Property Type

iBorrow Provides $12.7M Acquisition Loan for Sale-Leaseback of Industrial Facility in Toledo, Ohio

by Kristin Harlow November 13, 2023

TOLEDO, OHIO — iBorrow has provided a $12.7 million loan to finance the sale-leaseback of a 208,968-square-foot industrial facility in Toledo. The property was previously owned by a subsidiary of Stellantis, a manufacturer of brands such as Jeep, Chrysler and Dodge. To facilitate the transaction, iBorrow customized the financing package to accommodate potential re-leasing activities, including a future funding component for light capital expenditures and other costs, and incorporated the ability for the borrower to refinance with long-term debt in the future. The building supports warehousing and logistics operations for a 3 million-square-foot Stellantis manufacturing facility, which is also located in Toledo. The property features a clear height of 34 feet, 102 truck doors and roughly 292 parking spaces. The single-tenant facility is fully leased. The borrower is an owner and operator of industrial real estate properties nationwide.

November 13, 2023

Illinois Leasing Activity Midwest Office

Spot Opens 31,000 SF Office in Chicago’s Marshall Field & Co. Building

by Kristin Harlow November 13, 2023

CHICAGO — Logistics company Spot has opened a 31,000-square-foot office at 24 E. Washington St., also known as the Marshall Field & Co. Building, in Chicago. The landmark property is home to Macy’s and the Tiffany Dome Ceiling. Spot, which previously occupied a temporary space within the building, now occupies the 11th floor of the building. Allen Rogoway, Michael Marrion and Tim O’Brien of Cresa represented Spot in the lease, while Jack O’Brien and Caroline Colnon of Telos represented ownership, Brookfield Properties. The project team for the office build-out included architect Lamar Johnson Collaborative, general contractor Bear Construction, furniture vendor Office Revolution and property manager JLL. Spot has more than 600 employees across its locations in Indianapolis, Charlotte, N.C., Tempe, Ariz., Tampa, Fla. and Chicago.

November 13, 2023

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Completes $10.5M Affordable Housing Community in Mount Clemens, Michigan

by Kristin Harlow November 13, 2023

MOUNT CLEMENS, MICH. — Woda Cooper Cos. Inc. has completed Edison Crossing, a $10.5 million affordable housing community in Mount Clemens, a northern suburb of Detroit. The 30-unit property features 11 units that are designated as Permanent Supportive Housing units with a preference for veterans. The entire development is restricted for residents who earn up to 80 percent of the area median income. The four-story building features amenities such as a multipurpose room, playground, picnic tables, onsite management center and additional space for coordination of supportive services by Macomb Community Action. Financing for the project was supported by the allocation of Low-Income Housing Tax Credits by the Michigan State Housing Development Authority. R4 Capital invested in the tax credits to provide equity financing. Comerica Bank provided a construction loan, and RiverHills Bank provided a permanent mortgage. Additionally, the city approved a Payment in Lieu of Taxes. Hooker DeJong Inc. was the project architect, and Greentech Engineering Inc. was the civil engineer. Woda Construction Inc. served as general contractor. Woda Management & Real Estate is handling leasing and property management.

November 13, 2023

Acquisitions Industrial Midwest Ohio

Advanced Innovative Manufacturing Acquires 105,124 SF Industrial Building in Aurora, Ohio

by Kristin Harlow November 13, 2023

AURORA, OHIO — Advanced Innovative Manufacturing (AIM) has acquired a 105,124-square-foot industrial building located at 200 Francis Kenneth Drive in Aurora, a southeast suburb of Cleveland. The purchase price was undisclosed. AIM is transforming the former steel coil storage facility into a state-of-the-art manufacturing complex and expects to relocate from its current facility in Aurora in summer 2024. Eliot Kijewski of Cushman & Wakefield | CRESCO Real Estate represented AIM in the transaction. George Pofok of Cushman & Wakefield | CRESCO Real Estate represented the seller, Brennan Investment Group.

November 13, 2023

Acquisitions California Industrial Top Stories Western

Ocean West Acquires Five Industrial Properties in California’s Inland Empire for $100M

by Taylor Williams November 13, 2023

El SEGUNDO, CALIF. — Ocean West Capital Partners, an investment firm based in the Los Angeles suburb of El Segundo, has acquired five industrial properties totaling roughly 1.8 million square feet in California’s Inland Empire. The sellers were not disclosed. The sales price was approximately $100 million. The acquisition includes a portfolio of four industrial outdoor storage (IOS) sites that total 921,729 square feet across 21.2 acres in the Inland Empire’s San Bernardino and Fontana submarkets. The facilities were all delivered this year and feature concrete pavement, new fencing and lighting and a combined 604 total trailer stalls. All four of the properties recently received the necessary permits and approvals from the municipalities in which they are located to allow for outdoor storage uses, including trailer storage use. Each of the facilities is currently available for lease. The seller was not disclosed. Additionally, Ocean West acquired an advanced manufacturing facility totaling 908,000 square feet in Hanford. The facility, which was purchased off-market, houses the headquarters of luxury electric vehicle manufacturer Faraday Future, which recently upgraded the property and will continue to lease the space. “The Inland Empire is one of the most sought-after markets within the IOS sector given the …

