GRAND RAPIDS, MICH. — Corrigan Worldwide Inc. has signed a 21,600-square-foot industrial lease in Grand Rapids. The company, which specializes in residential and commercial relocation services, is in the process of expanding its Grand Rapids facility. The property is located at 1120 36th St. Kevin Tamer of CORE Partners represented the tenant. John Kupier of Colliers International represented the undisclosed landlord.
DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder Trust.
MICHIGAN, INDIANA AND OHIO — Global Net Lease Inc., a real estate investment trust focused on the acquisition of net lease industrial properties, has acquired five industrial assets representing approximately 1.4 million square feet for $83 million. Three of the buildings are located in Michigan with one in Indiana and one in Ohio. The properties are leased to Contractors Steel Co., a steel service supplier. The industrial buildings included in this transaction comprise all of Contractors Steel Co.’s facilities and also house the company’s offices, central inventory and processing depot.
EDEN PRAIRIE, MINN. — CBRE Capital Markets has brokered the $11 million sale of City West Business Center North and South in Eden Prairie, 12 miles southwest of Minneapolis. The pair of industrial flex buildings total 172,904 square feet. Constructed in 1984, the properties feature a 67 percent office finish and a clear height of 12 feet. Tenants include Third Wave, InstyMeds, Augustine Biomedical and HRST Inc. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE represented the seller, Provident Real Estate Ventures LLC. Finke Associates Inc. purchased the assets.
CHARLOTTE, N.C. — The Meritex Co. has acquired Airpark West V, a 100,286-square-foot industrial property located three miles from Charlotte Douglas International Airport. Justin Smith and Rob Speir of Colliers International arranged the transaction on behalf of Meritex. The name of the seller and sales price were not disclosed. Airpark West V was initially constructed in 2004 and expanded in 2007. Meritex acquired the building completely vacant, and will invest in capital improvements to the property. Planned renovations include the addition of more dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites. Foundry Commercial will manage the property and handle the building’s leasing assignment.
BENSENVILLE, ILL. — Dayton Street Partners is developing a 116,000-square-foot distribution center in Bensenville near O’Hare International Airport. Black Creek Group LLC owns the property. Construction will involve the demolition of an outdated facility located at 1055 Sesame St. The new building will feature a clear height of 32 feet, 24 exterior dock doors and 137 parking spots. Construction is scheduled to begin in June with completion slated for spring 2019.
COSTA MESA, CALIF. — Pacific Industrial, along with a private equity fund advised by Crow Holdings Capital, has acquired a two-building industrial asset in Costa Mesa for $33 million. Located at 3030 and 3080 Airway Ave. and adjacent to John Wayne Airport, the 157,204-square-foot asset comprises one building occupied by the U.S. headquarters of RipCurl, and a second building that was recently vacated by Karma. The buyer plans to make interior and exterior upgrades to the vacant building. Trent Walker and Carl Johnson of Voit Real Estate Services represented the buyer in the off-market transaction.
EL CAMPO, TEXAS — Atlanta-based Ridgeline Property Group will develop SW International Gateway Business Park, a 540-acre industrial development that will be located in El Campo, about 75 miles southwest of Houston. Upon completion, the rail-served property will be able to accommodate up to 10 million square feet of Class A industrial space. Atlanta-based Stonemont Financial is funding the project, which will include warehouse, manufacturing and distribution facilities. NAI Partners will market the property. The groundbreaking is scheduled for June 19. A timetable for occupancy of the first buildings has not yet been established.
REDMOND, WASH. — CBRE Capital Markets has brokered the sale of Redmond East Business Campus, an eight-building office and flex portfolio located near downtown Redmond. A closed-end fund managed by Kennedy Wilson acquired the asset for an undisclosed price. Thomas Pehl and Lou Senini of CBRE’s Seattle office represented the undisclosed seller in the deal. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged $34.5 million in balance-sheet bank financing for the buyer. A national financial services company provided the seven-year, non-recourse, full-term, interest-only, floating-rate acquisition financing. Located at 6724-6565 185th Ave. NE and 18758-18640 NE 67th Court, Redmond East is a 292,100-square-foot, institutional quality property currently 98 percent leased to nine tenants.
SAN DIEGO — Murphy Development has broken ground for the final building at its 2.1 million-square-foot Siempre Viva Business Park in San Diego’s Otay Mesa neighborhood. Located at 8500 Kerns St., the $11.9 million Building 17 will feature 79,050 square feet, 28-foot clear heights, 2,000 amps of 277/480 volt power, manufacturing sewing and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The adjacent building, Building 18, was completed in late 2016. Located at 2600 Melksee St., the 121,970-square-foot property is partially occupied by Mainfreight USA. The development team includes Gene Cipparone as architect, K&S Engineering and Lusardi Construction. Andy Irwin and Joe Anderson of JLL have been retained to market the property for lease.