Small Bay Daily - August 6 - CIP Real Estate buys small bay park in Miami metro for $99M

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NEWS ROUNDUP

ACQUISITION: CIP Real Estate buys small bay park in Miami metro for $99M. CIP Real Estate has acquired Lyons Business Park, located at 6601 Lyons Road in Coconut Creek, Florida. The property features 10 buildings totaling 337,392 SF on 26 AC. The acquisition was financed with a $66.9M loan provided by BMO Bank. The sellers were Industrial Development Co. and Lyons Corporate Park LLC.

ACQUISITION: Strata buys small bay portfolio in Chattanooga, TN. Strata Industrial Partners has acquired Yerbey Commerce Center, located at 1853 Polk Street in Chattanooga, Tennessee. The portfolio features 6 buildings totaling 193,883 SF plus 4.53 AC of industrial outdoor storage (IOS) space. The Strata deal team included Peter Berges, Nitin Chexal, and Raymond Levy. Jim Freeman, Britton Burdette, Maggie Dominguez, Dennis Mitchell, and Paige Marlow with JLL facilitated the transaction. Jeff Sause and Chad Morgan — also with JLL — arranged the financing. (Interested in IOS? Subscribe to IOS List.)

DISPOSITION: Cushman & Wakefield sells shallow bay portfolio in Central PA. Cushman & Wakefield has facilitated the sale of Fairview Industrial Park, located at 621, 629, and 631-641 Lowther Road in Lewisberry, Pennsylvania. The portfolio features 3 multi-tenant buildings totaling 132,624 SF. The buyer was Lightstone. Drew Schantz, Gerry Blinebury, Jonas Skovdal, Brendan McGeary, Frank Petkunas III, and Natalie Owens with Cushman & Wakefield represented the seller, Larken Associates.

DISPOSITION: The Mahr Company sells small bay facility in Tampa for $2.81M. The Mahr Company (TMC) has facilitated the sale of 7304 Causeway Boulevard in Tampa, Florida. The property features 4 units totaling 16,000 SF and was 100% leased at the time of closing. Steve Kaufman with TMC represented the seller in the all-cash transaction.

LEASE SIGNED: Lee & Associates leases small bay space in Dallas metro area. Lee & Associates has facilitated the leasing of an 11,000 SF industrial space at 1210 West Scyene Road in Mesquite, Texas. Taylor Stell and Brett Lewis with Lee & Associates Dallas-Fort Worth represented the landlord, Foster Street Capital, in the transaction.

FINANCING: Southside Bank closes $30.3M loan for shallow bay project in DFW. Southside Bank has provided a $30.3M loan for the construction of a 3-building shallow bay speculative industrial project in the Dallas-Fort Worth metro area. The Southside deal team included Michael Ramirez.

SMALL BAY PROPERTIES FOR SALE

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13,552 SF | 1.28 AC | 2 Buildings | 7 Suites | Modified Gross Leases with Near-Term Rollover | Below Market Rents | Strategically Located Between Baton Rouge and New Orleans | Convenient Access to I-12 and I-55

17,640 SF | 0.91 AC | 14 Suites: (8) 1,200 SF Units and (6) 1,340 SF Units | Fully Leased; Historically Low Vacancy | 6.56% Cap Rate | Near Business 97, Bend Parkway, and Downtown | 25 Onsite Parking Spaces | 100 Amp Service per Unit

105,000 SF | 5 AC | 4 Buildings | 87 Demised Suites | Immediate Access to Beltway 8 | Full Perimeter Fencing with Motorized Entry Gates | Newly Added Parking Lot with 100 Leasable Spaces | Recent Lot Resurfacing

SMALL BAY PROPERTIES FOR LEASE

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25,173 SF Available | New Construction | 22’-30’ Clear Heights | 200’ Truck Court | Spec Office Built at Landlord’s Cost | Owner Occupies Adjoining Suite

1,999-8,000 SF | 5 Spaces Available | 80:20 Warehouse-to-Office Ratio | Turnkey Office Finish | Immediate Loop 1604 Access with I-35 and I-10 Nearby | HVAC | Restroom | 10’x10’ Grade-Level Roll-up Doors | 13’-17’ Clear Heights

1,087 SF | Air-Conditioned Office Space | 10’x12’ Roll-up Door in Front and 10’x8’ Roll-up Door in Rear | Quick Access to I-95 and Florida’s Turnpike

ONE MORE THING

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