IOS Daily - July 27 - The STRO Cos., KRE Group buy IOS development site in Elmwood Park, NJ

NEWS ROUNDUP

ACQUISITION: The STRO Cos., KRE Group buy IOS development site in Elmwood Park, NJ. A joint venture between The STRO Companies and Kushner Real Estate Group (KRE Group) has acquired 5 and 30 Paul Kohner Place in Elmwood Park, New Jersey. The property includes 3 warehouse/distribution buildings totaling 120,000 SF on 7.4 AC. The site is being repositioned as a Class A IOS site on 4.5 AC that is currently available for lease. 5 Paul Kohner Place, a 60,000 SF warehouse/distribution facility, is currently available for lease and/or sale. (Leasing or sales inquiries should be directed to Gabe Millstein with The STRO Cos.) IDB Bank provided bridge financing for the transaction. Eli Millstein and Jonathan Kushner led The STRO Cos. and KRE Group deal teams, respectively, in the transaction.

DISPOSITION: Cushman & Wakefield | Thalhimer sells 6.65 AC IOS in Chesapeake, VA, for $9.1M. Cushman & Wakefield | Thalhimer’s Capital Markets Group has facilitated the sale of 909-913 Professional Place in Chesapeake, Virginia. The portfolio features 2 low-coverage properties with 31,000 SF of shallow bay industrial space. Bo McKown and Eric Robison with Thalhimer represented the seller, NPR Chesapeake Professional Place, in the transaction. The buyer was Center Capital Partners. Geoff Poston and Taylor Anderson with Thalhimer’s Industrial Services Group provided leasing advisory services. (Interested in shallow bay industrial? Check out our sister publication Small Bay List.)

ACQUISITION: Armada Capital Partners buys 6.98 AC IOS in Little Rock, AR. Armada Capital Partners has acquired 4614 Thibault Road in Little Rock, Arkansas. The property features a 27,500 SF industrial service center. The Armada deal team included Jesus Antonio Araiza, Kylie Fox, Brandon Paletta, and Matthew Ornstein.

ACQUISITION: Open Industrial/Negresco JV buys 2.2 AC IOS in California’s Inland Empire. A joint venture (JV) between Open Industrial and Negresco Property Group has acquired 10905 Hemlock Avenue in Fontana, California. The property features 10,100 SF of warehouse space. The Open Industrial deal team included Blake Potolicchio, Matt Potolicchio, and Chad Pitts. Benji Miller led the Negresco team. Shy Assar, Ian Ozimec, and Juan Gutierrez with Voit Real Estate Services facilitated the transaction and are currently marketing the property for lease.

LEASE SIGNED: Preferred Real Estate Brokers leases 4.67 AC IOS in Lakeland, FL. Preferred Real Estate Brokers (PRB) has facilitated a 5-year lease with 3% annual rent increases for 2705 East Main Street in Lakeland, Florida. The property includes 2,424 SF of industrial buildings. The tenant is Truck & Trailer Services Corp. Steve LaFortune Jr. and Mark Williams with PRB were the only brokers involved in the transaction.

LEASE SIGNED: Simpson CRE leases 3.36 AC IOS in Raleigh, NC. Simpson Commercial Real Estate has facilitated the leasing of 705 Beacon Lake Drive in Raleigh, North Carolina. The property features a 22,190 SF industrial building. William Hatcher, Wells Herndon, and William Wood with Simpson CRE represented the landlord in the transaction.

NATIONAL IOS CONFERENCE

4.72 AC | Fully Fenced and Paved Yard | 2 Warehouse Buildings Totaling 31,300 SF | 29 Oversized Drive-in Doors | Strong Connectivity to I-70, I-76, Wadsworth Boulevard, Sheridan Boulevard, and Old Town Arvada

9.17 AC | 18,408 SF | Leased to EquipmentShare Through 01/05/2034 | 6.25% Cap Rate | 4.00% Annual Rent Bump | Renovated in 2024 | Easy Access to I-91

0.35 AC | Utilities in Place (Water and Electricity) | Ideal for Contractors, Outdoor Storage, Equipment Yards, Trucking Operations, or Material Distribution | Strategic Location with Easy Access to Major Transportation Routes

2.5-9.41 AC | 3 Spaces Available | Convenient Access to I-10 and I-605 | Fully Fenced and Secured | 24/7 Video Surveillance | On Site Security Staff During Business Hours | Fully Paved | Flexible Configurations

2.72 AC | Fully Paved and Fenced | 3,000 SF Office Building | Rail and Transloading Service Available via Adjoining Rail Yard

1.21 AC | Fully Crushed Asphalt Surface | Fenced | Configured for Immediate Yard, Fleet, Contractor, or Laydown Use | Easy Access to I-95 and FL Turnpike