NEW HOPE, MINN. — FLS Properties has completed the disposition of an industrial distribution property in New Hope. The 80,000-square-foot property is situated on 5 acres at 5621 International Parkway. Waymouth Farms acquired the property and will use it as a distribution center. Fred Hedberg, John Young and Luke Hedberg of Paramount Real Estate Corp./TCN Worldwide represented the seller in the transaction. The acquisition price was not released.
PHILADELPHIA — Liberty Property Trust and Synterra Partners have broken ground for the construction of the new Navy Yard Commerce Center. The first phase of construction will include two flex buildings totaling 103,137 square feet that will be located at 4000 and 4050 S. 26th St. The buildings have been designed to achieve LEED certification. The Fretz Corporation has already signed a lease for 22,391 square feet of space at 4050 South 26th Street. At full build-out, Navy Yard Commerce Center will contain four single-story flex buildings.
CARLISLE, PA. — Hillwood Investment Properties has leased a logistics/distribution facility it owns in Carlisle. Green Bay, Wis.-based Bay Valley Foods will occupy the entire 602,500-square-foot facility, which is known as Carlisle 44 Trade Center. Constructed in 2007, the building is located on 45.2 acres at 1700 Ritner Highway near the interchange of Interstate 81 and Pennsylvania Turnpike. As part of the tenant improvements, the property will seek LEED certification. Chicago-based Lowenbaum REP and Cushman & Wakefield represented Bay Valley Foods in lease negotiations.
HOUSTON — Granite Properties has sold two of its Port of Houston industrial properties, the 356,000-square-foot Barbour's Cut Business Park and the 226,240-square-foot Bayport Container Terminal, to Duke Realty. The properties are part of a larger 15-property industrial portfolio Holliday Fenoglio Fowler (HFF) is marketing on behalf of Granite as it divests its industrial holdings to focus on office acquisitions. Barbour's Cut Business Park and Bayport Container Terminal are fully leased to Gulf Winds International with more than 10 years remaining on the lease. Rusty Tamlyn and Trent Agnew of HFF represented Granite in the sale.
HOUSTON — Florida Chemical, a citrus industry company, has purchased a 39,086-square-foot warehouse and distribution building located at 19914 GH Cir. in northwest Houston. Bill Rudolf and Gray Gilbert of CB Richard Ellis represented Florida Chemical, while John Nicholson and Doug Nicholson of Grubb & Ellis represented the seller, PPG Architectural Finishes.
ELOY, ARIZ. — Cassidy Turley BRE Commercial has closed the $3 million sale of an 85,200-square-foot industrial property, located at 1550 W. Battaglia Road in Eloy. Plastics Management LLC purchased the building and intends to open a manufacturing plant there by the end of 2011. Cassidy Turley BRE Commercial’s Andy Markham and Mike Haenel represented the seller, Highland Avenue Properties LLC, in the transaction.
BELTSVILLE, MD. — Boston-based Cabot Properties has acquired Ammendale Technology Park in Beltsville for $23 million. Built in 1985 and 1986, the seven-building industrial portfolio consists of office and warehouse facilities with ample truck courts. Bo Cashman, Jonathan Beard, Bruce Strasburg and Marc Rampulla of CB Richard Ellis represented the seller, Rockville, Md.-based Washington Real Estate Investment Trust, in the transaction.
WOODBRIDGE, ILL. — Cohen Financial has assisted Bristol Group in securing a $23 million loan for the refinancing of an industrial portfolio in Bristol's recently developed Wood Hill Crossings Business Park in Woodbridge. The five-building portfolio totals approximately 950,000 square feet and is 88 percent leased as of year-end 2010. Don Trossman of Cohen Financial assisted Bristol Group in securing the fixed-rate, interest-only loan at 45 percent loan-to-value with a 5-year term and a 3.58 percent fixed rate. The lender is Cornerstone Real Estate Advisers, an advisor to Mass Mutual.
CHICAGO — Martinez Produce & Seafood has selected Summit Design + Build as general contractor for the company's new freezer/cooler/dry storage facility in Chicago. Located at 340 N. Sacramento, the 22,000-square-foot storage facility includes a 5,000 square-foot freezer, 5,900 square feet of cooler space, 2,500 square feet of dry storage and a 2,267-square-foot mezzanine office space. Cornerstone Architects is provided architectural services for the project, which is slated for completion in spring 2011.
WAUKEGAN, ILL. — Woodland Foods has leased a 131,000-square-foot industrial building located in Waukegan. Located at 3751 Sunset, the facility offers 24-foot clear ceiling heights, five docks and heavy power. Whit Heitman, Samuel Badger and Brad Weiner of Paine/Wetzel•ONCOR International represented Woodland Foods; Jack Rosenberg, Fred Regnery and Ned Frank of Colliers International represented the landlord, ING, in the transaction. Terms of the lease were not disclosed.