HOUSTON — Henry S. Miller Brokerage has arranged the sale of a 21,400-square-foot industrial building in Houston. Located on three acres at 7409 Wright Road, the facility is in proximity to Highway 290 and Beltway 8. Doug Bates and Joel Hill of Henry S. Miller represented the seller, Rich Damon Henry Trust, in the transaction. Joe MacDougall of MacDougall and Co. represented the buyer, H6 Texas LP, which is headquartered nearby and purchased the asset to expand operations in the area.
Industrial
FOSTER CITY, CALIF. – A 33,228-square-foot R&D building in Foster City has sold to Gray Peak Fork, LLC Series for $6.5 million. The building is located at 333-353 Hatch Drive near Silicon Valley. It is about 60 percent leased to the California Teachers Association. Sam Wright and Marc Pope of Cassidy Turley represented both the buyer and the seller, Echevarria Revocable Family Trust, in this transaction. Bill Sawyer also represented the seller.
ESCONDIDO, CALIF. — SR Commercial has acquired a 40,154-square-foot industrial park in Escondido for $3.1 million. The park is located at 2120 and 2122 W. Mission Road. It is currently branded as the Nordahl Center, but will soon be renamed Gateway @ Mission. It is 66 percent occupied by 11 industrial tenants. SR Commercial and the seller, a private investor, were both represented by Bryce Aberg and Brant Aberg of Cassidy Turley, and Mike Erwin and Tucker Hohenstein of Colliers.
FOUNTAIN INN, S.C. — Special-purpose entity TDI-Southchase has acquired a 40-acre site in the Southchase Business Park in Fountain Inn, about 20 miles southeast of Greenville. The buyer is planning a 250,000-square-foot industrial light manufacturing or distribution facility at the site. NAI Earle Furman is leading the development, marketing and management services for the project. Atlanta-based TPA Group, whose principals lead TDI-Southchase, is providing investment and capital services. TDI-Southchase plans to either sell the facility or lease it to one, two or three tenants upon completion. The project team includes Atlanta-based architect Wakefield Beasley & Associates and Greenville-based civil engineer Bluewater Civil Design. The facility will break ground this spring and wrap up construction in the first quarter of 2015.
YORK, PA. — Endurance Real Estate Group LL has acquired 325 S. Salem Church Road, a 624,800-square-foot, Class A warehouse in York. Endurance acquired the asset through a joint venture with a commingled fund managed by American Realty Advisors. Located in Central Pennsylvania, the property has served as the Northeast distribution center for the seller, American Signature Furniture, since it was constructed in 2007. David Binswanger and Michael Treacy of Binswanger represented the seller in the transaction.
HOUSTON — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a 21,000-square-foot industrial building in Houston. Constructed in 2007, the warehouse features 21-foot clear heights and a fenced yard. Located at 6440 Eastwood St., the property is in proximity to the interchange of I-610 and State Highway 288. Robert Bain of CBCUR represented the unnamed seller in the transaction. Ram-Gil LLC purchased the asset.
DES PLAINES, ILL. — Gramercy Property Trust Inc. has purchased an approximately 115,500-square-foot industrial facility in Des Plaines for $6.3 million. The building is fully leased through October 2025 to an automotive parts manufacturing company. Year one net operating income is approximately $479,000 with annual rent escalations throughout the lease term. The purchase includes the assumption of an approximately $2.7 million first mortgage loan with a fixed interest rate of 5.25 percent.
WYLIE, TEXAS — Henry S. Miller Brokerage has arranged the acquisition of a 17,220-square-foot industrial building in the Dallas suburb of Wylie. The buyer, event and party planning company Jumper Bee Entertainment, will use the facility as its new corporate headquarters. The property is located at 11 Regency Drive, in close proximity to I-78 and FM 544. The occupant is relocating from a 3,000-square-foot site in Plano. Scott Axelrod of Henry S. Miller represented Jumper Bee in the transaction.
LOS ANGELES – A six-building industrial complex in Los Angeles has sold to Rexford Industrial Realty for $6.6 million. The 88,330-square-foot complex is located at 1500-1510 W. 228th Street. It is currently 98 percent occupied. The acquisition was partially funded with proceeds from the sale of Kaiser, a 124,640-square-foot industrial property in San Diego. That property was sold in a tax-deferred 1031 exchange. The remainder of the funding was provided through Rexford’s line of credit.
CHICAGO — Method has selected Summit Design + Build as the general contractor for its first U.S. manufacturing facility on a 22-acre site located at 720 E. 111th St. in downtown Chicago. The new 150,000-square-foot manufacturing facility is slated to be the nation’s first LEED Platinum certified manufacturing plant in the consumer packaged goods industry. Founded in 2000, Method is a manufacturer of plant-friendly and design-driven home, fabric and personal care products. The facility will feature 84,000 square feet of manufacturing space, 66,000 square feet of distribution space and 7,083 square feet of office. Heitman Architects is providing architectural services for the project. William McDonough + Partners is the project designer. Norris Design is the landscape architect. Spaceco Inc. is the civil engineer, and KJWW Engineering Consultants is the MEP (mechanical, electrical and plumbing) engineer for the project.