NORTH BERGEN, N.J. — Terreno Realty Corp. has acquired an industrial property located at 7777 West Side Ave. in North Bergen for $14 million. The building spans 126,000 square feet on 4.4 acres adjacent to Exit 16E of the New Jersey Turnpike. Amenities at the 100 percent leased property include eight dock-high and two grade-level loading positions, plus parking for 70 cars.
CARLSBAD, CALIF. — A high-net-worth 1031 exchange buyer has purchased a 64,165-square-foot creative office and industrial property in Carlsbad. The asset is located at 5858 Dryden Place. The space was 98 percent leased to 44 tenants. It includes a high-end creative office portion that serves as executive suites and a warehouse space currently occupied by the International Floral Trade Center. CBRE’s Matt Pourcho, Gary Stache and Anthony DeLorenzo represented the seller, Sunroad Enterprises, in this transaction.
AGAWAM, MASS. — Colliers International has negotiated the $6.4 million sale of an industrial property in Agawam. MAG Acquisition Corp. has purchased 101 HP Almgren Dr., a 186,000-square-foot property that is 100 percent leased. Nicholas Morizio and Ian Hunt of Colliers’ Hartford, Conn., office represented the buyer in the transaction.
HIALEAH GARDENS, FLA. — Bridge Development Partners has sold two Class A industrial assets spanning 676,835 square feet within three buildings in Hialeah Gardens, a suburb of Miami. According to public records, Duke Realty purchased the properties, named Bridge Point Crossroads East and Bridge Point Crossroads South, for $80 million. Located at 15002 and 14802 N.W. 146th St., Crossroads East consists of two buildings totaling 420,989 square feet. Recently completed in the first quarter of 2017, the buildings feature a 180-foot shared truck court, 32-foot clear heights, 54-foot column spacing, build-to-suit offices, T5 energy-efficient lighting and an ESFR fire sprinkler system. Located at 10701 N.W. 140th St., Bridge Point Crossroads South is a 255,846-square-foot building with the same features as Bridge Point Crossroads East except with a 120-foot non-shared, fenced truck court. The properties have immediate access to U.S. 27, Florida’s Turnpike, state Route 826 and Interstate 75. Chris Riley, Christian Lee and Jose Lobon of CBRE represented Miami-based Bridge Development in the transaction.
CHICAGO — Investcorp has acquired an industrial portfolio in Chicago and Boston for $160 million. The portfolio spans six properties and 1.8 million square feet of warehouse and distribution space. The Chicago portfolio, located in close proximity to downtown Chicago, is comprised of three individual cold storage industrial buildings that are used primarily for the storage and distribution of frozen food products. Investcorp partnered with Bridge Development Partners on the transaction.
AURORA, ILL. — CBRE has arranged the sale of an 18,000-square-foot industrial building in Aurora. The sales price was not disclosed. The property is located within the White Oak Business Park at 2505 Diehl Road. David Prioletti of CBRE represented the seller, Video Impressions. The building was constructed as a build-to-suit for Video Impressions, a video and audio company specializing in commercial, training film productions and broadcasting. Corey Chase of NKGF Inc. represented the buyer, Certified Laboratories, which will relocate its Romeoville operations to the facility once building improvements are completed this summer. The company will operate the facility as a quality testing facility for its various clients within the Midwest region.
MIAMI — PGT Innovations Inc., an impact window and door manufacturer, plans to open a new 330,000-square-foot manufacturing facility in Miami. The company currently operates an 182,000-square-foot office and manufacturing property roughly 12 miles from the new facility. PGT Innovations will manufacturer its CGI branded products at the new location, as well as other commercial and PGT aluminum products. The new building space will accommodate a multi-brand showroom, offices, production and distribution capabilities. The new space is slated to be complete near the end of 2017 and is expected to be operational by January 2018.
EAST TROY, WIS. — Binswanger has brokered the sale of a 132,000-square-foot industrial building in East Troy, approximately 37 miles southwest of Milwaukee. The property is located at 2061 Young St. Wisconsin Oven Corp., a manufacturer of industrial ovens and heating equipment, purchased the building. Constructed in 1970, the facility features 25-foot clear heights, multiple cranes, 4,000 square feet of office space, two drive-in doors and one rail door. Zach Binswanger of Binswanger and Wade Micoley of Micoley.com represented the seller, Plymouth Tube Co.
MOORESTOWN, N.J. — Thorofare Capital has funded a $5.7 million fixed-rate bridge loan for the acquisition and renovation of a 219,304-square-foot industrial property in Moorestown. Irvine, Calif.-based Phoenix Investment Funds purchased the asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave., about 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features 15,000 square feet of office space, 24-foot clear heights, 29 loading docks and trailer parking. The property is near the New Jersey Turnpike and Interstate 295. The bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles.
CORPUS CHRISTI, TEXAS — Gulf Coast Growth Ventures, a joint venture between ExxonMobil Corp. and Saudi Arabia Basic Industries Corp. has proposed plans to build a $10 billion, plastics manufacturing complex along the Gulf Coast in south Texas. The 1,300-acre plant, which would be the world’s largest ethylene production center and could come on line as early as 2020, will be located in San Patricio County. Construction of the plant is expected to create 6,000 jobs. Upon completion, the plant is projected to create an additional 3,500 jobs.