PHOENIX — A joint venture between Confluent Development and DPC Companies has started construction of HUB 317, a spec distribution building in Phoenix. The project is located at 317 S. 48th St. The 225,000 square feet of industrial/distribution space is designed to accommodate multiple large tenants. The project will feature a contemporary design, 32-foot clear ceiling/stacking height, and dock-high loading. It will be completed in summer 2018.
LOMPOC, CALIF. — An institutional investor has acquired an 81,687-square-foot industrial building in the Central California submarket of Lompoc for $6.1 million. The building is situated on eight acres at 1017 W. Central Ave. DenMat fully occupies the space. The dental product manufacturer recently signed a five-year lease extension at the site, which serves as the company’s headquarters. Tom Davidson of Lee & Associates Los Olivos represented the seller, Fagerdala USA – Lompoc, and DenMat in its lease extension.
CERRITOS, CALIF. — New-Indy Tripaq has leased 44,172 square feet of industrial space at 12765 166th St. in Cerritos. The space will accommodate the overflow of its other Cerritos facility. JLL’s Cameron Driscoll and Luke McDaniel represented New-Indy Tripaq. CBRE represented the landlord, Megaland Enterprises.
HOUSTON — HFF has arranged the sale of Brookhollow West Business Park, a two-building, 232,950-square-foot industrial property in northwest Houston. Built between 2007 and 2008, the Class A property features 24-foot clear heights, 40 dock-high doors, five drive-up ramps and 277 parking spaces. Roughly 21 percent of the square footage is office space. Rusty Tamlyn and Dane Petersen of HFF, along with Jon Farris and Matteson Hamilton of Stream Realty Partners, represented the seller, AIV Inc, a valve distributor for utilities firms. A subsidiary of STAG Industrial Inc., a Boston-based REIT, purchased the property for an undisclosed price.
DALLAS — Stream Realty Partners has negotiated the sale of a 69,866-square-foot warehouse located at 9225-9249 King James Drive in Dallas. The property is located on the northwest side of the city. Jason Moser of Stream Realty Partners represented the seller, 9225-9249 King James LLC. King James Properties LLC purchased the asset for an undisclosed price.
COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group have broken ground on the first building at Southeast Industrial Park in Cottage Grove, about 25 miles southeast of Minneapolis. Completion of the 161,000-square-foot industrial building is slated for this September. North Star Sheets, a corrugated paper manufacturer, will occupy the building. This is the first phase in a multiphase, rail-served industrial development undertaken by Opus and Hillcrest. An additional 24 acres remain undeveloped on the site, which Hillcrest owns, allowing for 300,000 to 350,000 square feet of future development. Hillcrest has retained Eric Rossbach of Colliers International to market the site for lease. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record.
MILFORD, CONN. — Pearce Real Estate has brokered the sale of an 18,634-square-foot industrial facility in Milford for $1 million. The property is located at 363 Naugatuck Ave., 14 miles south of New Haven. John Bergin of the Pearce Commercial Milford office represented the buyer, 363 Naugatuck Ave. LLC, and the seller, Travco of Milford LLC, in the transaction. United Rentals has leased the property for the past 17 years.
MINNEAPOLIS — CBRE Capital Markets has arranged the sale of a 12-property industrial tech portfolio totaling 914,698 square feet in the Twin Cities. A joint venture between Artemis Real Estate Partners and Eagle Ridge Partners purchased the portfolio, which was 87 percent leased at the time of sale. Tenants include a mix of high-tech services, manufacturing, biotechnology, media production and other companies in the tech industry. The properties are located in the suburbs of Woodbury, Oakdale, Plymouth, Maple Grove, Minnetonka and Eden Prairie. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private REIT.
ADDISON, ILL. — Lee & Associates has negotiated the $2 million sale of two industrial buildings in Addison, about 20 miles west of Chicago. The properties include a 13,884-square-foot building at 1236 Capitol Drive and a 15,200-square-foot building at 1770 Cortland Court. Jay Farnam represented the seller in both transactions. Neither the buyer nor the seller was disclosed.
HOUSTON — HFF has arranged the sale of Intrepid Business Park, a 270,750-square-foot industrial asset located in northwest Houston. Developed between 2014 and 2015, the Class A property is situated on 17.1 acres and offers convenient access to Beltway 8, U.S. Highway 290 and Interstate 10. Building features include 30-foot clear heights and 58 dock-high doors. Approximately 14.3 percent of the square footage is office space. Trent Agnew, Rusty Tamlyn and Dane Petersen of HFF represented the seller, Triten Real Estate Partners, in the transaction. The buyer and sales price were not disclosed.
