WEST BOYLSTON, MASS. — The Stubblebine Co./CORFAC International has negotiated the $6.9 million sale of 180 Shrewsbury Street, a 149,000-square-foot industrial building in West Boylston, about eight miles north of Worcester. David and James Stubblebine represented both the seller, WRT Management, and the buyer, 180 Shrewsbury Street LLC, in the transaction. The high-bay distribution building is leased on a long-term basis to Bunzl Distribution.
SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of 121 Corporate Blvd., a 36,000-square-foot industrial building in South Plainfield. The price was undisclosed. Herb Zimmerman of Bussel Realty represented the buyer, Touch Dynamic, in the transaction. The seller was Adler Development. Touch Dynamic, a maker of touch-screen computers and monitors, will utilize the facility for the manufacturing, servicing, testing, shipping and distribution of its products. The property is fully air-conditioned and includes three loading docks, one drive-in door and 19-foot ceiling heights.
TEXARKANA, TEXAS — TexAmericas Center (TAC), a Texas-based redevelopment authority specializing in the revitalization of former military industrial product, will rehabilitate part of the former Lone Star Army Ammunition Plant in Texarkana. The project will add approximately 270,000 square feet of sub-dividable, move-in-ready industrial space to the property, which is located on the company’s East Campus. Retrofit plans will include the installation of three-phase electricity, office space, bathrooms and fire suppression systems. TAC expects the new space to become available for occupancy by early November.
CORPUS CHRISTI, TEXAS — Cravey Real Estate Services Inc. has brokered the sale of a 6,372-square-foot flex property located at 229 S. Padre Island Drive in Corpus Christi. Built in 1991, the property is zoned for light industrial uses and consists of 5,272 square feet of office space and 1,100 square feet of warehouse space. Matt Cravey of Cravey Real Estate Services represented the seller, Charan Investments Ltd. Scott Fauver, also with Cravey Real Estate Services, represented the buyer, Koetter Fire Protection, a Dallas-based provider of fire protection systems.
ROLLING MEADOWS, ILL. — Krusinski Construction Co. has broken ground on a 112,505-square-foot flex facility for School Health Corp. at 5600 Apollo Drive in Rolling Meadows. School Health is a national, full-service provider of health supplies, services and solutions. Construction on the distribution, shop and office facility began May 1. Ware Malcomb is the project architect and the Trammell Crow Co. is serving as project consultant. When completed, the new structure will include a two-story, 24,700-square-foot office space, plus a state-of-the-art warehouse with a dozen dock doors, a clear height of 32 feet, LED lighting and modern material handling equipment to service more than 100,000 customer orders per year. The new LEED-certified building will be centrally located among various retail restaurants and shopping centers, with close proximity to I-290 and I-90 situated directly north. The project is scheduled for completion this fall.
LAKE ELSINORE, CALIF. — Avison Young has brokered the acquisition of a newly constructed industrial building located at 470 Third St. in Lake Elsinore. An entity of San Diego Ice Co. purchased the property from TOLD Properties for $3.7 million. The ice manufacturer and distributor will occupy the 24,026-square-foot building. Situated on 1.4 acres, the property features 2,800 square feet of office space, 1,400 square feet of mezzanine space, skylights, two dock-high loading doors, two grade-level loading doors and 59 parking spaces. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates represented the seller in the deal.
TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …
COMMERCE, ANAHEIM AND ONTARIO, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for a total investment of $127.1 million. The company also sold two industrial assets in the Inland Empire for $9.1 million. In an off-market transaction, Rexford Industrial purchased 5300 Sheila St. in Commerce for $121 million, or $174 per square foot. Situated on 35.8 acres, the 695,120-square-foot property features 36-foot clear heights, 118 cross-dock loading positions and nearly 4 acres of excess land accommodating storage of up to 435 trailer/containers. At the time of sale, the property was fully occupied by a credit tenant on a long-term, triple-net lease. Rexford also acquired 1190 E. Stanford Court in Anaheim for $6.1 million, or $176 per square foot. Situated on 1.4 acres, the 34,494-square-foot property features 24-foot clear heights, dock-high loading and a large fenced yard. The property was 100 percent leased to a single tenant at the time of acquisition. Additionally, the company sold 1910 and 1920 S. Archibald Ave. in Ontario for $9 million, or $116 per square foot. Originally purchased as a part of a three-building portfolio, the sale represents a planned disposition as these two 69 percent-occupied flex buildings are not …
LYON TOWNSHIP, MICH. — Investment group CORE BKG has purchased a 30-acre site located at 54500 and 54650 Grand River Ave. in southeast Michigan’s Lyon Township. CORE BKG plans to develop Lyon Commerce Center, which will consist of three industrial buildings totaling 450,300 square feet. The buildings will be suited for distribution, high-tech and light manufacturing uses. Construction is scheduled to begin in June. CORE BKG includes principals form both CORE Partners and Burton-Katzman.
ELK GROVE VILLAGE, ILL. — Toshiba Machine Co. has signed a 58,760-square-foot industrial lease in Elk Grove Village. The building, located at 695 Touhy Ave., will serve as a supplemental facility, complementing Toshiba’s existing U.S. headquarters facility located at 755 Greenleaf Ave., also in Elk Grove Village. The new location will house research and development and distribution operations for Toshiba’s Plastic Injection and Machine Tools divisions. Chris Lydon of Avison Young represented the tenant in the lease transaction. Al Caruana and Britt Casey of Cushman & Wakefield represented the undisclosed landlord.
