CHARLOTTE, N.C. — Liberty Property Trust has acquired the 1.08 million-square-foot Crosspoint Center, a seven-building industrial park located at the intersection of Interstates 77 and 85, from TA Associates for $60.75 million. The complex is 90 percent leased to tenants such as Sygma, MEDIC, Lagasse, Flexalloy, Diagnostic Devices and Brooks Equipment.
BETHLEHEM, PA. — Allentown, Pa.-based NAI Summit represented Winside Industrial Group in leasing more than 6,500 square feet of warehouse space in Bethlehem, Pa. New York-based Billitier Electric, an electrical contracting company, leased 3,200 square feet at 6323 Winside Dr. Philadelphia-based MPN. Inc. leased 3,470 square feet at 6363-6383 Winside Dr. Michael Adams of NAI Summit represented both parties in each transaction.
JEFFERSON PARISH, LA. — The Feil Organization has purchased the 412,000-square-foot Elmwood Distribution Center, an industrial complex located at 5600 Jefferson Highway in Jefferson Parrish, for approximately $20 million. The center is comprised of the 42,000-square-foot Elmwood Plaza, a retail building, and four warehouse buildings totaling 370,000 square feet. Rick Brugge and Mike Davis of Cushman & Wakefield's Tampa, Fla., office represented the seller in the transaction.
FORT MYERS, FLA. — Arthrex Inc. has purchased the 238,520-square-foot former Robb & Stucky distribution center, located at 14550 Plantation Rd. in Fort Myers, from Ryan Cos. for $12.5 million. The facility is being remodeled and completion is slated for the first quarter 2012. Gary Tasman and Shawn Stoneburner of Fort Myers-based Commercial Property Southwest Florida, a Cushman & Wakefield Alliance member, represented the seller in the transaction.
FOREST PARK, OHIO — Stan Johnson Co. has brokered the sale of a 149,760-square-foot industrial building in Forest Park, Ohio to Chicago-based Brennan Investments for $6.1 million. The building is 100 percent occupied by National Bedding Co. Built in 2004, the property is situated on 12 acres at 1680 Carillon Blvd.
CEDAR RAPIDS, IOWA — Construction is complete for a new $38 million Armed Forces Readiness Center complex for the Iowa Army National Guard, located at 1500 Wright Brothers Blvd. in Cedar Rapids, Iowa. The project consisted of a 113,000-square foot Armed Forces Reserve Center and a 60,500-square-foot field and maintenance shop. Jeff Smith of Minneapolis-based Opus Design Build LLC was the project's management director. The complex opened Sept. 1.
NEWARK, N.J. — Brooklyn, N.Y.-based Damascus Bakeries, a commercial baking company, broke ground on its 117,000-square-foot industrial building, located at 60 McClellan St. in Newark, N.J. Damascus reportedly purchased the building for $3.5 million and will invest close to $1.2 million in site upgrades for its new bakery facility. Construction is expected to be complete by early 2012. Mike McCormack of Hollister Construction Services is the project manager.
TEMPE, ARIZ. – Normal Junction, a two-building, 140,000-square-foot warehouse/distribution center in Tempe, has sold to BlackRidge Real Estate Group for $7.65 million. The buildings are situated on 7.22 acres at 1895 South Los Feliz Drive and 1715 South Holbrook Lane. Cushman & Wakefield’s Mark Detmer, Bo Mills, Will Strong and Jackie Orcutt represented both the buyer and the seller in this transaction. The team will continue to act as the property’s exclusive leasing agent. Normal Junction is currently home to General Dynamics and Jabil Circuit, among other tenants. There is one 20,000-square-foot unit currently available.
CHINO, CALIF. — The Carson Companies has retained Grubb & Ellis’ Mark Kegans and Ron Washle, senior vice presidents in the firm’s Industrial Group, to market and lease its new 398,000-square-foot speculative industrial development inside the Chino South Business Park. Kegans and Washle will carry out this task alongside their firm’s Global Logistics practice group. The facility is currently seeking LEED certification. It is scheduled for completion in the first quarter of 2012.
PEN ARGYL, PENN. — Michael Baxter & Associates Commercial Real Estate & Property Management has arranged the lease of 51,660 square feet of warehouse and distribution space, located at 636 Pen Argyl Ave. in Pen Argyl, Penn. Dan Perich of Michael Baxter represented the tenant, Pen Argyl-based Forza Boxing LLC, a martial arts equipment company. Joseph Baxter and Michael Baxter represented the landlord, Pen Argyl-based Scotty's Fashion Cutting Inc.