ALLENTOWN, PA. — Yorie Tile & Terrazzo has acquired a 13,000-square-foot industrial building on Schantz Road in Allentown for $1 million. Michael Adams of NAI Summit represented both parties in the transaction. The seller was D&D Property Management. The buyer plans to manufacture terrazzo and tile for the commercial building industry.
AUSTIN — HFF has secured joint venture financing between Live Oak-Gottesman LLC and KFG Investment Co. for a 204,000-square-foot industrial portfolio, located near the section of Interstate 35 and West Howard Lane within Tech Ridge, a 1,000-acre business park in Austin. The portfolio consists of three Class A industrial properties 94 percent leased to six tenants including NCS Pearson, Ultra Clean Technology, Dynamic Manufacturing, Anixter and Finisar Corp. Randy Baird, Jud Clements and Robby Rieke of HFF arranged the equity through Principal Real Estate Investors on behalf of the borrowers, Live Oak-Gottesman and KFG Investment Co. Additionally, Mona Carlton of HFF arranged debt financing for one of the properties.
SAN MARCOS, CALIF. – A 47,037-square-foot industrial property in San Marcos has sold to SR Commercial for $3.67 million. The property is located at 120 Mata Way. The four-tenant property was vacant at the time of sale. Henry Zahner and Jon Busse of Colliers International represented both the buyer and the seller, Ontel Products, in this transaction. Zahner and Busse are also the exclusive leasing agents on the building.
LAVERGNE, TENN. — Saks Inc. has opened its 564,000-square-foot distribution and fulfillment center, located at 1 Walden Books Drive in LaVergne. The building is a former Borders distribution facility. The new center, which employs 250 full-time associates, will fulfill customers' orders from saks.com. A joint venture between DCT Industrial Trust and Saks owns the center. The retailer also operates distribution centers in Aberdeen, Md., and Ontario, Calif.
MELBOURNE, FLA. — Clarke Enterprises has sold a 14-building industrial portfolio, located in Melbourne, to CIA Developers for $9.25 million. The Class B properties total 284,500 square feet. The portfolio is 86 percent leased to approximately 60 tenants. Todd Everett, David Knott and Ryan Dinsdale of NAI/Merin Hunter Codman represented the seller in the transaction.
OLIVE BRANCH, MISS. — IDI has arranged a 150,662-square-foot lease with Millstone Medical Outsourcing at the 3.2 million-square-foot Crossroads Distribution Center, located in Olive Branch. The company will occupy space in Building B, which is slated for completion in September. Michael Driscoll of Colliers International represented the tenant in the lease transaction. IDI, the landlord, was self-represented by Tim Moore.
PARIS — A 375,000-square-foot industrial facility, located on 89 acres at 2020 19th St. NW in Paris, has recently sold. Bob Chodos, Chris Cummings and Allen Gump of Colliers International represented the seller, Sara Lee Diversified LLC, in the transaction. The buyer was NWC-Paris LLC.
SANTA ANA, CALIF. – A 39,630-square-foot industrial building in Santa Ana has sold to Freeway Industrial Park for $4.95 million. The property is located at 3900 W. Segerstrom Ave. Freeway Industrial was represented by Mike Long of Lee & Associates – Newport Beach. The seller, Todd I. Shiffman Trust, was represented by John Griffin of Voit Real Estate Services.
TEMPE, ARIZ. – MTD Southwest has signed a lease renewal for 81,200 square feet of warehouse and distribution space in Tempe. The property is located at 9235 S. McKemy Street. MTD Southwest was represented by James Harper of Cassidy Turley BRE Commercial. The landlord, McKemy Holdings, represented itself in this transaction.
DENVER — JCR Capital (JCR) has allocated $25 million for CapRock Partners to purchase distressed assets and non-performing industrial loans throughout California. The capital was originated through JCR’s second fund, the JCR Commercial Real Estate Finance Fund II, L.P. (Fund II). This fund is open to new investors through the end of 2012. CapRock and the Denver-based real estate fund manager have already teamed up on three investments through this new joint venture, which totaled $10.2 million.