Small Bay Daily - July 17 - Baron Properties sells infill industrial in Phoenix for $46.7M

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NEWS ROUNDUP

DISPOSITION: Baron Properties sells infill industrial in Phoenix for $46.7M. Baron Properties has sold Seventy5 Business Park, located at 7150 West Roosevelt Street in Phoenix, Arizona. The industrial park features 4 buildings currently leased to 33 tenants and totaling 222,394 SF. The buyer was MIG Real Estate. Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Michael Matchett, Jack Stamets, and Madeline Warren with Cushman & Wakefield’s Mountain West Capital Markets Industrial team represented Baron Properties in the sale.

DISPOSITION: Aspen RE sells midbay failcility in Burlington, NJ for $8.5M. Aspen RE has sold Bromley Corporate Center, located at 6 Terri Lane in Burlington, New Jersey. The property features a 57,900 SF building that has been recently redeveloped from office to industrial use. Ian Richman and Ross Abramsohn with Colliers represented Aspen in the transaction.

DISPOSITION: Marcus & Millichap sells shallow bay in Columbus, OH for $2.5M. Marcus & Millichap has facilitated the sale of 2536 Creekway Drive in Columbus, Ohio. The property features a 25,360 SF industrial building currently tenanted by Service Partners. Nathan Pealer with Marcus & Millichap represented the seller, RM-USE LLC, in the transaction.

FINANCING: SF Capital funds $5.275M refi loan for Detroit flex industrial asset. SF Capital Group has funded a life company refinance loan for the West Bloomfield Tech Center, a stabilized flex industrial asset located at 3160 Haggerty Road in West Bloomfield, Michigan. Matt Shane led the SF Capital deal team.

FUNDRAISING: Drake closes $515M fund to target niche asset classes. Drake Real Estate Partners has closed its fifth flagship fund, raising $515M—surpassing its $500M target despite a tough fundraising climate. The firm will focus on under-the-radar sectors such as small bay industrial and industrial outdoor storage, capitalizing on inefficiencies in smaller, less competitive real estate markets. Nicolas Ibanez leads the Drake team.

READ: New Compstak and Faropoint report on small bay industrial trends.

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SMALL BAY PROPERTIES FOR SALE

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85,225 SF Small Bay Industrial Portfolio in Affluent DC Suburb | 4.68 AC of Mixed-Use Zoned Land Adjacent to Future Residential Development | 98% Leased with 2.25 Years WALT | Strong Rent Growth | Close to I-270, I-495, and Washington, DC

14,400 SF | 0.54 AC | Unit Sizes Ranging Between 800-2,400 SF | 100% Leased to 17 Tenants | Concrete Block Construction | Property Manager on Site

25,086 SF | 1.08 AC | 5 Units | 100% Leased | Recent Renovations to Parking Lot, Roof, Exterior, and Suites | Freeway Fronting to I-8

SMALL BAY PROPERTIES FOR LEASE

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For Sublease | 14,600 SF | (2) 12’x14’ Drive-in Doors and (1) 8’x10’ Dock-High Door | 25’ Clear Height | 2 Restrooms | Lease Term Ends 2028

1,500-9,000 SF | 3 Spaces Available | 14’ Clear Heights | (1) 12’x12’ Grade-Level Door for Each Unit | Office Demolition Available to Allow More Warehouse Space

5,825-7,855 SF | 3 Spaces Available | 18’ Clear Height | Easy Access to I-70, I-270, I-225, and Baranmor Parkway

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