MILPITAS, CALIF. — Nazareth Enterprises has purchased a 180,086-square-foot flex building in Milpitas occupied by Johnson & Johnson Vision for $49.8 million. The building is located at 510 Cottonwood Drive in the Silicon Valley submarket. The property was developed in 1981. Significant renovations commenced in 2008. The property features concrete construction, solar power, four dock doors and ample parking.
VERNON HILLS, ILL. — Wool Finance Partners has arranged a $14 million loan for the refinancing of two industrial buildings in Vernon Hills, a northern suburb of Chicago. The buildings total 350,000 square feet and are leased to a single tenant. A regional bank was the lender. The borrower was not disclosed. Gary Wool of Wool Finance arranged the loan.
CINCINNATI — Colliers International has brokered the sale of an 81,681-square-foot warehouse in Cincinnati for $4.1 million. The property, located at 5480 Creek Road, features 6,681 square feet of office space. Raymond Storage Concepts Inc. (RSCI) purchased the property. The company sells, rents and services materials handling equipment, including dock doors and other warehouse solutions. RSCI also maintains sales and service facilities in Columbus and Louisville, Ky. John Gartner and Erin Casey of Colliers International represented the seller, Creek Road 5480 LLC, in the sales transaction. Roddy MacEachen, Rod MacEachen and Jared Wagoner of SQFT Commercial represented RSCI.
FAIRFIELD, N.J. — Saddleback Real Estate Developers has purchased an industrial building located at 8 Kulick Road in Fairfield. The 23,200-square-foot property sold for an undisclosed price. Saddleback Real Estate plans to continue to expand its portfolio in New Jersey. The name of the seller was not released.
HAZELTON, PA. — Hinerfield Commercial has brokered the sale of a showroom and warehouse facility located at 485 Susquehanna Blvd. in Hazelton. Bradley International acquired the 51,000-square-foot property for an undisclosed price. The building is occupied by Nathan’s Furniture Store, which originally purchased the property in 1983. Griff Keefer and John Cognetti of Hinerfield Commercial handled the sale negotiations.
EAST BROOKFIELD, MASS. — Kelleher & Sadowsky has arranged the sale of an industrial space located at 545-555 E. Main St. in East Brookfield. The undisclosed buyer plans to convert the 40,754-square-foot former Howe Lumber facility into a micro-brewery under the Timberyard Brewing brand. Paul Matt of Kelleher & Sadowsky brokered the sale. The name of the seller and acquisition price were not released.
DURHAM, N.C. — Strategic Capital Partners has unveiled plans for Patriot Park, a $60 million industrial development located near Miami Road and Patriot Drive within Research Triangle Park in Durham. The project will comprise roughly 1 million square feet to be developed over the next several years. Construction on Phase I, which will include 322,800 square feet, is slated to begin this summer. In addition to Strategic Capital Partners, the investment group includes Westminster Capital, Berkshire Realty and First Tennessee Bank, which is providing construction financing. Patriot Park is the third major development in the Raleigh-Durham metro for Indianapolis-based Strategic Capital.
RICHMOND, VA. — Panattoni Development Co. Inc. has unveiled plans to develop a 1 million-square-foot speculative warehouse situated along Commerce Road in Richmond. CBRE | Richmond represented California-based Panattoni in the acquisition of the 62.3-acre parcel of land. Dubbed Virginia I-95 Distribution, the project will be developed in two phases. Each phase will feature a 461,700-square-foot cross-dock warehouse with 36-foot clear heights, LED lighting and multiple trailer drops. Phase I is slated for completion in summer 2018. Matt Anderson of CBRE | Richmond will handle the property’s leasing.
CONCORD, N.C. — Monmouth Real Estate Investment Corp. has acquired a 354,482-square-foot industrial building located at 4350 Fortune Ave. in Concord, roughly 25 miles north of Charlotte, for $40.6 million. The building is net-leased to FedEx for 15 years and sits adjacent to Monmouth’s recently constructed FedEx SmartPost facility. With this acquisition, the company owns a two-property campus in the Charlotte submarket totaling 685,200 square feet on 116 acres.
BELLWOOD, ILL. — Darwin Realty has brokered the sale of a 160,000-square-foot warehouse in Bellwood, 13 miles west of Chicago. The sales price was not disclosed. The property is located at 950 S. 25th Ave. U-Haul/AMERCO Real Estate Co. purchased the property for use as a truck rental and self-storage facility. The building features 11,500 square feet of office space, 5,000 square feet of cooler space, clear heights ranging from 12.5 to 19.5 feet, 14 exterior docks and two interior docks. U-Haul chose this site due to its proximity to I-290 and large parking lot on the 8.3-acre site. The new owner will take occupancy of the building in October. Jeffrey Provenza and George Cibula of Darwin represented the seller, 950 S. 25th Ave. LLC. U-Haul was self-represented.
