Property Type

SENTRE Sells Two-Building Industrial Property in Azusa, California for $20.5M

by Amy Works February 3, 2023

AZUSA, CALIF. — SENTRE, a San Diego-based, vertically integrated real estate investment firm, has completed the disposition of Azusa Center, a two-building industrial property in Azusa. JAR Commercial Investments acquired the asset for $20.5 million. Situated on 3.6 acres at 301 and 411 N. Aerojet Ave., Azusa Center features 75,081 square feet of industrial space. The two buildings offer 22-foot to 26-foot clear heights, concrete tilt-up construction, ESFR fire systems, three dock-high doors and four ground-level doors. At the time of sale, the property was fully leased. Michael Longo, Barbara Perrier, Anthony DeLorenzo, Mark Shaffer, Darla Longo, Rebecca Perlmutter, Brett Hartzell, Joe Cesta, Paige Morgan, Eric Cox, Lynn Knox and Case Dahlen of CBRE represented the seller in the deal.

February 3, 2023

California Industrial Leasing Activity Western

NFI Industries Renews 864,000 SF Industrial Lease in Perris, California

by Amy Works February 3, 2023

PERRIS, CALIF. — NFI Industries, a supply chain solutions provider, has renewed its 864,000-square-foot lease at Perris Distribution Center in Perris. Mark Kegans, Ron Washle and Dean Washle of Newmark represented the landlord, Ares Management (formerly known as Black Creek Group). Located at 657 Nance St., Perris Distribution Center is a two-story, cross-dock facility expandable to 1.1 million square feet. The buildings offer 7,000 square feet of office space, minimum 36-foot warehouse clearance, ESFR sprinkler systems, LED warehouse lighting, 112 dock-high loading doors and concrete truck courts. The 43-acre parcel offers 298 auto parking spaces and 224 trailer parking spaces, including an auxiliary parcel to accommodate up to 154 trailer parking spaces or 530 auto parking spaces.

February 3, 2023

Loans Northeast Office Vermont

Fantini & Gorga Arranges $12M Loan for Refinancing of Office Complex in Burlington, Vermont

by Taylor Williams February 3, 2023

BURLINGTON, VT. — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $12 million loan for the refinancing of Gateway Square, a two-building office complex in Burlington, located in northwestern Vermont. The buildings are located at 30 and 40 Main St. and were both completed in 1999. Wayne Clough and Colin Monahan of Fantini & Gorga placed the loan with a regional bank on behalf of the borrower, Investors Corp. of Vermont Properties.

February 3, 2023

Development Industrial Massachusetts Northeast Office

Dacon Corp. Completes 135,000 SF Headquarters Facility in Haverhill, Massachusetts

by Taylor Williams February 3, 2023

HAVERHILL, MASS. — Locally based design-build firm Dacon Corp. has completed a 135,000-square-foot headquarters facility in Haverhill, located north of Boston. The project is a build-to-suit for Edwards Vacuum, which designs and produces advanced technology parts for a variety of industries. The two-story facility, which will be used for cryopump manufacturing, houses spaces for manufacturing, lab work, offices and warehousing and is LEED certified.

February 3, 2023

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 48,000 SF Industrial Building in West Berlin, New Jersey

by Taylor Williams February 3, 2023

WEST BERLIN, N.J. — Colliers has brokered the sale of a 48,000-square-foot industrial building located in the Southern New Jersey community of West Berlin. The building, which sold for $4.2 million and was fully leased at the time of sale, features a clear height of 18 feet, five drive-in doors and six loading docks. Ian Richman, Ross Abramsohn and Marc Isdaner of Colliers represented the seller, metro Philadelphia-based Velocity Venture Partners, in the transaction. The buyer was not disclosed.

