WACO, TEXAS — The Sherwin-Williams Cos. plans to expand its Waco presence with the construction of a 600,000-square-foot distribution facility in the Waco International Aviation Park. Sherwin-Williams will invest $39 million, including a 49-acre land acquisition, personal and real property. The facility will retain 264 full-time positions and is expandable to at least 800,000 square feet. The company currently occupies 440,000 square feet in Texas Central Park, also located in Waco. Sherwin-Williams established its first Waco distribution facility in 1989.
BROADVIEW, ILL. — Darwin Realty has brokered the sale of three flex buildings in Broadview, a western Chicago suburb. Real Trucking, a subsidiary of Real Group LLC acquired the assets from an undisclosed seller. The facilities total 101,903 square feet. The first building is a 59,343-square-foot facility located at 2001 W. Cermak Road. This asset sold for $1.9 million. The second property is located at 2900 S. 21st Ave. and is 25,600 square feet. The building sold for $995,000 and features three drive-in doors and 18-foot clear heights. The third facility at 2100 W. 21st Street is 16,950 square feet. This asset also has three drive-in doors and 18-foot clear heights. Real Trucking paid $595,000 for the building. Dan Fanelli of Darwin represented both parties in the transaction.
PEARL, MISS. — NAI UCR Properties has brokered the $2.9 million sale of a 100,000-square-foot retail/warehouse facility in Pearl, a suburb of Jackson. The vacant property was originally a build-to-suit for a wholesale furniture retailer and featured a showroom and distribution center. The property is close to the intersection of I-55 and I-20 near the Jackson International Airport. Amerco Real Estate Co., which provides development and real estate services for U-Haul, purchased the facility and was self-represented in the transaction. Micah McCullough and Brett Bailey of NAI UCR Properties represented the seller.
PHOENIX — BKM Capital Partners has purchased the Koll Cotton Center, a 225,435-square-foot industrial business park in Phoenix, for $26 million. The seven-building center is located one mile south of Phoenix Sky Harbor International Airport. It was 77 percent occupied at the time of sale. JLL’s Mark Detmer and Bo Mills represented the seller, Clarion Partners.
GRAND PRAIRIE, TEXAS — Cabot Properties, a private equity real estate investment firm located in Boston, and Stream Realty Partners, a national real estate services, development and investment firm, have begun construction on Trinity Crossing, a 322,853-square-foot industrial development in Grand Prairie. The two-building, master-planned development is located at the intersection of Roy Orr and Trinity boulevards on an 18.4-acre site. A 144,187-square-foot rear-load building and a 178,655-square-foot front-load building will accommodate tenants from 35,000 to 175,000 square feet. Cannon Green of Stream’s Dallas industrial team will oversee the development of the project. Green will team with Luke Davis, also of Stream, to market and lease the project. Steve Riordan of Stream’s construction division will manage the project through completion. The project is expected to deliver in the second quarter of 2016.
CARLSTADT AND ELIZABETH, N.J. — Private equity firm Sitex Group recently closed on a 30,000-square-foot warehouse facility located at 620 Gotham Parkway in Carlstadt. The building has an above-standard parking ratio and is 100 percent air-conditioned. Sitex plans to make several upgrades to the property, including updating the façade, office space, lighting and sprinkler systems. The seller was a private investor. JLL’s David Knee and Gary Politi brokered the sale. JLL will stay on to oversee leasing. The sales price was not disclosed. Sitex has also purchased a 43,000-square-foot, multi-tenant warehouse located at 429-449 Schiller St. in Elizabeth. The property, which is 90 percent leased, comprises small units (ranging from 3,000 to 8,500 square feet) with a large trailer parking area. It is located near the Port of Newark/ Elizabeth and Newark’s Liberty International Airport. Sitex plans to improve the property by updating the building’s exterior and truck parking/loading areas. Bussel Realty’s Jordan Metz brokered the sale and has been retained by Sitex to oversee leasing. The sales price was not disclosed.
CLARK, N.J. — Cushman & Wakefield has raised an $18.5 million senior mortgage loan and served as advisor to a joint venture between Denholtz Associates and MB1 Capital Partners for the acquisition of a mixed-use portfolio located in Clark. The portfolio is situated on 21-acres of infill retail and industrial improvements located just off exit 135 of the Garden State Parkway. The portfolio is currently 96.5 percent leased with L’Oreal serving as the anchor tenant. Washington Trust Co. provided the five-year financing. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Andre Hass served as exclusive advisors on this transaction.
COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.
GRAYSLAKE, ILL. — Principle Construction Corp. is nearing completion on two new industrial buildings totaling 70,000 square feet in Grayslake, approximately 50 miles north of Chicago. The facilities will serve as an administrative, maintenance and shipping campus for SAIA LTL Truck Lines and will be located at 2260 S. Midlothian Road. The buildings will be ground-up construction situated on 33 acres. The first building will be a 51,000-square-foot structure that will include 100 truck docks, 16-foot clear heights and 9,560 square feet of office space. The second building will also feature 16-foot clear heights, 19,000 square feet of shop and maintenance space, a fueling facility, six trailer service bays, six tractor service bays and two wash bays. The 33-acre site will also include an automatic snow scraper, truck scale, and parking for 94 cars, 294 trailers, 34 tractors and 30 dollies. Principle broke ground earlier this year and expects construction to be completed in November. Ken Lattanzi of Principle is the project manager. Christian Architects is the project designer. Jim Kueck of Cushman & Wakefield is representing SAIA.
WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 20,718-square-foot industrial building in West Allis, a western Milwaukee suburb, for an undisclosed price. The property is located at 6309 W. Greenfield Ave. WFF I LLC purchased the building from Horizon Enterprises LLC. Cale Berg of The Dickman Co. represented the buyer. Nicholas Flemma of CBRE represented the seller.