Small Bay Daily - March 27 - MCA Realty refinances Inland Empire small bay park for $52M

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NEWS ROUNDUP

FINANCING: MCA Realty refinances Inland Empire small bay park for $52M. MCA Realty has secured a $52 million loan to refinance MCA Freeway Industrial Park, located at 1600-2060 Chicago Avenue and 1614-1616 Marlborough Avenue in Riverside, California. The property features 17 multi-tenant industrial buildings totaling 481,201 SF. The 5-year, partial interest-only loan was arranged by Northmarq’s Newport Beach Debt + Equity team. The Northmarq deal team was led by Scott Botsford and Joe Giordani.

ACQUISITION: Intersection/Sundance Bay buy Las Vegas facility for $8.75M. A partnership between Intersection Equities and Sundance Bay has acquired 5325 South Valley View Boulevard in Las Vegas, Nevada. The property features a 48,304 SF multi-tenant shallow bay industrial facility. The Intersection deal team included Anton Myskiw and Rocco Cortese. The seller was Sanders Wyoming Trust. Erik Sexton and Camila Rosales with NAI Excel facilitated the transaction.

ACQUISITION: Altus Equity buys small bay park in Dallas-Fort Worth area. Altus Equity Group has acquired Kennedale Light Industrial Park, located at 7406 Mansfield Highway in Kennedale, Texas. The property features 7 small bay industrial buildings totaling roughly 160,000 SF on 13.2 acres. The Altus Equity deal team included Andy Eicher. Cody Payne with Colliers brokered the transaction.

DISPOSITION: JLL REIT sells light industrial property in San Diego, CA. JLL Income Property Trust, an institutionally managed daily NAV REIT, has sold 237 Via Vera Cruz in San Marcos, California. The property had been acquired in 2021 and features an 80,257 midbay industrial building. The JLL Income Property Trust team is led by Allan Swaringen.

DEVELOPMENT: Merritt Properties expands Richmond, VA small bay park. Merritt Properties has broken ground on a 4-building expansion to its Crescent Business Center on Lakeridge Parkway in Ashland, Virginia. The project will total 240,000 SF when completed. The first building, which is scheduled for delivery in 2025, has already been 90% leased to Agiliti and CB Flooring. The Merritt leasing team includes Jamie Campbell. Cushman & Wakefield | Thalhimer is assisting with the leasing efforts and provides property management services. The Thalhimer team includes Graham Stoneburner, Scott Douglas, and Jason Crowder.

READ: Industrial occupiers are increasingly favoring ownership over renting.

PORTFOLIO LISTING

• 4045-4061 Forrestal Avenue, Orlando, FL 32806 (bottom): Small bay multi-tenant consists of 3 buildings totaling 52,750 SF with below-market rents on short-term leases.

• 3312-3314 South Cicero Avenue, Cicero, IL 60804 (top): Strip center with 4 credit A tenants with rent increases and options to renew.

SMALL BAY PROPERTIES FOR SALE

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30,819 SF | 11 Units | 100% Leased | Near-Instant Access to I-77 and I-485 | Mix of Dock-High and Grade-Level Loading | Separately Fenced 0.3 AC Pad for Industrial Outdoor Storage

10,750 SF | 0.59 AC | (4) 2,700 SF Suites | 16’ Clear Heights | Low WALT | Value-Add or Owner-User Opportunity

34,540 SF | 1.88 AC | 20 Units | 100% Leased | Current Rents Are 55% Below Market | Strategic Proximity to Major Transportation Hubs

SMALL BAY PROPERTIES FOR LEASE

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7,604 SF | Small Office | 1 Dock and 1 Door with Ramp | 3,000 SF Outdoor Storage | Close to I-440, Capital Boulevard, and Downtown Raleigh

1,950-3,900 SF | 18’ Clear Height | 14’ Roll-up Door | Yard with Privacy Fencing | Small Climate-Controlled Office | Evaporative Cooler in Warehouse | Restroom and Shop Sink in Unit

15,360 SF | 22’ Clear Height | Fully Climate Controlled | 3-Phase Power | 3 Dock-High Doors | Light Industrial Zoning

ONE MORE THING

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