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Provender Partners Sells 232,556 SF Distribution Center in Berkeley, Missouri

by Kristin Harlow August 12, 2020

BERKELEY, MO. — Provender Partners has sold a 232,556-square-foot distribution center leased to Dollar General in Berkeley near St. Louis. Provender also sold a separate Dollar General-occupied distribution center in San Antonio along with the Berkeley facility for a total of nearly $64 million. Provender acquired both facilities in 2019 and invested more than $6 million in improvements and renovations before securing 10-year leases with Dollar General for both properties. With freezer, cooler and dry storage space, the properties are part of Dollar General’s new DG Fresh initiative to bring logistics capabilities in-house. Guy Ponticello and Robert Gibson of CBRE and Scott Delphey of Food Properties Group represented Provender in the sale. The buyer was undisclosed.

August 12, 2020

Acquisitions Industrial New Jersey Northeast

High Street Logistics Acquires 432,000 SF Industrial Facility in Southern New Jersey

by Taylor Williams August 12, 2020

VINELAND, N.J. — Boston-based investment firm High Street Logistics Properties has acquired a 432,000-square-foot industrial facility located within the 2.7 million-square-foot Vineland Industrial Park, about 40 miles south of Philadelphia. The sales price was $23.2 million. Built in 1989 and expanded in 1997, the cross-dock property is fully leased to Ardagh Glass Inc., a provider of sustainable packing solutions. Building features include 28- to 34-foot clear heights, 24 dock doors, 18 trailer parking spaces, 54 automobile parking spaces and 110- to 120-foot truck court depths. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Vineland Construction, in the transaction. CBRE local market advisors Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green also assisted on the sale.

August 12, 2020

Acquisitions Illinois Industrial Midwest

Colliers Brokers $98M Sale of 1.3 MSF Industrial Development in Romeoville, Illinois

by Kristin Harlow August 11, 2020

ROMEOVILLE, ILL. — Colliers International has brokered the sale of Interchange 55 Logistics Park in Romeoville for $98 million. Located near I-55, the two-building industrial development spans 1.3 million square feet. Completed in late 2019, the project was 30 percent occupied at the time of sale. Both buildings feature clear heights of 36 feet. Jeff Devine and Steve Disse of Colliers International represented the seller, Macquarie Real Estate. Prologis purchased the asset.

August 11, 2020

Acquisitions Industrial New Jersey Northeast

Venture One Real Estate Buys 107,107 SF Industrial Building in Fairfield, New Jersey

by Taylor Williams August 11, 2020

FAIRFIELD, N.J. — Chicago-based development and investment firm Venture One Real Estate has purchased a 107,107-square-foot industrial building located at 116 Lehigh Drive in Fairfield, about 30 miles west of New York City. The single-tenant building was constructed on 8.1 acres in 1986 and features nine exterior docks, 187 automobile parking spaces and an ESFR sprinkler system. Noah Balnoff, Jacquelyn Severino and Chris Haenn of Colliers International represented the undisclosed seller in the transaction. Venture One will implement a value-add program at the property, which was vacant at the time of sale.

August 11, 2020

Acquisitions Industrial Leasing Activity Washington Western

EverWest Completes $29.5M Sale-Leaseback With Alliance Packaging for Industrial Facility Near Seattle

by Amy Works August 11, 2020

RENTON, WASH. — Denver-based EverWest Real Estate Partners has completed the $29.5 million acquisition and partial sale-leaseback of an industrial building located at 851 SW 34th St. in Renton, about 14 miles south of downtown Seattle. Alliance Packaging sold the property and executed a leaseback for a portion of the asset. Totaling 164,332 square feet, the property features 26-foot clear heights, dock-high and grade-level doors in a cross-dock configuration and 5,000 amps of heavy power. Alliance Packaging will continue to occupy 82,019 square feet of the property under a long-term lease agreement. The remaining 82,313 square feet, including 13,440 square feet of office space, is available for immediate lease. Ryan Madson provided in-house representation for EverWest, while Arie Salomon and Jeff Forsberg of NAI Puget Sound Properties represented Alliance Packaging in the transaction.

