ENNIS, TEXAS — Stream Realty Partners has brokered the sale of an industrial facility located at 601 National Drive in Ennis. LSREF4 Dual LLC sold the 315,000-square-foot property for an undisclosed sum. Built in 2007, the property is fully leased to Cenveo Corp., a manufacturer of commercial printing, custom packaging, envelopes and labels. Jamie Jennings, James Mantzuranis, Caitlin Clinton and Cannon Green of Stream Realty Partners represented the seller. The name of the buyer was not released.
GRAND PRAIRIE, TEXAS — Port Logistics Realty has broken ground on a speculative warehouse facility in Great Southwest Industrial Park in Grand Prairie. Offering access to I-30 and Texas State Highways 183 and 360, the 83,125-square-foot industrial property is slated for completion in the second quarter of 2017.
NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.
CARLSTADT, N.J. — Water-Jel Technologies has renewed its 109,410-square-foot lease at 50 Broad St. in Carlstadt. The burn-care product manufacturer uses the space as its headquarters and production facility. John Donnelly of Colliers International represented Water-Jel in the long-term lease renewal. The property is owned by Prologis.
EAST POINT, GA. — The Atlanta office of Duke Realty Corp. has signed Armada Warehouse Solutions to a long-term lease for a new 447,606-square-foot, build-to-suit industrial facility at 3707 N. Commerce Drive in East Point, a southern suburb of Atlanta. Duke Realty had been designing its next speculative building on the site prior to inking the lease with Armada. The building will be located within Camp Creek Business Center, Duke Realty’s 400-acre, mixed-use business park situated 3.3 miles from Hartsfield-Jackson Atlanta International Airport. Armada’s new warehouse will be located near the north entrance of Camp Creek Business Center at the intersection of Camp Creek Parkway and North Commerce Drive just off I-285. The cross-dock building will feature 36-foot clear heights and include 82 dock doors, 100 automobile parking spaces and 87 trailer spaces. Additionally, the space will contain approximately 107,700 square feet of freezer/cooler space inside the building. Kris Bjorson, Chris Watts and Alan Clayton of JLL represented Armada in the lease deal, while Wes Hardy represented Duke Realty internally. Construction is expected to start this month with an expected delivery in July 2017.
KANSAS CITY, MO. — CVS Pharmacy, the retail division of Woonsocket, R.I.-based CVS Health (NYSE: CVS), plans to build a 762,000-square-foot distribution center within Skyport Industrial Park in Kansas City. Development costs are estimated at $110 million. The 71-acre facility will be situated at 108th Street and North Congress near Kansas City International Airport and I-29. CVS Pharmacy expects to break ground on the project in January and begin operations in 2018. The new distribution center will support the service and fulfillment needs of more than 370 CVS Pharmacy stores throughout the Midwest. The new distribution center is expected to create more than 360 new jobs, as well as up to 100 additional jobs that will be outsourced to local businesses. The Kansas City Area Development Council (KCADC) worked closely with CVS Pharmacy in bringing the new distribution center to the Kansas City region. Other key members responsible for attracting CVS Pharmacy include the State of Missouri, The Missouri Partnership, Economic Development Corp. of Kansas City, Platte County Economic Development Council, Cushman & Wakefield, NorthPoint Development, KCP&L, Port KC, Metropolitan Community College, Focus Workforces, IMKO Workforce Solutions, QPS Employment Group, Full Employment Council, Missouri Division of Workforce Development, UPS, Scarbrough …
HOUSTON — Boyd Commercial/CORFAC International has arranged the sale of an industrial property located at 3604 B. Fairmont Parkway in Houston. Alvaro R. Elizondo acquired the 5,000-square-foot property from First Citizens Bank & Trust for an undisclosed price. Andrew Sowell of Boyd Commercial represented the seller in the deal.
TACOMA, WASH. — Industrial Property Trust (IPT) has purchased a 58-acre former sawmill in Tacoma for an undisclosed sum. The space is located at 733 E. 11th St. IPT plans to build a 1.1 million-square-foot industrial facility on the property. The IPT Tacoma Logistics Center will include two buildings. The project is scheduled for completion in the first quarter of 2018. Tony Kusak of Cushman & Wakefield Commerce executed the transaction. The seller was Interfor.
NEW HAVEN, CONN. — O,R&L Commercial has arranged the sale of a 150,000-square-foot office and industrial complex, located at 85 Willow St. in New Haven. Willow Street Equities LLC acquired the property, known as Marlin Business Center, from 85 Willow Street NH LLC for $4.5 million. The buyer plans to continue to operate the property as an office and industrial complex with 40 tenants in 16 separate buildings. The complex was originally built for Marlin Firearms in the 1800s and converted to a multi-tenant facility in the late 1970s. Rich Lee of O,R&L Commercial brokered the transaction.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 30,500-square-foot industrial building in Elk Grove Village, about 25 miles northwest of Chicago. The sales price was not disclosed. The buyer, Gorilla Paper, purchased the property as part of an expansion of its distribution capability. The new space is four times the size of the former facility and will serve as the paper roll manufacturer’s new distribution headquarters. The building is located at 1125 Lunt Ave. Mike Antonelli of Brown Commercial completed the transaction.