IRVING, TEXAS — Lee & Associates has brokered the sale of a 20,864-square-foot industrial property located at 1624 W. Walnut Lane in Irving. Corbin Blount and Adam Graham of Lee & Associates represented the seller, communications firm Solaris Technologies. Trace Fielding and Greg Nelson of Paladin Partners represented the buyer, Mar-Lan Industries, a manufacturer of wire harness and electrical panels.
ENGLEWOOD, COLO. — Lincoln Property Co. has acquired Highfield Building 5, a 101,000-square-foot industrial building in Englewood, for $13.5 million. The building is located at 14150 Grasslands Drive within the Highfield Business Park. The Class A industrial distribution facility is fully leased to two tenants, Charter Communications and Gateway Classic Cars. Building 5 was initially launched as a speculative project but reached full occupancy within 12 months of breaking ground. CBRE’s Jim Bolt, Tyler Carner and Jeremy Ballenger represented the seller, a partnership between Confluent Development and Bradbury Properties, in this transaction.
RIVERSIDE AND CHINO HILLS, CALIF. — Newcastle Partners has completed construction of the 503,592-square-foot Meridian Distribution Center II in Riverside. It is situated on a 26.9-acre land parcel at 22000 Opportunity Way. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield’s Ontario office are responsible for marketing the project. Newcastle also started construction of a 100,326-square-foot building in the Chino Hills Commerce Center in Chino Hills. The center is located at 15291 Fairfield Ranch Road and is situated on approximately 5 acres of land. David Consani, Jim Koenig and Jason Chao of CBRE are responsible for marketing the asset for sale or lease. Newcastle Partners has developed more than 5 million square feet of industrial product in the Inland Empire region over the past eight years.
MARSHALL COUNTY, MISS. — Mohr Capital, in conjunction with Panattoni Development Co., is underway on a 1 million-square-foot industrial warehouse for Cooper Tire & Rubber Co. in Marshall County, a Mississippi county within the Memphis MSA. The Findlay, Ohio-based company specializes in the design, manufacturing, marketing and sale of passenger car, truck, motorcycle and racing tires. Alston Construction is the general contractor for the project, and Pickering Firm Inc. is the architect. The new building, located within Panattoni’s Gateway Global Logistics Center, will be used to distribute Cooper Tire’s products directly to customers and supply its regional distribution centers. Gary Horn of Mohr Capital and Preston Thomas of Colliers International represented Cooper Tire in the lease negotiations, and Jim Mercer of CBRE represented Panattoni. The project represents a $50.5 million investment, according to local media reports. An affiliate of Gramercy Property Trust has acquired the land, is funding the development and will own the asset upon completion. The facility is slated for completion this fall and will become Cooper Tire’s largest distribution center in the United States.
IRVING, TEXAS — HFF has arranged the capitalization of Gateway Logistics Center, a five-building, 1.4 million-square-foot industrial project underway within Dallas-Fort Worth (DFW) International Airport in Irving. The site is part of the 600-acre Passport Park mixed-use project that is also being developed at the southern end of the airport. Joe Thornton and Adam Herrin of HFF arranged a joint equity partnership between Dallas-based developer Bandera Ventures and Boston-based private equity firm Long Wharf Capital for the project. Thornton and Herrin also secured an undisclosed amount of construction financing from Bank of the Ozarks. Three of the buildings will range in size from 250,000 to 380,000 square feet and feature cross-dock configurations and 32- to 36-foot clear heights. The other two buildings will measure 200,000 to 250,000 square feet and feature rear-load configurations and 28- to 32-foot clear heights. Dallas-based FA Peinado will serve as general contractor. Delivery of the buildings is expected to begin this fall.
HOUSTON — Sealy & Co., an investment firm with offices in Atlanta and Houston, has acquired Sam Houston Business Park, a 262,631-square-foot industrial development in northwest Houston. Developed by Levey Group, the four-building, Class A property fronts the Sam Houston Tollway and offers direct access to Interstates 10 and 45, as well as U.S. Highway 290. The property was 100 percent leased at the time of sale.
COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Brazos Moving and Storage, a new 408-unit self-storage facility located at 10999 State Highway 30 in College Station. Construction of the property was completed in January and comprises 60,550 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability firms.
MOUNT VERNON, N.Y. — Marcus & Millichap has brokered the sale of an industrial property located at 888 S. Columbus Ave. in Mount Vernon. A private investor sold the property for $3.2 million. The property features 39,000 square feet of industrial space. John Sala of Marcus & Millichap represented the seller in the transaction.
WORCESTER, MASS. — Kelleher & Sadowsky has arranged the sale of an industrial building located at 100-104 Lamartine St. in Worcester. Accelerated Energy Inc. acquired the 19,892-square-foot property for an undisclosed price. The buyer provides energy savings solutions and services. Will Kelleher, Mark Johns and David Cohen of Kelleher & Sadowsky brokered the transaction. The name of the seller was not released.
CHICAGO — Hilco Redevelopment Partners, a unit of Hilco Global, has acquired the Crawford Power Generating Station site in Chicago’s Little Village neighborhood for an undisclosed price. NRG Energy sold the site, which had previously operated as a coal-fired power plant beginning in the late 1920s before being decommissioned in 2012. Hilco plans to demolish the facility and replace it with up to 1 million square feet of warehouse space as part of a $100 million project, according to the Chicago Tribune. Remediation work is slated to begin soon and may take anywhere from 14 to 24 months, depending on site conditions.