MURRIETA, CALIF. – A 41,472-square-foot industrial incubator property in Murrieta has sold to a private investor for $3.8 million. The two-building property is located at 26398 Deere Court and 41571 Corning Place. It was built in 2002 and is currently 96 percent occupied. The buyer funded this acquisition with proceeds from the sale of a golf course in Jurupa, Calif. The seller, Murrieta Commerce Center LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.
CITY OF INDUSTRY, CALIF. – A 26,650-square-foot industrial building in the City of Industry has sold to Mygrant Glass for $3.5 million. The concrete, tilt-up building is located at 14235 Lomitas Ave. It was built in 1980. Mygrant Glass was represented by Nick Arnst and Tom Holland of Heger Industrial, and Michael Jeppesen of IPG. The seller, Weiss Industrial Holdings LLC, was represented by Charles A. Johnson of Daum Commercial Real Estate Services.
Before raising the curtain on 2015, it is important to understand how the stage has been set. The Phoenix industrial sector continues to build for changes in the market. Local and national developers delivered 6.3 million square feet of speculative industrial warehousing in the market last year, primarily due to big box projects. While most of these projects were in the Southwest Phoenix submarket, we have seen construction in the Sky Harbor and Southeast Valley submarkets as well. The national economy continues to improve slowly, and while activity levels during the numerous projects have been steady, closed deals for large blocks of space continue to be elusive. Although net absorption was positive by the end of last year, lease transaction volumes were mostly in the 50,000 to 200,000 square feet range. This prompted developers to modify their efforts by offering to divide their big boxes to accommodate partial building tenants, where prior expectations were geared toward single-tenant, full-building occupancy. There were still several big box projects under construction by the end of last year. This includes projects by Wentworth Properties, Trammel Crow/Clarion Partners, Conor Commercial, Hillwood and several other projects in shovel-ready position. Those ready to break ground include Prologis, …
LOS ANGELES – A 33,730-square-foot industrial building in the Los Angeles submarket of Compton has sold to Perera Family Trust for $4.7 million. The building is located at 2250 S. Central. It was built in 1990. The building also includes 12,000 square feet of Class A office space. The trust was represented by David Denitz of Gateway Business Properties. The seller, M&H Capital Investments LLC, was represented by Craig Poropat and Garen Ramyan of Lee & Associates’ Los Angeles – Long Beach.
SPRINGFIELD AND SUMMIT, N.J. — NAI James E. Hanson has brokered two deals along the Route 124 commercial corridor in the northwest section of New Jersey’s Union County. In the first transaction, Gary Sauerborn and Jill Gordon of NAI Hanson represented the seller, Colvin-Friedman Realty LLC, in the sale of a 5,000-square-foot industrial facility located at 697 Morris Turnpike in Springfield. Brixmor Operating Partnership purchased the facility for an undisclosed price. In the second deal, Gordon and Thomas Ryan, also of NAI Hanson, represented landlord, Paul Schmidt, in the leasing of space to Tide Dry Cleaners at 26 Morris in Summit. The tenant, which has 12 locations throughout the county, will occupy 2,763 square feet at the location, which was previously occupied by Bank of America.
HOUSTON — NAI Partners represented Stag Industrial Holdings LLC in the acquisition of a 185,000-square-foot manufacturing building located on 16.8 acres at 1020 Rankin Road in Houston. STAG Industrial is a real estate company focused on the acquisition, ownership and management of single-tenant industrial properties. John Ferruzzo and Clay Pritchett of NAI Partners represented the buyer, STAG Industrial, while Bill Rudolf and Gray Gilbert of CBRE represented the seller, Texas Best Land LP, in the transaction.
ELGIN, ILL. — Zilber Property Group has sold a 110,000-square-foot industrial facility in Elgin to Bucher Hydraulics. The property is located at 2545 – 2555 Northwest Parkway. The facility includes 24-foot clear ceiling heights. Adam Marshall of Newmark Grubb Knight Frank represented Bucher Hydraulics in the sale. Joe Bronson of NAI Hiffman represented Zilber Property Group.
BOLINGBROOK, ILL. — Iris Construction Services (ICS) has completed a 35,000-square-foot expansion for an industrial warehouse in Bolingbrook. BC Foods occupies the warehouse space located at 485 Crossroads Parkway. Renovations included the addition of a new demising wall, drive-in door, lighting and other general improvements. This is the third project ICS has completed for BC Foods at the facility.
BREA, CALIF. — Clarion Partners and Pacific Industrial have purchased 17.6 acres in Brea for an undisclosed sum. The land is located at 1225 West Imperial Highway. The partners plan to redevelop the site to build a 367,194-square-foot logistics and distribution facility. The Class A facility will be known as Imperial Distribution Center. The center will feature 36-foot minimum clearance, 55 dock-high doors, a fully concrete truck court, 3 percent skylight coverage and 4,976 square feet of office space.
ATLANTA — Trammell Crow Co. and Allstate have acquired a 44-acre land site in the South Atlanta industrial submarket to develop a new industrial park. King Mill Distribution Park will be an 846,496-square-foot, Class A distribution center built on a speculative basis. Located along I-75 in Henry County, the industrial building will feature 36-foot clear heights, trailer storage, employee vehicle parking and two separate entrances. Jeff Torto and Mike Everly of CBRE Global Investors are co-portfolio managers with Allstate in the development. Trammell Crow expects construction to start in the spring and wrap up by the end of the year.