February 3, 2023

Development Midwest Office Top Stories Wisconsin

Northwestern Mutual Plans $500M Renovation of Downtown Milwaukee Headquarters Campus

by John Nelson February 3, 2023

MILWAUKEE — Northwestern Mutual, an American financial services and insurance organization, has announced plans to invest $500 million to improve its downtown Milwaukee headquarters. The principal part of the investment will go to the overhaul of its North Office Building, a 540,000-square-foot building located at 818 E. Mason St. overlooking Milwaukee Bay. As part of the company’s plans, employees will be relocated from Northwestern Mutual’s suburban campus in nearby Franklin over the next three to five years. Nearly 2,000 employees will transition to the reimagined downtown campus, which is designed to accommodate planned company growth. “We are doubling down on our Milwaukee campus by investing in the future of the workplace for Northwestern Mutual and a thriving downtown community,” says John Schlifske, chairman, president and CEO of Northwestern Mutual. “Our strategic investment will further our goal of creating an unparalleled campus experience, fostering connection and collaboration across employees, financial representatives and the community while attracting and retaining the next generation of talent right here in southeast Wisconsin.” Northwestern Mutual’s improvements include full interior and exterior renovations to mirror the company’s adjacent Tower and Commons building. The North Office Building was delivered in 1990 whereas Tower and Commons debuted in 2017. …

February 3, 2023

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Multifamily Looks Sunnier than Most Markets

by Jeff Shaw February 3, 2023

— By John Kobierowski, President and CEO, ABI Multifamily — As we enter a New Year, investors are looking for multifamily markets that will continue to offer consistent returns and stability. Thankfully, Phoenix is still regarded as one of the darlings of the multifamily markets. Investors from both coasts are talking to us about the Phoenix market again after not having invested here in a while — or, in some cases, ever. They say they’re realizing Phoenix just might be one of the few markets with predictable multifamily growth. Companies locating in Phoenix are creating tremendous job growth. For example, Taiwan Semiconductor recently announced an investment increase in the manufacturing plant it’s currently building in Phoenix — from $12 billion to $40 billion. That might be one of the largest single investments in the U.S. We’re eagerly anticipating the Southwest winter and spring events that draw the envious attention of a national audience, including WM Phoenix Open golf tournament, Super Bowl, Barrett Jackson collector car auction and Cactus League Spring Training. Our bright, sunny skies, green grass, and smiling people in t-shirts and flip flops will stand in stark contrast to those stuck in freezing cold winter temperatures and paying expensive home heating costs. …

February 3, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 281-Unit Self-Storage Facility in Texas City, Texas

by Taylor Williams February 2, 2023

TEXAS CITY, TEXAS — Marcus & Millichap has brokered the sale of Smart Self Storage, an 281-unit facility in Texas City, about 45 miles southeast of Houston. The facility was built in and totals 29,549 net rentable square feet across 204 climate-controlled and 77 non-climate-controlled units. Dave Knobler, Jon Danklefs, Ray Kang and Brad Weigel of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also procured the buyer, a publicly traded REIT. Both parties requested anonymity.

February 2, 2023

Acquisitions Multifamily Texas

Blaze Capital Partners Acquires 150-Unit Active Adult Community in San Antonio

by Taylor Williams February 2, 2023

SAN ANTONIO — South Carolina-based investment firm Blaze Capital Partners has acquired Sage Stone Oak, a 150-unit active adult community in San Antonio. The property was built in 2020 on a 7.5-acre site on the city’s north side. Units come in one- and two-bedroom floor plans and range in size from 829 to 1,172 square feet. Residences feature granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, clubhouse, fitness center, library, media and game room and two dog parks. The seller and sales price were not disclosed.

February 2, 2023

Development Multifamily Seniors Housing Texas

Grace Management Breaks Ground on 115-Unit Active Adult Complex in Conroe, Texas

by Taylor Williams February 2, 2023

CONROE, TEXAS — Grace Management has broken ground on The Lakes at Woodhaven Village, a 115-unit active adult complex in Conroe, located about 40 miles north of Houston. The project, which is being developed on a five-acre plot adjacent to the 2,000-acre Grand Central Park master-planned community, is slated for a spring 2024 completion. Project partners include developer Padua Realty Co. and affiliated construction company Dorado Builders, Investwell Architects, Lizabeth Jones Interior Design and Jordan & Skala Engineers.

February 2, 2023

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