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.
YORBA LINDA, CALIF. — Avison Young has arranged the purchase of Yorba Linda Business Center, a four-building industrial asset located in Yorba Linda. An Orange County-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price. Built in 1998 on 9.1 acres, the 115,760-square-foot Yorba Linda Business Center features 14-foot clear heights, 66 ground-level doors and 400 car parking spaces. At the time of sale, the asset was 93 percent occupied by a diverse mix of industrial, office and flex users. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while CBRE represented the seller in transaction.
THORNTON, COLO. — DCP Quebec has completed the disposition of a multi-tenant, net-lease investment building located at 7315-7375 E. 128th Ave. in Thornton. YC Inc. acquired the property for $4.9 million. Built 2018 on 1.7 acres, the property features 8,573 square feet of space. At the time of sale, four tenants fully occupied the asset. Matt Call and Ian Elfner of NavPoint Real Estate Group represented the seller, while Jae Kim of RE/MAX 100 represented the buyer in the transaction.
HUMBLE, TEXAS — Wholesale distributor Lone Star Wire Rope Inc. has signed a lease at Parc Air 59, a 320,000-square-foot industrial development by Jackson-Shaw located in the northern Houston suburb of Humble. The company will occupy 26,010 square feet at Building 2, bringing the park’s overall occupancy rate to 70 percent. Beau Kaleel and Allison Bergman of Cushman & Wakefield represented Jackson-Shaw in the lease negotiations.
ARLINGTON HEIGHTS, ILL. — Entre Commercial Realty has negotiated a 12,000-square-foot industrial lease on behalf of Dealer Profit Solutions Inc. in Arlington Heights. The automotive consulting company will relocate from nearby Wheeling to occupy the space at 855 W. University Drive. The building features a clear height of 18 feet, one interior dock and one drive-in door. Brian Bocci of Entre represented the tenant. Tom Boucher of PSI Commercial represented the undisclosed landlord.
WEST DEPTFORD, N.J. — JLL has brokered the $20.2 million sale-leaseback of a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Located at 100 Friars Blvd., the warehouse and distribution property was 100 percent leased at the time of sale. The property houses the headquarters of the seller, ICS Corp. Inc. The building features 22- to 24-foot clear heights, 19 loading doors and convenient access to the New Jersey Turnpike. John Plower and Jim Cadranell led a JLL team that represented ICS Corp. Inc. in the transaction. Clarion Partners Real Estate Income Fund Inc. was the buyer.
VINELAND, N.J. — NAI Mertz has arranged the $1.2 million sale of a 22,920-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Located at 2732 S. West Blvd., the warehouse was constructed 1967 and features 17-foot clear heights and convenient access to State Routes 55 and 40. Andrew Johnson and Jonathan Klear led an NAI Mertz team that represented the seller, South Jersey Glass & Door, in the transaction. The buyer was undisclosed.
ORLANDO, FLA. — Cedarwood Development has completed a 787-unit, 117,000-square-foot self-storage facility for operator US Storage Centers in Orlando. The property features climate-controlled units, passenger elevators, moving carts, 24-hour video surveillance and moving supplies. The property is situated at 930 Sligh Blvd., a mile south of downtown Orlando. Orange, Calif.-based US Storage Centers, which operates more than 9 million square feet of self-storage space in the U.S., will manage the property. Fairlawn, Ohio-based Cedarwood Development is an affiliate of Cedarwood Cos.
MORROW, GA. — XPO Logistics, a transportation and logistics provider, has renewed its 254,358-square-foot industrial lease within Mt. Zion Industrial Center in Morrow. The property offers 72 dock doors, two drive-in doors, 22-foot clear heights, a five-inch concrete floor, parking for 110 trailers and a new roof. Woodmont Industrial Partners owns the property, which is situated at 1791 Mount Zion Road, nine miles southeast of Hartsfield-Jackson Atlanta International Airport and 15 miles south of downtown Atlanta. Brian Camp and Max Ellis of Colliers International represented the landlord in the transaction. Dan Rose of Real Estate Advisory Partners (REAP) represented XPO Logistics.