Small Bay Daily - October 8 - Merritt Properties buys business park in Jacksonville

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NEWS ROUNDUP

ACQUISITION: Merritt Properties buys business park in Jacksonville, FL. Merritt Properties has acquired 5022 Gate Parkway in Jacksonville, Florida. The business park includes 5 buildings for a total of 200,000 SF. Merritt plans to convert the property into a Class A light industrial park with drive-in docks. Gary Swatko led the Merritt deal team.

ACQUISITION: Dalfen buys Las Vegas, NV, shallow bay facility. Dalfen Industrial has acquired 4145 West Ali Baba Lane in Las Vegas, Nevada. The property features a building totaling 43,600 SF, and Dalfen plans to offer two fully-renovated suites. The Dalfen deal team included John Endres, AJ Kucinski, and Richard Weiss. Sam Newman with Colliers facilitated the transaction.

ACQUISITION: Fausto brokers sale of small bay asset in Miami, FL. Fausto Commercial Realty Consultants has facilitated the sale of 1918 Northwest 21st Street in Miami, Florida. The property, which includes a 4,410 SF industrial building, sold for $1.325 million, or $300 per SF. The seller was Elein Valdes, and the buyer was Jonathan Benrimon. The Fausto CR deal team included Rey Moya and Carlos Fausto Miranda.

FINANCING: Gantry secures $15.5M loan for recap of SoCal industrial park. Gantry Inc. has secured a $15.5 million permanent loan for the recapitalization of the Fullerton Brea Business Park at 4010-4080 North Palm Street in Fullerton, California. The Gantry team of Andy Bratt, Peter Welsh, and Sean Kuang secured the loan on behalf of the borrower, a private RE investor. The property includes 8 multi-tenant industrial buildings totaling 111,000 SF and was purchased by Newport RE Partners in July for $28.8M.

DEVELOPMENT: Evergreen Devco breaks ground on CO shallow bay facility. Evergreen Devco has begun development on 8707 Rosemary Street in Commerce City, Colorado. The 6.9 acre site will feature a 54,600 SF grade-level shallow bay building, along with 3 acres of industrial outdoor storage (IOS). The Evergreen Devco team includes Brian Dietz. Kirk Vanino and Matthew Nora with Lee & Associates will list the property for sale or lease. (For more IOS news, check out our sister publication, IOS List!)

READ: Minneapolis needs more small bay industrial. “Dearth of new construction catering to smaller tenants keeps availability among lowest nationally.”

SMALL BAY PROPERTIES FOR SALE

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10,000 SF | Subdivisible to (2) 5,000 SF Units | (2) 12’x14’ Grade Doors | 1,200 SF Office | For Sale and Lease

Total 539,371 SF | 4 Buildings | 14 Tenants | 100% Leased | 35% Mark-to-Market Opportunity

Total 386,087 SF | 5 Assets | 90% Leased | 39% NOI Growth Opportunity Adjacent to I-95

SMALL BAY PROPERTIES FOR LEASE

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1,500-4,400 SF | 3 Units Available | 5,000 SF of Yard Space Available Separately | 1 Overhead Door per Bay

~12,000 SF | ~850 SF Office | 22’ Clear Height | (7) 9’x10’ Doors | Anticipated Delivery in Q1 2025

2,976-20,998 SF | 21’-26’ Pitched Roof | Office Build-to-Suit | Drive-In Doors

ONE MORE THING

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