LOS ANGELES – The Clean Tech Manufacturing Center, a 370,000-square-foot industrial campus in Downtown Los Angeles, has broken ground. The Class A campus is located within the Central Industrial Redevelopment Plan area. The brownfield is situated within 0.5 miles of Interstates 5 and 10, as well as the 60 Freeway. The three-building campus will offer the largest contiguous industrial space in Downtown. All three buildings are pursuing LEED for New Construction Silver certification. Construction is expected to be complete later this year. Fashion manufacturer Ambiance USA has agreed to relocate and expand its world headquarters at the new facility. The campus is being developed by a joint venture between Trammell Crow Company and Principal Real Estate Investors. The lender is Wells Fargo Bank.
Industrial
ANAHEIM, CALIF. – Rangar West Two LLC has acquired a 209,715-square-foot industrial building in Anaheim for $27.3 million. The newly built property is located at 2201 E. Cerritos Ave. It was completed this past December. The building was developed by Western Realco and Penwood Real Estate, which were represented by Jeff Read and Greg Osborne of Newmark Grubb Knight Frank. The JV acquired the land parcel from Neville Chemical Corporation in February 2012. The third-party logistics firm was represented by Todd Clarke of Kidder Matthews and Peter Castleton of Voit Real Estate Group.
BOLINGBROOK, ILL. — Iris Construction Services has completed the build-out of a new distribution center for the Chicago Tribune. The 20,000 square foot facility is located at 1000 Crossroads in Bolingbrook. The facility will house core services and inserting services for the Tribune’s existing network. Iris Construction Services completed work on a fully finished office, drive-in-door, lighting and power for the facility. The build was completed ahead of the 60-day project deadline. Midwest Industrial Funds owns the building.Chris Porter of Cushman & Wakefield represented the Chicago Tribune in the transaction. Jeff Galante of Lee & Associates worked on behalf of Midwest Industrial Funds. MRSA Architects provided architectural services for the project.
WARREN, MICH. — Colliers International has arranged the $900,000 sale of a 151,953-square-foot warehouse in Warren, which is approximately 19 miles north of downtown Detroit. The property is located at 21001 & 21033 Groesbeck Highway. The warehouse was the former headquarters for Gardner White Furniture. Raffi Derbabian of Colliers represented the buyer, Safa Dabish, who will use the building for a food business.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 150 52nd St., a 123,785-square-foot, two-story industrial building on New York Bay in the Sunset Park neighborhood of Brooklyn. The $19.5 million sale price equates to $157 per square foot — and $2.7 million over the asking price. Jakub Nowak and Hemal Patel of Marcus & Millichap represented the seller, 150 52nd Street LLC, a national private equity partnership. Located between First Avenue and Second Avenue and occupying most of the block it stands on, 150 52nd St. is within the Southwest Brooklyn Industrial Business Zone and near the Bush Terminal Pier Park green space and sports field development. The location is also inside the New York City Economic Development Corp.’s Sustainable Urban Industrial District, which is part of the city’s Sunset Plan Park Vision aimed at promoting investment and development in the Sunset Park waterfront industrial area. Access to the Brooklyn-Queens Expressway is nearby. The property has short-term leases in place. By 2018, 90 percent of the space will be available and all current leases and renewals expire in 2021. This gives the buyer the opportunity to add value through redevelopment and increasing rents. However, the current …
ANAHEIM, CALIF. – A 40,000-square-foot industrial building in Anaheim has sold to an unnamed buyer for $6 million. The facility is located at 1369 S. State College Blvd. The seller, The 2013 Diablo Charitable remainder Annuity Trust and Cure International Inc., was represented by Mitch Zehner and Seth Davenport of Voit’s Anaheim office.
TAMPA, FLA. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged a $16.1 million loan for Independence Realty’s flex portfolio in Tampa. The three facilities include the 95,761-square-foot, three-building Corporex Plaza; the 75,378-square-foot, two-building Brandywine Business Center; and the 42,655-square-foot, two-building President’s Plaza. CMC arranged the 10-year, non-recourse loan with a fixed interest rate and a 30-year amortization schedule.
CUMBERLAND, R.I. — Eastern Connection, a regional parcel carrier serving the East Coast, has relocated its corporate headquarters to 70 Industrial Road in Cumberland. The new 30,000-square-foot state-of-the-art facility consolidates Eastern Connection’s Worcester, Mass., and Providence, R.I., facilities into one location. The company’s previous headquarters, 60 Olympia Ave. in Woburn, Mass., remains in operation. Eastern Connection and the landlord, Dean Warehouse Services, each represented itself in the five-year lease transaction, which will allow Eastern Connection to expand up to an additional 20,000 square feet as needed to accommodate growth. The new site includes administrative office space, three loading docks, a dispatch center and a sorting facility, where a 100-foot, automated conveyer belt feeds packages to Eastern Connection trucks for delivery.
DALLAS — Panther FW Investments LLC, in partnership with Atlas CP, has acquired a five-property flex portfolio in Dallas. The facilities total 303,420 square feet of office and warehouse space in the Valwood and East Brookhollow submarkets. Panther is a private real estate investment firm that focuses on value-add assets for its own account and placement of third-party private equity. Atlas CP is a private real estate investment company that targets institutional-quality, multi-tenant industrial and office assets in the Southern U.S.
WHITTIER, CALIF. — Southern California Material Handling, a wholly owned subsidiary of Mitsubishi Caterpillar Forklift America, has leased a 52,630-square-foot industrial building in Whittier. The building is located at 12393 Slauson Ave. The lease is valued at $4.8 million. Brett Dedeaux and Anthony Dedeaux of Binswanger represented Southern California Material. The landlord, Oliaie Slauson, LLC, was represented by David Bolt of Lee & Associates – Newport Beach, Inc. and Tim Cronin of Lee & Associates – Commerce, Inc.