CLINTON TOWNSHIP, MICH. — FM Capital has acquired a $2.8 million non-performing loan that is secured by three K&S industrial buildings in Clinton Township, approximately 25 miles northeast of Detroit. The three facilities total 54,000 square feet and were constructed between 1989 and 2002.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an industrial/office building located at 14-29 112th St. in the College Point neighborhood of Queens. Excavators Union Local 731 acquired the asset from RJB Realty LLC for $4.2 million, or $200 per square foot. The two-level building features 21,058 square feet of industrial and office space. Located within a M1-2 zone, the property also features up to 14,002 square feet in air rights. Stephen Preuss of Cushman & Wakefield represented the seller in the transaction.
ARLINGTON, TEXAS — Ridge Development, the industrial development arm of Transwestern Development Co., will break ground in the second quarter of 2016 on Park 20/360, a speculative, 1.6 million-square-foot industrial park in Arlington. The location feeds into the Great Southwest Industrial District, one of the largest individually platted industrial districts in the country. A joint venture between Invesco and Ridge Development owns the 119-acre project. Phase I will consist of four buildings totaling 1.2 million square feet and is expected to be complete in the first quarter of 2017. Phase II will also include four buildings and will total 356,060 square feet. It is scheduled to break ground in the third quarter of 2017 and be completed in the second quarter of 2018. Transwestern’s Joe Rudd and John Brewer are providing leasing services. Park 20/360’s buildings will accommodate users from 20,000 square feet to 715,000 square feet. Alliance Architects Inc. is the project’s architect, Pacheco Koch Consulting Engineers is the civil engineer and Professional Services Industries Inc. will handle geotechnical and environmental aspects of the project.
MISSOURI CITY, TEXAS — Conor Commercial Real Estate and joint venture partner USAA Real Estate Co. have completed Phase I of Gateway Southwest Industrial Park. The multi-building development is located in Missouri City, a southwest suburb of Houston. Situated on 36 acres at the interchange of Beltway 8 and U.S. 90 Alternate, the business park provides visibility along both highways. Phase I includes two Class A, speculative industrial buildings designed to provide warehouse and distribution services for single- or multi-tenant configurations. Building 1 is a 131,560-square-foot facility with 28 dock doors and divisibility to 31,460 square feet. The 217,440-square-foot Building 2 offers a cross-dock design with 66 dock doors and tenant suites from 54,360 square feet. Phase II of Gateway Southwest Industrial Park will consist of Building 3, located on a site that can accommodate up to 176,800 square feet. Edward Bane and Jon Michael of Bridge Commercial Real Estate represented Conor Commercial/USAA Real Estate in the land acquisition, and serve as marketing agents at the new industrial business park. Cadence McShane Construction Co. and Powers Brown Architecture provided the design/build construction services.
ROWLETT, TEXAS — Bart Dickinson of NorthMarq Capital’s Dallas office has secured the $4.4 million, 25-year refinancing of Lone Star Self-Storage, an 86,249-square-foot self-storage facility located in Rowlett. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Carriage Point Mango has purchased a 27,000-square-foot industrial facility located at 20221 Carriage Point Drive in Houston. Patrick Wolford and Ryan Searle of Lee & Associates Houston represented the seller, 1705163 USA Inc., in the transaction. Mike Whitsell of Mike Whitsell & Associates LLC represented the buyer.
LOWER NAZARETH, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have acquired a 90-acre site located at 4815 Hanoverville Road in Lower Nazareth for the development of Lehigh Valley Trade Center. Construction is slated to begin later this month for two Class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Building A will comprise 947,000 square feet with cross-dock loading, 36-foot clear heights, the capacity for more than 240 loading dock doors, and ample car and trailer parking. The second building will total 297,000 square feet and will feature rear loading and 32-foot clear heights. Clarion Partners acquired the property on behalf of a commingled fund that it manages.
LOCKPORT, ILL. — RJW Logistics has signed a 512,265-square-foot lease for a distribution facility in Lockport, approximately 35 miles southwest of Chicago. ML Realty Partners LLC owns the building located within the Heritage Crossing Corporate Center, a 228-acre business park. The facility is located at 14908 S. Gougar Road and features 32-foot clear heights. There are a total of 12 buildings planned for the Heritage Crossing Corporate Center. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented ML Realty Partners in the transaction. Dominic Carbonari of JLL represented RJW Logistics.
NORTHBROOK AND BARTLETT, ILL. — Brown Commercial Group has brokered the sale of two industrial buildings. In the first transaction, Bill’s Plumbing acquired a 17,290-square-foot building located at 1855 Holste Road in Northbrook, approximately 25 miles northwest of Chicago. The plumber is expanding from a 2,600-square-foot space in Skokie. Trinity Scurto of Brown Commercial represented the buyer, and Juanita Song of Coldwell Banker represented the seller. In the second deal, Care Investments LLC sold a 2,642-square-foot industrial facility to an undisclosed buyer. The building is located at 1292 Humbracht Circle in Bartlett, approximately 35 miles west of Chicago. Brian Lindgren and Dan Brown of Elk Grove, Ill.-based Brown Commercial represented the seller, and Dan Smolensky of Taurus Modal Group represented the buyer. Financial terms of the transactions were not disclosed.
HOUSTON — Communications Test Design Inc. has leased a 114,467-square-foot industrial facility located at 6215 West by Northwest Blvd. in Houston. Mike Spears of Lee & Associates’ Houston office represented the tenant in the lease transaction. Ed Frantz from CBRE represented the landlord, DCT West by Northwest LP.
