SAN FRANCISCO – Prologis has closed on Prologis European Logistics Partners Sarl (PELP), a $3.1-billion joint venture with Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global. The venture acquired 195 Class A logistics facilities that were wholly owned by Prologis and totaled 49 million square feet. PELP is a 50-50 partnership with an equity commitment of €2.4 billion, which includes a $1.55 billion co-investment by both NBIM andPrologis.
FORT LAUDERDALE, FLA. — Valley Forge Fabrics has acquired a 76,000-square-foot industrial building, located at 1650 W. McNab Road in Fort Lauderdale, for $1.9 million, or $25.33 per square foot. 1650 West McNab Road Holdings LLC was the seller. Les Byron Associates developed the property in 1975. Les Byron of Sperry Van Ness Commercial Realty represented the buyer in the transaction. The building previously sold for $5.2 million. “Over the years, the market has changed and the building became challenged due to its size and configuration,” says Byron. “The buyer will invest in considerable renovations and upgrades.”
TAYLOR, MICH. —Signature Associates has arranged the lease of 21,000 square feet of high-tech space at 20330 Superior Road in Taylor, about 20 miles southwest of Detroit. Brad Viergever of Signature Associates represented the landlord, Persiconi & Persiconi LLC, and the tenant, Life Bridge Church.
EL PASO, TEXAS — CBRE El Paso has brokered the lease renewal of 353,611 square feet of industrial space, located at 48 Walter Jones in El Paso. Anthony Mash of CBRE El Paso represented the landlord, Butterfield Trail Corp. – Invesco, in the lease renewal. Penske Logistics LLC is the tenant.
HOUSTON — Coldwell Banker Commercial United, Realtors has arranged a 20,000-square-foot industrial sublease, located at 7603 Prairie Oak Drive, Suite 150M in Houston. Patrick Buckhoff of Coldwell Banker represented the landlord, Display Work LLC, in the transaction. Jackson & Cooksey represented the tenant, qHub Logistics Corp.
ELK GROVE VILLAGE, ILL. — Premier Design + Build Group will construct a 124,028-square-foot warehouse distribution facility in Elk Grove Village, located about 20 miles northwest of Chicago. Construction will begin in April and is slated for completion in the fourth quarter of this year. The property will be located at 2475 Touhy Ave. and includes 35 delivery docks and 154 parking spaces. When the project is complete, the new warehouse will be capable of housing up to four tenants. Mark Melone of Premier Design + Build is the project manager and Scott Lebak of Premier is the project superintendent. Cornerstone Architects Ltd. is the architect, and Spaceco Inc. is the civil engineer.
STOUGHTON, MASS. — IKEA has signed a 101,065-square-foot warehouse lease at Stoughton Industrial Park, located at 1000 Technology Center Drive in Stoughton, a southern suburb of Boston. The home furnishings company will use the location as a distribution facility. The 332,676 square foot building is owned by a joint venture between ASB Real Estate Investments and Lincoln Property Co. Richards Barry Joyce & Partners LLC represented the landlord in the transaction. Cushman & Wakefield represented IKEA in the transaction.
NEW YORK CITY — In a $13.8 million sale-leaseback transaction, a private equity fund has purchased five industrial properties from American Forest Products. The acquired properties total approximately 575,000 square feet and are located in California, South Carolina and Virginia. American Forest Products, a provider of third-party logistics and retail services, will lease the properties for 21 years. Camille Renshaw of Stan Johnson Co. represented the buyer and seller in the transaction.
GRAND PRAIRIE, TEXAS — Cushman & Wakefield has arranged the lease of 125,000 square feet of warehouse/distribution space at 2820 N. Great S.W. Parkway in Grand Prairie. The industrial space is located in the Paddock Distribution Center. Pete Richardson, Drew Richardson, Benedict Gordon, Bill McClung, Mike Wyatt, Robbie Baty and Grant Pruitt of Cushman & Wakefield of Texas Inc.'s Dallas office represented the tenant, Johns Manville, in the transaction. Johns Manville, a manufacturer and marketer of building products, will occupy approximately 1,000 square feet of office space in the property. Andrew McCaig and Cornelia Heins represented the landlord, Primera Cos., in-house.
CHARLOTTE, N.C. — Trinity Capital Advisors has acquired an additional building in Shopton Ridge Industrial Park in Charlotte. The firm now owns three buildings in the eight-building park. Located at 4015 Shopton Road, the 108,800-square-foot Class A office and industrial building is fully occupied by Rent-A-Center and The Maintenance Team. Trinity purchased the property through a joint venture with Pacific Coast Capital Partners. Bill Wood handles the leasing at Trinity Capital's Shopton Ridge portfolio and Janice Crum serves as property manager.