BRIDGEWATER, N.J. — Denholtz Associates has secured a 10-year, $4 million refinancing on five of its flex-industrial properties located at 1W-5W Chimney Rock Road in Bridgewater. Totaling 115,714 square feet, the properties are part of the Bridgewater Business Park. Michael Cook of First Bank NJ negotiated the terms of the refinance. Bridgewater Business Park features 380,000 square feet of flex-industrial space.
SHAKOPEE, MINN. — The Opus Group has broken ground on a 122,400-square-foot speculative industrial building in Shakopee, approximately 25 miles southwest of Minneapolis. The building, which will be located in the 50-acre Valley Park Business Center, is the final phase of the development. The building can accommodate users looking for anywhere between 20,000 square feet and 122,000 square feet and will feature 28-foot clear heights, 193 parking stalls, 24 docks and six drive-in doors. The project is slated for completion by the end of the year. Opus is providing development, design, construction and architectural services, and Colliers International will market the property for lease.
HACKENSACK, N.J. — The Hampshire Companies has completed the sale of an industrial and office complex located at 86-110 Orchard St. in Hackensack. A private buyer acquired the property for an undisclosed sum. Situated on 5.2 acres, the 125,000-square-foot property features 110,000 square feet of warehouse space and 15,000 square feet of office space. The warehouse space is broken into 11 independent and fully demised industrial units with ceiling heights ranging from 14 feet to 25 feet. Additionally, the complex features 12 external docks, 10 drive-ins and 109 on-site parking spaces. Renovated in 2013, the property was 96 percent leased at the time of sale. Jeffrey DeMagistris, Thomas Vetter and Gregory James of NAI James E. Hanson represented The Hampshire Companies in the deal.
CHICAGO —TSP Value and Income Fund, a subset of Transwestern Investment Group, has purchased a five-property, industrial portfolio in the Chicago area for an undisclosed price. The portfolio, which is fully occupied, totals 1.4 million square feet. The properties include 3800 Sunset Ave. in Waukegan; 301-363 N. Third Ave. in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview; and 5100 W. 123rd St. in Alsip. The properties have clear heights ranging from 21 feet to 30 feet and all have some percentage of office finish. The portfolio features eight tenants including Dulin Metals Co., Permasteelisa North America, Midland Paper Co., Keystone Automotive Industries and Cornfields Inc. Christopher Carroll and Brian Carlton of HFF placed a five-year, fixed-rate acquisition loan for the portfolio with a life company.
GARDEN GROVE, CALIF. — CapRock Partners has purchased two industrial properties in Garden Grove for a total of $9.4 million. The assets are located at 7180 Lampson Ave. and 12570 Industry St. The two properties occupy one parcel and comprise a total of 76,888 square feet. CapRock plans to refurbish both the occupied 39,200-square-foot building on Lampson and the vacant 37,688 square-foot property on Industry. CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both CapRock Partners and the seller, a local investor, in this transaction.
LINDEN, N.J. — Bussel Realty Corp. has negotiated the sale of an industrial facility located at 2401 E. Linden Ave. in Linden. Penwood Real Estate Management acquired the property from 265 Pennsylvania Realty for $9.1 million. The 82,000-square-foot facility features 5,000 square feet of office space, 21-foot clear heights and 10 loading docks, as well as a new paved parking lot, doors and HVAC. Three tenants in the food and pharmaceutical sectors, including Ultimate Foods, occupy the fully stabilized, net-leased building. Jordan Metz of Bussell Realty represented the buyer and seller in the transaction.
SAN ANTONIO — Stream Realty Partners has secured a 25,841-square-foot lease at Crosswinds Distribution Center – Building C for Copenhagen Imports, a furniture importer. The property is located at 11827 Tech Com Road in San Antonio. Kevin Cosgrove and Payton Rion of Stream Realty Partners Central Texas represented the landlord, DRA Advisors, in the lease transaction. Crosswinds Distribution Center consists of two industrial buildings totaling 142,403 square feet. The property is located at the intersection of Wurzbach Parkway and Tech Com Road in northeast San Antonio. The industrial space features 160-foot building depths, storefronts, 24-foot clear heights and a rear-load concrete truck court.
HOUSTON — NAI Partners has arranged the lease of a 30,000-square-foot distribution facility located at 14039 S. Gessner Road in Houston. Darren O’Conor and Jake Wilkinson of NAI Partners represented the landlord, Roadrunner Ltd., during the lease negotiations with the tenant, Valve Index Inc., a seller of valve products.
MARSHALL COUNTY, MISS. — Atlanta-based Ridgeline Property Group is entering the Memphis industrial market with the development of I-269 Logistics Center, an industrial park situated in Marshall County in Mississippi near the Tennessee-Mississippi border. The project will span up to 3.5 million square feet of Class A distribution and industrial space. Ridgeline has formed a joint venture with the owner of the 328-acre site, Mississippi Land Holdings LLC, an investment vehicle owned by the CK Pearl family of funds and managed by Crestline-Kirchner LP. The site is situated at the intersection of Goodman Road and the new I-269 beltway. The joint venture has selected Dave Curran and Matt Weathersby of Cushman & Wakefield/Commercial Advisors to market I-269 Logistics Center for lease.
ADDISON, ILL. — Transwestern has brokered the sale of a 40,000-square-foot industrial property in Addison, approximately 25 miles west of Chicago. Venture One Real Estate purchased the property, located at 120 Fairbank St., from a private seller for an undisclosed price. The facility, built in 1979, features six exterior docks, three drive-in doors and 1,500 square feet of office space. Justin Lerner and Joe Karmin of Transwestern represented the seller in the transaction.
