NAPA, CALIF. — Lowenberg Corp. has acquired Napa Valley Crossroads, a 313,812-square-foot industrial property in Napa for an undisclosed sum. The two-building property is located at 21 and 37 Executive Way. It is situated near the intersection of highways 12 and 29, about seven miles west of I-80. Napa Valley Crossroads was built in two phases that commenced in 2005 and 2008. The facility caters to the Napa Valley wine industry. Notable tenants at the facility include Collotype Labels and Sutter Home Winery. Both leases were negotiated by Glen Dowling of Cushman & Wakefield. Dowling also represented both Lowenberg and the seller, Live Oak Equities LLC, in the sales transaction. He worked in conjunction with Chris Neeb and Matt Bracco of the same firm.
Industrial
AUSTIN — Texas American Resources LLC has sold its south Texas properties to an undisclosed buyer for $135 million. The sale includes the company’s existing production, reserves and Eagle Ford and Austin Chalk oil development opportunities on its 55,000 acres of leasehold in Dimmit, Frio, La Salle and Zavala counties. The company plans to use the proceeds from the sale to repay debt, flow back equity to its partners and accelerate development on its Texas Panhandle assets.
SEABROOK AND LA PORTE, TEXAS — JLL has announced the development of an industrial facility for third-party logistics firm Gulf Winds International and a lease expansion at a separate facility for a combined 543,000 square feet. Jeff Venghaus and Ryan Fusellier represented Gulf Winds in both leases. The deals include a new 10-year lease in a 243,000-square-foot build-to-suit on 12 acres in Seabrook, Texas. The facility is slated for delivery at the end of 2014. The other deal is a lease expansion of 300,000 square feet 10 miles away at 359 Old Underwood Road in La Porte, Texas. With the development of the new 243,000-square-foot facility, Gulf Winds will have 460,000 total square feet adjacent to the Bayport Terminal.
DALLAS — Trammell Crow Co., along with partners Clarion Partners and Rosewood Property Co., have acquired a 97-acre site in the Southern Dallas industrial submarket. The project will feature two Class A speculative industrial developments comprising more than 700,000 square feet. The project is expected to be completed in the second quarter of 2015. The site is located at the northwest corner of I-20 and I-45, with direct access to the I-20 frontage road. The first building will total 201,600 square feet, while the second building will span 500,000 square feet. Scott Krikorian, Robert Brandt, Jake Marks and Raymond Kieffer of Trammell Crow will lead the development team. Kacy Jones and John Hendricks of CBRE’s Dallas office will handle leasing.
MOUNT PLEASANT, WIS. — Land and Lakes Development Co. has selected Meridian Design Build to construct a 132,002-square-foot speculative industrial facility in Mount Pleasant, approximately 25 miles south of Milwaukee. The building will be the first in the new 60-acre Mount Pleasant Business Park, which has the potential to accommodate approximately 800,000 square feet of new development. Construction is underway at the site and the building will be available for occupancy by the end of this year. Harris Architects is providing architectural services. Pinnacle Engineering Group is completing civil engineering work.
CHESTER, S.C. — Newmark Grubb Wilson Kibler has arranged an 806,000-square-foot lease transaction for industrial space at 648 Wilson St. in Chester. The tenant was International Auto Logistics, a storage and maintenance shop for private vehicles for military personnel serving overseas. George McCutchen of Newmark Grubb Wilson Kibler represented the landlord, Breton Equity Corp., in the lease transaction.
NORTHLAKE, ILL. — Chicago-based Bridge Development Partners LLC has purchased a 55-acre business park in Northlake, a suburb of Chicago. According to Crain’s Chicago Business, Bridge Development Partners paid more than $40 million for the property located at 555 Northwest Ave. The facility formerly served as a distribution campus for the Dominick’s Finer Foods grocery chain. Safeway Inc. closed 72 Dominick’s stores in the Chicago area in December 2013. Bridge is marketing the park as Bridge Point Northlake. The firm plans to retain two existing buildings in the park: a 162,000-square-foot cooler facility and a 135,000-square-foot freezer facility that will be expanded by 104,120 square feet. Each property features 32-foot clear heights and each is available for lease with immediate occupancy. Additionally, Bridge will raze obsolete buildings to make way for a new state-of-the-art, 588,284-square-foot distribution center featuring 36-foot heights; a power feed of 4,000 amps; an ESFR sprinkler system; 85 dock positions (expandable to 170); 200 parking spaces, also expandable; and 112 trailer stalls. The new building will be delivered in the third quarter of 2015. John Suerth and Jason Lev of CBRE represented Safeway in the sale of the park and have been retained for the marketing of …
LAS VEGAS — Escondido Industrial Park, a 153,000-square-foot distribution and warehouse facility in Las Vegas, has sold to a private partnership for $7.3 million. The facility is located south of McCarran International Airport. Notable tenants at the park include Konami Gaming, G-Tech and Absolute Exhibits. The facility recently underwent a major renovation. The buyer was represented by Las Vegas Realty. The seller, CIP Real Estate, was represented by Brian Riffel of Colliers International.
INDIANAPOLIS — Monmouth Real Estate Investment Corp. has acquired a 327,822-square-foot industrial building in Indianapolis for $23.5 million from an undisclosed buyer. The property is located at 8951 Mirabel Road and is net-leased for 10 years to FedEx SmartPost Inc., a Delaware corporation. The building is situated on approximately 37 acres. The new Class A built-to-suit distribution center for FedEx SmartPost is at the Indianapolis International Airport. With this transaction, Monmouth has acquired six properties totaling approximately 1.45 million square feet thus far in fiscal 2014. Founded in 1968, Monmouth Real Estate Investment Corp., one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties. The company’s portfolio consists of 82 properties located in 28 states, containing a total of approximately 11.1 million rentable square feet. In addition, the company owns a portfolio of REIT securities.
ROMULUS, MICH. — Bernard Financial Group has arranged a $1.4 million loan to refinance three individual industrial buildings located in Romulus, approximately 24 miles southwest of Detroit. The properties are located at 30100, 30300 and 30735 Cypress Road. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, LNA Investments LLC, with Symetra Life Insurance Co.