NEW YORK CITY — TerraCRG has brokered the sale of a commercial loft building, which is located at 73 Washington Ave. in Brooklyn’s Clinton Hill/Navy Yard neighborhood. The 9,000-square-foot vacant building sold for $2.5 million or $278 per square foot. The property is situated in the Brooklyn Tech Triangle, which consists of Brooklyn Navy Yard, Dumbo and Downtown Brooklyn. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.
Industrial
ORLANDO, FLA. — McCraney Property Co. has begun construction on its Bent Oak Industrial Park project, a 700,000-square-foot, Class A warehouse and distribution center property in south Orlando. McCraney Property formed a joint venture partnership with Clarion Partners LLC for the project. The development will include a 480,000-square-foot distribution center known as Building 100, and Building 200 will be a 220,000-square-foot distribution center. Bodek and Rhodes, a national apparel distributor, signed a 10-year, 200,000-square-foot lease for Building 100. McCraney and Clarion expect the development to be delivered in the first quarter of 2015. Matthew Sullivan, Wilson McDowell and Bobby Isola of Cite Partners are marketing the Bent Oak project.
HALETHORPE, MD. — AEW Capital Management LP and Redgate Capital Partners have teamed up to develop Hollins Ferry Logistics Center at 4803 Hollins Ferry Road in Halethorpe, about seven miles south of Baltimore. Hollins Ferry is a 285,000-square-foot distribution center that is scheduled to break ground by the fourth quarter of 2014 and be delivered in 2015. Jarred Testa and Tilghman Herring of Cassidy Turley have been named exclusive leasing agents for the project. The project will feature 32-foot clear heights, an ESFR sprinkler system and trailer storage.
PONTOON BEACH, ILL. — PCCP LLC has formed a joint venture with TriStar Properties to acquire 45 acres of land for the development of a 673,000-square-foot industrial building in Pontoon Beach, Ill., approximately 14 miles northeast of St. Louis, Mo. Development of the Class A industrial warehouse building will begin this summer. The building will include 32-foot clear heights, cross-docks, 172 trailer spaces, up to 264 car parking spaces and an ESFR system. The project is slated for completion in February 2015. The site is within Gateway Commerce Center, a fully leased, 2,000-acre industrial park that includes major tenants such as Procter & Gamble, Hershey’s and Unilever. TriStar Properties is the master developer of Gateway Commerce Center.
CAROL STREAM, ILL. — Cushman & Wakefield has arranged a long-term, 185,000-square-foot industrial lease in Carol Stream, approximately 35 miles west of Chicago. Diamond Marketing Solutions, which creates data-driven communications in print and digital response media, leased the space within the Carol Point Business Park located at 900-910 Kimberly Drive. The lease brought the 275,000-square-foot industrial property to 100 percent occupancy. Britt Casey and Chris Lydon of Cushman & Wakefield's Rosemont, Ill., office represented the property owner, TA Associates Realty. John Gearen of Nicolson, Porter & List served as tenant broker in the transaction. Diamond Marketing Solutions is relocating its headquarters to the property from Bloomingdale.
BETHEL TOWNSHIP, PA. — Dermody Properties and Granite Real Estate Investment Trust have broken ground for the construction of a new industrial facility within Berks Park 78 in Bethel Township. Located at 41 Martha Dr., the property will feature 750,000 square feet of state-of-the-art industrial warehouse and distribution space, including 36-foot clear heights, 316-car parking lot and 322 trailer parking spaces. Dermody Properties is serving as the developer and operating partner, while Granite is the majority equity partner on the project.
SAN DIEGO – A 115,290-square-foot industrial building in the San Diego submarket of Otay Mesa has sold to Niceride 1 LLC for $8.1 million. The building is located at 8851-8877 Kerns Street within the master-planned Siempre Viva Business Park. Otay Mesa Leasing recently signed a new 10-year lease at the park. The building will serve as the firm’s corporate headquarters. Regan Tully of Cassidy Turley’s Otay Mesa office represented both Niceride and the sellers, JJB Silverhawk, LP and VCH No. 1 LP, in this transaction.
GOODYEAR, ARIZ. — Schoeller Arca Systems has leased 77,046 square feet of space at Goodyear Crossing Industrial Park. The park is located at 3801 S. Cotton Lane in Goodyear. The Netherlands-based plastic injection molding manufacturer leased this warehouse and distribution space because it is situated across from its 150,000-square-foot manufacturing facility. Schoeller Arca Systems represented itself in this transaction, while the landlord, Duke Realty, was represented by Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office.
BUENA PARK, CALIF. — Manhattan Beachwear has leased a 191,000-square-foot warehouse and distribution facility in the Orange County submarket of Buena Park. The new space is located at 6300 Valley View Street, near the 5 Freeway and Route 91. It will allow the swimwear retailer to consolidate three of its existing locations. The distribution center was built in 1976. It received significant upgrades in 2006. Manhattan Beachwear was represented by Rooney Daschbach and Eric Daschbach of Cushman & Wakefield. The unnamed landlord was represented by Richard Ellison and Randy Ellison of the same firm.
ROSEVILLE, MINN. — Meritex has broken ground on the Highcrest Distribution Center, a 130,000-square-foot industrial project in Roseville, a suburb of Minneapolis. The property is located at 2400 Terminal Road. The project will have 32-foot clear height ceilings, up to 40 dock doors, ESFR sprinkler system, and can be subdivided to accommodate smaller tenants. The building will also have access to the Minnesota Commercial Railway. The project will be ready for occupancy in November 2014. Pope Architects designed the project. R.J. Ryan is the general contractor. Matt Oelschlager, John Ryden and Mike Bowen of CBRE are marketing the property for lease. The 9-acre development site was part of a larger 42-acre site that Meritex began marketing to users in 2009.