MADISON HEIGHTS AND HOWELL, MICH. — Signature Associates has arranged three industrial leases totaling just shy of 110,000 square feet in Southeast Michigan. In the first transaction, Signature negotiated the lease of 52,045 square feet at 1044 Durant Drive in Howell. Jim Montgomery of Signature Associates represented the landlord, North Star Ranch, and the tenant, Hatch Stamping. In the second transaction, Signature negotiated the lease of 38,776 square feet at 900 E. Whitcomb Ave. in Madison Heights to Martin Fluid Power Co. Paul Hoge of Signature Associates represented the landlord, Aventura Properties. In the third transaction, Signature negotiated the lease of 18,800 square feet of industrial space located at 31201 Mally Drive in Madison Heights. Paul Hoge of Southfield, Mich.-based Signature Associates represented the landlord, Mallco Co. and the tenant, Superior Cam Inc.
Industrial
Endurance Real Estate Acquires Two-Building Warehouse Portfolio in New Jersey for $5.7M
by Amy Works
MOORESTOWN, N.J. — An affiliate of Endurance Real Estate Group has purchased a two-building warehouse portfolio, located at 550 Glen Ave. and 600 Glen Court in Moorestown, for $5.7 million. The 85,337-square-foot warehouse at 600 Glen Court is fully occupied by The Goodyear Tire and Rubber Company and FinishMaster Inc. The 102,232-square-foot building at 550 Glen Ave. features 22-foot clear heights, 2,000 amp three-phase electric service, 40-foot by 40-foot bays, 14 loading docks and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue, which increased the portfolio’s occupancy to 73 percent. Tony Rod of Flynn Company represented the undisclosed seller in the deal.
CARROLLTON, TEXAS — Lee & Associates has completed a lease renewal for a 126,882-square-foot industrial space located at 1440 Lemay Drive in Carrollton. Nathan Denton and Adam Graham of Lee & Associates represented the landlord, Evergreen Industrial Properties. Greg Nelson and Conrad Madsen with Paladin Partners represented the tenant, Hilex Poly Co.
ARLINGTON, TEXAS — Bob Moore Construction has broken ground on a 610,000-square-foot distribution center for TTI Inc. in Fort Worth’s Mercantile Center Business Park. The new TTI facility will house the company’s North American warehouse, assembly and distribution facilities. The space will feature conveyors, pick modules, racking systems and a three-level carousel platform. The building will provide space for office and employee facilities and will include a gym and multiple break areas. The building will be built with tilt-up construction and the entire facility, including the distribution area, will be heated and air-conditioned by a central plant to maintain consistent temperature throughout the building. The property will also include 500 employee parking spaces.
INDIANAPOLIS — Colliers International has arranged the sale of the FedEx distribution center located at 7250 E. 90th St. in Indianapolis. The facility is an 89,024-square-foot industrial building located in the city’s northeast submarket. Colliers International marketed the property on behalf of the seller, Citimark. Greenstone Partners, a firm based in Chicago, purchased the asset for $6.3 million at a 6.5 percent cap rate. Built in 1998 for Federal Express, 7250 E. 90th St. is located in the Northeast Business Center, an industrial park near I-69 and I-465. Alex Cantu and Jason Speckman led the Colliers International team representing the seller. The buyer represented itself in the transaction.
MEBANE, N.C. — Wal-Mart Stores Inc. has opened a new $100 million distribution center in Mebane, roughly 23 miles west of Durham. The new industrial property is expected to create 550 jobs. The Mebane Walmart Distribution Center will be used to supply and distribute perishable food products for more than 55 Walmart stores in North Carolina and Virginia. This new facility is Wal-Mart’s fourth distribution center in North Carolina. Wal-Mart Stores held a grand opening ceremony on Wed., July 13 attended by North Carolina Gov. Pat McCrory and other local officials.
MONTGOMERYVILLE, PA. — NAI Mertz has arranged the sale of an industrial building located at 220 Commerce Drive in Montgomeryville. LMP Montgomeryville LLC sold the 65,219-square-foot building to ClientLink Inc. for an undisclosed price. As an existing tenant, ClientLink exercised its option to purchase the property. Located within Montgomeryville Industrial Park, the facility features 4,818 square feet of office space, 41,733 square feet of warehouse space, an 18,000-square-foot production area, four tailgate loading docks and one oversized drive-in door. ClientLink is a production and marketing company that provides a variety of services, including e-commerce, fulfillment, digital and offset printing, direct mail, promotional items, warehousing and logistics. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller. Nick Adams of Jackson Cross Partners also co-brokered the deal.
CINNAMINSON, N.J. — Simon Holdings Inc. has acquired an industrial building located at 2303 Garry Road in Cinnaminson. Lynn Bradeen sold the 45,100-square-foot property for $2.1 million. The multi-tenant warehouse facility features 20- to 22-foot ceiling heights, 14 tailgate doors and five drive-in ramps. All American Fasteners and Dade Paper currently occupy the facility. Marc Isdaner of Colliers Southern New Jersey represented the seller, while Scott Mertz of NAI Mertz represented the buyer in the transaction.
BARTLETT, ILL. — Meridian Design Build has broken ground on a 67,080-square-foot build-to-suit for Traffic Control & Protection on a 9.5-acre site within Abbott Land & Investment’s Blue Heron Business Park in Bartlett, Ill. Traffic Control & Protection provides traffic signs and other traffic control products. The new facility will include a 10,000-square-foot office/employee facility area, a 13,000-square-foot sign shop/silk screen area, a barricade shop and seven interior vehicle maintenance bays. Construction at the site is underway with occupancy scheduled for the fourth quarter of this year. Harris Architects has been retained by Traffic Control & Protection to provide architectural and structural design services. Mackie Consultants is providing civil design services for the project. Dan Flanagan of Flanagan Realty represented Traffic Control & Protection in the selection and acquisition of the site and coordinated overall planning and approval efforts for the project.
AURORA, ILL. — Transwestern has represented Centor North America Inc. in a 62,662-square-foot headquarters lease at 966 Corporate Blvd., a 238,604-square-foot multi-tenant warehouse in Aurora, Ill. Centor, a manufacturer of integrated doors for residential homes as well as folding doors, hardware and screen/blind systems, plans to relocate to the new facility from its current headquarters in Batavia on Oct. 1. Michael Marconi, Justin Lerner and Joe Karmin of Transwestern represented the tenant in the transaction. Completed in 2015, 966 Corporate Blvd. is LEED-certified and includes 32-foot ceilings, seven exterior docks, one drive-in door and 41 trailer stalls. Centor will use tenant improvement funds secured by Transwestern to complete the build-out of its space, which includes a state-of-the-art showroom and corporate offices.