NEW YORK CITY — Knighthead Funding has closed a $15 million first mortgage acquisition loan for three industrial buildings in the East Williamsburg section of Brooklyn. The borrower was not disclosed. The property has an existing as of right to build a residential development containing approximately 103,500 square feet. The property was acquired for $28 million.
NORTH HAVEN, CONN. — O,R&L Commercial has arranged the sale of an industrial park located at 222 Universal Drive in North Haven. The 11-building park totals 133,283 square feet; each building is on separate utilities. Corporate Drive Properties acquired the park from Branco Inc. for $3.7 million. Frank Hird of O,R&L Commercial represented the seller, while Bryan Atherton of Northeast Investment Realty represented the buyer in the transaction.
HOUSTON — NAI Partners has arranged a 31,512-square-foot industrial lease at 5114 Railroad St. in Houston. John Ferruzzo and Chris Kugle of NAI represented the landlord, 5114 Railroad LLC, in the lease negotiations. Travis Secor and Ryan Fuselier of JLL represented the tenant, Vac-One Services LLC, a vacuum and hydro-excavation services company.
CARY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 76,421-square-foot industrial building in Cary, about 40 miles northwest of Chicago. The sales price was not disclosed. The property is located at 680 Industrial Drive. Illinois Lift Equipment Inc., a national equipment dealer providing forklifts and scissor lifts, purchased the property from Midwest Industrial Funds (MIF). The industrial investment and development company sold the building after completing extensive upgrades, including the demolition of over 20,000 square feet of a two-story office space; demolition of over 20,000 square feet of warehouse mezzanines, modernization of the truck docks; roof repairs; upgraded lighting; landscaping; parking lot replacement; and façade remodeling. Dan Jones, Mike DeSerto and Cory Kay of Entre Commercial represented MIF in both the original acquisition of the property and this sale. Steve Morken of Morken Associates represented the buyer in the transaction. In addition, Entre Commercial arranged a 25,000-square-foot lease at the property for Witt Management Group, a third-party provider of warehousing, order fulfillment and distribution.
SAN ANTONIO — NAI Partners has brokered the sale of a 31,926-square-foot manufacturing facility located at 1930 Hormel Drive in San Antonio. Brett Lum and Clare Flesher, both of NAI, and Tak O’Haru of White Cube represented the buyer, Takumi Stamping Inc., an Ohio-based producer of automotive parts. Ty Bragg of Cavender Hill Properties represented the seller, Forumex LLC.
AUBURN HILLS, MICH. — NAI Farbman has negotiated the sale of a 19-acre industrial site in Auburn Hills. The sales price was not disclosed. Developer Cunningham-Limp purchased the property, located at Dutton and Bald Mountain roads. The site has the flexibility to house multiple buildings, ranging from 85,000 to 200,000 square feet, and is in close proximity to Fiat Chrysler Automotive headquarters, General Motors Lake Orion Assembly Plant and Oakland University. NAI Farbman will also serve as leasing agent for the property, which has the potential for 2017 occupancy.
NEW YORK CITY — Madison Realty Capital (MRC) and Artemis Real Estate Partners have acquired two adjacent industrial buildings in the Jamaica neighborhood of Queens for $78 million. A long-term family ownership sold the properties, which total 613,000 square feet and are located at 184-10 and 186-60 Jamaica Ave. The joint venture plans to upgrade both buildings, including enhancing the building envelope, mechanical infrastructure and elevators. At the time of sale, the properties were 75 percent occupied by several warehouse and manufacturing tenants such as French Connection, Hanky Panky and Gotham Greens. Originally built in 1923 and 1953, the buildings feature five freight elevators, two passenger elevators and 500 feet of frontage along Jamaica Avenue. Additionally, the property features 12 loading docks and a 30,000-square-foot parking lot with more than 100 parking spaces. Adam Doneger, Adam Spies, Josh King and Avery Silverstein of Cushman & Wakefield sourced Artemis as the equity partner in the transaction. Decio Baio, Fredric Stein, Steve Nadel and Paul Bralower of Pinnacle Realty represented the seller in the deal. New York-based MRC is a real estate investment firm that pursues equity and debt investments. The firm has invested in approximately $6 billion of transactions in the multifamily, …
SAN DIEGO — A private partnership managed by Jewell Capital LLC has acquired Summit Ridge Business Park, a 133,841-square-foot flex/R&D business park in San Diego. The purchase price was not disclosed. The park is located at 6769 Mesa Ridge Road. It was built in 2000. The three buildings feature high-image exterior architecture, unobstructed canyon views, 22-foot clear heights and an extensive window line. Summit Ridge is fully leased to four four tenants, including Inovio Pharmaceuticals, Nexus DX, Acea Biosciences and General Atomics. HFF’s Nick Frasco represented the seller in this transaction.
HOUSTON — CBRE has arranged the sale of a four-building portfolio of industrial properties totaling 414,540 square feet in Houston. Collectively, the properties were 100 percent leased at the time of sale. Jack Fraker, Randy Baird, Heather McClain Venegoni and Tom Lynch of CBRE represented the seller, EastGroup Properties. Cabot Properties purchased the portfolio for an undisclosed price.
BENSENVILLE, ILL. — NKF has negotiated three lease renewals for industrial companies in Bensenville, located in the heart of the O’Hare market. Adam Marshall of NKF represented the tenants in all of the lease transactions. Mitsui-Soko USA Inc. signed a lease renewal for 71,242 square feet at 888 Thomas Drive within Bensenville Industrial Park. The landlord, Prologis, was self-represented. Lion Logistics signed a 45,088-square-foot lease renewal at 1001 Bryn Mawr. The property is also owned by Prologis. In addition to the renewal, NKF negotiated funding for tenant improvements and upgrades to the space on behalf of the tenant. Fidelitone Logistics signed a 43,053-square-foot renewal at 1107 Ellis St. NKF secured a long-term renewal with a tenant improvement allowance for various building improvements. The owner of the building, Industrial Property Trust, was self-represented in the lease negotiations.