KALAMAZOO, MICH. — Signature Associates has brokered two industrial sales totaling 22,350 square feet in Kalamazoo. In the first transaction, Hinkle Properties sold a 15,930-square-foot industrial property, located at 433 Ransom St., to WAI LLC for an undisclosed price. Jeff Chrystal of Signature Associates represented the seller in the deal. In the second transaction, Raitt Corp. sold a 6,420-square-foot industrial building, located at 3785 Franklin St., to Mikowski Holdings Co. for an undisclosed sum. Chrystal and Eric Holdorf of Signature Associates represented the seller in the transaction.
FRANKLIN, PEABODY, WILMINGTON AND AVON, MASS. — New York Life Real Estate Investors, on behalf of institutional investors, has originated $37 million in acquisition financing for a four-building industrial portfolio located in the Greater Boston area. The five-year loan has a floating rate. The portfolio, which is 95 percent leased, comprises assets in Franklin, Peabody, Wilmington and Avon.
HAWTHORNE, CALIF. — Carter Validus Mission Critical REIT II Inc. (CVMC REIT II) has acquired the 288,000-square-foot AT&T Hawthorne Data Center in the Los Angeles suburb of Hawthorne for $79.5 million. CVMC REIT II, a non-traded REIT headquartered in Tampa, Fla., will assume the existing net lease with AT&T Corp. as part of the transaction. The previous owner was Israel-based Red Sea Group. The one-story, powered shell data center is located on a 15.9-acre site and includes an on-site substation delivering a 12,470-volt, 22.5 MVA (mega-volt amp) commercial power service feed. An eight-foot iron fence surrounds the site, with guarded gates on the east and west ends of the property. Security features include 24-hour on-site security staff, closed-circuit monitors, secure keycard access, biometrics scanner and alarmed doors. AT&T Corp., a wholly owned subsidiary of AT&T Inc., is a provider of IP-based services to multinational companies and serves more than 3.5 million business customers. “The acquisition of the AT&T Hawthorne Data Center represents an opportunity to invest in a mission-critical property with a strong brand affiliation,” says Michael Seton, president of CVMC REIT II. “We strive to be a true capital partner for our tenants and are excited to expand our already …
HAMBURG, N.Y. — Monmouth Real Estate Investment Corp. has acquired an industrial building located at 3779 Lake Shore Road in Hamburg. An undisclosed seller sold the property for $35.1 million. Situated on 49 acres, the 338,584-square-foot facility is net leased for 15 years to FedEx Ground Packaging System Inc.
WIXOM, MICH. — Signature Associates has negotiated the investment sale of a high-tech space located at 51229 Century Court in Wixom, a northwest suburb of Detroit. Synergy Investments acquired the 39,262-square-foot space from CRS for an undisclosed sum. Jim Montgomery and John Fricke of Signature Associates represented the seller, while Montgomery also represented the buyer in the deal.
ANTRIM TOWNSHIP, PA. — Eldorado Stone has signed a lease for a 432,000-square-foot build-to-suit industrial building at Antrim Commons Business Park in Antrim Township. The company, which manufactures architectural stone veneer, plans to consolidate two operations currently located in Greencastle, Pa., and Hagerstown, Md., into the facility. The company plans to invest nearly $7 million into the new location. The joint venture ownership between Atapco Properties and Chesapeake Real Estate Group plans to construct the new facility on a 25.4-acre parcel of land on Antrim Commons Drive within the business park. The property is slated for delivery in summer 2017. Antrim Commons Business Park is configured to support up to 6 million square feet of industrial and commercial space. Eldorado Stone received a $250,000 Pennsylvania First Program grant and $114,000 in Job Creation Tax Credits that will be distributed after the new jobs are created.
ASHLAND, VA. — Devon USA plans to develop a 320,853-square-foot distribution center at 11600 N. Lakeride Parkway in Ashland, roughly 18 miles north of Richmond. Known as Building D, the spec project will be situated within Enterchange at Northlake Industrial Park. Set for completion in summer 2017, the property will feature 32-foot clear heights, an ESFR sprinkler system, cross-dock loading, dock-high doors and drive-in doors. The property’s sustainable features will include a white reflective roof, skylights, LED lighting and a R30 insulated roof. Richmond-based Devon USA has selected Evan Magrill and N. Dean Meyer of Cushman & Wakefield | Thalhimer to handle Building D’s leasing responsibilities.
Bigger — and strategically located — continues to be better in the Baltimore metropolitan region when it comes to the industrial real estate product sector. Blink your eye these days in Charm City, and you might miss the latest 100,000- to 500,000-square-foot transaction that transpired, fueled by the seemingly insatiable appetite among retailers to warehouse consumer products near large population areas and maintain same-day or next-day delivery models. Companies involved with the production and distribution of food products and home goods are the next most prolific users of warehouse and industrial space. The avalanche of large-scale logistics-related leases first started in 2014 when Amazon.com leased a 1 million-square-foot fulfillment center with Duke Realty in Baltimore City. Recent notable activity includes RPM Warehouse (435,000 square feet at Baltimore Crossroads in White Marsh); Pier 1 Imports (644,000 square feet in Harford County); Ikea (300,000 square feet with Federal Capital Partners in Halethorpe); Canusa Corp. Fiber Group (320,000 square feet in Dundalk); Sephora Americas (320,000 square feet of renewal space in Harford County, plus an additional 620,000 feet of new space); FedEx Ground (300,000 square feet at TradePoint Atlantic); US Lumber (260,000 square feet with MCB Real Estate and One Liberty Properties); Capital …
STAMFORD, CONN. — A joint venture between The Davis Companies and Highland Development Ventures has acquired a warehouse property, located at 300 Stillwater Ave. in Stamford, for an undisclosed price. The buyers plan to convert the two-story 152,000-square-foot building from a production studio for reality television shows into a self-storage facility. Construction is slated to begin this quarter with completion scheduled for 2018. Designed by Tao Architecture + Design, the facility will feature a leasing office, state-of-the-art security, a center drive aisle for access to units and drive-up units on sections of the property’s parking surface. The acquisition is the joint venture’s sixth self-storage facility development, including both ground-up and conversion projects.
DALLAS — Colliers International has arranged the sale of Northgate III, a 95,204-square-foot industrial property in Dallas. The buildings are located at 12002 and 12092 Forestgate Drive. Lizzy Blake of Colliers represented the seller, Mountain West Industrial, and Tom Grant of Lee & Associates represented the buyer, P.S.C. Properties LLC.