LITTLE ROCK, ARK. — Investment Grade Loans has sold a 554,416-square-foot industrial building in Little Rock. The property sits on 27.6 acres and sold to New York City-based Eliken Property Management for an undisclosed price. The single-story facility has 29-foot, 9-inch ceiling heights, 5-inch reinforced concrete floors, 40 dock doors and 5,616 square feet of office space. Holmes Davis of Binswanger’s Dallas office represented the seller in the transaction.
LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.
EDDYSTONE, PA. — HFF has secured $23.5 million in acquisition financing for Eddystone Industrial Park, a four-building industrial park in the Philadelphia suburb of Eddystone. Located at 1001 Industrial Highway, the park totals 465,680 square feet and is spread across more than 43 acres. The property features clear heights ranging from 18 to 60 feet as well as 52 dock doors and 16 drive-in doors. Michael Pagniucci and Ryan Ade of HFF worked on behalf of the borrower, Foxfield Industrial, to secure financing through a regional commercial bank. Terms of the financing were not disclosed.
FORT WORTH, TEXAS — Crow Holdings Capital-Real Estate, in partnership with Rob Riner Cos., will develop a four-building, 1.1 million-square-foot industrial park in south Fort Worth. The project represents Phase II of a larger development and will deliver a 394,000-square-foot cross-dock facility, 294,000-square-foot cross-dock facility and two 187,000-square-foot front-load facilities. Construction of all four buildings is expected to begin during the first quarter of 2019. Holt Lunsford Commercial will market the properties for lease.
FORT WORTH, TEXAS — Panoramic Doors has signed a 127,545-square-foot industrial lease at 15050 Frye Road in Fort Worth. According to LoopNet Inc., the property was built in 1987 and features 30-foot clear heights and 13 dock-high doors. Seth Koschak and Forrest Cook of Stream Realty Partners represented the tenant in the lease negotiations. Steve Koldyke and Brian Gilcrest of CBRE represented the landlord, Stonelake Capital Partners.
MAPLE GROVE, MINN. — The Opus Group has broken ground on a 204,000-square-foot industrial building in Maple Grove. The project, known as Arbor Lakes Corporate Center, is a collaboration between Opus and Inland Development Partners. The 13-acre site will first undergo environmental remediation to fully remove existing landfill and environmental pollutants from the former disposal and waste transfer site. The building will feature a clear height of 28 feet, 32 docks and two drive-in doors. Construction is slated for completion in late 2019. Chris Hickok and Dan Larew of JLL will market the property for lease.
SAN DIEGO — HFF has arranged $70.5 million in financing for a two-property life science portfolio in San Diego’s Sorrento Mesa neighborhood. Bioscience Properties and Singerman Real Estate, the borrowers, plan to use loan proceeds to convert the buildings into Class A laboratory assets. The portfolio comprises The Peak at Wateridge, a 180,000-square-foot, two-story office/R&D building situated on 11.1 acres at 10770 Wateridge Drive, and 6325 Lusk, a 50,005-square-foot life science building situated on 5.5 acres. Overall, the portfolio is 65 percent leased to two tenants: Abzena PLC and TriLink Biotechnologies. Tim Wright, Zack Holderman, Olga Walsh and Daniel Pinkus of HFF arranged the five-year, floating-rate bank loan.
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.
