ALLEN PARK, MICH. — KeyBank Real Estate Capital has provided a $12 million loan for the refinancing of an 809,918-square-foot industrial center located in Allen Park, a southern suburb of Detroit. The property consists of two buildings and a garage. The facilities were built in 1957 and 2000, with renovations in 2010 and 2014-2016. Roush Industries anchors the property. Robert Williams of KeyBank originated the 10-year CMBS loan, which features a 30-year amortization schedule.
WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed a 626,8480-square-foot industrial tenant build-out for an e-commerce company in Waukegan, a northern suburb of Chicago. The fulfillment center resides on the grounds of Bridge Point North, a 240-acre business park located at Route 43 and McGaw Road. The facility features 16,121 square feet of office space, 53 exterior docks and 130 trailer positions. The tenant will likely hire a minimum of 100 full-time employees to staff the facility, according to PREMIER. Joe Ahrens and Scott Lebak of PREMIER oversaw the project. Cornerstone Architects Ltd. provided architectural services, while Manhard Consulting Ltd. and Structures Unlimited delivered engineering support. Bridge Development Partners was the project developer.
WESTON, FLA. — Cushman & Wakefield has negotiated a 67,200-square-foot lease with VPX Sports within Weston Commerce Park, an industrial park located at 1951 N. Commerce Parkway in Weston, a town in Broward County roughly 23 miles west of Fort Lauderdale. Chris Metzger, Richard Etner Jr., Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented Mississippi-based owner EastGroup Properties in the lease transaction. JLL represented VPX Sports, a health supplement manufacturer that sells products in brick-and-mortar stores throughout the U.S. and 37 other countries. The company will use the space for its warehouse and distribution needs. The 134,000-square-foot building features 30-foot clear heights, dock-high loading, drive-in doors, an ESFR fire safety system, T5 lighting, 40-foot by 40-foot column spacing and an 118-foot truck court. The building is located roughly one mile from VPX Sports’ 102,000-square-foot corporate headquarters at Weston Distribution Center. With the addition of VPX Sports, Weston Commerce Park is fully leased. The company is expected to move into the building in the third quarter.
PHILADELPHIA —Morris Iron & Steel Co. has acquired a 58.12-acre industrial waterfront site and a 13-acre site in Philadelphia. The properties are located at 7777 State Road and 7777R State Road. Morris Iron & Steel is a family-owned, fourth-generation company that has operated since 1938. The company serves the scrap metal and recycling needs of the eastern part of Pennsylvania and plans to use 10 acres of the land for barge loading. Chris Pennington of Binswanger represented the buyer in the acquisition. Binswanger has also been hired to lease the additional acreage, which offers barge access.
HOUSTON AND DALLAS — Gramercy Property Trust, a New York-based, publicly traded REIT, has entered into an agreement to buy nine industrial properties located throughout the Houston and Dallas areas. The assets are part of a 41-property, 7.8 million-square-foot portfolio purchased from Core Logistics for approximately $479.1 million. The 41 properties, which are also located in Chicago, Atlanta, Memphis and Columbus, are 93 percent leased collectively.
SUGAR LAND, TEXAS — JLL has negotiated a 37,715-square-foot office/industrial lease at 13000 Executive Drive in Sugar Land for INOVA Geophysical, a Houston-based seismic equipment and systems provider. The property offers 42,000 square feet of office space and 12,000 square feet of warehouse space, as well as 15-ton crane capability and 24-foot clear heights. David Buescher and Jeff Venghaus of JLL represented the tenant in the lease negotiations. Ryan Wasaff of The Welcome Group represented the landlord. The space will serve as INOVA Geophysical’s new headquarters.
DALLAS — Henry S. Miller Brokerage Co. (HSM) has arranged the sale of a 23,000-square-foot warehouse located at 2909-2919 Blystone St. in the Walnut Hill Industrial District in Dallas. Lane Kommer of HSM represented the seller, BLY Realty, in the transaction. The buyer, Molthan Construction, was represented internally.
CLIFTON, N.J. — Holliday Fenoglio Fowler (HFF) has arranged a $23.35 million loan for a partnership between Tulfra Real Estate and The Hampshire Companies to refinance a 204,000-square-foot industrial building. The 10-year, fixed-rate loan with Citizens Bank will be used to refinance the existing construction financing on the property, which is located at 65 South Industrial Street in the Passaic County community of Clifton. Situated on 11 acres, the property is located just off Route 3, less than two miles from the Garden State Parkway and seven miles from the New Jersey Turnpike. The industrial building recently underwent a multi-million dollar renovation that included raising the roof to provide a 27-foot ceiling height, new exterior skin, adding six new loading docks (for a total of 24), refinishing the warehouse floors, installing new lighting and sprinklers, adding new mechanical and electrical systems and fitting out 28,000 square feet of office space. The speculative redevelopment project is now fully leased to Damascus Bakeries, which will use the building as a second manufacturing facility and its corporate headquarters. Damascus will lease its space for a 15-year term and will also take a 50-percent ownership interest in the borrower entity. The HFF team included …
Paterson, N.J. — Cushman & Wakefield has assisted a joint partnership between Camber Real Estate Partners and Advance Realty in procuring $15.34 million of financing for the acquisition of 1200 Madison Avenue, a 245,529-square-foot institutional quality industrial building located immediately off Interstate 80 in Paterson. First Bank provided the financing. The property is currently 100 percent leased, with M. Tucker and SupplyOne serving as the anchor tenants. The building features 30-foot ceiling heights and 21 loading positions as well as ample car and trailer parks. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala and Noble Carpenter III represented the joint partnership between Camber Real Estate Partners and Advance Realty. Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer, working with Cushman & Wakefield’s Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt, as well as industrial leasing specialist Andrew Siemsen.
CUDAHY, WIS. — Colliers International has arranged the sale of Mitchell Industrial Park in Cudahy, about seven miles south of Milwaukee. The sales price was not disclosed. The 10-building, 879,704-square-foot park is located near the intersection of College and Pennsylvania avenues. A joint venture between WHI Real Estate Partners LP and BK Ace Industrial Holdings LLC sold the property to Deerfield, Ill.-based Oak Realty Group Inc. BK Ace Industrial Holdings had previously purchased the business park from CenterPoint Properties in 2014. Notable tenants include DHL-Air Express International, Menasha Packaging, Mattress Firm and National Packaging. Tom Shepherd, Jeff Devine and Steven Disse of Colliers brokered the transaction. Pat Hake and Bill Langhoff of Colliers will manage leasing efforts.