Industrial

FORT LAUDERDALE, FLA. — A joint venture between Bridge Development Partners, Akard Street Partners LP (an investment partnership operated by Banner Oak Capital Partners LP) and Elion Partners has secured a $16.6 million construction loan for the development of Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. Steve Roth of CBRE arranged the loan through Webster Bank. The seller was not disclosed. The joint venture originally acquired the 12-acre property, located at the intersection of Interstate 95 and Broward Boulevard, in July for $10.4 million. Bridge Point Riverbend will feature 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, a 1.4 to 1,000 parking ratio and the flexibility to accommodate tenants from 40,000 square feet to 221,542 square feet.

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CORAL SPRINGS, FLA. — Cushman & Wakefield has brokered the $14.9 million sale of 4520 Coral Ridge Drive, a 245,000-square-foot manufacturing facility in Coral Springs. Richard Etner Jr., Christopher Metzger, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the buyer, Philadelphia-based Exeter Property Group. Hoerbiger Corp. of America sold the asset. Formerly known as the Alliance Building, 4520 Coral Ridge Drive is situated on 38.4 acres within Corporate Park of Coral Springs. Of that land, 17.6 acres is developable. Constructed in 1981 and fully renovated in 1995 to meet Category 5 hurricane safety standards, the building features 196,000 square feet of warehouse and manufacturing space, 63,000 square feet of office space, a data room, auditorium-style theater and 537 parking spaces. In addition, 4520 Coral Ridge Drive offers ceilings heights ranging from 24 to 35 feet, nine dock-high doors and one drive-in door.

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ELK GROVE VILLAGE, ILL. — Seefried Properties has selected Principle Construction Co. to build a 107,000-square-foot industrial warehouse in Elk Grove Village. The speculative property will be located at 2080 Lunt Ave. The building will feature 32-foot clear heights with 16 dock positions, two drive-in doors and parking for 134 vehicles. The property will be able to accommodate a single user or multiple tenants. Completion is slated for December. Mark Augustyn, Darrin Dehmlow and Mark Frane are leading the project team for Principle. Harris Architects is the project architect.

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OLATHE, KAN. — Colliers International has brokered the sale of a 12,000-square-foot industrial building in Olathe for an undisclosed price. The property is located at 15150 South Keeler St. John Stafford of Colliers represented the seller, Fisher Properties LLC. Rob Holland of Cushman & Wakefield represented the buyer, March Properties LLC.

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CALDWELL, N.J. — Cabot Properties has purchased an industrial facility located at 8 Fairfield Crescent in Caldwell. Tulfra Real Estate sold the 62,200-square-foot property for $7.8 million. Built in 1975, the property was fully renovated in 2014 and features 10,000 square feet of office space and 52,200 square feet of warehouse space. The building is fully leased through 2021 by two companies: Regi USA and Inline Distributing Co. Robert Borny and Jose Cruz of HFF brokered the transaction.

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GREENSBORO, N.C. — The Dilweg Cos. has sold South Elm Business Center, a 13-building industrial/flex development totaling approximately 330,000 square feet in Greensboro. Jonathan Smith of CBRE | Triad represented Durham, N.C.-based Dilweg in the transaction. Chris Ramm of Ramm Commercial Properties represented the buyer, Winston-Salem, N.C.-based Taylor Development Group. The sales price was not disclosed, but the Triad Business Journal reports Dilweg purchased the asset in 2009 for $11.5 million. Constructed between 1981 and 1988, South Elm Business Center is located on 29 acres at the corner of South Elm Eugene Street and Creek Ridge Road. The buildings offer a range of single- and multi-tenant options and feature office and warehouse space, docks, drive-in doors, showrooms and fenced yards. The portfolio was 88 percent leased at the time of sale. The CBRE | Triad team has handled leasing efforts for the portfolio since 2015 and will continue to do so under the new owner. Sara Proffit of CBRE | Triad will manage the property on behalf of Taylor Development.

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JEFFERSONVILLE, IND. — Ingram Micro has signed a 592,800-square-foot industrial lease in Jeffersonville, three miles north of Louisville, Ky. The technology and supply chain services provider will fully occupy Gateway 600 within the River Ridge Commerce Center. The property is located on 40 acres at 250 Hilton Lane. VanTrust Real Estate developed the speculative building, which was completed earlier this year. Matt Hartlage and Jake Sturman of JLL represented the tenant in the lease transaction. Kevin Grove of CBRE represented the landlord.

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GARLAND, TEXAS — Bradford Commercial Real Estate Services has negotiated an 87,780-square-foot office/warehouse lease at 2660 Market St. in the Dallas metro of Garland. Kevin Santaularia and Susan Singer of Bradford Commercial represented the landlord, Houston-based Herzstein Investments Inc., in the lease negotiations. Mark Collins of Cushman & Wakefield represented the tenant, American Builders Contractors Supply Co. Inc., a distributor of roofing, siding and window materials. The space includes three acres for outside storage.  

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MONTEBELLO, CALIF. — Omnia Pacific Construction has completed renovations on a 21,000-square-foot industrial property in Montebello. The project included a series of tenant improvements. Omnia Pacific will now commence work on an 8,000-square-foot tenant improvement project at a Los Alamitos office building.

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CUMMING, MARIETTA AND ATLANTA, GA. — Atlanta-based Stein Investment Group has sold three of its Space Shop Self Storage properties in metro Atlanta totaling approximately 300,000 square feet. Life Storage LP acquired the Cumming, Marietta and Atlanta properties for an undisclosed price on behalf of one of its joint venture partners. The 103,700-square foot Space Shop Cumming features 800 units and was 90 percent leased at the time of sale. Located at 3148 Johnson Ferry Road in Marietta, Space Shop East Cobb features amenities such as climate-controlled wine storage. The facility was 88 percent leased at the time of sale. Developed as an urban, infill opportunity, Space Shop Old Fourth Ward is located at 486 Decatur St. in Atlanta and features five levels of storage, access control and covered loading. At the time of sale, the property was 85 percent leased.

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