LOS ANGELES — Sitex Group, a fully integrated private equity firm that specializes in industrial real estate investments in major U.S. markets, has opened an office in Los Angeles. The firm’s Southern California operations will be run by Eric Ruehle, a former vice president of investments at CenterPoint Properties. The expansion will allow the firm to diversify its portfolio by acquiring industrial properties via established local relationships. Sitex’s new office will be located at 1500 Rosecrans Ave. in Manhattan Beach. It is the firm’s third office in the U.S. and its first on the West Coast.
Industrial
SPARTANBURG, S.C. — Cushman & Wakefield’s capital markets group has brokered the sale of the Adidas U.S. Distribution Center, a 1.9 million-square-foot distribution campus in Spartanburg, for an undisclosed price. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield’s Atlanta office, along with Chris Norvell and Brian Young of the Carolinas Cushman & Wakefield | Thalhimer’s capital markets group, represented the sellers, Real Estate Capital Partners and IVG Institutional Funds. The buyer was undisclosed.
HANOVER, MD. — Terreno Realty Corp. has purchased a 159,000-square-foot industrial property in Hanover for approximately $18 million. The asset is located at 7190 Parkway Drive, about three miles away from the Baltimore/Washington International Airport. The asset includes 32 loading docks, trailer storage and parking for 207 cars. The property is fully leased to two tenants. The seller was undisclosed.
RENO, NEV. — Dermody Properties has broken ground on a 624,000-square-foot warehousing and distribution building in Reno. The facility represents the first phase of LogistiCenter 395, a 91-acre, master-planned industrial park that will be located on Lemmon Drive near Highway 395 in northern Reno. The three-building park will be built by United Construction Company. Phase I is scheduled for completion this fall. Once fully completed, LogistiCenter 395 will contain a total of 1.2 million square feet. PCCP LLC is acting as Dermody’s strategic capital partner on the project. CBRE will serve as the facility’s broker.
HOFFMAN ESTATES, ILL. — J.C. Anderson Inc. will complete a 70,000-square-foot, three-floor office build-out for Omron Corp., a Japanese-based industrial automation company, in Hoffman Estates a northwest suburb of Chicago. Omron is relocating its North and South America Group corporate offices from Schaumburg, Ill. to the Greenspoint Office Park. Omron will occupy the first three floors of the office building, which is located at 2895 Greenspoint Pkwy. The project is expected to take 10 weeks to complete and will include the build-out of open office areas, private offices and conference rooms. The space will feature high-end finishes, wood slat ceilings and decorative metal screens throughout. The building will also have a training center, fitness room, lunchroom and laboratory facilities. Tom Raveret and Marty Powers of J.C. Anderson and Gensler are providing architectural services for the project. Construction is scheduled for completion in June. Andrea VanGelder and Sean Reynolds with JLL represented Omron in the relocation.
CHANDLER, ARIZ. – A 104,352-square-foot manufacturing facility in Chandler has sold to Grupo Phoenix for $6 million. The facility is located at 464 E. Chilton Drive. It is fully occupied by the buyer. The seller, Primrose Properties Ltd., was previously represented in the lease transaction by Mike Parker and Evan Koplan of CBRE’s Phoenix office.
FREDERICKSBURG, VA. — NAI KLNB has brokered the $2.3 million sale of a 55,000-square-foot, single-story warehouse building at 4406 Overview Drive in Fredericksburg. The buyer, Tobacco Road 2012 LLC, purchased the property from Baltimore-based Northeast Foods, a bread manufacturer. The property features 16 loading docks with 28-foot clear ceiling heights and 10,000 square feet of freezer space. John Milligan and Andy Georgelakos of NAI KLNB represented the seller in the transaction. George Kolentsi of Gatehouse Realty represented the buyer.
CHICAGO — NAI Hiffman has arranged a new lease on a 177,413-square-foot industrial space for Ideal, a Chicago-based manufacturer of point-of-purchase merchandise displays, with Silver Beauty, a company that builds and leases warehouses.Ideal will use the space, located at 5800 W. 51st St. on Chicago’s southwest side, as an additional distribution warehouse. Ideal’s new space is in close proximity to the company’s existing headquarters at 4800 South Austin Ave. Graham Packaging, a manufacturer of blow-molded plastic containers, previously occupied 350,000 square feet at the complex. However, the company is consolidating its operations and needed a tenant to sublease some of its space. Larry Much of NAI Hiffman represented Ideal in the transaction. Sally Macoicz of Cushman & Wakefield represented Silver Beauty.
STOCKTON, CALIF. – A joint venture between USAA Real Estate Company and Seefried Properties has acquired a two-property industrial portfolio in Stockton for a reported $51.5 million. The portfolio includes a 750,561-square-foot building inside the Newcastle Logistics Center, which is located at 4650 Newcastle Road, and a 165,474-square-foot building inside the Performance Logistics Center at 834 Performance Drive. The 916,035-square-foot portfolio was developed between 2008 and 2009. Both buildings are occupancy-ready, institutional-grade bulk distribution centers. The JV purchased the portfolio in a bankruptcy process. USAA was represented by Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane of CBRE’s Industrial Real Estate team. The team also serves as the leasing agents for both properties.
HOUSTON — CBRE has arranged the construction financing for Airtex Distribution Center, a 225,360-square-foot warehouse to be located at 300 W. Airtex Blvd. in Houston. International Airport Centers (IAC), an owner, manager and developer of warehouse and distribution facilities, is the developer on the project and broke ground earlier this month. The Class A property will feature 32-foot clear heights, trailer parking, T-5 lighting and ESFR sprinklers. Powers Brown Architecture designed the facility, and Satterfield & Pontikes is providing construction services. Tom Lynch and John Fenoglio of CBRE arranged the financing. Ed Frantz and Faron Wiley, also of CBRE, will lease the property.