MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Lakeridge Self Storage, a 564-unit facility located in the southern Dallas suburb of Midlothian. The property, which totals 59,517 net rentable square feet, was built in 2005 and expanded by roughly 20 percent in recent years. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based private investor, in the deal. The duo also procured the buyer, an Austin-based investment group that plans to renovate the facility.
HOUSTON — CBRE has negotiated a 273,480-square-foot industrial lease within Beltway 35 Business Park in southeast Houston. The tenant, global shipping and logistics firm Wallenius Wilhelmsen, is taking space at Building 2, a cross-dock facility that features 48 dock doors and parking for 245 cars and 72 trailers. Quinten Davis and Hoan Le of CBRE represented the tenant in the lease negotiations. JLL represented the landlord, Greystar Real Estate Partners.
AUSTIN, TEXAS — California-based investment firm KBS has sold SouthTech Business Center, a 260,112-square-foot light industrial property in South Austin. SouthTech Business Center consists of four buildings on a 20.2-acre site. Each building features 21-foot clear heights and 145-foot truck court depths. Trent Agnew, Charles Strauss, Lance Young and Brooke Petzold of JLL represented KBS in the transaction. MIG Real Estate represented the buyer, an undisclosed 1031 exchange investor. The property was 93 percent leased at the time of sale.
ARGYLE, TEXAS — Storage King USA, the self-storage arm of New York City-based investment firm Andover Properties, has completed a 232-unit expansion of its facility in Argyle, located in Denton County. The project added 38,500 net rentable square feet of climate-controlled and non-climate-controlled space, as well as 5,750 square feet of flex space. The facility, which also offers enclosed and covered storage options for boats and RVs, now totals 865 units.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged a 32,000-square-foot industrial sublease in northwest Houston. According to LoopNet Inc., the property at 5910 North by Northwest Blvd. was built in 1998 and totals 96,000 square feet. Austen Buckalew and Matt Rogers of Oxford Partners represented the tenant, SiYi America Hardware LLC, in the lease negotiations. The name and representative of the landlord were not disclosed.
NEW YORK CITY — New York City-based private equity firm KKR has entered into an agreement to acquire a national portfolio of 19 student housing properties totaling more than 10,000 beds. The names and the locations were not disclosed, but the properties collectively serve 14 four-year public universities across 10 states. Blackstone Real Estate Income Trust (BREIT) sold the portfolio to KKR after acquiring it in 2018 in a joint venture with South Carolina-based Greystar. University Partners, an affiliate of KKR, will manage the portfolio. TSB Capital Advisors and J.P. Morgan Securities LLC served as financial advisors to BREIT on the transaction, which is expected to close during the third quarter.
FALL RIVER, MASS. — Massachusetts-based development and investment firm VMD Cos. will develop The Campus at Innovation Way, a 900,000-square-foot industrial park that will be located near the Massachusetts-Rhode Island border in Fall River. The Campus at Innovation Way will consist of four buildings ranging in size from 203,800 to 291,200 square feet. Each building will feature a clear height of 36 feet, 48 tailboard loading docks and 180-foot truck court depths. The development is fully entitled, and VMD Cos. expects to break ground in the coming days. Delivery is slated for the second quarter of 2025. Newmark has been appointed as the leasing agent.
NEW YORK CITY — JLL has brokered the $47 million sale of a multifamily development site located at 45-40 Vernon Blvd. in the Long Island City area of Queens. The site formerly housed the Paragon Paint factory and is approved for approximately 192,000 square feet of development. The seller, a joint venture between Quadrum Global, Baron Property Group and Simon Development, previously retained Morris Adjmi Architects to design a 21-story, 202-unit property. The buyer was locally based investment and development firm ZD Jasper Realty. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL brokered the deal.
INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Leasing began last April, at which point rents started at $2,440 per month for a one-bedroom apartment.
NEWARK, DEL. — Phase Sensitive Innovations, a provider of radio-frequency components, devices and systems, will open a 12,000-square-foot lab facility in Newark, about 15 miles southeast of Wilmington. The new space will complement the company’s existing 20,000-square-foot facility within Sandy Brae Industrial Park. The company plans to hire an additional 20 workers to staff the new facility by the end of the year and add 30 to 40 more jobs in subsequent years.