VISTA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial facility, located at 2710 Progress St. in Vista. A global real estate investment firm acquired the property from 2710 Progress Street LLC for $24.7 million. Captek Softgel International occupies the 135,000-square-foot, single-tenant facility on a long-standing lease basis. Aric Starck and Barry Hendler of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the deal.
ATLANTA — CT Realty, Port Logistics Realty and River Oaks Capital Partners have completed Phase I at Palmetto Logistics Park in Atlanta. The joint venture also signed Drive DeVilbiss Healthcare to a 1.1 million-square-foot lease. DeVilbiss, a global manufacturer of respiratory and ambulatory medical products, plans to move in before the end of the year. Phase II is expected to commence in January and wrap up construction by the end of 2019. Phase II will consist of a 1 million-square-foot distribution facility. The 213-acre industrial park is located about 16 miles southwest of Hartsfield-Jackson Atlanta International Airport. The joint venture bought the land in 2017.
LEESBURG, VA. — St. John Properties Inc. has broken ground on four buildings within Leesburg Tech Park in Leesburg. The tech park spans 17 acres, and the four speculative buildings will consist of 160,000 square feet of research & development/flex space with anticipated completion in the summer. St. John Properties purchased the land in 2016. The property is situated about 35 miles west of downtown Washington, D.C.
ORLANDO, FLA. — McCraney Property Co. has chosen Lakeland, Fla.-based Macrobay Construction as the general contractor for a co-development project with Tavistock Development Co. in Orlando. The 1.3-million-square-foot project at Infinity Park is expected to break ground by the end of 2018. According to Tavistock, Infinity Park is a 200-acre mixed-use site located three miles from the Orange County Convention Center.
KATY, TEXAS — Hines has sold 150 acres in the western Houston suburb of Katy to Costco Wholesale Corp., which will develop a large-format distribution center, according to local media reports and a press release from the Houston-based real estate giant. Andy Sowell and Bo Pettit of Boyd Commercial represented Hines in the sale of the tract, which is known as Pintail Business Park. A timeline for construction has not been reported or disclosed.
SHELBYVILLE, IND. —Shelbyville Redevelopment Commission has purchased a 184-acre industrial site along I-74 in Shelbyville, about 30 miles southeast of Indianapolis, for $3.9 million. The organization plans to develop an industrial park. The site was assembled from two tracts owned by First Presbyterian Church of Shelbyville and Krone, a German farm equipment manufacturer. Shelbyville and Shelby County equally funded the acquisition through a 10-year bond sale.
CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of an industrial asset in Centennial. GT INOVA LLC acquired the property from INOVA Flex I LLC for $16.1 million. Located at 7304 S. Joliet St., the property features 71,172 square feet of industrial space. Jason Addlesperger, David Lee, Mike Wafer and Keith Bell of Newmark Knight Frank represented the seller, while Cushman & Wakefield represented the buyer in the deal. First American Title Insurance Co. also participated in the transaction.
FORT LAUDERDALE, FLA. — ShipMonk, a logistics company for e-commerce businesses, has signed a lease to move its headquarters from Deerfield Beach to Bridge Point Riverbend in Fort Lauderdale. Starting next year, ShipMonk will occupy 170,477 square feet of the 221,542-square-foot industrial building that was completed in September. Tony Hoover of CBRE represented the tenant in the lease transaction, while Colliers International’s Steven Wasserman represented the landlord, a joint venture between Bridge Development Partners, Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners. The terms of the lease were not disclosed. ShipMonk was originally launched in 2014 by then-26-year -old Jan Bednar at Florida Atlantic University’s Tech Runway. ShipMonk now employs more than 200 people in Florida and Los Angeles, with plans to double its workforce and open an office in New York City. Bridge Point Riverbend features 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, and a 1.4/1,000 parking ratio.
KATY, TEXAS — Clay Development & Construction Inc. has broken ground on Pederson Distribution Center I, a 621,920-square-foot speculative distribution center at Interstate 10 and U.S. Highway 90 in Katy, a western suburb of Houston. The cross-dock property will be situated on 30.8 acres and is expected to be complete by August 2019. Building features will include 36-foot clear heights, 147 dock-high doors, 130-foot truck courts and up to 256 employee parking spaces and 170 trailer parking spaces. Frost Bank provided construction financing. NAI Partners will handle leasing of the property with assistance from Clay.
HOUSTON — Local firm Davis Commercial Development has acquired 34.9 acres on which to build an industrial project at the intersection of Interstate 45 and Cypress Creek Parkway in north Houston. The property will be located near ExxonMobil’s campus and George Bush Intercontinental Airport. Todd Edmonds and Michelle Soderberg of Colliers International represented the seller, Hendricks Interests LLC, in the land sale. Colliers will also market the property, which will consist of two cross-dock, single-tenant buildings.
