Small Bay Daily - July 21 - WareSpace buys warehouse portfolio, Jadian ups commitment to over $500M

Good morning. Welcome to Small Bay List!

Today’s issue is sponsored by IndustrialIQ — providing comprehensive analysis and insights for small bay warehouse markets.

Now, let’s get to it!

NEWS ROUNDUP

ACQUISITION: WareSpace buys warehouse portfolio, Jadian commitment upped to $500M. WareSpace has acquired a portfolio of 5 buildings in Florida, Texas, and California totaling 441,000 SF. The purchase marks the company’s expansion into the Austin, Inland Empire, San Diego, and Miami markets. The seller was Blackstone’s Link Logistics. The WareSpace deal team included Levi Cohen, Jeff Jenkins, Joseph Ely, Jeffrey Giese, TJ Cameron, Austin Riel, and Jack DiNardo. The properties in the portfolio are:

• 4290 East Brickell Street in Ontario, California

• 6215 El Camino Real in Carlsbad, California

• 210 East St. Elmo Road in Austin, Texas

• 11209 Metric Boulevard in Austin, Texas

• 7321 Northwest 75th Street in Miami, Florida

Last week, Jadian Capital also announced that it had increased its equity commitment to WareSpace to over $500M. “The upsized investment reflects our strategy of building, supporting, and scaling platforms that we believe can create durable competitive advantages,” Jadian Managing Partner and Founder Jarret Cohen said. The boosted commitment will support WareSpace’s planned expansion from 32 to 100 locations across the country.

ACQUISITION: BKM Capital Partners buys shallow bay park in DFW for $11M. In partnership with German American Realty, BKM Capital Partners has acquired Post and Paddock Industrial Park, located at 1000 Post and Paddock Road in Grand Prairie, Texas. The property features 3 multi-tenant industrial buildings totaling 77,858 SF. Brett Turner and Charlie Farmer led the BKM deal team in the transaction. Eliza Bachhuber, Elliott Dow, and William Berg with CBRE represented the sellers, PHP and Caprock.

ACQUISITION: Legacy Capital Partners buys small bay park in Greensboro, NC. Legacy Capital Partners has acquired 4221-4225 Tudor Lane in Greensboro, North Carolina. The property features 2 multi-tenant buildings totaling 52,402 SF. The deal marks Legacy’s 1st NC acquisition. Jack McCunn and Jack Slater led the Legacy deal team. Ryan Conboy with Cushman & Wakefield is currently marketing the property for lease.

ACQUISITION: Greenwich Street Capital buys small bay property in Denver. Greenwich Street Capital (GSC) has acquired 1800 East 69th Avenue in Denver, Colorado. The property features 52 units totaling 45,640 SF and will be branded as FlexWorks Denver North. The GSC deal team included Conner Thomas and Norman Gensinger. Alyssa Tomback and Thimy Moraitis with the Marcus & Millichap TAG Industrial team facilitated the transaction.

ACQUISITION: Person Street Partners buys small bay asset in Charlotte, NC. Person Street Partners has acquired 2908-2918 North Graham Street in Charlotte, North Carolina. The property features a 16,000 SF multi-tenant small bay industrial building. The Person Street deal team included Jake Jatis, Poojan Mehta, Brannen Blazer, and Griffin Py. Jake Viverette with Bryant Capital Advisors facilitated the transaction. David Miller with Longleaf Law Partners, Carl Jones with First Carolina Bank, and Medalist Capital’s Howard Brooks, Roger Montague, and Bat Barber also assisted with the deal.

LEASE SIGNED: Metz Industrial Group leases shallow bay space in St. Paul, MN. Bussel Realty Corp.’s Metz Industrial Group (MIG) has facilitated the leasing of 44,870 SF at 756 Vandalia Street in St. Paul, Minnesota. Jordan Metz, Benito Abbate, and James Friel with MIG represented the tenant in the transaction.

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SMALL BAY PROPERTIES FOR SALE

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161,570 SF Small Bay Portfolio in Tampa-Sarasota Corridor | Palmetto: 100,020 SF | Bradenton: 61,550 SF | 77 Units Ranging from 400-9,000 SF | Units Have Grade-Level Loading with Overhead Doors, Individually Metered Buildings, and Independent Climate Control

94,638 SF | 5.87 AC | 4 Buildings | 23 Units Ranging from 2,450-4,900 SF with Ability to Combine up to ±8,000 SF | Built in 2009, 2013, 2015, and 2019 | Diverse Tenant Base with 100% Occupancy | 7.32% in-Place Cap Rate | Below-Market Rents | Located in Deer Creek/Edmond Growth Corridor | Asking Price: $11,500,000

8,590 SF | 6 Units Ranging from 1,000 to 2,000 SF | Each Unit Has Own Grade-Level Roll-up Door and Dedicated Parking | 4 Units Leased on Month-to-Month Basis | 15’ Clear Height

SMALL BAY PROPERTIES FOR LEASE

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9,000 SF Speculative Small Bay Flex/Warehouse Project | Demisable Down to 1,500 SF | 6 Drive-in Bay Doors | 16’ Clear Height | 28 Parking Spaces | Optional Contractor Storage or Laydown Yard Space Available | Located Just off US-301

1,200-2,400 SF | 2 Units Available | 12’x14’ Grade-Level Loading | 18’ Clear Height | 200A/120/208V 3-Phase Power | Ample Onsite Parking | Wet Sprinkler Systems

550-1,350 SF | 4 Units Available | 12’ Ceiling Height | 10’x10’ Doors | Secure Storage | Private Restrooms | Offices | Close to I-95 and Fort Lauderdale-Hollywood Int. Airport

ONE MORE THING

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