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Small Bay Daily - October 15 - Marcus Partners buys Philly area shallow bay portfolio

Small Bay Daily - October 15 - Marcus Partners buys Philly area shallow bay portfolio

Marcus Partners buys Philly portfolio. Evergen buys TX shallow bay. Lift Aerospace buys FL shallow bay. BRC leases NJ small bay. Emerald Creek finances FL small bay deal. Denholtz names new CEO. Six new small bay listings.

Katherine Peach
October 15, 2024

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NEWS ROUNDUP

ACQUISITION: Marcus Partners buys Philly area shallow bay portfolio. Marcus Partners has acquired Crossings Light Industrial Portfolio, a 25-building light industrial portfolio spread across the Philadelphia metro area. The portfolio comprises 1.2 million SF on 97.29 acres. The deal was made through a partnership with Camber RE Partners, which originally acquired the portfolio in 2020. The Marcus Partners deal team included Fiore David, Bill McAvoy, and Todd Minerley. Camber RE Partners is led by Dave Surti. Michael Hines, Brad Ruppel, Joe Hill, and Brian Fiumara with CBRE facilitated the transaction. CBRE’s James Millon, Tom Traynor, Tom Rugg, and Mark Finan arranged financing for the deal from Blackstone.

ACQUISITION: Evergen & M2G Ventures buy shallow bay in Austin, TX. Evergen Equity and M2G Ventures have teamed up to acquire 211 East Alpine Road in Austin, Texas. The property features a 49,064 SF warehouse on 1.87 acres. The Evergen team is led by Troy Marcus.

ACQUISITION: Lift Aerospace buys shallow bay in Miami, FL for $7.1M. Lift Aerospace has acquired 1740 West 14th Avenue in Hialeah, Florida, a Miami suburb. The property features a warehouse totaling 27,674 SF. Rafael Herrera with OD Realty Group represented Lift Aerospace. Louis Erice of the Erice Group at Keller Williams Realty represented the seller, High Noon Sailing Ltd.

LEASE SIGNED: BRC leases small bay facility in Roselle, NJ. Bussel Realty Corp. (BRC) has leased 7,500 SF at 197 East Highland Parkway in Roselle, New Jersey. The property features 17’ ceilings and drive-in loading. BRC’s Steve Jaynes represented both the landlord, East Deal Inc./MM Realty, and the tenant, Lucky Construction LLC.

Emerald Creek finances FL small bay deal

FINANCING: Emerald Creek lends $32.2M on Miami, FL small bay park. Emerald Creek Capital has provided a floating-rate loan for East Capital Partners’ acquisition of Skylake Executive Industrial Park, located at 19501 Northeast 10th Avenue in North Miami Beach, Florida. The property features several industrial buildings for a total of 210,000 SF. The Emerald Creek deal team was led by Mike Cleaver. The East Capital Partners deal team included Drew DeWitt and David Archibald. Eli Sasson Bril, Jose Sasson, and Roberto Susi with Axiom Capital Advisors brokered the sale of the property.

PEOPLE MOVES: Denholtz taps Katie Kurtz to be new CEO. Congratulations to Katie Kurtz, who has been named the new CEO of Denholtz Properties. Kurtz previously served as Co-Chief Investment Officer and Chief Financial Officer of Silverstein Properties, where she managed a portfolio of more than $10 billion.