Small Bay Daily - July 2 - Merritt Properties secures $750M investment for shallow bay expansion

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NEWS ROUNDUP

INVESTMENT: Merritt Properties secures $750M investment for shallow bay expansion. Merritt Properties has received a $750M strategic investment led by Centerbridge Partners, providing growth capital to expand its shallow bay industrial portfolio across current Mid-Atlantic and Southeast markets and into new regions. The deal also includes leadership changes, with Robb Merritt becoming CEO, Scott Dorsey moving to Executive Chairman, and Bobby Lanigan becoming President as longtime investor Almanac exits its ownership stake but remains involved through the new investment.

DISPOSITION: JLL sells shallow bay industrial portfolio in Seattle metro area. JLL has facilitated the sale of the Kent Valley Industrial Portfolio, a collection of 5 shallow bay industrial buildings in the Seattle metro area totaling 401,132 SF. The JLL deal team included Rachel Jones, Buzz Ellis, Rose Kipfer, and Bryn Reisbeck. The properties in the portfolio are:

• 1141-1159 Andover Park West in Tukwila, Washington — 286,682 SF

• 22640 West Valley Highway in Kent, Washington — 50,450 SF

• 22645 72nd Avenue South in Kent, Washington — 64,000 SF

DISPOSITION: Matthews sells shallow bay facility in Miami metro area. Matthews has facilitated the sale of 374 Southwest 4th Court in Dania Beach, Florida. The property features a 15-unit shallow bay facility totaling 28,000 SF. Tye Ramirez, Michael Buonadonna, and Harrison Auerbach led the Matthews deal team in the all-cash transaction.

ACQUISITION: Pointe CRE brokers sale of small bay in Chattanooga, TN. Pointe Commercial Real Estate has facilitated the sale of 1409 McFarland Avenue in Chattanooga, Tennessee. The property features a 5,364 SF industrial building. Heather Loveless with Pointe CRE represented the buyer, ACTS Fleet Maintenance, in the transaction.

ACQUISITION: Corepoint RE brokers sale of small bay asset in Ft. Meyers, FL. Corepoint Real Estate has facilitated the sale of 5470 Division Drive in Fort Myers, Florida. The low-coverage property features a 7,900 SF industrial building. The buyer was a partnership between K2 Real Estate Capital and Bear Development. Martin Cohen and Marc Smouha led the Corepoint deal team in the off-market transaction.

LEASE SIGNED: Lee & Associates leases small bay space in Los Angeles area. Lee & Associates has represented the tenant in the leasing of 1752 Langley Avenue in Irvine, California. The property features a 19,480 SF industrial building. The Lee & Associates deal team included Justin Smith, Grant La Bounty, Chris Vassilian, Roman Meraz, and Sebastian Liu. Jeff Jiang, Mike Barreiro, and Charles Johnson with DAUM Commercial Real Estate Services represented the landlord.

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SMALL BAY PROPERTIES FOR SALE

Click on each photo for more information.

Plans in Place for 48,000 SF Facility with 48 Units Across 4 Buildings | 6.03 AC | Shovel-Ready Project Includes All Entitlements, Completed Engineering, and Architectural Plans for Immediate Construction Start | Each Building Will Feature Secure Access, Insulated Construction, and Flexible Unit Configurations | Direct Access to KS-7 and Minutes to I-435/I-35 Interchange | Easy Connection to Kansas City Intl. Airport

For Sale and Lease | 10.4 AC | Fully Approved for 6 Buildings Totaling 86,550 SF at $30/SF | Seller Financing Available | Close to I-195, NJ Turnpike, US-9, and Garden State Parkway | Email for Details

109,688 SF | 2 Assets with a Versatile Mix of Warehouse, Medical Office, Lab, and Production Space | UBC I Has 2 Grade-Level Doors and 16’ Clear Height | UBC II Has a Traditional Truck Court and 18’ Clear Height | 98% Occupied with Significant Mark-to-Market Opportunity | Close to Moffitt Cancer Center, University of South Florida, and Uptown Tampa

SMALL BAY PROPERTIES FOR LEASE

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110,000 SF | New Construction with Bays Ranging from 588-1,120 SF | Each Unit Has Office, Bathroom, and AC | Conveniently Located Right at Exit Ramp for I-95 | More than 800’ of I-95 Frontage | Close to Melbourne Orlando Intl. Airport, Port Canaveral, and CSX Intermodal-Orlando-FL

30,640 SF Available | 100% HVAC | Warehouse with 3 Loading Docks | ±700 SF Office Space with 2 Offices and 2 Restrooms | 16’ Clear Height | Onsite Property Management | Heavy 3-Phase Power | Brand-New Roof and Exterior LED Lighting | Close to I-30, I-35, I-20, Loop 820, and Chisholm Trail Parkway

20,000 SF Available | 24’ Clear Height | 1,000 SF Office | 2 Dock Doors with Knockouts | 2 Drive-in Doors | LED Lighting | Wet Sprinkler | Ample Car/Trailer Parking | Close to US-222 Business, PA-12, I-78, Reading, and Allentown

ONE MORE THING

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