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.
NEW JERSEY — QuVa Pharma Inc. has signed an agreement to acquire an FDA-approved biotech pharmaceutical facility near Route 78 in western New Jersey. The 160,000-square-foot facility will enable QuVa Pharma to significantly extend its production capability and capacity to deliver high-quality, ready-to-use compounded sterile drug preparations to hospitals in key markets in the eastern half of the United States. QuVa currently operates two 503B-registered manufacturing facilities in Texas. Terms of the sale, including the name of the seller and acquisition price, were not released.
NAPA, CALIF. — An unnamed buyer has acquired Greenwood Business Center, a 226,044-square-foot distribution warehouse building in Napa, for an undisclosed sum. The Class A warehouse was fully leased to Adams Wine Group. It was built on spec in December 2015. New York Life Real Estate Investors sold the property on behalf of McMorgan Northern California Value Add/Development Fund.
DEER VALLEY, ARIZ. — Griffin Opportunities has purchased 22 acres of industrial land for an undisclosed sum. The parcel is situated on the southeast corner of 23rd Avenue and West Alameda Road in Deer Valley, just north of Phoenix. The land was previously part of a 40-acre nursery. Griffin plans to hold the property for future real estate development. Robert Lundstedt, Trevor McKendry and Chris Rogers of Daum Phoenix represented both the buyer and seller, Arizona Wholesale Nursery of Phoenix, in this transaction.
CHANNAHON, ILL. — IDI Gazeley has broken ground on a 749,554-square-foot speculative industrial building in Channahon, approximately 55 miles southwest of Chicago. The facility is the first of four buildings to be constructed at the Channahon Corporate Center, a 100-acre, master-planned industrial and logistics park that will offer approximately 2 million square feet of space once complete. The first building, located at 23700 W. Bluff Road, is scheduled for completion in the first quarter of 2017. The facility will be expandable to 1.3 million square feet and will include amenities such as 36-foot clear heights, 86 loading docks, 440 parking spaces and 192 trailer spaces.
CHICAGO — Cenveo Corp., a paper products company, has sold two industrial buildings located in Chicago in a sale-leaseback transaction for an undisclosed price. An affiliate of Hackman Capital Partners LLC acquired the facilities, which total 195,436 square feet. The adjacent property consists of a 150,084-square-foot manufacturing facility at 3001 N. Rockwell St. and a 45,351-square-foot warehouse and distribution building at 2950 N. Campbell Ave.
ONTARIO, CALIF. — Majestic Realty Co. has broken ground on a 239,400-square-foot, build-to-suit warehouse and manufacturing/production facility in Ontario. The site, which was the former home of the Sunkist factory, is located at 752 Campus Ave. Melmarc will occupy the property. The screen printing package company will consolidate its multiple Orange County operations and headquarters into this single facility. The building is scheduled for completion and occupancy in early 2017.
HOUSTON — NAI Partners has brokered the purchase of a 15,000-square-foot warehouse facility on two acres within Hardy Industrial Center located at 21430 Spring Bridge Drive in Houston. Michael Keegan of NAI Partners represented the buyer, Spring Bridge Properties LP, during the negotiations. Richard Quarles and Mark Nicholas of JLL represented the seller, Vigavi Realty LP.