Property Types
Industrial
Extra Space, Harrison Street to Form $213M Storage JV
Jun 25, 2009
Extra Space Storage Inc. has entered into a definitive agreement to contribute 42 of its wholly-owned properties into a newly formed joint venture with an affiliate of Harrison Street Real Estate Capital L.L.C. Harrison Street will contribute about $62.4 million in cash to in return for an 80 percent ownership interest in the JV. Overall, the venture will assume about $213 million of debt, to be secured by the properties. Extra Space Storage will receive about $62.4 million in cash and a 20 percent interest in the JV for its contribution of the properties. The joint venture deal is anticipated to close late in the third quarter or early in the fourth quarter of this year.
Recent Industrial Headlines
CB Richard Ellis Realty Trust Buys Best Buy Warehouse
Aug 07, 2009
CB Richard Ellis Realty Trust acquired a new 238,370-square-foot state-of-the-art suburban Boston warehouse/distribution building built to suit for Best Buy Stores, which is occupying it on a long-term lease. Located at 140 Depot St. in Bellingham, Mass., the center is expandable and features pre-cast concrete construction, cross-docking, a 36-foot clear height, ESFR sprinklers and excess trailer parking. It will be used primarily as a regional distribution center for home delivery of large items, along with some service/repair and dispatching and scheduling work.
NJ Company Breaks Ground on Cold Storage Facility in China
Aug 04, 2009
Ground has broken on a 280,000-square-foot refrigerated warehouse at
Lingang Logistics Park in Shanghai, China, for Newark, N.J.-based
Preferred Freezer Storage. For China, the property will become the
country's largest and most sophisticated single-story cold storage
facility. For PFS, the build-to-suit structure marks the company's
entrée into China, as well as the beginning of its pursuit to
accommodate the burgeoning demand for cold storage facilities across
the country.
Opus Property Services Reported for Sale
Aug 03, 2009
Opus Corp. is seeking to sell its property-management business, according to a report on bizjournals.com, the Web site of American City Business Journals. It quoted a company spokesperson as stating that selling off Opus Property Services would help the company renew its focus on its "core competency," along with its being a good time to sell because property management firms currently have an "appetite ... to grow their (business)." Opus' management portfolio totals about 30 million square feet of office, retail, industrial and corporate space.
Tenant Signs on for 269,000 SF of Inland Empire Industrial Space
Jul 30, 2009
Newport Beach, Calif.-based Master Development Corp., the managing
member of Ontario Two L.L.C., has inked a tenant to a six-year lease
valued at $3.5 million in Phase II of its Thoroughbred Business Park, a
2 million-square-foot industrial park located in Ontario, Calif.
$4.2B Semiconductor Facility in Upstate NY Likely to Spark New Opportunities
Jul 28, 2009
After three years of Silicon Valley-based GlobalFoundries and the State
of New York working together to lay the financial groundwork,
construction of GlobalFoundries' $4.2 billion semiconductor wafer
manufacturing facility at the new 1,400-acre Luther Forest Technology
Campus in Malta, N.Y., has just commenced. Officials expect the
GlobalFoundries development to create 1,400 new manufacturing jobs, and
they are keeping their fingers crossed that the 1.3-million-square-foot
Fab 2 will spur additional investment in the area.
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