TROY, MICH. — Signature Associates has arranged the sale of a 31,549-square-foot industrial building in Troy for an undisclosed price. The property is located at 1401 Axtell Drive. John Boyd and Paul Hoge of Signature Associates represented the buyer, Perspective Properties LLC. The seller was not disclosed.
FONTANA, CALIF. — Construction has commenced on the 598,000-square-foot Sierra Lakes Commerce Center in Fontana. A joint venture between Trammell Crow Co. and Clarion Partners is developing the Class A speculative logistics center. The space is scheduled for completion in the first quarter of 2018. Fullmer Construction will build the property, which RGA Architecture designed. JP Morgan Chase provided financing for the project. Bill Heim and Michael Chavez of Lee & Associates will lease and market the building.
LAKEWOOD, WASH. — A joint venture between PCCP and Panattoni Development Co. has announced plans to develop a 467,526-square-foot warehouse distribution facility in Lakewood. The project is fully approved and construction has commenced. The facility should be completed in February 2018. Tacoma Gateway will be situated less than a mile from Interstate 5, 35 miles south of Seattle’s CBD and 12 miles south of the Port of Tacoma.
MEDLEY, FLA. — An affiliate of The Easton Group has purchased a newly built, 182,000-square-foot distribution center in Miami’s Medley submarket for $21.8 million. The affiliate, EWE Airport North Logistics Center LLC, purchased the asset from the developer, Ridge Development, in an all-cash transaction. The Easton Group is handling leasing and management for the property, which is situated on 10 acres at the corner of 87th Avenue and 90th Street, about six miles north of Miami International Airport.
CHANTILLY, VA. — Avison Young has arranged the $19.9 million sale of two flex buildings in Washington, D.C.’s Dulles South industrial submarket totaling 245,888 square feet. Beckham Gumbin Ventures purchased the buildings from CIM Group. Built in 1986, the assets are located within Sullyfield Business Park at 14320 and 14340 Sullyfield Circle in Chantilly, about 30 miles west of Washington, D.C. John Kevill, Chip Ryan, Bert Harrell and Jesse Martin of Avison Young represented CIM Group in the sale. Sullyfield Commerce Center I was 95 percent leased at the time of sale to seven tenants including Northrop Grumman, and Sullyfield Commerce Center II was 63 percent leased.
FRANKLIN, MASS. — Novaya Real Estate Ventures has signed a lease with defense contractor Qinetiq North America for 100 percent of the space at 130 Constitution Blvd. in Franklin. Novaya acquired the 59,970-square-foot industrial building in 2013 and launched a capital improvement program. Transwestern’s John Lashar represented Novaya and Bill Bailey of JLL represented Qinetiq North America in the transaction.
EDGERTON, KAN. — United Parcel Service Inc., in collaboration with NorthPoint Development, is developing a 197,000-square-foot distribution center in Logistic Park Kansas City (LPKC) in Edgerton. The facility will include a UPS Customer Center and will dispatch trucks for routes in the area. Missouri-based NorthPoint is the real estate developer for LPKC, a 1,700-acre distribution hub now containing over 10 million square feet of warehouse and distribution space. The new UPS operation will be located on the west side of LPKC at 19400 Essex St. The location is less than a mile from the BNSF intermodal facility and is accessible to I-35 via Homestead Lane.
ROMEOVILLE, ILL. — Meridian Design Build has completed a 226,616-square-foot industrial tenant build-out for Molto Properties and LASCO Fittings Inc. in Romeoville. The property is located at 1881 Normantown Road. The new facility includes 4,486 square feet of office space and a 221,616-square-foot distribution warehouse with 35 loading docks, 205 auto parking stalls, 39 trailer stalls and two drive-in doors. Additional work consisted of a shipping office, dock upgrades and modifications to the overhead lighting. Ware Malcomb served as project architect and V3 Cos. provided civil engineering services for the project.
AUSTIN, TEXAS — White Construction Co. has completed a 420,000-square-foot distribution center in Austin for Capitol Wright Distributing, a Texas-based beverage distributor. The cross-dock facility features concrete tilt-up walls and high-performance glass with aluminum solar awnings. HDA Architects designed the project.
ATLANTA — CT Realty, through its affiliate Port Logistics Realty, and joint venture partners PGIM Real Estate and River Oaks Capital Partners have purchased 213 acres of land in Atlanta for the development of Palmetto Logistics Park, a 3.5-million-square-foot industrial park. The joint venture also has a purchase option on an adjacent 145 acres. Situated across from a CSX intermodal facility and near Interstate 85, Palmetto Logistics Park will be built in three phases with buildings ranging in size from 1 million square feet to 1.5 million square feet. Fifth Third Bank will provide construction financing for the first phase building of Palmetto Logistics Park. Ben Logue and Price Weaver of Colliers International’s Atlanta office will handle the park’s leasing assignment. No timeline for groundbreaking or delivery was disclosed. Dallas-based Port Logistics Realty is a partnership between CT Realty and Xebec Realty, two Southern California-based industrial development firms.
