SPRINGFIELD, MASS. — Stag Industrial Holdings has acquired Westover Road, a warehouse and distribution building in Springfield for $8.3 million. The seller is Brookwood Financial Partners, which purchased the property in 2010 for $4.5 million. The property, located at 2189 Westover Road, is fully occupied by Big Y, a supermarket chain. Jim Thompson of Thompson Partners represented the buyer in the transaction. Brookwood was self-represented.
WESTFORD, MASS. — Colliers International has arranged an $18.6 million loan to refinance The Michelson Farm – Westford Technology Park, Buildings 5 and 8 in Westford. The buildings are located at 7 and 9 Technology Park Drive and total 230,000 square feet. John Broderick negotiated the long-term loan on behalf of the borrower, The Gutierrez Co., which developed the property in 1996. Blue Hills Bank provided the loan.
LAWRENCEVILLE, GA. — Fusion Creative has acquired a 63,651-square-foot, bank-owned industrial property, located at 645 Creekside Industrial Court in Lawrenceville. The building is situated on approximately 9.3 acres in the Gwinnett Progress Center Business Park. The industrial property was built in 2007 and features 42,840 square feet of column free space. Patrick Laughlin of Bullock Mannelly Partners represented the seller in the transaction. Ray Dankberg of Jones Lang LaSalle represented the buyer.
ATLANTA — A joint venture between Clarion Partners and Seefried Industrial Properties is developing a 285,600-square-foot distribution facility at SouthPark Distribution Center near Hartsfield-Jackson International Airport in Atlanta. The property is being constructed for Pittsburgh-based PPG Industries, a global supplier of paints, coatings, optical products, chemicals, glass and fiberglass. PPG Architectural Finishes Inc., a subsidiary of PPG Industries, will be the tenant and will use the facility as its Southeastern distribution center. The industrial project will be completed in December. Trevor Ragsdale, Paul Roeser and Alan Clayton of Jones Lang LaSalle represented PPG Industries. “As the existing Class A space is leased, coupled with limited new development, companies like PPG who desire to increase their operating efficiencies by leasing a facility with modern building specifications need to enter into build-to-suit transactions like this one,” says Tom Flanigan, senior vice president of Clarion Partners.
ADDISON, ILL. — Marcus & Millichap has arranged the $20.5 million sale of 350 Rohlwing Road, a 453,361-square-foot industrial building in Addison. The building is fully leased to Domtar Corp., a paper producer, which uses the facility as its Chicago metropolitan area distribution center. Marty Cohan of Marcus & Millichap represented the buyer, 350 WPI Rohlwing LLC, in the transaction.
MARION, ILL. — Dalfen America Corp. has selected Colliers International to market a 1 million-square-foot distribution facility, known as Interstate 57 Distribution Center, in Marion. IDI built the facility in 2000 to serve Circuit City Stores, and the center was later purchased by Dalfen once vacated. Charles Canale, Steven Kohn and Dave Gannon of Colliers International will market the property.
WATERTOWN, MASS. — 480 Biomedical has renewed its lease for 27,311-square-foot laboratory facility at 480 Arsenal St. in Watertown. The company develops bioresorbable scaffold for treating occlusive disease in the superficial femoral artery. 480 Arsenal St. is a 141,000-square-foot lab building located less than five miles from Interstate 90 and the Massachusetts Turnpike. Tucker Hansen and Joe Flaherty of Colliers International represented the tenant in the transaction. The landlord is Alexandria Real Estate Equities.
HOUSTON — Lone Star Partners has broken ground on Katy Green Business Parkway, a 26,480-square-foot office/warehouse project located near the northwest corner of Interstate 10 and Westgreen in Houston. Jim Autenreith and Jeff Barbles of Moody Rambin will handle leasing the property, which is expected to top off by year's end.
PHOENIX — A 131,000-square-foot industrial building in Phoenix has sold to Grand Canyon University for $6.4 million. The single-story flex building is located at 5115 N. 27th Ave. Grand Canyon was represented by Todd Noel of Colliers International’s Phoenix office. The seller, Crown Realty & Development, was represented by Will Strong of Cushman & Wakefield.
ALSIP, ILL. — Shannon Investments, an Illinois-based investor, has acquired 420-4252 W. 124th Place, an 18,500-square-foot industrial property. Built in 1970, the property is one mile from I-294 & Cicero/127th Interchange. Tim Wagener, Carrie Wagener and Andrea Hauger of Owen Wagener & Co. represented the seller in the transaction.