NEW YORK CITY — W. P. Carey Inc. (NYSE: WPC) has acquired a 4 million-square-foot industrial portfolio for $217 million. The portfolio consists of 43 assets in the United States totaling 3.5 million square feet and six properties in Canada totaling 500,000 square feet. The buildings were purchased in a sale-leaseback transaction with wholly owned subsidiaries of Forterra Building Products, a manufacturer of concrete and clay building products. The properties each feature a 20-year triple net lease that includes fixed annual rent escalations of 2 percent. The facilities include offices, concrete manufacturing, concrete quality control testing and storage facilities. “Providing steady, predictable cash flows, compelling returns and annual rent escalations, the investment is also supported by the long-term lease and the strength of Forterra’s guarantee,” says Gino Sabatini, managing director and head of net lease investments for W. P. Carey. “Consistent with our established investment criteria, we believe the acquisition is a sound addition for W. P. Carey Inc.’s portfolio, which extends its weighted average lease-term and is accretive to cash flow.” Brian Scott and Andrew Sandquist of CBRE represented Forterra in the transaction. New York-based W. P. Carey Inc. is an internally managed net lease REIT specializing in corporate sale-leaseback, …
Industrial
HASLET, TEXAS — Amazon Inc. plans to open its sixth Texas distribution center in the Dallas suburb of Haslet. The company employs more than 8,000 full-time hourly associates at its Texas fulfillment centers and plans to hire 1,000 more full-time positions in the new Haslet facility. In addition to its existing Haslet facility, which began shipping customer orders in 2013, Amazon’s other Texas fulfillment centers are located in Coppell, southern Dallas and Schertz, with a fifth under construction in San Marcos. Amazon also operates three sortation centers in Texas, located in Irving, Houston and San Antonio.
FORT WORTH, TEXAS — Calcomp Inc., a manufacturer of commercial aircraft engine composites, is moving its manufacturing operations from Santa Fe Springs, Calif., to Fort Worth. The company has selected a 25,000-square-foot manufacturing facility located in north Fort Worth near Loop 820 and Blue Mound Road. Calcomp will relocate to Fort Worth through a phased move from June to December. The company will relocate 15 employees from California and plans to hire between 30 and 35 locally.
Coca-Cola Beverages Florida to Acquire Four Production Facilities from The Coca-Cola Co.
by John Nelson
TAMPA, FLA. — Coca-Cola Beverages Florida, an independent Coca-Cola bottler based in Tampa, has signed a letter of intent with The Coca-Cola Co. to acquire four production facilities in Hollywood, Jacksonville, Orlando and Tampa for an undisclosed price. The proposed acquisitions will give Coca-Cola Florida the ability to fully manage the production of Coca-Cola products that it currently distributes for Florida customers and consumers. In December 2015, Coca-Cola Florida signed letters of intent to acquire The Coca-Cola Co.’s sales and distribution operations in North and South Florida. The proposed acquisitions are subject to the parties reaching a definitive agreement, with closing for the North Florida operations expected in 2016 and closing for the South Florida operations expected in 2017. Coca-Cola Florida currently operates in Central Florida with seven sales and distribution locations in Tampa, Lakeland, Sarasota, Fort Myers, Fort Pierce, Sebring and Spring Hill. Following the completion of the North and South Florida territory expansions, Coca-Cola Florida’s operations will encompass 16 sales and distribution centers throughout Florida.
MEDLEY, FLA. — Cushman & Wakefield has arranged a 105,920-square-foot lease for space at Airport North Logistics Park, a 900,000-square-foot, Class A industrial complex currently under construction in Medley, part of Miami’s Airport North industrial submarket. The industrial park is situated on 45 acres at 8502 N.W. 80th St. The tenant, Neutralogistics Distribution LLC, signed the five-year lease for space in Building One, which will feature a 120-foot concrete truck court, 34-foot clear heights, 57 overhead doors, two ramps, 60-foot staging bay, an ESFR sprinkler system, 227 parking spaces and T-5 lighting. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the landlord, Airport North Industrial Inc., in the lease deal. Juan Ruiz of Blanca Commercial Real Estate represented the tenant.
BETHLEHEM, PA. — The Garibaldi Group has arranged the lease of an industrial spec building located at 4770 Hanoverville Road in Bethlehem. Stitch Fix, an online subscription and personal shopping service, leased the single-tenant 483,990-square-foot warehouse facility to use a distribution center as it expands its user base on the East Coast. Developed and owned by Prologis, the building features 4,250 square feet of office space, 75 dock high doors and two grade-level positions. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Meg Buffington and Bill Bumber of Prologis, represented the landlord, while Kim Meincke Jacobsen and Paul Torosian of JLL represented the tenant in the transaction.
SCHUYLKILL HAVEN, PA. — CBRE Group has arranged the sale of an industrial facility located at 3 Earl St. in Schuylkill Haven. The 85,113-square-foot facility sold for an undisclosed sum. At the time of sale, the property was fully occupied by M&Q Packaging Corp. on a long-term basis. Constructed in phases between 1969 and 2003, the facility is located 12 to 13 miles from both 78 and 81 interstates. Stephen Marzullo, Adam Silverman, Paul Touhey and Drew Green of CBRE brokered the transaction. The names of the seller and buyer were not released.
ALLEN, TEXAS — Casey Townsend of Cohen Financial, a national real estate capital services firm, has arranged a $6.8 million CMBS loan to acquire the Allen Tech Center. The 84,936-square-foot, one-story office/flex property is located in Allen. Townsend placed the 10-year, fixed-rate loan through Morgan Stanley.
ELGIN, ILL. — Morgan/Harbour Construction will build a 257,344-square-foot distribution facility in Elgin, approximately 40 miles northwest of Chicago. The speculative development will be located on a 16.8-acre site at 2650 Automall Drive. Morgan/Harbour is expected to break ground on the project this May and complete the facility by the end of the year. Features will include 32-foot clear heights, an ESFR sprinkler system, 24 exterior docks, four drive-in doors and parking. Zilber Property Group is the developer, and Cornerstone Architects Ltd. will provide the architectural services. Pinnacle Engineering Group LLC will provide civil design services.
Duke Realty Signs Two Leases Totaling 76,316 SF at Turnpike Crossing in Palm Beach County
by John Nelson
WESTON, FLA. — Duke Realty Corp. has signed leases with two tenants for 76,316 square feet at Turnpike Crossing 1315, a 124,523-square-foot industrial facility under construction in Palm Beach County at Florida’s Turnpike and Jog Road in Weston. Straight Line Millwork leased 23,066 square feet and RMB USA leased 53,250 square feet, making the project more than 60 percent pre-leased. Turnpike Crossing 1315 is part of Turnpike Crossing, Duke Realty’s 67.2-acre industrial park that can accommodate roughly 882,850 square feet. Turnpike Crossing 1315 is nearly complete and will feature 32-foot clear heights, 41 dock doors, 40- by 50-foot column spacing and 50- by 50-foot dock bays. Turnpike Crossing 1315 will share a 180-foot truck court with Turnpike Crossing 1333, and both will feature mechanically attached roofs and ESFR sprinkler systems.