November 13, 2023

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Surging Electric Vehicle Construction Drives Momentum in Louisville’s Industrial Market

by John Nelson November 13, 2023

With strong industrial leasing activity and significant development over recent years and currently, notably in the electric vehicle (EV) market, Louisville’s industrial real estate market maintains a steady drumbeat and forecasts continued success. The Louisville industrial market’s strong start to the year continued in the second quarter, and the JLL Q2 Industrial Insights report shows that Louisville remains a robust market. Over the past five years, developers constructed over 25 million square feet of Class A industrial space, positively absorbed 27 million square feet and has grown Louisville to a 90 million-square-foot Class A industrial market. Another positive market indicator is rental rates have appreciated 40 percent over the last three years, with the direct average asking rate currently at $5.67 per square foot. We expect this to continue to rise slowly over the next 18 months due to leasing activity, low inventory and a slowdown in speculative development. Louisville is quickly integrating and expanding capacity for EV production, following a growing EV industrial trend across the United States. We expect the EV market to continue expanding, especially with Ford Motor’s commitment to the region and generating an EV presence at the Blue Oval City SK facility. A joint venture …

November 13, 2023

Acquisitions Data Centers Southeast Tennessee

Aphorio Acquires Data Center in Collierville, Tennessee for $13M

by John Nelson November 10, 2023

COLLIERVILLE, TENN. — Aphorio Carter Fund Management Co., the critical infrastructure and data center division of Tampa-based Carter Funds, has acquired an enterprise data center located in the Memphis suburb of Collierville for $13 million. Situated within the 118-acre FedEx World Technology Center Campus, the property comprises 86,000 square feet on 4.6 acres. Built in 2001, the center is fully leased to an unnamed logistics company that occupies the property on a net lease. The seller was not disclosed.

November 10, 2023

Development North Carolina Office Southeast

Redline, Ascent Underway on Renovation of 201,310 SF Office Property in Metro Charlotte

by John Nelson November 10, 2023

HUNTERSVILLE, N.C. — Charlotte-based Redline Property Partners and its partner Ascent Real Estate Capital are underway on the renovation of a 201,310-square-foot office property located in Huntersville, roughly 15 miles outside of Charlotte. Situated on 33 acres, the four-building property has been rebranded as Birkdale Point. New amenities will include multiple outdoor patios with Wi-Fi, a building lounge with tenant liquor lockers, billiards and seating, a fitness center with shower facilities and a market. Construction plans include full renovations to all interior common areas, redesigns of the entrances and lobbies, new facades, updated signage, new landscaping, painting building exteriors and improvements to the footbridge that connects the office park to McDowell Creek Greenway and Birkdale Village. Completion of renovations to Birkdale Point is scheduled for the first quarter of 2024. C4 Builders is serving as the general contractor, and Redline Design Group is the architect.

November 10, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $7.6M Sale of Best Western Hotel in Tampa

by John Nelson November 10, 2023

TAMPA, FLA. — Marcus & Millichap has brokered the $7.6 million sale of a 54-room Best Western hotel in Tampa. Built in 2000, the property is located at 734 S. Dale Mabry Highway. Amenities at the hotel include a fitness center, business center and a swimming pool. Robert Hunter and Leo Reilly of Marcus & Millichap’s Fort Lauderdale office arranged the sale on behalf of the undisclosed seller. An out-of-state limited liability partnership acquired the property.

November 10, 2023

Leasing Activity Louisiana Office Southeast

Feil Organization Signs Engineering Firm to 9,829 SF Office Lease in Metairie, Louisiana

by John Nelson November 10, 2023

METAIRIE, LA. — The Feil Organization has signed engineering firm Ampirical Solutions to a five-year, 9,829-square-foot office lease in Metairie, a suburb of New Orleans. The tenant will occupy space at The Galleria, a 466,110-square-foot office building located at One Galleria Blvd. Amenities at the 22-story property include a fitness center, food service, ATM, car wash service and onsite security and management. Scott Graf of Corporate Realty represented the Feil Organization in the lease negotiations. Celso Eric Hernandez of Nola Living Realty represented the tenant.

November 10, 2023

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