August 11, 2020

Acquisitions Industrial Texas Top Stories

VEREIT, Ocean West Purchase Distribution Center in Dallas for $246.7M

by John Nelson August 11, 2020

DALLAS — VEREIT Inc. and Ocean West Capital Partners LLC have teamed up to acquire a 2.3 million-square-foot industrial facility in Dallas. The newly built property is located at 9314 W. Jefferson Blvd. and is fully leased to The Home Depot. NorthPoint Development sold the build-to-suit property to the buyers for $246.7 million. The Missouri-based developer is staying on as a joint venture partner. There are 20 years remaining on the lease with The Home Depot. “The property’s logistically desirable location along with the tenant’s creditworthiness and the established long-term lease make this a strong investment for the growing partnership,” says Thomas Roberts, VEREIT’s executive vice president and chief investment officer. The property, known as Dallas Global Industrial Center, offers access to Interstate 30, Texas Highway 161, Loop 12, Interstate 20 and Interstate 35E. The park also has a direct spur from the main Union Pacific Rail Service line. The acquisition is the latest in VEREIT’s (NYSE: VER) partnership with Korea Investment & Securities Co. Ltd., a global financial services firm based in Korea that Ocean West advises, as well as Tiger Alternative Investors Ltd. To date, the VEREIT-led partnership has bought seven Class A, single-tenant industrial properties totaling $653.7 …

August 11, 2020

Acquisitions Georgia Loans Multifamily Southeast

Beacon Real Estate Acquires Two Multifamily Communities in Metro Atlanta for $46.1M

by Alex Tostado August 10, 2020

DECATUR, GA. — Beacon Real Estate Group has acquired Domain at Cedar Creek and Gateway at Cedar Brook, two multifamily communities totaling 332 units in Decatur. Atlanta-based Audubon Communities sold the communities for $46.1 million. Domain at Cedar Creek, located at 3073 Cedar Creek Parkway, and Gateway at Cedar Brook, located at 3117 Cedar Brook Drive, are considered sister communities and are situated less than one mile from each other and nine miles northeast of downtown Atlanta. Each property offers one-, two- and three-bedroom apartments ranging in size from 750 square feet to 1,350 square feet. The two communities were 99 percent occupied at the time of sale. The seller recently made substantial investments to upgrade roofs, siding, HVAC systems and clubhouses at the communities. Scott Wadler, Mitch Sinberg and Matt Nihan of Berkadia originated $35.2 million in Fannie Mae acquisition financing on behalf of Beacon. The Coral Gables, Fla.-based buyer received $19.2 million to purchase Domain at Cedar Creek and $16 million for Gateway at Cedar Brook. Both loans feature 15-year terms with fixed interest rates and nine years of interest-only payments.

August 10, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Sells 240-Unit Apartment Community in Metro Boston

by Taylor Williams August 10, 2020

STOUGHTON, MASS. — An affiliate of multifamily investment and management firm Bell Partners has sold Bell Stoughton, a 240-unit apartment community in Stoughton, a southern suburb of Boston. Built in 2012, the property offers one- and two-bedroom units averaging 958 square feet and amenities such as a pool, fitness center, business center and theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller in the transaction and procured the buyer, Bell Stoughton LLC.

August 10, 2020

Acquisitions California Industrial Western

Audio, Video Equipment Supplier Buys Warehouse in North Hollywood for $6.5M

by Amy Works August 10, 2020

LOS ANGELES — Ametron, an audio and video equipment supplier, has purchased an industrial building located at 10919-10939 Vanowen St. in Los Angeles’ North Hollywood neighborhood. An undisclosed local investor sold the asset for $6.5 million. Fred Afamian and Ryan Lin of CBRE represented the buyer in the deal, and an outside broker represented the seller. The 28,400-square-foot property features concrete block construction with two ground-level loading doors and 15- to 16-foot clear heights. The property also includes a cell tower, which will generate additional revenue for the new owner.

August 10, 2020

Acquisitions Illinois Midwest Retail

Cleeman Realty Group Arranges Sale of Kent Plaza Shopping Center in Springfield, Illinois

by Kristin Harlow August 10, 2020

SPRINGFIELD, ILL. — Cleeman Realty Group has arranged the sale of Kent Plaza in Springfield for an undisclosed price. County Market anchors the 94,260-square-foot retail center, which sits on 9.4 acres. The property was more than 90 percent occupied at the time of sale. Michael Cleeman and Sam Seelenfreund of Cleeman brokered the transaction. A Maryland-based private investment firm purchased the asset from the property’s original owner.

August 10, 2020

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