FAIRFIELD, CONN. —The real estate company for Tile America has purchased 515 Commerce Drive, a 19,830-square-foot industrial property in Fairfield, for $2.2 million. The sale price equates to $108.42 per square foot. The new owner will occupy half of the facility, while 5N Plus will remain in the other half. The property is situated on one acre and located about 23 miles south of Danbury, Conn. Bruce Wettenstein with Vidal/Wettenstein was the listing broker and negotiated the sale. Serving as counsel for the seller were Jennifer Egan and Keith Varian of the law firm of Murtha Cullina LLP. Counsel for the buyer was Jim Strub of Secor Cassidy & McPartland PC.
Industrial
WATERTOWN, CONN. – O,R&L Commercial has arranged the $2 million sale of 856 Echo Lake Road, a 63,443-square-foot industrial building in Watertown, located about 35 miles southwest of Hartford, Conn. PPG Industries Inc. sold the property to Theraplant LLC. Theraplant LLC is one of four companies awarded a license to produce medical marijuana in Connecticut. The new owner plans to renovate the building. Toby Brimberg and Phil Marshall of O,R&L Commercial were the sole brokers in the transaction.
HOUSTON — NAI Houston has brokered the sale of a 72,000-square-foot industrial property in Houston’s North Inner Loop Industrial submarket. Located at 3919 Eastex Freeway, the warehouse property features 2,000 square feet of office space, clear heights ranging from 18 to 25 feet and a fenced outside storage area. Michael Keegan and Darren O’Conor of NAI Houston represented the seller, MKK Investment Properties LLC, in the transaction. Beto Tentori of CitiQuest Properties represented the buyer, Reforma Properties LTD.
HOUSTON — Full-service commercial real estate firm Finial Group has arranged a 13,000-square-foot industrial lease in Houston for Core Refractory Systems, a provider of refractory products and services. Located at 4555 Homestead Road, the property is in close proximity to I-610. Reed Vestal and Ross Thomas of Finial Group represented the tenant in the lease negotiations. Lee Paris internally represented the landlord, Warehouse Associates.
LANDOVER, MD. — Finmarc Management Inc. has sold a 216,000-square-foot warehouse property in Landover for approximately $31.7 million. The asset is located at 1701 Brightseat Road and currently serves as a temperature-controlled warehouse for the United States Library of Congress to store documents, books, photographs, periodicals and archival records. The warehouse is leased to the General Services Administration through Jan. 31, 2022. Marc Rampulla, Scott Frankel, Marcy Owens Test and Edward Welbourn of CBRE represented Finmarc in the transaction. The buyer was Charlotte, N.C.-based Salus Property Investments.
ROSEVILLE, MICH. — Brennan Investment Group LLC has acquired Dayco Products' Detroit production and distribution facility located at 16000 Common Road in Roseville, a northern suburb of Detroit. Dayco Products, a manufacturer of automotive belts, hoses, tensioners and pulleys, has operated from the property since 2009. Patrick Shannon and Mike Davidson of Newmark Grubb Knight Frank arranged the sale. Seller information was not disclosed.
DALLAS AND DESOTO, TEXAS — USAA Real Estate Co. and Seefried Properties have broken ground on Southfield Park 35, a four-building, 2.3 million-square-foot industrial complex located primarily in Dallas and stretching into the neighboring city of DeSoto. The speculative Class A development is the largest in the Metroplex. Construction is underway on the first building, which will total 1.1 million square feet and is slated for completion by the end of the third quarter of this year. The second building will measure 678,600 square feet, and the third and fourth buildings will each offer 241,800 square feet. Terry Darrow, Kurt Griffin and Nathan Orbin of JLL are marketing and leasing the property.
FORT LAUDERDALE, FLA. — Berger Commercial Realty has arranged the $1.2 million sale of a 17,800-square-foot industrial property, located at 840 N.W. 57th Place in Fort Lauderdale. The property features 18-foot clear ceiling heights, three docks, a drive-in ramp door and a fenced side yard. A marine engineering company will be the tenant at the property. St. George Guardabassi represented the seller, Baer Investment Management, in the transaction. The buyer was Mareleng Inc.
CHICAGO – NorthMarq Capital’s Dallas-based regional office has arranged $57 million for the acquisition of the Premier Chicago Portfolio, eight industrial properties that total 1.5 million square feet in metro Chicago. Ronald Reese of NorthMarq arranged the financing for Westmount Realty Capital LLC through Goldman Sachs. The properties are located in the O‘Hare and Midway submarkets and include a mixture of single-tenant and multi-tenant properties.
EAST RUTHERFORD, N.J. – The Hampshire Cos. has sold a 135,498-square-foot industrial building located at 25 East Union Ave. in East Rutherford. Spanning nearly five acres, the industrial building features amenities such as 18-foot clear ceiling heights, four grade-level overhead doors, a mezzanine office area and three dock doors. The single-story industrial building is 98 percent leased to Mount Pleasant Ice Cream Co., Selco Associates and Steamaster Co. Inc. CBRE represented The Hampshire Cos. in the transaction.