ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 1400 N. Irving St. in Allentown. Evergreen Cos., a full-service landscaping and horticultural service company, acquired the property for $1.2 million. The buyer plans to use the 11,114-square-foot property as a storage and dispatch facility. Amy Hawley of Markward Group represented the undisclosed seller and buyer in the transaction.
VISALIA, CALIF. — G4 Enterprises Ltd. has acquired Midstate 99 Distribution Center, a 790,000-square-foot industrial complex in Visalia, for $33.4 million. The facility is situated in a major agricultural hub in California's Central Valley, about 40 miles south of Fresno. G4 Enterprises made an unsolicited offer to purchase the property from Alexander & Baldwin (A&B). The seller plans to use the funds to invest in Hawaii and enhance its current communities.
PORT CHESTER, N.Y. — Marcus & Millichap has arranged the sale of an industrial property located at 330 N. Main St. in Port Chester. A limited liability company sold the property to an undisclosed buyer for $1.8 million. The 10,800-square-foot property features 2,000 square feet of retail store front space along North Main Street. John Sala of Marcus & Millichap represented the seller in the deal.
AURORA, OHIO — Peak Construction Corp. has been tasked with building a 409,495-square-foot industrial build-to-suit for an undisclosed distribution company in Aurora, about 30 miles southeast of Cleveland. The property, owned by Scannell Properties, will feature 32-foot clear heights, 30 dock doors, one drive-in door, 20 trailer spaces and parking for 75 cars. Peak has teamed up with Ware Malcomb Architects and Weber Engineering for the project.
MISSOURI CITY, TEXAS — NAI Partners has negotiated a 57,000-square-foot industrial lease at 13615 S. Gessner Road in the southwestern Houston metro of Missouri City. Chris Caudill of NAI Partners represented the tenant, 2020 Exhibits Inc., a provider of trade show and event management services, in the lease negotiations. Justin Robinson and Jeremy Lumbreras of Stream Realty Partners represented the landlord, Western C REIT TX LLC.
The commercial real estate market in the Greater Boston area continued its torrid pace in the first half of 2017. All sections of the commercial real estate market inside Route 128 are white hot, especially after the announcement that General Electric will move its corporate headquarters to the Seaport District. Recent data indicates that Boston has one of the hottest economies in the United States and ranks as one of the top economies in the world. The 2017 Investment Intensity Index ranks..
RENO, NEV. — LBA Realty has acquired a Class A manufacturing and distribution center in Reno for $29.5 million. The facility is located at 9460 N. Virginia St. The seller was CP Logistics NVCC Building A2 LLC, a joint venture between CalSTRS, California State Teachers’ Retirement System and Panattoni Development Co. The asset serves as the headquarters for Mary’s Gone Crackers. The property is part of the North Valleys Commerce Center’s 1.48 million-square-foot Phase I. The land was..
HUTTO, TEXAS — Titan Development has broken ground on Innovation Business Park, a 72-acre industrial development that will be located in Hutto, a northern suburb of Austin. Phase I of the project will deliver a facility measuring approximately 150,000 square feet, which will have the capacity to house one to four tenants. The project will feature more than 1 million square feet of rentable space at full build-out. Titan will invest about $100 million in the development of the park, according..
MINNEAPOLIS — CBRE has arranged the sale of a 1.2 million-square-foot industrial portfolio in the Twin Cities metro area for $70.6 million. The portfolio, which features 14 buildings across seven properties, includes: Corporate Square in Eagan; Eagan Industrial Warehouse in Eagan; Braemar Business Center in Bloomington; Northpoint Industrial Center in Fridley; France Avenue Business Park in Brooklyn Center; Round Lake Business Center in Arden Hills; and Burnsville Business Center in..
HFF Arranges $663M in Financing for Retail Properties in New York, New Jersey for Urban Edge Properties
NEW YORK AND NEW JERSEY — HFF has arranged 16 financings totaling $663 million secured by 15 retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. Scott Aiese, Jon Mikula and Mike Tepedino of HFF secured the 16 separate loans with two CMBS lenders, three life company lenders and one bank for the borrower, Urban Edge Properties. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan..