DALLAS — NAIOP has selected Majestic Realty Co. as its 2015 Developer of the Year. Headquartered in Southern California, with regional offices throughout the United States, Majestic is the largest privately held industrial developer in the country. Majestic completed nine new buildings in the past year, adding more than 6 million square feet and increasing its ownership portfolio to 78 million square feet. Majestic also recently completed a 2,000-acre land acquisition in Laredo, Texas. Majestic’s services include land acquisition, entitlement, design/construction, finance, leasing and property management.
CHESHIRE, CONN. — O,R&L Commercial has arranged the lease of 12,760 square feet at 150 Sandbank Road in Cheshire. The Rankin Group Inc. will use the industrial/flex space to expand its services in New England and the New York/Mid-Atlantic region. Rich Guarlnick of O,R&L Commercial represented the landlord, Marshall Enterprises LLC, while Tim D’Addabo of Cushman & Wakefield represented the tenant in the transaction. Additional terms of the lease were not released.
AUSTIN, TEXAS — Fashion Forms, a producer of specialty bras and accessories in the U.S., Canada and Europe, is relocating to northwest Austin from Ventura, Calif., in August. Founded by Ann Deal in 1993, Fashion Forms produces products that aim to help women wear any look with comfort, confidence and style. The company holds 14 patents and 18 trademarks for designs and Fashion Forms products are sold in more than 9,000 stores worldwide. The firm will move into a mix of office and warehouse space totaling 90,000 square feet at McNeil 1, located at 12317 Technology Blvd. Mark Emerick, John Barksdale and Darryl Dadon of CBRE’s Austin office represented the landlord, PS Business Parks. Fashion Forms represented itself in lease negotiations. McNeil 1 is now 79 percent leased.
CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.
FRANKLIN COUNTY, PA. — Kennedy Funding Financial LLC has closed a $3.4 million loan for a multi-building industrial property located in Franklin County. The two-year interest-only loan was secured by Foremost Realty Holdings, an affiliate of Foremost Industries. The lender was Foremost Realty Lender and the funding will be serviced by Kennedy Funding. The undisclosed borrower will use the proceeds to pay off an existing mortgage and secure a first lien. The collateral consists of a 260,000-square-foot, three-building property situated on 52.6 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County.
RENO, NEV. – Bi Nutraceutical has leased a 140,000-square-foot distribution space in the Reno submarket of McCarran. The space is located at 625 Waltham Way, within the Tahoe-Reno Industrial Center. Nutraceutical is the largest supplier of botanical ingredients in the U.S. The landlord, Global Logistic Properties, was represented by J. Michael Hoeck, Dave Simonsen, Steve Kucera and Michael Nevis of the NAI Alliance Industrial Properties Group.
SAN LEANDRO, CALIF. – Ferguson Enterprises has leased a 157,324-square-foot warehouse and distribution building in the Oakland submarket of San Leandro. The Class A facility is located at 1936 Fairway Drive. Ferguson has also leased a contiguous 5.8-acre parcel for its laydown yard. Once completed, it will be the residential plumbing supply company’s largest distribution hub in the region. The landlord is Prologis.
TAYLOR, TEXAS – The Taylor Economic Development Corporation (TEDC) held a groundbreaking ceremony for the construction of its new 50,000 square-foot industrial/manufacturing facility in Mustang Creek Industrial Park on July 9. Houston-based KDW is the designer and contractor of the property. The building will be available for occupancy before the end of 2015. The TEDC has started marketing the space both locally and nationally with the hopes of finding a tenant as soon as possible. TEDC plans to build a total of three buildings of this size and fill them within the next 60 months.
LANCASTER, TEXAS — Ridge Development, the industrial development arm of Transwestern Development Co., has entered a joint venture with Prudential Financial Inc. called Ridge South Dallas I LLC. The joint venture has sold a 164-acre site in the Ridge Logistics Center South Dallas to Van Trust Real Estate LLC. Located at the northeast corner of Dallas Avenue and Telephone Road in Lancaster, the tract was sold for an undisclosed amount. Van Trust Real Estate, which was represented internally in the transaction, plans to develop big-box, speculative bulk industrial buildings on the site. CBRE’s Jack Fraker represented Ridge South Dallas.
ARLINGTON, TEXAS — Bellomy & Co. has arranged the sale of Mansfield Webb Road Self Storage in Arlington. The property consists of 161 climate-controlled, non-climate-controlled and parking units in 21,760 net rentable square feet. The facility occupies three acres with room for expansion and was 70 percent occupied at closing. Bill Bellomy, Michael Johnson, John Owens and John Arnold of Bellomy & Co. marketed the property on behalf of the Omaha, Neb.-based seller. Bellomy & Co. is headquartered in Austin and has offices in Houston, Lubbock and Atlanta.