LAREDO, TEXAS — Stos Partners, a San Diego-based investment and management firm, has acquired a 1.4 million-square-foot industrial portfolio in the border city of Laredo. The sales price was $88 million. The purchase was made via a joint venture with institutional investor Washington Capital Management. The seller of the portfolio, which consists of eight buildings, was an undisclosed, privately held national real estate firm.
HOUSTON — Sterling Construction Co. has been awarded the design-build contract for Phase I of the Houston Spaceport, a project that will deliver a hub for transporting people and cargo in and out of space. Valued at $17.2 million, Phase I of the project will span 90 acres and deliver infrastructure, including streets, water, and electrical power facilities to the spaceport, which is being developed at Ellington Airport on the city’s southeastern side. Construction is expected to begin during the first quarter of 2019 and to be complete by early 2020.
DEARBORN, MICH. — Friedman Real Estate has arranged the sale of a 33,077-square-foot industrial building in Dearborn for an undisclosed price. The property is located at 13250 Rotunda Drive. Bob Dabrowski, Greg Hornby and Todd Hawley of Friedman represented the seller, Restaurant Leasing LLC. Rotunda Ventures LLC purchased the property.
HIALEAH GARDENS, FLA. — Miami-based State Street Realty has arranged the lease of industrial space at Miami Industrial Logistics Center, a Class A industrial park located at 14802 N.W. 107th Ave. in Hialeah Gardens, part of Miami’s Medley Industrial submarket. Tricorbraun Inc., a rigid packaging designer and distributor, will occupy 90,103 square feet at the 676,835-square-foot park. The property features built-to-suit offices, a shared 180-foot truck court, approximately 32-foot clear heights, four overhead doors per bay, 54-foot column spacing, a 60-foot staging bay, an ESFR fire safety system, LED energy-efficient lighting and ample vehicle parking and trailer parking/spotting areas. Frank Trelles and Brian Cabielles of State Street Realty represented the landlord, Duke Realty, while W. Stevens Schmid, Jeff Hartsook and Patrick Willis of CRESA South Florida represented the tenant.
BOLINGBROOK, ILL. — Bridge Development Partners has purchased Fountain Square Commerce Center, a four-building industrial business park in Bolingbrook, for $73.5 million. Jeff Devine and Steve Disse of Colliers International represented the seller, Conor Commercial and partner LaSalle Investment Management. The buildings span 741,586 square feet. At the time of sale, two of the buildings were fully leased. The remaining 439,099 square feet are available for lease. Completed in 2016, the buildings feature a clear height of 32 feet. Bridge Development plans to develop a 216,320-square-foot speculative facility on the adjoining 12 vacant acres, which were also included in the sale.
LOCKPORT, ILL. — Gruma Corp. has signed a 61,163-square-foot industrial lease at 14407 S. Gougar Road in Lockport, 30 miles southwest of Chicago. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners, in the lease transaction. Britt Casey and Al Caruana of Cushman & Wakefield represented the tenant. Gruma is a food company most known for the production of Mission tortillas.
FORT WORTH, TEXAS — McLane Co. Inc., a supply chain firm owned by Berkshire Hathaway that specializes in groceries, will open a 650,000-square-foot distribution center within Carter Industrial Park in Fort Worth. According to The Fort Worth Star-Telegram, Associated Wholesale Grocers Inc. operated at the site until 2017, when it left the park and laid off more than 2,000 workers. McLane will invest at least $18 million in construction and upgrades to the existing site by January 1, 2020. Under the terms of an incentives package recently approved by the Fort Worth City Council, McLane will employ about 550 people at the facility, 30 percent of which must be Fort Worth residents.
OKLAHOMA CITY — Veritiv Operating Co., a provider of packaging, paper products and distribution services, has signed a 90,000-square-foot industrial lease at 5200 S.W. 36th St. in Oklahoma City. According to LoopNet Inc., the property was built in 1999 and features 12 dock-high doors. David Portman of CBRE represented the landlord, EIP OKC LLC, in the lease negotiations. Caitlin Mazaheri, Jason Hammock, John Herrmann and Travis Price, also of CBRE, represented Veritiv Operating Co.
WEST PALM BEACH, FLA. — Cabot Properties has purchased a three multi-tenant warehouse and distribution portfolio located in Palm Beach County, Fla. McCraney Property Co. sold the asset for $25.8 million, or $148 per square foot. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in the transaction. Situated in West Palm Beach’s Vista Business Park, the 173,812-square-foot portfolio includes 2211, 2213 and 6935-6965 Vista Parkway. At the time of sale, all three buildings were fully leased. Notable tenants include Trane, Shred-It and United Subcontractors (USI). The buildings at 2211 and 2213 Vista Parkway span 44,234 square feet and 51,400 square feet, respectively, and feature 28 rear dock doors, two drive-in doors, 24-foot clear heights and an ESFR fire safety system. The two buildings share a 150-foot truck court and 106 car parking spaces. 6935-6965 Vista Parkway is a one-story, 77,177-square-foot light warehouse and distribution center, which was developed in 2008. The building features hurricane-impact glass, at least 18-foot clear heights, 10 rear-dock doors, seven drive-in doors, two ramps and an ESFR fire safety system.
KENOSHA, WIS. — Logistics Property Co. LLC (LPC) has broken ground on a 1 million-square-foot industrial development in Kenosha. The 67-acre site is situated just off I-94, less than 50 miles from Chicago. The speculative development, known as 94 Logistics Park, is slated for completion by the end of summer 2019. Building One will span 750,000 square feet for regional distribution use. Building Two will span 288,000 square feet and will be geared toward manufacturing and local distribution companies. Fred Regnery, Ned Frank and Steve Sewart of Colliers International will market the development for lease.