BETHEL, PA. — Dallas-based Dalfen Industrial has acquired 149 acres in Bethel, located in the Lehigh Valley region, for the development of Central Logistics Park, an industrial facility that will total approximately 1.2 million square feet. Dalfen plans to develop three buildings on the site, which is located just off Interstate 78. Construction is scheduled to be complete in the first quarter of 2023.
FLORENCE, N.J. — Denver-based Black Creek Group will develop Florence Turnpike Crossings – West, a 508,200-square-foot speculative industrial project in the Southern New Jersey city of Florence. The Class A property will feature a clear height of 36 feet, 95 trailer parking stalls and 434 car parking stalls. Peak Construction Corp. will be the general contractor for the project, and Avison Young is serving as construction manager. Other project partners include architect Ware Malcomb and Menlo Engineering Associates Inc. Site work is underway, and the project is slated for a January 2022 completion.
NEW YORK CITY — Lument has provided three agency loans totaling $18.5 million for multifamily properties totaling 118 units in Brooklyn. The deals include a $3 million Freddie Mac Small Balance Loan for 900 East 18th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. The properties were all constructed between 1925 and 1927 and have undergone substantial capital improvements in recent years. All three loans carry 10-year terms and 30-year amortization schedules, while two of the loans feature interest-only payment periods. Kristian Molloy of Lument led the transactions on behalf of the undisclosed borrower.
PORTLAND, MAINE — Stan Johnson Co. has brokered the $11.8 million sale of an 80,683-square-foot office building in Portland. The three-story property was originally built on 18.3 acres in 1974 and was leased to a single tenant, Consolidated Communications, at the time of sale. Chris Adams and Jim Gibson of Stan Johnson Co. represented the seller, Vermont-based developer Pizzagalli Properties, in the transaction. Josh Soley of Maine Realty Advisors represented the buyer, an undisclosed investor based in California.
By Justin Brown, director of research, Cushman & Wakefield | Grant Street Associates Inc. While the last year has been extremely challenging, one bright spot within Pittsburgh’s commercial real estate markets has been the industrial sector, the resiliency of which cannot be overstated. Consistent increases in asking rents, flat vacancy rates and positive levels of absorption have been the norms for the past few quarters. Like many metros, the Pittsburgh industrial market saw very strong absorption in the fourth quarter of last year — about 391,000 square feet, to be exact. Net absorption slid to approximately 92,000 square feet in the first quarter of this year, but there rem ains ample reason to believe that leasing activity will stay steady, if not improve, in the coming months. Much of the new leasing activity has been concentrated within the airport corridor. This region features both considerable land for new development and exceptional access to key pieces of infrastructure, making it popular with tenants and landlords alike. Currently, there is approximately 1.8 million square feet of industrial space under construction throughout the metro, with more than half of those projects (about 1 million square feet) concentrated in the airport corridor. The average …
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson Development acquired the 4.5 million-square-foot portfolio. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, Richland and Tacoma, Washington; Eugene, Salem, Albany, Beaverton, Corvallis, Portland, Medford, Oregon City, Roseburg, Springfield, The Dalles and Tualatin, Oregon; Nampa and Garden City, Idaho; and Anchorage, Alaska. “The Pacific Northwest has always been one of our top areas of interest to grow our national footprint,” says Randy Benderson, president and director of Benderson Development. “Fred Meyer is a leader in these markets and we’re very pleased to strengthen and enhance our long-term partnership with them.” Kroger will execute new 25-year absolute net leases for each property, with an initial portfolio-wide base rent totaling $25 million per year. Tom Lagos, Patrick Toomey, Jose Carrazana, Jessica Baram and Ryan …
WEST PALM BEACH, FLA. — ABS National Business Parks has purchased Gardens Plaza, a mixed-use campus in West Palm Beach that comprises of a nine-story office tower, two-story medical office building and a development pad. The locally based developer, Stiles, sold the property for $30.5 million. Gardens Plaza is located on the south side of PGA Boulevard, adjacent to Gardens Mall and less than one mile east of Interstate 95. The property was 85 percent leased at the time of sale to a variety of corporate tenants. The tower spans 86,542 rentable square feet, and the medical office building spans 5,627 square feet and has been occupied by Jupiter Medical since 2016. Christian Lee, José Lobón, Kevin Probel and Kevin McCarthy of CBRE represented the seller in the transaction. Brian Warwick with ABS Altman Warwick LLC worked alongside Amy Julian with CBRE’s Debt & Structured Finance division to secure a 10-year, fixed-rate acquisition loan through JPMorgan. ABS National Business Parks is a New York-based, privately held owner and operator. The company plans to modernize Gardens Plaza, including upgrading to a high-level HEPA air filtration system and updating the building’s four elevators.
TUCKER, GA. — JLL Capital Markets has brokered the $20 million sale of Cofer Crossing, a 136,139-square-foot shopping center located 20 miles outside of Atlanta in Tucker. Kroger and HomeGoods anchor the fully leased center. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, a partnership between Site Centers Corp. and Madison International Realty. A private buyer based in Ontario, Calif., acquired the asset in a 1031 exchange. Hanley Investment Group’s Ed Hanley and Kevin Fryman, along with ParaSell Inc., represented the buyer in the transaction.
ST. PETERSBURG, FLA. — Limestone Asset Management, via a joint venture with its parent company Orion Real Estate Group, has sold a 23,031-square-foot retail and office center in the Tampa Bay area for $5.3 million. Located at 1914 4th St. N in St. Petersburg, the property was 100 percent leased at the time of sale to six tenants, including Outback Steakhouse and Panera Bread. Ben Mallah of Equity Management Partners Inc. purchased the property in a 1031 exchange. Mark Shellabarger and Ari Ravi of CBRE represented Limestone and Orion, both real estate investment firms based in Miami, in the transaction. Limestone Asset Management originally purchased the property in June 2016 for $2.9 million.
DALLAS — Dogwood Industrial Partners, a division of San Francisco-based TPG Real Estate Partners, has acquired Turnpike 3 and Turnpike 4, two industrial properties totaling approximately 600,000 square feet in West Dallas. The buildings are located along the Interstate 30 corridor. Locally based development and investment firm Billingsley Co. sold the assets to Dogwood Industrial for an undisclosed price. Dallas-based Holt Lunsford Commercial brokered the deal.
