MONROE, OHIO — CBRE has arranged a 218,704-square-foot industrial lease at a building within Park North at Monroe. Hagemeyer North America, a distributor of industrial maintenance, repair and operations products, will lease the remaining space in the 649,312-square-foot Building 4. Park North at Monroe is a master-planned park located midway between Cincinnati and Dayton. Additional tenants at the park include SSB Manufacturing, Cornerstone Brands, Home Depot and UGN Inc. Jeremy Kraus of CBRE represented the building’s developer, IDI Gazeley, in the transaction. Eric Ramer of ICON Commercial and Josh Young of Newmark Grubb Knight Frank represented the tenant, Hagemeyer North America.
NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.
With an increasing number of tenants seeking to relocate to New Jersey from parts of New York City, including Brooklyn and the Bronx, the Garden State’s industrial market is at its healthiest since first-quarter 2008. The amount of vacant space has now reached pre-recession levels, decreasing from 7.5 percent to 7.2 percent during the third quarter of 2015. Moreover, the vacancy rate experienced its best year-over-year improvement since the first quarter of 2014. Strong markets include central New Jersey submarkets Exit 8A, Exit 9/Brunswick, and Route 287 West, while the Meadowlands area remains the strongest submarket in northern New Jersey, followed by Exit 14/Newark near the port, and the Route 46/23/3 submarket. While transactions by large tenants, such as Amazon, dominated activity during the first half of the year, industrial buildings were filled up by smaller and mid-sized tenants during the third quarter of 2015. Retailers/wholesalers led the way, which is not surprising considering the continually growing e-commerce sector and recent increases in consumer spending. Supporting the recent economic resurgence of the sector, tenants in the manufacturing industry were also very active during the quarter, though many of their leases were small in size. Transportation companies also took space, enhancing …
HOUSTON — NAI Partners has represented Circle 8 Services in the lease of a 40,000-square-foot industrial building on 9.6 acres located at 3004 Aldine Bender Road in Houston. Chris Caudill of NAI Partners represented the tenant, Circle 8 Fluid Services, during the negotiations, while Hart Schleicher of Capital Real Estate Commercial represented the landlord, 3004 Aldine Bender Partners. Circle 8 Fluid Services is a mobile crane and fluid services operator.
WACO, SHERMAN AND FORT WORTH, TEXAS — Carter Validus Mission Critical REIT II (CVMC) has acquired a portfolio comprising healthcare properties and a data center in Texas for $58.9 million. CVMC acquired the Heritage Park Portfolio on Nov. 20, 2015, for $33.9 million. The Heritage Park Portfolio consists of two healthcare properties located in Sherman that are 100 percent leased: Heritage Park – Sherman I (Heritage Park Surgical Hospital) and Heritage Park – Sherman II (Visionary Medical Imaging). Heritage Park Surgical Hospital is a 57,576-square-foot medical facility that was built in 2005 and renovated in 2010 to become a full-service surgical hospital. Heritage Park Surgical Hospital houses eight operating suites, three procedure rooms and 14 private recovery rooms, and supports an average of 15,000 surgeries per year. Visionary Medical Imaging, an 8,055-square-foot medical imaging center located adjacent to Heritage Park Surgical Hospital, was built in 2005 and offers MRI, CT, X-Ray and bone density scanning services. In addition to the Heritage Park Portfolio, CVMC acquired Baylor Surgery Center at Fort Worth, a one-story, 36,800-square-foot ambulatory surgery center located on 3.5 acres. The property, located one mile from Baylor Surgical Hospital at Fort Worth, was built in 1998 and renovated in 2015 …
LOCKPORT, ILL. — Panattoni Development Co. has completed the development of two new industrial buildings in 355 Corporate Center, a 50-acre industrial business park in Lockport, approximately 35 miles southeast of Chicago. The first building is 273,640 square feet and includes parking for 268 cars, while the second building is 228,690 square feet and features 240 parking spaces. Both buildings include 65 docks, four drive-in doors, 32-foot clear heights and ESFR sprinkler systems. Harris Architects designed the facilities, and Alston Construction was the general contractor. These two assets are the first two facilities to be built inside 355 Corporate Center. Nicolson, Porter & List has been tasked with leasing the buildings.
KINGSPORT, TENN. — Pure Foods, a specialty snack company, has opened its global headquarters and a manufacturing plant at Gateway Commerce Park in Kingsport. The $22 million project will house 50 to 75 employees, with room to grow to 275 employees over the next five years. The 88,000-square-foot manufacturing facility will be where Pure Foods produces its healthy snacks, which are sourced from non-GMO fruits and vegetables. The opening ceremony of the headquarters and manufacturing plant was attended by Tennessee Gov. Bill Haslam; Lt. Gov. Ron Ramsey; John Dreyzehner, commissioner of the Tennessee Department of Health; Miles Burdine, president and CEO of the Kingsport Chamber of Commerce; Kingsport Mayor John Clark; and Sullivan County Mayor Richard Venable. As part of the opening, Pure Foods has also announced its acquisition of the Guiltless Gourmet brand from Manischewitz Co.
DELRAY BEACH, FLA. — Cushman & Wakefield has arranged the $18.5 million sale of Delray Distribution Center, a 185,624-square-foot, two-building industrial facility located at 420 and 440 S. Congress Ave. in Delray Beach. PetMeds, an online pharmacy offering pet medications and animal grooming products, purchased the facility from Stockbridge Capital. Christopher Thomson, Richard Etner, Christopher Metzger and Matthew McAllister of Cushman & Wakefield represented Stockbridge Capital in the transaction. PetMeds will relocate its office and distribution headquarters to Delray Distribution Center, which was fully leased at the time of sale. Other tenants include DHL and Levenger. Built in 1994, the property features 26-foot clear ceiling heights, dock-high and grade-level loading, a 150-foot truck court and an ESFR sprinkler system.
DENVER — Jensen Precast has purchased a 143,960-square-foot industrial facility in the Denver submarket of Lockeford for an undisclosed sum. The facility is located at 12101 E. Brandt Road. The space will serve as an expansion of the precast concrete company’s existing facility. The seller is NCI Building Systems. Eric Dienstbach of Binswanger, along with John Fondale of Newmark Cornish & Carey, executed the transaction.
CHICAGO and WHEELING, ILL. — Associated Bank has provided a total of $47.5 million for two cold storage projects in Chicago. In the first project, Associated Bank provided an $8 million refinancing and construction loan to 120 Palatine LLC for a vacant 115,000-square-foot freezer food manufacturing and distribution facility. The asset is located at 120 W. Palatine Road in Wheeling and will be leased to Richelieu Foods. Associated Bank was also the lead arranger and administrative agent of a $39.5 million credit facility for a 227,700-square-foot cold storage warehouse and distribution facility that will be located at 2302 S. Paulina St. Wanxiang America Real Estate Group and Clarius Partners are the borrowing entities. The facility is a build-to-suit project for Preferred Freezer. Ted Notz of Associated Bank managed both loans.