FARMINGTON HILLS, MICH. — Colliers International has brokered the sale of a 25,444-square-foot light industrial facility in Farmington Hills, 23 miles northwest of Detroit. The property is located at 24470 Indoplex Circle. Gary Glotzhober of Colliers International represented the buyer, Efficient Office Solutions, and the seller, Floor Source, which used the space as a showroom and warehouse facility for the distribution of floor covering products. Upon renovation, Efficient Office Solutions will use the warehouse to store refurbished office furniture, and will use the showroom to display its products.
Industrial
WEST CALDWELL, N.J. — HFF has arranged $12.2 million in financing for Five Henderson Drive, a 210,530-square-foot industrial print facility and warehouse in West Caldwell. The single-tenant property is leased to R.R. Donnelley and serves as the company’s Mid-Atlantic digital print facility. The long-term tenant recently executed a 10-year lease extension on the property. HFF secured the five-year, fixed-rate financing for the borrower, The Hampshire Companies, through Lakeland Bank. Jon Mikula and Michael Klein led the HFF team representing the borrower.
LOS ANGELES – A trust has disposed of a four-building industrial portfolio that is valued at $5.7 million. The portfolio contains four properties in the Los Angeles area. The transaction includes 11801-11807, 11811 and 11821 Teale Street, along with 11918-11920 Jefferson Blvd. The seller was Richard J. Laski, who acted as a Trustee of the Kaman Estate. The buyer was not named. The trust was represented by Jack Whalen of Heger Industrial.
MEMPHIS, TENN. — PCCP LLC has provided a $25.1 million senior loan for the recapitalization of Memphis Oaks 3, a 1 million-square-foot distribution center located at 3860 E. Holmes Road in Memphis. The property is part of the Memphis Oaks Distribution Center, a 3.8 million-square-foot industrial park. The property is 81.7 percent leased to tenants such as Sharp Electronics, Franklin Sports and GECAS Asset Management, a division of GE. PCCP provided the loan to PDC Memphis Oaks 3 Holdings LLC, which is managed and sponsored by affiliates of Panattoni Development Co., the developer of the Memphis Oaks park. Panattoni will use the loan to recapitalize the existing financing and focus on the lease-up of the property. Cushman & Wakefield advised Panattoni on the financing and is the developer’s leasing agent for Memphis Oaks 3.
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.
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.