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Small Bay Daily - January 30 - BKM recaps Las Vegas multi-tenant shallow bay center for $154M

Small Bay Daily - January 30 - BKM recaps Las Vegas multi-tenant shallow bay center for $154M

BKM recaps Las Vegas industrial center. SVN sells Miami small bay. BRC sells New Jersey small bay. Whitney and Pulliam sell North Carolina small bay. Range and HSA buy Chicago small bay development site. Six new small bay listings.

Katherine Peach
January 30, 2025

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NEWS ROUNDUP

FUNDING: BKM recapitalizes Las Vegas industrial center for $154M. BKM Capital Partners and partner StepStone Real Estate have recapitalized Pacific Business Center. The 748,813 SF multi-tenant campus is comprised of 1045-1175 American Pacific Drive, 160-194 Gallagher Crest Road, and 1060-1110 Mary Crest Road in Henderson, Nevada. The Class A development is 90% occupied with rents projected to be 30% below market rate, offering significant value-add potential. The BKM team is led by Brian Malliet.

DISPOSITION: SVN sells Miami area small bay building for $3.675M. SVN Commercial Partners has facilitated the sale of 208 Northwest 1st Avenue in Hallandale Beach, Florida. The property features a 13,920 SF industrial building. The SVN deal team included Adam H. Klein, Elon Gerberg, and Arjun Arora.

DISPOSITION: BRC sells small bay industrial in Springfield, NJ for $1.88M. Bussel Realty Corp. (BRC) has brokered the sale of 20 Commerce Street in Springfield, New Jersey. The 7,000 SF industrial building was sold to Vericon Construction Co. Gregory Irving with BRC represented the seller, Fortress Group, in the transaction. Catherine Goski with NAI DeLeo-Bram & Co. represented the buyer.

Whitney and Pulliam sell North Carolina small bay

ACQUISITION: Whitney CRE and Pulliam Properties sell NC small bay for $1.4M. Whitney Commercial Real Estate Services and Pulliam Properties have facilitated the sale of 851 Glen Bridge Road in Arden, North Carolina. The property features a brand-new 5,100 SF flex building on a total of 3 acres. James Harrison with Whitney represented the buyer and is currently marketing two 2,550 SF units for lease. Steven Shepard with Pulliam Properties represented the seller.

Range and HSA buy Chicago small bay development site

ACQUISITION: Range/HSA buys small bay development site in Chicago. Range Group and HSA Commercial Real Estate have acquired 2519 West Fulton Street and 2520 West Lake Street in Chicago, Illinois. The partners intend to develop 2 small bay warehouses on the 2.25 acre property, each totaling 35,000 SF. The Range Group deal team included Seth Halpern, Brett Katz, and Jared Rubin. The HSA deal team was led by Jack Shaffer and Bob Smietana. Larry Goldwasser and Matt Cowie with CBRE will handle the leasing of the property.