SAUGET, ILL. — Monmouth Real Estate Investment Corp. has acquired a 198,773-square-foot industrial building in Sauget for $15.2 million. The property is located at 1602 Vincent Drive and is situated on approximately 33 acres, four miles east of downtown St. Louis. The new Class A, built-to-suit distribution center is net leased for 15 years to FedEx Ground Package System Inc., a Delaware corporation. This transaction marks the second acquisition for Monmouth for fiscal year 2015, which began Oct. 1, 2014. During fiscal 2014, the company acquired $97.4 million in new Class A industrial properties totaling 1.5 million square feet.
HOUSTON — Mitsubishi Caterpillar Forklift America Inc. has expanded, moving into 15,870 square feet of warehouse space located at 1812 Brittmoore Road, Suite 200, in Houston. Jon L. Michael and Ed Bane of NAI Houston arranged the transaction on behalf of the landlord, IndCor Properties Inc. Jeff Klaasen of Kwekel Cos. represented the unnamed tenant.
SAN DIEGO – McDonald Property Group and an entity owned by First Industrial Realty Trust have announced plans to develop La Pacifica II, a 237,275-square-foot industrial park in Oceanside. The $26-million project will be the first speculative industrial construction to occur in North San Diego since 2008, according to the developers. The three-building project will be located on a 15.8-acre site within the master-planned Ocean Ranch business park. It will be situated off Interstate 5 and Oceanside Boulevard. Ocean Ranch is also home to Coca Cola, Taylor Made and Genentech, among others. US Foods and FedEx will soon occupy space within the immediate area as well. The new project will feature three light warehouse manufacturing buildings that contain 108,413 square feet, 63,262 square feet and 65,600 square feet. This will be the first development project for McDonald Property Group, a company formed by Bruce McDonald in 2013. First Industrial Financing Partnership acquired the fully improved and entitled site from La Pacifica 2-Ocean Ranch LLC, an entity owned by Cruzan Monroe Investments, this past September for $9.6 million. La Pacifica 2-Ocean Ranch was represented by Aric Stark and Dennis Visser of Cassidy Turley in the sales transaction. The land was sourced …
CORTLAND, N.Y. — Binswanger has arranged the sale of a single-story industrial facility located at 3690 Luker Road in Cortland. Situated on approximately 24 acres, the 131,580-square-foot facility features an open floorplan, clear ceiling heights to more than 21 feet, wide-column spacing and heavy infrastructure loading, including 12,500-amp electrical service. Forkey Construction and Fabricating Inc. purchased the property, which was constructed in 1989, from BorgWarner Inc. for an undisclosed price. Jim Panczykowski of Binswanger’s New Haven, Conn., office brokered the transaction.
RAHWAY, N.J. — Terreno Realty Corp. has acquired an industrial property located in Rahway for approximately $7.2 million. Situated on 4.3 acres at 900 Hart St., the 84,000-square-foot building features eight dock-high and one grade-level loading positions. Additionally, the property is 52 percent leased to one tenant. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. Additional details of the transaction were not disclosed.
HAYWARD, CALIF. — KTR Capital Partners has acquired seven out of the eight buildings comprising the Hayward Corporate Center for an undisclosed sum. The high-tech R&D/flex space is located at 29902-20991 Cabot Blvd. in Hayward. The transaction contains a total of 208,420 square feet. The unnamed seller was represented by Steve Hermann and Robert Gilley of Cassidy Turley.
FOUNTAIN INN, S.C. — Pattillo Industrial Real Estate has broken ground on a 205,000-square-foot speculative industrial facility, located on a 40-acre site at 141 Southchase Blvd. in Fountain Inn, roughly 20 miles southeast of Greenville. The Class A asset will be located in SouthChase Industrial Park and will be expandable up to 330,000 square feet. SouthChase Industrial Park is currently leased to 14 tenants, including Bosch Rexroth, W.W. Grainger, AVX Corp., Southeastern Products and Stueken. The new building will feature 30-foot clear heights, a 180-foot truck court, 45 dock positions, T5 lighting and an ESFR sprinkler system. Pattillo expects to deliver the facility in mid-2015. The developer has tapped NAI Earle Furman to lease and market the property.
STERLING, VA. — NAI KLNB has brokered four leases totaling 180,000 square feet at Airport Commerce Center, a five-building, 408,000-square-foot industrial park in Sterling, near the North Gate of Washington-Dulles International Airport. With these four lease transactions, the industrial park is now 100 percent occupied. Marc Tasker and Kevin Goeller of NAI KLNB represented the owner, Deutsche Asset & Wealth Management, in all four lease transactions. The leases consisted of Eastern Motors signing a lease for 77,488 square feet at 22705 Commerce Center Court, with Bob Gibbs of CBRE representing the tenant; ViON Corp. signing a lease for 42,766 square feet at 22704 Commerce Center Court, with Chet Rao of NGKF representing the tenant; Cardinal Bakery signing a lease for 36,122 square feet at 22704 Commerce Center Court, with Bob White of Landmark Commercial representing the tenant; and Simplex Grinnell signing a lease for 23,787 square feet at 22712 Commerce Center Court.
ALLEN, TEXAS — Lee & Associates has negotiated the sale of 7.5 acres of land located at 301 Ridgemont Drive in Allen, a suburb of Dallas. George Tanghongs and Brett Lewis of Lee & Associates represented the seller, Okmetic. IntellEPI, a supplier of epitaxy-based semiconductor wafers to the electronics and optoelectronics industries, was the buyer.
JESSUP AND SAVAGE, MD. — CBRE has brokered the $27 million sale of three industrial facilities totaling 429,100 square feet in the Baltimore-Washington Corridor. The portfolio of properties is located at 8263-8265 Patuxent Range Road in Jessup and 8700 Larkin Road in Savage. An affiliate of Industrial Property Trust Inc. purchased the three assets from Colony Realty Partners. Bo Cashman, Jonathan Beard and Mike Roden of CBRE’s Baltimore office brokered the transaction.