ALEDO, TEXAS — Marcus & Millichap has arranged the sale of a 6,000-square-foot, net-leased property occupied by Dr. Pepper – Snapple in Aledo, 20 miles west of Fort Worth. Chris Gainey and Philip Levy with Marcus & Millichap marketed the property on behalf of the seller, a private investor. Levy and Gainey also secured the buyer. The industrial building is located at 700 Bear Cat Road. The lease is a five-year, double-net lease with a corporate guarantee from American Bottling Co., a subsidiary of Dr. Pepper Snapple Bottling Group.
Industrial
WHITE SETTLEMENT, TEXAS — Lee & Associates has arranged the sale of a 45,200-square-foot industrial space located at 801 Ozona Ave. in White Settlement, just west of Fort Worth. Becky Thompson with Lee & Associates’ Dallas/Fort Worth office represented the landlord, Edward Whiting. Transwestern represented the tenant, Traylor Investments Ozona LLC.
FRANKLIN, MASS. — EMC Corp. has renewed its 192,000-square-foot lease at TIAA-CREF’s industrial building in Franklin. The company will continue to occupy the entire facility, which is located at 109 Constitution Blvd. Constructed in 2000, 109 and 111 Constitution Blvd. consist of 192,000 square feet each and are both fully occupied. The high-bay warehouse buildings feature state-of-the-art design and construction and offer 30-foot clear heights, ESFR sprinkler systems and excellent loading capabilities. John Lashar, Paul Leone and Danielle DeMarco of Transwestern | RBJ represented TIAA-CREF, which also owns 111 Constitution Blvd., in the transaction. Jack Burns and David Ross of Cresa Boston represented EMC Corp.
MCKINNEY, TEXAS — NAI Robert Lynn represented C-III Asset Management LLC, a subsidiary of C-III Capital Partners, in the sale of an industrial warehouse and distribution center located at 3000 Redbud Blvd. in McKinney, 30 miles north of Dallas. Saskaway Management Group was the buyer. Dave Peterson, Rick Medinis and Mark Miller with NAI Robert Lynn represented C-III in the transaction. The 888,096-square-foot facility sits on 48 acres of land, formerly the headquarters of Blockbuster Inc. The building was sold after sitting vacant for two years.
DALLAS — KeyBank Real Estate Capital has provided a $55.2 million loan for the acquisition of a portfolio of 10 Class A industrial buildings in four metro Dallas industrial parks. The 1.5 million-square-foot portfolio, which is 97 percent occupied, includes 39 tenants. Financing was structured as a non-recourse, fixed-rate balance sheet first mortgage and placed with a third party investor.
PLANO, TEXAS — The Dallas-Fort Worth office of Colliers International assisted a group of tenant-in-common (TIC) owners, represented by First Guardian Group, with the sale of a three-building industrial portfolio in Plano. Cobalt Capital Partners bought the property. Two of the buildings are located at 3301 and 3501 E. Plano Pkwy., while the other building is located at 1100 Klein Road. The properties together are known as Plano Tech Center and total 257,864 square feet of office and warehouse space. Lizzy Blake and the capital markets team at Colliers worked on the transaction.
DALLAS — CBRE has brokered the sale of the DB Schenker logistics campus on behalf of an undisclosed seller. An anonymous buyer purchased the 202,140-square-foot, two-building complex. It is 100 percent leased to DB Schenker, a wholly owned subsidiary of Deutsche Bahn AG. The tenant has five years remaining on its lease. The campus was built in 2008 with a clear height of 30 feet. The campus is located in the DFW Airport submarket and is on a ground lease expiring in 2048. The location provides access to the metroplex via Highway 635 and State Highways 121 and 114.
TUSTIN, CALIF. — CapRock Partners LLC has acquired a 110,000-square-foot, high-image industrial/R&D building in Tustin for an undisclosed sum. The building includes a second story, which features 10,000 square feet of office space. The asset is located at 14191 Myford Road. It resides within the Jamboree/5 Freeway and 261 Toll Road corridor, near Tustin Legacy and Tustin Marketplace. The building is home to one tenant, which occupies 40 percent of the space. The remaining 69,000 square feet will be converted into creative office space. CapRock will invest more than $1 million in this conversion to create a modern, open office layout. The funds will also be used for additional improvements, including collaborative outdoor work areas and outdoor entertainment amenities. Improvements are scheduled to commence this fall. The building recently underwent additional renovations, including the installation of a new façade with an expansive glass curtain wall, resurfaced entry parking lot, attractive landscaping and a seismic retrofit. The transaction was executed by Scott Read of Newmark Knight Grubb Frank. Read will also lead CapRock’s marketing efforts.
DALLAS — Agellan Commercial REIT has completed the sale of 5800 W. Kiest Blvd. in Dallas to a third-party purchaser. The property, Kiest Distribution Center, is a single-tenant building containing 343,617 square feet. It is 100 percent leased to RSI Home Products Manufacturing Inc. with 2.8 years left on the lease. The sales price was $11.6 million before closing costs, representing an in-place capitalization rate of 7.4 percent. The sales price is an increase of $1.6 million, or 16 percent, from the price paid by the REIT when it bought the property in January 2013.
REDLANDS, CALIF. – Amazon has announced it will open a fifth California fulfillment center in Redlands. The 704,115-square-foot facility will join existing California fulfillment centers in San Bernardino, Moreno Valley, Patterson and Tracy. Once complete, the online retailer will have expanded its presence in California to 2 million square feet. “We are proud to be hiring for more than 2,500 full-time jobs in California that offer wages 30 percent higher than traditional retail stores and include comprehensive benefits on day one, bonuses and stock awards,” says Mike Roth, Amazon’s vice president of North America operations. “We have found great talent in the state and we’re excited to be growing quickly to serve our customers.” The new center will be used to pick, pack and ship large items, such as big-screen televisions and kayaks. The landlord, Clarion Partners, was represented by JLL’s Ruben Goodsell, Peter McWilliams, Mike McCrary and Nicole Welch. Trammell Crow Company will manage the construction.