5. 38 Porete Ave.<\/strong><\/h2>\n![\"\"](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/38-Porete-Ave.-Image-via-Google-Earth.jpg\")
<\/a>38 Porete Ave. Image via Google Earth<\/i><\/p><\/div>\n
The fifth-largest industrial deal to close in the first quarter of the year was Property Reserve\u2019s $120 million acquisition of 38 Porete Ave., a 139,255-square-foot FedEx Freight terminal in North Arlington, N.J. The sale price\u2014$862 per square foot\u2014far exceeds the market average of $277 for the 12 months ending in March.<\/p>\n
The seller, Mana Group, had developed the property, delivering it in early 2018 after approximately 18 months of construction. The project was financed with a $66.4 million loan from Goldman Sachs. That loan was refinanced with an $89.9 million note from China Merchants Bank in April 2018, which was retired once the January 2021 sale closed. FedEx occupies the asset under a 20-year lease.<\/p>\n
4. Elion Logistics Park 55 \u2013 29901 S. Graaskamp Blvd.<\/strong><\/h2>\n![\"\"](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elion-Logistics-Park-55.jpg\")
<\/a>Elion Logistics Park 55. Image via Google Earth<\/i><\/p><\/div>\n
Transwestern\u2019s $130 million sale of three buildings within Elion Logistics Park 55 in Wilmington, Ill., is the only industrial sale in the Midwest to make our list. Silver Creek Development was the buyer of the 2 million-square-foot property. Pacific Life Insurance Co. financed the purchase with a seven-year, $80 million loan.<\/p>\n
The three structures were a build-to-suit project for occupier Michelin, which operates the facility as a distribution center. Combined, the buildings have 70 loading docks, five drive-in doors and expansive truck courts up to 220 feet. The full logistics park<\/a>, master planned for up to 30 million square feet of industrial space, is linked to the region via adjacent rail lines and Interstate 55.<\/p>\n3. Hargrove Industrial Campus<\/strong><\/h2>\n![\"\"](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Hargrove-Industrial-Campus.-Image-via-Google-Earth.jpg\")
<\/a>Hargrove Industrial Campus. Image via Google Earth<\/i><\/p><\/div>\n
Link Logistics purchased the 400,455-square-foot Hargrove Industrial Campus in Lanham, Md., located just 12 miles east of Washington, D.C., in January for $135 million. The seller, CGMG Development, delivered all three buildings around the time of the sale. The transaction accounted for more than half of the $235.7 million in industrial deals closed in the wider market through the end of the first quarter.<\/p>\n
CGMG had financed the speculative development with a $56.2 million construction loan from EagleBank. The structures feature 32-foot clear heights and 111 loading docks. Iron Mountain is the largest tenant, occupying the 106,543-square-foot building at 4500 Hargrove Drive.<\/p>\n
2. 4040 & 4210 W. 108th St.<\/strong><\/h2>\n![\"\"](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/4210-and-4040-W.-108th-St-e1610019031811.jpg\")
<\/a>4210 and 4040 W. 108th St. Image courtesy of CenterPoint<\/i><\/p><\/div>\n
The largest industrial deal in Florida through the end of March was CenterPoint Properties\u2019 $184 million acquisition<\/a> of 4040 and 4210 W. 108th St. in Hialeah, just outside Miami. The two buildings delivered at the end of 2020, marking the market\u2019s largest industrial completion<\/a> of the year. The developer and seller, Florida East Coast Industries, financed the 1 million-square-foot project with a $98.7 million loan from Wells Fargo.<\/p>\nThe Home Depot fully occupies both buildings. The larger of the two is a cross-dock facility spanning 715,428 square feet and offers 89 loading doors, nearly 20,000 square feet of office space and 190-foot truck courts. Both structures have 34-foot clear heights, and the 72.7-acre parcel includes nearly 500 parking spaces and 289 stalls for trailers.<\/p>\n
1. 10Edison<\/strong><\/h2>\n![\"10Edison.](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/10-Edison-1-LR.jpg\")
<\/a>10Edison. Image courtesy of Rockefeller Group<\/i><\/p><\/div>\n
The largest industrial transaction through March of 2021 was Property Reserve\u2019s $247 million acquisition of Rockefeller Group\u2019s 10Edison, a 900,022-square-foot Amazon distribution facility in Edison, N.J. Delivered in December 2020, the cross-dock building<\/a> replaced an ExxonMobil research lab that closed its doors in 2016.<\/p>\n
![\"\"](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/38-Porete-Ave.-Image-via-Google-Earth-1.jpg\")
<\/a>38 Porete Ave. Image via Google Earth<\/i><\/p><\/div>\n
The fifth-largest industrial deal to close in the first quarter of the year was Property Reserve\u2019s $120 million acquisition of 38 Porete Ave., a 139,255-square-foot FedEx Freight terminal in North Arlington, N.J. The sale price\u2014$862 per square foot\u2014far exceeds the market average of $277 for the 12 months ending in March.<\/p>\n
The seller, Mana Group, had developed the property, delivering it in early 2018 after approximately 18 months of construction. The project was financed with a $66.4 million loan from Goldman Sachs. That loan was refinanced with an $89.9 million note from China Merchants Bank in April 2018, which was retired once the January 2021 sale closed. FedEx occupies the asset under a 20-year lease.<\/p>\n
4. Elion Logistics Park 55 \u2013 29901 S. Graaskamp Blvd.<\/strong><\/h2>\n<\/a>Elion Logistics Park 55. Image via Google Earth<\/i><\/p><\/div>\n
Transwestern\u2019s $130 million sale of three buildings within Elion Logistics Park 55 in Wilmington, Ill., is the only industrial sale in the Midwest to make our list. Silver Creek Development was the buyer of the 2 million-square-foot property. Pacific Life Insurance Co. financed the purchase with a seven-year, $80 million loan.<\/p>\n
