SURPRISE, ARIZ. — The Surprise City Council has approved plans for the largest building ever constructed within the city limits, a $10-million, 418,000-square-foot spec manufacturing facility at Skyway Business Park. It will be developed by Skyway LLC on 24 acres at the Skyway Business Park just south of Cactus Road and west of Dysart Road. Skyway LLC is headed by Moshi Silagi, a commercial real estate developer from Thousand Oaks, Calif.
MEMPHIS, TENN. — TIAA-CREF has sold the 1.6 million-square-foot Southpark Distribution Center, a warehouse and distribution property located in Memphis. The five-building park is 46 percent leased. Tenants include Genesis, Orchid Orthopedic Solutions, PFS Web and TiGenix & Cognate BioServices. Stewart Calhoun, Jim Carpenter, David Meline, Samir Idris, Casey Masters, Dave Curran and Wyatt Aiken of Cushman & Wakefield represented the seller in the transaction. Hillwood Investment Properties was the buyer.
ONTARIO, OHIO — Brownfield Communities Development Co. (BCDC) has agreed to buy the former General Motors Stamping Plant at 2525 W. Fourth St. in Ontario from Racer Trust. The Miami developer plans to repurpose the 2.5 million-square-foot building into a modern, multi-tenant facility. BCDC has identified two tenants for the site that are expected to bring 1,100 new jobs to the area. Racer Trust, known as Revitalizing Auto Communities Environmental Response Trust, was created in March 2011 to sell the facilities GM had to leave behind because of its bankruptcy and the taxpayer bailout of $50 billion. The Mansfield-Ontario Stamping Plant is GM's 17th property to be sold. Total sales so far have exceeded $24 million.
JOLIET, ILL. — Johnstone Supply Inc. has signed a 10-year lease for 236,273 square feet at 3500 Corporate Drive in Joliet. It is the first industrial property in Illinois to be occupied by Johnstone Supply, a national wholesaler and distributor in the heating, ventilating, air conditioning and refrigeration industry. State Teachers Retirement System of Ohio owns the 442,484-square-foot distribution facility. Johnstone's lease includes 8,600 square feet of office space and a hazardous materials room. The company plans to move into the space in January 2013. Steven Tick of Podolsky Northstar CORFAC International represented the tenant in the transaction.
NORTH BERGEN, N.J. — Cory 1st Choice Home Delivery has signed a lease for 175,000 square feet at 5601 Westside Ave. in North Bergen. The company, which specializes in warehousing and home delivery of fine furnishings, appliances and consumer electronics, relocated its primary distribution operation to the property from Elizabeth, N.J. The property is five miles from the Lincoln Tunnel and is positioned between Interstate 95 and Interstate 80. Stan Danzig, Jules Nissim, Stephen Elman and Cathy Bounczek of Cushman & Wakefield represented the tenant in the transaction. Hartz Mountain Industrials owns the building.
HOUSTON — Oak Brook, Ill.-based Inland Real Estate Acquisitions has purchased the 256,815-square-foot, two-building FedEx Center, a distribution facility located at William P. Hobby Airport in Houston, for $39.3 million. FedEx Corp. is the guarantor for both facilities, which are leased for more than 10 years to FedEx Freight and FedEx Ground.
ELKRIDGE, MD. — Terreno Realty Corp. has purchased a 66,000-square-foot industrial building, located at 7125 Troy Hill Drive in Elkridge, for $6.7 million. The property is 90 percent leased to two tenants. As part of the transaction, the company assumed a $3.6 million mortgage loan.
GARDNER, KAN. — Chambers Street Properties has purchased a fully leased 1.1 million-square-foot warehouse and distribution facility in Gardner, a suburb of Kansas City. The acquisition includes an adjacent 20.3 acres, which is currently zoned for 450,000 square feet of additional warehouse and distribution space. The single-story building was completed in 2009 and is the primary distribution center for Coleman Co., a sporting goods manufacturer. The property is leased through January 2020. The building is less than five miles from BNSF Railway's $250 million railroad-to-truck Intermodal Center, due for completion next year.
BRIDGEPORT, N.J. — A partnership between Hillwood Investment Properties and Brookfield Asset Management has acquired a 600,000-square-foot distribution building at Pureland Industrial Park in Bridgeport. The property was developed in 1991 and includes 42-by-42 foot column spacing and potential for future rail access. The building is located at 200 Birch Creek, less than two miles from Exit 10 off Interstate 295.
REDLANDS, CALIF. – Medline Industries has leased a 147,677-square-foot industrial building in Redlands. The facility is located at 1455 Research Drive. Medline plans to fully occupy the building. The company was represented by Chuck Belden of Cushman & Wakefield. The landlord, BlackRidge Real Estate Group/ Verde Realty, was represented by Juan Gutierrez, Frank Geraci, Walt Chenoweth and Patrick Wood of Voit’s Inland Empire office.