CHICAGO — In a joint venture, AREA Property Partners and Martin Capital Group will redevelop 1313 W. Randolph St., a 130,000-square-foot industrial loft building in Chicago. The partnership recently closed on a $12.9 million construction loan to redevelop the building into a mixed-use project. Plans include 70 loft-style apartments and 27,000 square feet of retail space. Construction is slated for completion in late 2012.
GRAND RAPIDS — Signature Associates has negotiated the sale of a 56,511-square-foot industrial building located at 5633 52nd St. SE in Grand Rapids to SSBB Inc. Cathy Bottema and Steve Burman of Signature Associates represented the seller, Bank of America, in the transaction.
QUINCY, ILL. — Chicago-based Old Veteran Construction Co. Inc. will break ground on a new $12.2 million U.S. Army Reserve Training facility in Quincy. Plans for the 30,912-square-foot facility include a learning center, weapons simulator and physical fitness area. Construction will begin after the preliminary site work has been completed. The completion date is yet to be determined.
SWEDESBORO, N.J. —Binswanger has completed the sale of a one-story, 65,804-square-foot facility, located at 400 Eagle Ct. in Swedesboro, N.J. The buyer, Cocoa Services LP, is a chocolate manufacturer and plans to use the facility for cocoa processing. Marc Policarpo and Bob Corr of Binswanger's New Jersey office represented the seller, Barry Callebaut USA LLC, in the transaction. David Ricci of Flynn Co. represented the buyer.
CORONA, CALIF. — TNT Plastics has signed a six-year lease at a 116,000-square-foot industrial building in Corona. The transaction’s total consideration is more than $2.4 million. The lease will commence in February 2012. It includes 13,000 square feet of office space. Cushman & Wakefield’s Rick Ellison and Randy Ellison represented the tenant. Chris Migliori of DAUM’s Orange County office represented thelandlord, ACIP, LLC, in this transaction.
SAN DIEGO — An 8,748-square-foot industrial propertyin San Diego has sold to Salma Jason Monica Limited Partnership for $1,335,000. The facility has recently undergone more than $500,000 in improvements. It will serve as a medical R&D facility for its new owner-user. Voit’s Todd Holley and Ellen Thomas represented the buyer. Randy LaChance and Jon Danton, also of Voit, represented the seller, Ole and Bente Sorensen.
NOVI, MICH. — Signature Associates has negotiated the sale of 50,000 square feet of industrial space, located at 42860 Nine Mile Road in Novi, Mich. Jim Montgomery of Signature Associates's Southfield, Mich. office represented the seller, Tisdale LLC. David Giltner of Signature Associates represented the buyer, SunGlo, in the transaction.
SKOKIE, ILL. — Command Transportation has purchased a 44,118-square-foot industrial facility in Skokie, Ill. from Sitex Realty Group for an undisclosed amount. Brian Colson and Eric Fischer of NAI Hiffman represented Sitex Realty Group in the transaction. The buyer plans to demolish the building and use the property for additional parking.
QUINCY, ILL. — FedEx has broken ground on a new $1.5 million FedEx Distribution Center in Quincy, Ill. The 28,000-square-foot center is located on six acres in Wismann Ridge Business Park. The project developer is Madison-Wis.-based Ruedebusch Development & Construction. The center is slated for completion in March 2012.
EASTON, PA. — Parcel Point Inc., a third-party logistics company, has leased 90,000 square feet of warehouse space at 900 Conroy Place in Easton, Pa. Michael Adams of NAI Summit represented Parcel Point in the transaction. Hawley Realty represented the owner, LIG Business Holdings.