LOS ANGELES — Rexford Industrial Realty has purchased a six-building industrial park in the Los Angeles submarket of South Bay for $210.5 million. The Class A park is known as Rancho Pacifica Industrial Park. The acquisition contains a total of about 1.2 million square feet on 56 acres. The park is leased to 23 tenants. It sits adjacent to the Alameda Intermodal Corridor, six miles from the Ports of Long Beach and Los Angeles.
At the end of the first quarter 2017, the Houston industrial market finds itself in very familiar territory, with several dominant trends largely maintaining course. Despite continued struggles within the oilfield manufacturing sector, the overall market is still in very good shape. Large consumer goods distributors driven by population growth in the greater Houston area and plastics users responding to increased demand from expanded chemical plant capacities produce the headliner..
ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald. "Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent," says Michael Brennan,..
ORANGE, N.J. — G.S. Wilcox & Co. has arranged $6 million in financing for a five-building industrial portfolio located in Orange. The properties total more than 115,000 square feet of industrial space, with the majority offering 22-foot ceiling heights. Gretchen S. Wilcox and Al Raymond of G.S. Wilcox secured the financing for the borrower, a private equity firm.
HOUSTON — NAI Partners has negotiated a 200,000-square-foot industrial lease renewal at 713 Northpark Central Drive in Houston on behalf of motor manufacturer BasinTek LLC. Nick Peterson and John Ferruzzo of NAI brokered the deal. The transaction is the sixth-largest industrial lease negotiated in Houston this year, according to NAI’s data.
OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 51,600-square-foot industrial building in Oak Creek, 12 miles south of Milwaukee. The property is located at 440 W. Bell Court. Tower 9 Commercial - Oak Creek LLC purchased the building from K & Z Partners LLC. Samuel D. Dickman and Samuel M. Dickman Jr. of Dickman Co. brokered the transaction.
ROMULUS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4 million loan for the refinancing of a single-tenant industrial property in Romulus, a western suburb of Detroit and home to Detroit Metropolitan Airport. The 121,500-square-foot building is 100 percent leased to a user that primarily services the automotive industry. Cathy Bronkema of Cohen Financial arranged the 15-year loan, which includes a 15-year amortization schedule. A life insurance company provided the..
CHARLOTTE, N.C. — CBRE Group Inc. has arranged the $72.5 million sale of a 1.2 million-square-foot industrial portfolio along the I-85 corridor in the Carolinas. The portfolio includes four warehouse and distribution buildings — one in Charlotte and one in Greensboro in North Carolina and two in Greenville, S.C. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Trey Pennington and Dodson Schenck of CBRE represented the seller, Charlotte-based Beacon Partners, in the transaction to..
ROCKWALL, TEXAS — Lollicup USA Inc., a Chino, Calif.-based producer and distributor of beverage and paper products, will develop a $50 million, 700,000-square-foot manufacturing facility in Rockwall, about 25 miles east of Dallas. The project is expected to create approximately 200 new positions. Construction is scheduled to begin by November, with completion slated for October 2018.
HOUSTON — Burton Construction has begun work on Lockwood Business Park, a 25-acre industrial park located at 13300 Lockwood Drive in Houston. The property will be part of the 4,000-acre Generation Park, which is owned by McCord Development. Energy equipment producer GHX Industrial LLC signed a 143,500-square-foot lease in June to become the park’s anchor tenant.