THOMASTON, GA. — Coldwell Banker Commercial Eberthardt & Barry Inc. has brokered the sale of a 433,000-square-foot industrial property in Thomaston. The buyer, Australasia Holdings LLC, plans to lease the building to a third-party logistics provider servicing nearby cabinet manufacturers, as well as a national appliance manufacturer. Situated on an 80-acre site beside the Upson County Reservoir, the property was originally built in 1994 as a textile manufacturing and distribution facility for Thomaston Mills. Atlantic Lakeside Properties, a paper products company, purchased the asset in 2004 and leased it to manufacturers for the next 10 years before closing its doors in 2014. Art Barry III of Coldwell Banker Commercial Eberthardt & Barry brokered the transaction.
HAZELWOOD, MO. — A joint venture of Tiger Capital Group and New Mill Capital Holdings has acquired the former Printpack printing plant in Hazelwood, a second-ring suburb of St. Louis. The 260,000-square-foot plant, previously used for light manufacturing and distribution, was built in 1961. The New York-based firms are currently exploring options for redeveloping the 30-acre site for new manufacturing or distribution uses, with incentives available to those bringing business to the city. The new owners plan to auction off the remaining machinery and equipment on-site early in the first quarter of 2017, but will be working with prospective tenants in the interim. Denton Shamburger of Lincoln Property Company represented Printpack. The buyer was unrepresented.
In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …
NEW YORK CITY — Rubenstein Partners and Heritage Equity Group have broken ground for 25 Kent Avenue, an office and industrial property located in Brooklyn’s Williamsburg neighborhood. The eight-story, 500,000-square-foot property will occupy an entire block adjacent to the East River waterfront. The development, which received $197 million in construction financing in August, is designed for the city’s creative and tech sectors and will offer modern office and production space tailored to tenants’ needs. Wells Fargo Bank and Natixis Real Estate Capital provided the loan for the project.
PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.
RENO, NEV. — Westcore Properties has purchased a 12-property industrial portfolio in Reno for $54.5 million. The portfolio contains a total of 1.17 million square feet. The acquisition marks Westcore’s entry into the Reno marketplace. The properties included in the transaction range in size from 11,200 square feet to 210,215 square feet. The portfolio is 92 percent leased by 53 tenants, which primarily use the properties for distribution space. HFF’s Anthony Brent, Ryan Martin and Scott Pertell represented the seller, GLP US, in this transaction.
BRISTOL, PA. — Carson Companies has purchased an eight-building industrial portfolio in Bristol for an undisclosed price. Located within Keystone Industrial Parks, the assets, totaling 475,910 square feet, are 2530 and 2578 Pearl Buck Road, 2524 and 2554 Ford Road, 160, 171 and 219 Rittenhouse Circle, and 130 Wharton Road. Ranging from 31,000 square feet to 112,000 square feet, the properties were collectively 40 percent occupied at the time of sale. Tenants include FedEx, Philadelphia Media Network, Vivint Solar and Autopark International. Gerry Blinebury, Jeff Williams and Robert Yoshimura of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
GREER, S.C. — Liberty Property Trust has broken ground on Caliber North, a 171,600-square-foot warehouse situated within the Caliber Ridge industrial park in Greer. Located at I-85 and Green Road, the warehouse is situated near the BMW Manufacturing Plant and the South Carolina Inland Port. Set for an April 2017 completion, Caliber North will feature 7-inch concrete slab floors and 36-foot clear heights, the first warehouse in the market built to those specifications. The project team includes architect MCA Architecture, civil engineer blueWATER Civil Design and general contractor Harper Corp. Jaime Maldonado of Liberty Property Trust is Caliber North’s project manager, and Liberty’s Bryan Blythe is teaming up with Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer to market the project. Liberty is planning to build a second property at the site totaling 94,500 square feet.
VICTORVILLE, CALIF. — Stirling Capital Investments has completed construction on a 447,740-square-foot industrial facility within Southern California Logistics Centre in Victorville. The facility, known as Building 13B, was built in 19.3 acres within the 2,500-acre commercial and industrial complex. Arden Cos. has pre-leased 211,000 square feet at Building 13B, and Newell Brands leased the remaining space. Southern California Logistics Centre is entitled for 60 million square feet of development.
KENT, WASH. — BKM Capital Partners has purchased Andover Executive Park, a 181,163-square-foot industrial business park in the Kent submarket of Tukwila for $19.8 million. The park is located at 400-774 Industry Drive. BKM plans to implement a series of capital improvements to the business park, which was built in 1974. Upgrades will include the buildings’ roofs, exterior paint, landscaping, facades and signage. CBRE represented the seller, ScanlanKemperBard, in the transaction.