EAST HARTFORD, CONN. — Sentry Commercial has brokered the sale and acquisition of an industrial property located at 60 Meadow St. in East Hartford. Arthur J. Hurley Co. purchased the 52,214-square-foot facility for $1.5 million from New Boston Fund. The electrical wire and cable distribution company plans to expand operations into the property this fall. Sentry Commercial was the sole broker in the transaction.
LOS ANGELES – Rexford Industrial has purchased a two-building industrial portfolio in the Los Angeles submarket of Lynwood for $22 million. The center is located at 2588 and 2605 Industry Way. It contains a total of 164,662 square feet. Rexford worked with the primary tenant, which had exercised its purchase right of first refusal, to acquire the properties in a long-term sale-leaseback secured by a credit tenant.
SANTA ANA, CALIF. – Robinson Pharma has signed a 10-year lease for a 126,796-square-foot industrial manufacturing/warehouse building in Santa Ana. The space is located at 2811 So. Harbor Blvd. The building is now fully occupied. This transaction represents one of the largest lease transactions in Orange County this year, according to Marc Belluomini of CT Realty, the building’s landlord. The firm is currently finishing interior and exterior refurbishments to reposition it as a corporate headquarters facility for Robinson Pharma. The supplement and soft-gel manufacturer was represented by CBRE’s Bob Goodmanson. CT Realty was represented by Dale Camera and Jim Snyder of Lee & Associates.
PASADENA, TEXAS — NAI Partners represented Bart Industries LP in leasing 30,000 square feet of new industrial space located at 1605-A Genoa Red Bluff in Pasadena. John Ferruzzo and Chris Kugle of NAI Partners represented the landlord, Bart Industries, while Leigh Anne Ahr of Proximity Real Estate Advisors represented the tenant, WLSC Incopro LLC.
CARROLLTON, TEXAS — Variosystems Inc. has purchased a 14,550-square-foot light industrial building in Valwood Industrial Park for its international headquarters. The electronics service company is planning to relocate in 60 to 90 days to 1628 Valwood Parkway in Carrollton from its current leased space in Southlake. Variosystems has acquired a former call center on nearly 3.5 acres from Global Harvest Church, which was represented by George Tanghongs of Lee & Associates. The property is located near I-35, I-635 and the George Bush Turnpike and was developed in 1986. The air-conditioned tech space will be retooled to include employee areas. Founded in 1993, Variosystems specializes in engineering and global project management. It employs more than 1,100 professionals in the U.S., Switzerland, Sri Lanka and China.
WESTLAND, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an industrial building located at 38309 Abruzzi Drive in Westland. Abruzzi Properties LLC sold the 14,200-square-foot property to Sriraj Holding LLC for an undisclosed price. Canada-based NutraNorth, a manufacturer and packager of vitamins and supplements, is the parent company of the buyer. This acquisition is the company’s first American venture. Bob Frank of Friedman represented the seller in the transaction.
IRVINE, CALIF. – AREO Inc. has signed a five-year lease renewal for 44,253 square feet of manufacturing and distribution space in Irvine. The space is located at 15041 Bake Parkway. The home accent products and eco-friendly housewares manufacturing and distribution company was represented by Jeff Saywitz of the Saywitz Company. The landlord, Buckhead Phoenix, was represented by CBRE’s Greg Haly.
PHOENIX – ViaWest Group has acquired a 72,129-square-foot industrial building in Phoenix for $3 million. The building is located at 77 N. 45th Ave. The building, known as Riverside Industrial, is situated just south of a full diamond interchange at the I-10 freeway, with immediate access to 43rd and 51st avenues. It is fully leased. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of DTZ will continue leasing the property. The group also represented the seller, Cordia Capital Management, in this transaction.
The Colorado Springs industrial real estate market continues to rebound with a decrease in vacancy to 8.1 percent, an increase in the average asking rate to $6.19 per square foot (NNN) and a net positive absorption of 199,101 square feet. Along with these improvements, there has been a healthy number of owner/user acquisitions in the industrial market that has created a more competitive market for both tenants and owner/user buyers over the past year. Colorado Springs will also soon benefit from Sierra Nevada Corporation’s recent decision to construct its new $88-million hangar facility at the Colorado Springs Airport, a development that will significantly aid the city’s struggling southeast submarket. Designed as a 90,000-square-foot facility, construction is slated to begin in early 2016. The company estimates it will create about 2,100 new jobs. The city will further benefit from the formation of a new 225,200-square-foot FedEx distribution facility currently scheduled to open in 2016 These new developments reflect the abundance of opportunities and land options near the airport in the southeast submarkets, with available sites ranging from small sites of less than an acre to sites larger than 50 acres. The southeast area also offers a wide range of office/warehouse flex …
SEATTLE – A three-building portfolio of light manufacturing, flex and distribution space has sold to Industrial Property Trust Inc. for $11.2 million. The portfolio contains a total of 138,296 square feet throughout the Seattle/Puget Sound region. It includes buildings I, III and V in the West Valley Distribution Center, located at 72nd Ave. South. Buildings I and V are fully leased. West Valley III is a vacant flex facility. The seller, a partnership between ScanlanKemperBard Companies and funds managed by Oaktree Capital Management, was represented by HFF’s Nicholas Kucha and James Childress. The transaction was co-brokered by Wilma Warshak of Washington Real Estate Advisors.
