, from the new supply chain to 500 Walmart stores in the Southeast. Construction of the property began in August 2018. In conjunction with the opening of the facility, Bentonville, Ark.-based Walmart has awarded a $7,500 grant to Georgia Wildlife Federation, a $2,500 grant to the Thomasville Police Force and a $2,500 in grant to Second Harvest of South Georgia. Walmart employs more than 62,000 associates across Georgia’s 211 retail units and seven distribution centers.

January 13, 2020

Alabama Development Industrial Loans Self-Storage Southeast

Metropolitan Capital Advisors Arranges $4M Construction Loan for Self-Storage Facility in Mobile

by Alex Tostado January 13, 2020

MOBILE, ALA. — Metropolitan Capital Advisors (MCA) has arranged a $4 million senior construction loan for Anytime Storage, a self-storage owner and operator based in Phoenix. The company will use the loan to construct a three-story self-storage facility in Mobile comprising 466 climate-controlled units, representing the first Anytime Storage facility in Alabama. The financing features a fixed 5.05 percent interest rate and 36 months of interest-only payments followed by a 20-year amortization schedule. MCA’s Duke Dennis originated the loan with ServisFirst. Once complete, Anytime Storage’s portfolio will total over 3,700 units across Alabama and Arizona.

January 13, 2020

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