Industrial

Karma Automotive Leases 262,000 SF Manufacturing Facility in Irvine

by Nellie Day August 25, 2016

IRVINE, CALIF. — Karma Automotive has leased a 262,000-square-foot manufacturing facility in Irvine. The facility is being developed at 9950 Jeronimo Road on the site of the former Kawasaki USA headquarters. Karma will relocate from nearby Costa Mesa. Bixby Land Company acquired the space from Kawasaki in 2015 for $44.2 million. It has since been rebranded as creative work environment Habitat. Karma Automotive is owned by Wanxiang Group, which purchased Fisker Automotive’s assets in 2014. Karma recently announced its distribution strategy for the new Revero automobile, which includes an Orange County Brand Experience Center that will be housed at this new location. Kevin Leonard and George Okita of California Commercial Real Estate Services represented the automotive company. CBRE’s Gregg Haly and Jeff Carr represented Bixby in this lease transaction.

August 25, 2016

Industrial Kentucky Southeast

NAI Isaac Brokers $1.8M Sale of Industrial Facility in Lexington

by John Nelson August 25, 2016

LEXINGTON, KY. — NAI Isaac has brokered the $1.8 million sale of a 33,000-square-foot industrial facility located at 1387 E. New Circle Road in Lexington. The undisclosed buyer plans to renovate and expanding the building. Al Isaac and Jamie Adams of NAI Isaac represented the seller, McLean Properties Inc., in the transaction. David Allen of The Gibson Co. represented the buyer.

August 25, 2016

Arizona Industrial Western

Hines Purchases 820,384 SF Fulfillment Center in Goodyear for $56.2M

by Nellie Day August 24, 2016

GOODYEAR, ARIZ. — Hines has purchased Goodyear Crossing II, an 820,384-square-foot fulfillment center in Goodyear, for $56.2 million. The center is situated near the I-10 Freeway and Loop 101. It also features 15,000 square feet of office space. JLL’s Bo Mills and Mark Detmer represented the seller, Gramercy Property Trust, in this transaction.

August 24, 2016

Industrial Oregon Western

PCCP, Capstone Partners Commence Construction of 257,120 SF Logistics Center in Portland

by Nellie Day August 24, 2016

PORTLAND, ORE. — A joint venture between PCCP and Capstone Partners has commenced construction of PDX Logistics Center III, a 257,120-square-foot industrial complex in Portland. The two-building property will be situated approximately half a mile from the air cargo entrance at Portland International Airport and three miles from Interstate 205. DX Logistics Center III is designed to attract smaller, local distribution users with space needs averaging about 45,000 square feet and requiring office build-outs. Construction is scheduled for completion next August.

August 24, 2016

Industrial Office Texas

NAI Partners Brokers Sale of 24,000 SF Office/Warehouse in Houston

by Haisten Willis August 24, 2016

HOUSTON — NAI Partners has represented Panattoni Development Co. in the sale of a 24,000-square-foot office/warehouse facility located on 10.6 acres to Eagle Fabricators Inc. The facility is located at 5522 Shirley Lane in Houston. John Ferruzzo and Clay Pritchett of NAI Partners represented Panattoni Development during the transaction negotiations.

August 24, 2016

Connecticut Industrial Northeast

Binswanger Negotiates $6M Sale of 156,000 SF Industrial Facility in Connecticut

by Amy Works August 24, 2016

NEW HAVEN, CONN. — Binswanger has arranged the sale of an industrial facility located on 2.5 acres at 83 Water St. in New Haven. Amerco Real Estate Co. acquired the 156,000-square-foot property from C. Cowles & Co. for $6 million. The buyer plans to develop the facility for a combination of self-storage and vehicle rentals under the U-Haul brand. The five-story building features more than 100 surface parking spaces, original wood flooring, exposed brick and stone, and large perimeter windows, which Amerco plans to preserve. Jim Panczykowski of Binswanger represented the seller in the transaction.

August 24, 2016

Illinois Industrial Midwest

Bridge Development, Akard Street to Develop Two Industrial Buildings in Metro Chicago

by Christina Cannon August 24, 2016

SCHILLER PARK, ILL. — A joint venture between Bridge Development Partners LLC and Akard Street Partners has acquired a 10-acre parcel in Schiller Park, approximately 20 miles northwest of Chicago, for the future development of two industrial buildings. The site, located at the intersection of Rose Street and Soreng Avenue, currently features approximately 200,000 square feet of functionally obsolete manufacturing space. Bridge will demolish the buildings and develop the Bridge Point Schiller Park on the site, which will consist of an 84,700-square-foot building and a 72,825-square-foot building. The project is slated for completion by the third quarter of 2017. The buildings will feature 32-foot clear ceiling heights, ESFR sprinklers, 125-foot truck courts, one loading dock for every 3,000 square feet, above-standard car parking ratios and office space to suit. Geoff Dowling and Daniel Tobin of CTK Chicago Partners represented the seller, Hostess Brands, in the transaction. Tom Rodeno and Patrick Turner of Colliers International represented Bridge. Rodeno and Turner will market the property for lease. Hunt Realty Investments will manage the joint venture.

August 24, 2016

Industrial New Jersey Northeast

Cushman & Wakefield Negotiates Sale of 220,000 SF Industrial Property in New Jersey

by Amy Works August 23, 2016

SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has arranged the sale of an industrial property located at 51 Commerce Drive in South Brunswick. TIAA Global Asset Management purchased the 220,000-square-foot property from Ivy Equities for an undisclosed price. Situated on 14 acres, the property was fully occupied at the time of sale by Lenox, EDA International, Salesmaster Associates and Halsted Corp. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller in the deal.

August 23, 2016

Florida Industrial Southeast

Monmouth REIT Buys Industrial Facility in Metro Orlando Leased to FedEx Ground for $37.8M

by John Nelson August 23, 2016

DAVENPORT, FLA. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT based in Freehold, N.J., has purchased a 310,922-square-foot, newly built industrial building located at 5000 N. Ridge Trail in Davenport, a suburb of Orlando. Monmouth purchased the property from an undisclosed seller for approximately $37.8 million. Situated on nearly 47 acres, the property is net-leased to FedEx Ground Packaging System Inc. for 15 years. The facility is located near I-4 and two Walmart fulfillment centers totaling more than 2.3 million square feet.

August 23, 2016

Industrial Texas

M&M Brokers Sale of Two Self-Storage Properties in Metro Dallas

by Haisten Willis August 23, 2016

SAGINAW and MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Longhorn Road Self Storage and Samuell Boulevard Self Storage located in Saginaw and Mesquite, respectively. Nicholas Ling, Brandon Karr and Danny Cunningham of Marcus & Millichap’s Austin and Fort Worth offices marketed the property on behalf of the seller, a limited liability company. Ling, Karr and Cunningham also secured the buyer, another limited liability company. Longhorn Road Self Storage is located at 131 Longhorn Road in Saginaw. Built in 1984, the property includes 330 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and climate-controlled units. Samuell Boulevard Self Storage is located at 3940 Samuell Blvd. in Mesquite. Built in 1984, the property comprises 551 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and 24-hour video surveillance.

August 23, 2016

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