The three structures were a build-to-suit project for occupier Michelin, which operates the facility as a distribution center. Combined, the buildings have 70 loading docks, five drive-in doors and expansive truck courts up to 220 feet. The full logistics park<\/a>, master planned for up to 30 million square feet of industrial space, is linked to the region via adjacent rail lines and Interstate 55.<\/p>\n3. Hargrove Industrial Campus<\/strong><\/h2>\n<\/a>Hargrove Industrial Campus. Image via Google Earth<\/i><\/p><\/div>\n
Link Logistics purchased the 400,455-square-foot Hargrove Industrial Campus in Lanham, Md., located just 12 miles east of Washington, D.C., in January for $135 million. The seller, CGMG Development, delivered all three buildings around the time of the sale. The transaction accounted for more than half of the $235.7 million in industrial deals closed in the wider market through the end of the first quarter.<\/p>\n
CGMG had financed the speculative development with a $56.2 million construction loan from EagleBank. The structures feature 32-foot clear heights and 111 loading docks. Iron Mountain is the largest tenant, occupying the 106,543-square-foot building at 4500 Hargrove Drive.<\/p>\n
2. 4040 & 4210 W. 108th St.<\/strong><\/h2>\n<\/a>4210 and 4040 W. 108th St. Image courtesy of CenterPoint<\/i><\/p><\/div>\n
The largest industrial deal in Florida through the end of March was CenterPoint Properties\u2019 $184 million acquisition<\/a> of 4040 and 4210 W. 108th St. in Hialeah, just outside Miami. The two buildings delivered at the end of 2020, marking the market\u2019s largest industrial completion<\/a> of the year. The developer and seller, Florida East Coast Industries, financed the 1 million-square-foot project with a $98.7 million loan from Wells Fargo.<\/p>\nThe Home Depot fully occupies both buildings. The larger of the two is a cross-dock facility spanning 715,428 square feet and offers 89 loading doors, nearly 20,000 square feet of office space and 190-foot truck courts. Both structures have 34-foot clear heights, and the 72.7-acre parcel includes nearly 500 parking spaces and 289 stalls for trailers.<\/p>\n
1. 10Edison<\/strong><\/h2>\n<\/a>10Edison. Image courtesy of Rockefeller Group<\/i><\/p><\/div>\n
The largest industrial transaction through March of 2021 was Property Reserve\u2019s $247 million acquisition of Rockefeller Group\u2019s 10Edison, a 900,022-square-foot Amazon distribution facility in Edison, N.J. Delivered in December 2020, the cross-dock building<\/a> replaced an ExxonMobil research lab that closed its doors in 2016.<\/p>\n
<\/a>Elion Logistics Park 55. Image via Google Earth<\/i><\/p><\/div>\n
Transwestern\u2019s $130 million sale of three buildings within Elion Logistics Park 55 in Wilmington, Ill., is the only industrial sale in the Midwest to make our list. Silver Creek Development was the buyer of the 2 million-square-foot property. Pacific Life Insurance Co. financed the purchase with a seven-year, $80 million loan.<\/p>\n
The three structures were a build-to-suit project for occupier Michelin, which operates the facility as a distribution center. Combined, the buildings have 70 loading docks, five drive-in doors and expansive truck courts up to 220 feet. The full logistics park<\/a>, master planned for up to 30 million square feet of industrial space, is linked to the region via adjacent rail lines and Interstate 55.<\/p>\n Hargrove Industrial Campus. Image via Google Earth<\/i><\/p><\/div>\n Link Logistics purchased the 400,455-square-foot Hargrove Industrial Campus in Lanham, Md., located just 12 miles east of Washington, D.C., in January for $135 million. The seller, CGMG Development, delivered all three buildings around the time of the sale. The transaction accounted for more than half of the $235.7 million in industrial deals closed in the wider market through the end of the first quarter.<\/p>\n CGMG had financed the speculative development with a $56.2 million construction loan from EagleBank. The structures feature 32-foot clear heights and 111 loading docks. Iron Mountain is the largest tenant, occupying the 106,543-square-foot building at 4500 Hargrove Drive.<\/p>\n 4210 and 4040 W. 108th St. Image courtesy of CenterPoint<\/i><\/p><\/div>\n The largest industrial deal in Florida through the end of March was CenterPoint Properties\u2019 $184 million acquisition<\/a> of 4040 and 4210 W. 108th St. in Hialeah, just outside Miami. The two buildings delivered at the end of 2020, marking the market\u2019s largest industrial completion<\/a> of the year. The developer and seller, Florida East Coast Industries, financed the 1 million-square-foot project with a $98.7 million loan from Wells Fargo.<\/p>\n The Home Depot fully occupies both buildings. The larger of the two is a cross-dock facility spanning 715,428 square feet and offers 89 loading doors, nearly 20,000 square feet of office space and 190-foot truck courts. Both structures have 34-foot clear heights, and the 72.7-acre parcel includes nearly 500 parking spaces and 289 stalls for trailers.<\/p>\n 10Edison. Image courtesy of Rockefeller Group<\/i><\/p><\/div>\n The largest industrial transaction through March of 2021 was Property Reserve\u2019s $247 million acquisition of Rockefeller Group\u2019s 10Edison, a 900,022-square-foot Amazon distribution facility in Edison, N.J. Delivered in December 2020, the cross-dock building<\/a> replaced an ExxonMobil research lab that closed its doors in 2016.<\/p>\n3. Hargrove Industrial Campus<\/strong><\/h2>\n
<\/a>2. 4040 & 4210 W. 108th St.<\/strong><\/h2>\n
<\/a>1. 10Edison<\/strong><\/h2>\n
<\/a>