MILLS RIVER, N.C. — CBRE has arranged the $9 million sale of FedEx Ground Terminal, an 89,828-square-foot industrial property leased to FedEx Ground Package System Inc., in Mills River. The asset is situated within Broadpointe Business Park, less than a mile from Asheville Regional Airport and about 11 miles south of downtown Asheville. FedEx Ground has occupied the space since the building was delivered in 2006. West Palm Properties Inc. acquired the property. Patrick Gildea, Matt Smith, Randy Getz and Grayson Hawkins of CBRE represented the sellers, Rose Canyon Business Park LP and JMWM LP, in the transaction.
Industrial
MIAMI GARDENS, FLA. — Dalfen Industrial has bought Golden Glades Fulfillment Center, a 201,491-square-foot, multi-tenant industrial building in Miami Gardens. The property was 100 percent leased at the time of the sale to tenants including Amazon and Packaging Corp. of America. The asset sits on 10.2 acres about 15 miles north of downtown Miami and within 10 miles of 1.6 million people. The seller and sales price were not disclosed.
DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.
INDIANAPOLIS — Gladstone Commercial Corp. has purchased a 34,800-square-foot industrial building in Indianapolis for $3.5 million. The property, located within Park 100, is expandable by approximately 13,000 square feet. Indianapolis Fruit Co. Inc. fully occupies the freezer storage and distribution facility. The company provides fresh, frozen and packaged produce to a variety of customer types, including grocery stores, restaurants, schools and food management companies. The seller was not disclosed.
CHARLOTTE, N.C. — Black Creek Group has acquired 56.4 acres of land in southwest Charlotte to develop Creekside Commerce Center, a four-building, 621,000-square-foot distribution center campus. The Denver-based real estate and development firm anticipates construction to start in the second quarter of this year with delivery scheduled by the end of the year. The four buildings will range in size from 58,000 square feet to 223,000 square feet.
GRANDVIEW, MO. — Newmark Grubb Zimmer has arranged the sale of a 499,144-square-foot industrial building in Grandview, about 16 miles south of Kansas City. The sales price was not disclosed. The multi-tenant property is located at 14100 Botts Road. Winco Fireworks, Church & Dwight and Caravan Ingredients fully occupy the building. Michael VanBuskirk, Mark Long and Chris Robertson of NGZ brokered the transaction. SRRT Properties LP purchased the property from Botts Road Investment LLC.
Cushman & Wakefield Arranges $51.5M Refinancing for Two Distribution Properties in New Jersey
by David Cohen
NORTH BERGEN, N.J. — Cushman & Wakefield has arranged a $51.5 million loan to refinance two distribution centers in North Bergen. The properties are located at 5903 and 7300 Westside Ave. Originally constructed for Liz Claiborne in 1987, 5903 Westside Ave. is a four-story, 600,000-square-foot industrial warehouse utilized as a fashion logistics center by Bergen Logistics. 7300 Westside Ave. is a single-story, 130,000-square-foot industrial warehouse also owned and operated by Bergen Logistics. Cushman & Wakefield’s Equity, Debt & Structured Finance group secured the financing on behalf of the borrower, Bergen Shippers Corp. The lender was JP Morgan Chase. Funds will be used to refinance current debt, with additional proceeds for equipment financing and the construction of a new logistics warehouse on a portion of the parking lot at 5903 Westside Ave.
DEVENS, MASS. — Nypro Inc. has signed a 247,060-square-foot lease renewal and expansion at 112 Barnum Road in Devens. The 402,249-square-foot manufacturing facility was constructed in 2008 and is located within the Devens Industrial Park. Nypro Inc. expanded its lease from 215,790 square feet to 247,060 square feet. J.R. McDonald, Torin Taylor and Ross Gaudet of NKF represented the property ownership group, Artemis Real Estate Partners, Drake Real Estate Partners and Pacer Partners, in the transaction.
LOCKPORT, ILL. — Pepperidge Farm Inc. has leased 87,602 square feet of industrial space at Heritage Crossing in Lockport. The property is located at 15901 W. 147th St. Heritage Crossing, a 228-acre business park, is now 94 percent leased. Jason West and Brian Borget of Cushman & Wakefield represented Pepperidge Farm, a cookie, cracker and bread company, in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.
HOUSTON — Illinois-based industrial developer Molto Properties has broken ground on 290 Northwest Business Center, a 136,651-square-foot distribution center that will be located in northwest Houston. The property, which is expected to be complete by August, will be able to accommodate one or two tenants. Building features will include 32-foot clear heights, an ESFR sprinkler system, 2,586 square feet of office space, 121 parking spaces and a loading area with 30 dock-high doors. Lee & Associates will handle leasing of the facility.