DENVER — Brennan Investment Group has purchased an industrial facility located in Denver’s Interstate 70 Corridor at the intersection of interstates 70 and 225. The acquisition price was not released. Brennan Investment acquired the asset from BlueLinx, which simultaneously leased back the 147,040-square-foot facility. BlueLinx is a distributor of building and industrial products in the United States and operates through a broad network of distribution centers. The buyer purchased the building, including an existing short-term lease, with future options of renewing, re-leasing or redevelopment.
Dedeaux Properties, Ledo Capital Sell Vernon Avenue Logistics Center in Metro Los Angeles for $14.8M
VERNON, CALIF. — A joint venture between Dedeaux Properties and Ledo Capital has completed the disposition of Vernon Avenue Logistics Center, a cold-storage facility located at the intersection of East Vernon and Alcoa avenues in Vernon. A Los Angeles-based family acquired the facility for $14.8 million. Built in March 2020, the 46,422-square-foot property features commercial kitchens, cold prep space, a fully racked cooler and freezer, dry storage space, 32-foot minimum clearances, seven dock-high doors and one ground-loading door fronting a 3,700-square-foot refrigerated dock. Additionally, the building includes 3,000 square feet of office and mezzanine space. The built-to-suit property is fully leased on a long-term basis to a Los Angeles-based restaurant group. Scott Heaton of Colliers International represented the buyer, while Jeff Chiate and Mike Adey of Cushman & Wakefield Capital Markets represented the seller in the deal.
MIRAMAR, CALIF. — San Diego-based Stos Partners has completed the sale of an industrial facility located at 8330 Arjons Drive in Miramar. A private investor acquired the 27,500-square-foot asset for $7.5 million. Stos Partners, in partnership with Boston-based Long Wharf Capital, initially purchased the vacant property in July 2019 for $4.2 million. The partnership implemented a repositioning and lease-up program at the property, ultimately resulting in the disposition of the asset. Bryce Aberg, Brant Aberg and Brooks Campbell of Cushman & Wakefield represented the seller in the deal.
NORCO, CALIF. — SRS Real Estate Partners has brokered the sale a single-tenant retail property located at 1428 Sixth St. in Norco. A family partnership acquired the asset from a local developer for $6 million. Grocery Outlet occupies the newly constructed, 18,000-square-foot building, which is situated on 1.7 acres. Grocery Outlet, which opened in March, is the anchor tenant for the new Norco Gateway Shopping Center. Additional tenants include Taco Bell and 6,000 square feet of future retail shops. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Mark Bitterlin of Trust Real Estate Services represented the buyer in the transaction.
FORT WORTH, TEXAS — Dalfen Industrial has acquired Mark IV Commerce Center, a 1 million-square-foot industrial property located near Interstates 35 and 820 in the Alliance area of Fort Worth. The newly built, Class A development consists of three buildings in front-load and cross-dock configurations and ESFR sprinkler systems. AER Manufacturing recently signed an 80,660-square-foot lease to become the development’s inaugural tenant. The Dallas Business Journal reports that the seller was Crow Holdings Industrial.
HOUSTON — Hines has launched Willowick Residential, the Houston-based real estate giant’s new multifamily property management service. Named after founder Gerald D. Hines’ first residential development in Houston’s River Oaks area, Willowick Residential currently has nine properties in its portfolio. Hines, which has offered some sort of property management services since its inception in 1957, has a multifamily portfolio of 63 properties across 38 U.S. cities.
IRVING, TEXAS — APL Logistics Warehouse Management Services, a third-party logistics firm based in Singapore, has signed a 121,400-square-foot industrial lease at Passport Logistics Center, located near DFW International Airport in Irving. Blake Kendrick, Sarah Ozanne and Charles Brewer of Stream Realty Partners represented the landlord, Brookfield Properties, in the lease negotiations. Mohr Partners represented the tenant.
HOUSTON — Pittsburgh-based Dick’s Sporting Goods will open a new, 45,198-square-foot store at Copperfield Marketplace, located at 16343 FM 259 Road in Houston. The grand opening will take place from Friday, Oct. 23 to Sunday, Oct. 25. Dick’s Sporting Goods will join Burlington and Med Express as the other anchors at the center, which is owned by Fidelis Realty Partners.
RICHARDSON, TEXAS — Newmark Knight Frank (NKF) has negotiated a 40,160-square-foot office lease at 2930 Telecom Parkway in the northeastern Dallas suburb of Richardson. Frank Puskarich and Louis Pascuzzi of NKF represented the tenant, educational products provider Newline Interactive Inc., in the lease negotiations. Holt Lunsford Commercial represented the landlord, Jackson-Shaw/GID PARC Northeast LP.
PITTSBURGH — ACRES Capital Corp. has provided a $33 million loan for the construction and stabilization of a 161-unit multifamily project located at 5803 Centre Ave. in the Shadyside neighborhood of Pittsburgh. The property will house 6,000 square feet of retail space and offer amenities such as a fitness center with a yoga studio, coworking office space with indoor and outdoor workstations and a self-checkout convenience mart. The borrower, Colorado-based Charles Street Investment Partners, expects to complete the project in the third quarter of 2022.