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Small Bay Daily - August 13 - GPR buys shallow bay park in Sacramento area

Small Bay Daily - August 13 - GPR buys shallow bay park in Sacramento area

GPR buys shallow bay in California. STRO/KRE buy small bay in Florida. Intersection/ERI buy Nevada park. Palladius/Unilev sell Illinois asset. L&A completes Texas lease. JLL recaps Orlando small bay park. Six new small bay listings.

Katherine Peach
August 13, 2024

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NEWS ROUNDUP

ACQUISITION: GPR buys shallow bay in Greater Sacramento Metro area. GPR Ventures has acquired Capitol Industrial Center North & South, which is located at 9881-9969 Horn Road and 9828-9960 Business Park Drive in Rancho Cordova, California. The 23 acre shallow bay park features 83 units over 16 buildings for a total of 335,701 SF. The GPR deal team included Glen Yonekura and Phil Rolla.

ACQUISITION: STRO, KRE buy small bay portfolio in South Florida. The STRO Cos. and KRE Group have purchased 1901 Mears Parkway in Margate, Florida. The property includes 2 buildings for a total of 48,000 SF. The STRO deal team included Kevin Bramhall, while KRE is led by Jonathan Kushner. The transaction was brokered by JLL’s Cody Brais and Luis Castillo.

ACQUISITION: Intersection, ERI buy small bay park in Nevada for $17M. Intersection CRE and Equity Resource Investments (ERI) have acquired Desert Canyon Industrial Park at 249-257 Elliott Road in Henderson, Nevada. The purchase price for the 5-building, 93,550 SF park was $16.9 million. The seller, Nicola Wealth Commercial RE, was represented by Brian Riffel and Tyler Jones of Colliers. Intersection is led by Rocco Cortese and Mark Hoekstra. ERI is led by Eggert Dagbjartsson and Victor Paci.

DISPOSITION: Palladius, Unilev sell shallow bay asset in Chicagoland. Partners Palladius Capital Management and Unliev Capital have completed the sale of Woodridge Commerce Center. The industrial park is located on 12 acres at 10204, 10210, and 10216 Werch Drive in Woodridge, Illinois. The deal team included Nitin Chexal of Palladius and Ian Konowitch, Peter Berges, and Raymond Levy of Unilev. Colliers’ Jeff Devine and Tyler Ziebel assisted with the sale.

LEASE SIGNED: L&A completes new lease for industrial park in DFW. Lee & Associates has negotiated a new lease for 121 Technology Park. The park is a planned construction project owned by Stillwater Capital Investments located at the corner of State Highway 121 and Chelsea Boulevard in Allen, Texas. The tenant, Xtera Ltd., will lease 21,192 SF. L&A’s Ken Wesson represented the landlord, while Christopher Schafer of Cresa represented the tenant.

FINANCING: JLL secures financing for Orlando shallow bay park. JLL Capital Markets has arranged $24 million in financing for the recap of Silver Star Commerce Center. This 8-building shallow bay park totals 254,915 SF and is located 3600-3802 Silver Star Road and 3717-3763 Mercy Star Court in Orlando, Florida. JLL represented the borrower, a joint venture between Denholtz Properties and Long Wharf Capital. The loan was secured from Webster Bank. The JLL deal team included Jon Mikula, Michael Klein, Melissa Rose, Salvatore Buzzerio, and Jovi Rodriguez.