QUONSET, R.I. — Rhode Island Governor Gina Raimondo has included a $70 million bond proposal in the state budget to modernize and reconstruct Pier 2 at the Port of Davisville in Quonset. The budget, including the proposal, has yet to be approved by the state legislature. The port recently closed its sixth record-breaking year of automobile imports by ship and is consistently one of the top 10 auto ports in North America. Additionally, the port has experienced 547 percent growth over the past 20 years. Built in 1956, the pier was designed for a 50-year lifespan. The $70 million investment will solidify Davisville’s position as the premier marine commercial gateway to New England and add an additional 50 years to the pier’s useful life, as well as preserve hundreds of jobs in the maritime sector. There were 227,021 automobiles imported at the port last year, surpassing 2014’s record by 48,806 vehicles. Vehicles arriving at the port are processed, finished and distributed across the United States by North Atlantic Distribution Inc.
VAN NUYS, CALIF. — REX Investment has purchased a 54,597-square-foot industrial facility in the Los Angeles submarket of Van Nuys for $8.7 million. The four-building facility is located at 7730-7750 Gloria Ave. and 7739-7751 Densmore Ave. It is situated two blocks from Van Nuys Airport. Yair Haimoff of NAI Capital represented REX Investment. The seller was Camillus and Phyllis Decinces.
SAN FRANCISCO — NorthMarq Capital has arranged a total of $268 million in refinancing for a pair of San Francisco-based industrial portfolios. The first portfolio received $141 million and contained 18 properties with a total of 3.3 million square feet. Major tenants include Ashley Furniture, Anixter and US Foods. The second portfolio received $127 million and contained 12 properties. Major tenants include Amazon, LG Electronics and FedEx. Dennis Williams of NorthMarq Capital’s San Francisco office finalized the refinancings for both institutional borrowers through the firm’s correspondent relationship with a life insurance company.
ELMHURST, ILL. — Welbic LLC has purchased 15 industrial buildings in the Midwest for approximately $50 million. Venture One Real Estate sold the assets, which total 900,000 square feet. There are 22 tenants that occupy the 15 buildings, which are located in Wisconsin and Illinois. Matthew Lewandowski of Darwin Realty worked with Venture One Real Estate on the purchase. Erin Cibula and Matthew Lewandowski of Darwin Realty also worked with Gabriel Silverstein of Angelic Real Estate LLC to secure an approximate $100 million loan which covered the 15 Venture One buildings plus 26 industrial properties already owned by Welbic.
GRAND RAPIDS, MICH. — Entre Commercial Realty LLC, along with First Cos. Inc., has completed the development of a 65,000-square-foot industrial building in Grand Rapids. The build-to-suit facility for Holland, a Michigan-based regional transportation company that is a subsidiary of YRC Worldwide, features a 110-door truck terminal, 6,000 square feet of office space and a separate 16,000-square-foot drive-thru maintenance facility. The building is located at 10151 S. Division St. and is situated on 25 acres of land. Holland has signed a 15-year lease for the facility. First Cos. acted as the construction manager, Dixon Architecture provided architectural services and Exxel Engineering performed civil engineering services. Ken Szady of Newmark Grubb Knight Frank represented the development group and procured the funding, which WP Carey Inc. provided.
CHICAGO AND NILES, ILL. — Wool Finance Partners has arranged $4.2 million in financing for two industrial properties in Illinois. In the first transaction, Wool Finance Partners arranged a $2 million refinancing loan for a 50,000-square-foot, net-leased property in the Fulton Market district of Chicago. The borrower was undisclosed, and a regional bank provided the capital for the non-recourse loan, which has a three-year term. Matt Lebenson of Wool Finance Partners brokered the transaction. In the second deal, Martin Siegel of Wool Finance Partners arranged a $2.2 million loan for the acquisition and redevelopment of a 78,000-square-foot property in Niles. The financing for the single-tenant, net-leased building was placed on behalf of an undisclosed local borrower. The non-recourse loan features a 10-year term.
Dallas is on a hot streak. This is the best market Dallas has seen in years. Companies are expanding and corporate relocations are driving new development in office, industrial and retail. Based on the healthy, active market of 2015, the momentum should carry over and remain strong through the first half of 2016. Office Dallas has become a headquarters hub in the past few years with companies like Toyota and Liberty Mutual putting down roots in the Metroplex. Companies are doing well financially and are growing, which is great news for the office sector. Leasing activity is at an all-time high with all sizes of companies experiencing growth. Office expansions and mid-term lease extensions are becoming the norm. In November, GEICO’s regional headquarters relocated to a larger facility with the goal of hiring nearly 200 employees before year’s end. The insurance company leased 224,000 square feet at 2280 Greenville Ave. in Dallas, brokered by Tom Lynn and Nick Lee, CCIM, of NAI Robert Lynn and Griff Bandy of NAI Partners in Houston. GEICO’s former headquarters building in the North Dallas area is now on the market. We’re also seeing the employment industry shift from focusing solely on clients to employee …
SAVANNAH, GA. AND SUFFOLK, VA. — CenterPoint Properties has acquired a 1.1 million-square-foot, three-building industrial portfolio in Savannah and Suffolk. The rail-served portfolio spans 94.4 acres and is situated in close proximity to ports. The two properties in Savannah feature 32-foot clear heights and were fully leased at the time of sale. The properties are located within four miles of the Port of Savannah and feature dual rail service. The Suffolk property is situated near the Port of Virginia and features 32-foot clear heights and trailer storage. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, McDonald Development, in the transaction. This acquisition brings CenterPoint’s East Coast portfolio to 9.4 Million square feet across 65 buildings.
IRVING, TEXAS — Liberty Property Trust has begun construction on a 44-acre industrial park in Irving called Liberty Park GSW North. Liberty broke ground on two buildings, which total 537,300 square feet. The buildings are designed to achieve LEED certification and are located at 951 Valleyview Lane and 5430 FAA Blvd. 951 Valleyview Lane will be a 341,400-square-foot building with 32-foot clear heights, more than 380 parking spaces and a 185-foot truck court. 5340 FAA Boulevard will be a 195,900-square-foot building with 28-foot clear heights, more than 270 parking spaces and a 130-foot truck court. A third building will be located along Frye Road and consist of 182,520 square feet. Construction hasn’t begun on the Frye Road facility. Upon completion, the park will offer three Class A industrial buildings totaling 720,500 square feet. GSR Andrade is the architect for the new building, Jordan Foster Construction is the general contractor and Halff Associates is the civil engineer.
SAN DIEGO — Teledyne Instruments has signed a 10-year lease for two industrial buildings in the San Diego submarket of Scripps Ranch. The lease is for two buildings that total 124,828 square feet. The new lease allowed the measurement device provider to renew its lease at 9855 Carroll Canyon Road, while expanding into the neighboring 9970 Carroll Canyon Road. Craig Estey of Cushman and Wakefield represented Teledyne. CBRE’s Bill Dolan and Chris Pascale represented the landlord, Gateway Colorado Properties, in this transaction.