CHICAGO — LM Commercial has brokered the sale of a 67,305-square-foot industrial building in Chicago’s Montclare neighborhood. The property is located at 2701 N. Normandy Ave. The listing price was $1.5 million, but the final sales price was not disclosed. Martha Winter, Mike Merry and Brian Wabick of LM Commercial brokered the transaction.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 13,718-square-foot industrial building in Milwaukee. The sales price was not disclosed. The property is located at 5711 West Douglas Ave. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Hansen of the Dickman Co. represented the seller, Olympic Supply Co. Brett Deter and Joe Carollo of RFP Commercial represented the buyer, Bellot LLC.
LOS ANGELES — Rideback Ranch LLC has acquired a 20,800-square-foot industrial building in Los Angeles for $7.7 million. The facility is located at 1660 Beverly Blvd. The buyer plans to convert the property into a production campus for its company. John Anthony, Chris Giordano and Chris Steck of Charles Dunn Co. represented the seller, Bev-Union LLC. LS Capital represented the buyer.
SHAKOPEE, MINN. — Meritex has acquired 1080 Park Place, a 299,600-square-foot industrial property in Shakopee, about 25 miles southwest of Minneapolis. The class A property is 100 percent leased to two tenants. The building features 38-foot clear heights, an ESFR sprinkler system and trailer parking with convenient access from Minnesota State Highways 169 and 101. Steve Dorff of Meritex will manage the property. The sales price was not disclosed.
ELK GROVE VILLAGE, ILL. — The Opus Group has completed a new corporate headquarters for MC Machinery Systems Inc. in Elk Grove Village, a northwest suburb of Chicago. The 175,000-square-foot property consists of two buildings located off I-90. The new headquarters features 50,000 square feet of office space, 75,000 square feet of warehouse and storage space and a 50,000-square-foot industrial machinery showroom to showcase the company’s equipment and host customer walkthroughs. MC Machinery Systems, a subsidiary of Mitsubishi Corp., develops, sells and supports seven different types of manufacturing equipment used primarily for metalworking. Opus Design Build was the design-builder, Opus AE Group was the structural engineer of record and Heitman Architects was the architect of record and the design architect.
HUNTLEY, ILL. — Midwest Industrial Funds has purchased a 71,000-square-foot industrial building in Huntley, about 50 miles northwest of Chicago. The property is located at 12007 Smith Drive. The building features 22-foot clear heights, eight exterior docks and parking for 60 cars. An additional three acres at the site can be developed separately. The facility is currently fully leased to one tenant that uses the property for warehousing and light manufacturing. Midwest Industrial plans to improve the exterior façade, install new windows, perform landscaping enhancements and eventually perform interior improvements to reposition the property in the marketplace. Dan Tobin of CTK Chicago Partners represented Midwest Industrial in the purchase. Michael Magliano of Cushman & Wakefield represented the seller, a private investor. The purchase price was not disclosed.
FORT WORTH, TEXAS — Majestic Realty Co., a California-based industrial developer, will build a 320-acre, master-planned business park approximately 2.5 miles south of the Interstate 20 and Interstate 35 interchange in Fort Worth. Branded Majestic Fort Worth South Business Park, the property will feature more than 6 million square feet of office, industrial and administrative space. Phase I of construction, which is scheduled for a June 2018 completion, will deliver 1.8 million square feet of industrial space across 110 acres.
HOUSTON — Industrial Outdoor Ventures (IOV), a Chicago-based investment firm, has acquired an 80,000-square-foot industrial property located at 13500 John F. Kennedy Blvd. in Houston. A division of Houston-based Clay Development and Construction Inc. sold the asset for $11.2 million. Developed in 2016 for the current tenant, industrial shipping and packing firm MEI Rigging and Crating LLC, the facility features 30-foot clear heights, three exterior docks and four extra-large drive-in doors.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 38,282-square-foot industrial lease at 1624 W. Crosby Road in Carrollton. Ken Wesson and Adam Graham of Lee & Associates represented the landlord, EastGroup, in the lease negotiations. Nick Lee of NAI Robert Lynn represented the tenant, Transitions Group, a Kansas-based furniture and housewares supplier.
OLIVE BRANCH, MISS. — IDI Gazeley plans to develop two industrial facilities totaling nearly 2 million square feet within Crossroads Distribution Center in Olive Branch, a Mississippi suburb of Memphis. IDI Gazeley has broken ground on Building I for an expected November delivery. The next facility, Building J, is slated to span nearly 1.1 million square feet and is scheduled to start construction in mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. Building I will feature a Ductilcrete floor slab and paving, 36-foot clear heights, R-19 roof insulation and a white TPO roof. JLL will be the listing agent for Crossroads I. IDI Gazeley has over 27 million square feet developed in the metro Memphis market.
