Small Bay Daily - September 1 - Midtown Capital Partners buys Miami-area small bay portfolio for $86M

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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: Midtown Capital Partners buys Miami-area small bay portfolio for $86M. Midtown Capital Partners has acquired a portfolio of small bay warehouses located along Northwest 54th Street, Northwest 56th Street, Northwest 79th Avenue, and Northwest 82nd Avenue in Doral, Florida. The portfolio features 14 buildings totaling roughly 300,000 SF. All but one of the properties were developed by the Waas family, and Martin Waas with Waas Realty represented all 13 individual sellers in the transaction. Michael Fay and David Spillers with Avison Young, Tommy Gil and David Olade with Industrial Advisors, and Michael Waite with Miami Warehouse Real Estate represented Midtown Capital Partners in the transaction. The Midtown Capital Partners deal team included Zach Fox.

ACQUISITION: Escalera Capital buys small bay industrial park in San Antonio. Escalera Capital has acquired Randolph Business Park, located at 5600 Randolph Boulevard in San Antonio, Texas. The property features 4 buildings totaling 139,611 SF. E. Campbell Miller led the Escalera Capital deal team. Andrew Price and Braeden Bernstein with CBRE represented the seller in the transaction. Bradley O’Neill, also with CBRE, is currently marketing the property for lease.

ACQUISITION: Buligo Capital buys small bay park in Dallas-Fort Worth metro area. Buligo Capital has acquired La Prada Business Park, located at 15330 Lyndon Baines Johnson Freeway in Mesquite, Texas. The property features 4 multi-tenant industrial buildings totaling 57,445 SF. James Stevens and Ran Preis led the Buligo deal team. Stephen Bailey with Newmark facilitated the transaction.

LEASE SIGNED: CBRE leases small bay space in Reno, NV, metro area. CBRE has facilitated the leasing of 10,000 SF of industrial space at 300 Canyon Way in Sparks, Nevada. The property is currently owned by CP Lockwood, while the new tenant is Badger Daylighting. The CBRE deal team included Daniel Buhrmann, Eric Bennett, Garrett Shutt, Gregory Shutt, Tomi Jo Lynch, Sha’ron Hendrickson, and Sara Lindstrom.

FINANCING: Brennan Investment Group recaps 2 shallow bay portfolios. Brennan Investment Group has recapitalized 2 portfolios totaling 1.12M SF in Moorestown, New Jersey, and Nashville, Tennessee. The portfolio features 20 buildings in Moorestown (a Philly suburb) and 2 buildings at the Harding Commerce Center near Nashville Intl. Airport. The properties consist of Class B industrial buildings with an average suite size of 16,100 SF and are 94% leased. The Brennan Investment Group deal team included Kevin Brennan, Chris Massey, and Andrew Mazey.

FINANCING: Bridger Fund closes $3,477,500 acquisition loan for Bay Area small bay property. Bridger Fund has funded an acquisition loan secured by 517 Jacoby Street in San Rafael, California. The property features 13 units totaling 22,096 SF and is currently 92% occupied. The borrower intends to reposition the asset over the term of the loan. Doug Watson and Henry Kliewer led the Bridger Fund deal team.

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SMALL BAY PROPERTIES FOR SALE

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135,221 SF | 13.65 AC | 5 Buildings Across 2 Properties | 82% Occupied with 3.9-Year WALT and 5.8-Year WATT | 5.1:1,000 SF Parking Ratio | Convenient Access to Downtown St. Petersburg, Downtown Clearwater, Downtown Tampa, Tampa Intl. Airport, and St. Pete-Clearwater Intl. Airport

42,361 SF | 1.77 AC | Grade-Level Loading | Newly Renovated Suites | New Exterior Paint | Power Upgrades | HVAC Upgrades | Proximity to San Antonio Intl. Airport | Asking Price: $5,800,000

28,500 SF | 0.62 AC | 30 Units | Average Suite Size: 950 SF | Grade-Level Access

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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