COLORADO SPRINGS, COLO. — Lockheed Martin has signed a lease expansion at Platte Airpark Center in Colorado Springs. The aeronautics and defense contractor formerly occupied 35,669 square feet, but will now occupy 48,102 square feet. The landlord is Fairbridge Properties.
LOS ANGELES — PB Financial Group Corp. has funded 20 loans throughout California for a total of more than $8.7 million. The Los Angeles-based firm financed a variety of projects, from industrial buildings to multifamily properties. The properties are situated throughout the state, including Los Angeles, San Francisco, Palm Springs and various San Diego submarkets. PB Financial specializes in privately funded transactions for commercial and residential real estate in California.
It has been a tremendous year for the Twin Cities of Texarkana, Texas and Texarkana, Ark. with the education sector topping $70 million and a $180 million major medical campus projected to commence in early 2016. Educational Opportunity Texas A&M University-Texarkana has been awarded $35.5 million in state funding for the construction of a new building to house and expand its nursing program, including the expansion of a Master’s Degree program, and to promote student success initiatives. The Texas A&M University system expanded its four year-university program to Texarkana in 2010, with the first freshman class admitted that year including Phase I dorms on the 300-plus acre Bringle Lake Campus. University of Arkansas Community College at Hope (UACCH) expanded a satellite campus on Texarkana’s Arkansas side in 2012, with over $5.4 million going toward the construction of two buildings that service over 300 local students. Working hand in hand with the University of Arkansas at Little Rock, UACCH has expanded their four-year university program, and will continue to grow as the new health professions building completes construction. Further education initiatives include a $29.2 million commitment from Texarkana Independent School District for the construction of a new sixth grade center and …
COVINGTON, LA. — Monmouth Real Estate Investment Corp., a publicly traded industrial REIT based in Freehold, N.J., has purchased a 175,315-square-foot industrial facility for $18.4 million. Located at 450 Northpointe Court in Covington, a suburb of New Orleans, the distribution center is net-leased for 10 years to FedEx Ground Packaging System Inc. The property is situated on a 19.2-acre lot near I-12 and the Port of New Orleans. This is the first acquisition in Louisiana for Monmouth, which now owns 14.4 million square feet of industrial space in 29 states.
TWINSBURG, OHIO — Meridian Design Build has completed the construction of two industrial buildings for developer Scannell Properties. The buildings, which total 510,722 square feet, are located in Twinsburg, approximately 20 miles southeast of Cleveland. The new facilities consist of a 303,888-square-foot build-to-suit building and a 207,360-square-foot speculative building. The assets are located on 59 acres of land within the Cornerstone Business Park. The build-to-suit project features 99 loading docks, 236 interior van loading positions, 509 exterior trailer stalls and 15,434 square feet of office space. The multi-tenant speculative building includes 171 auto parking stalls, five tenant entrances and 26 loading docks. Precept Design LLC provided the architectural services for the projects, and Weber Engineering Services provided the civil engineering work.
PLYMOUTH, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 22,252-square-foot industrial building for an undisclosed price. The property is located at 46301 Port St. in Plymouth, approximately 27 miles west of Detroit. Venture Aerospace LLC sold the building to E Group LLC, which will occupy the space along with Regional General Contracting LLC. Phil Konopitski of Friedman represented the buyer in the transaction.
HOUSTON — McCarthy Building Cos. has been awarded the contract for the $38.7 million upgrade of Wharf 2 at the Port of Houston Authority’s Barbours Cut Terminal located in Morgan’s Point. Barbours Cut is considered to be one of the premier container handling facilities in the country. The project will upgrade the existing Wharf 2 to support larger wharf cranes that can accommodate post-panamax vessels. McCarthy will upgrade 1,000 linear feet of wharf, installing new foundations and crane rails, and construct a new stevedore support building, mast poles and the electrical infrastructure required for three new 100-foot gauge electric dock cranes. Wharf 2 is adjacent to McCarthy’s recently completed Wharf 1 project, which included the rehabilitation of a 1,333 linear foot structure used for the receipt and shipment of containerized freight intended for both foreign and domestic trade. The project was completed in fall 2014. The upgrade of Wharf 2 is scheduled to begin in January 2016. Completion is scheduled for early 2017.
GARLAND, TEXAS — Through its U.S. Industrial Fund II, Hillwood Investment Properties has acquired 3838 W. Miller Road, a Class A distribution building totaling 200,000 square feet located in Garland. The property is located on Miller Road, a named exit off of I-635, and provides access to U.S. 75 and I-35E. The cross-dock facility is available for lease and offers 31-foot clear heights, T-5 lighting, a sprinkler system and 140-foot truck courts. The building provides up to 30,000 square feet of office and showroom areas along with parking for 260 cars.
TULSA, OKLA. — CBRE Capital Markets’ Investment Properties has arranged the sale of a complex including 180,000 square feet of warehouse space and 220,000 square feet of office space at the Hilti North America Operations Center in Tulsa. Educational Development Corp. (EDC), an educational children’s book publishing company based in Tulsa, purchased the warehouse and office space from Hilti for an undisclosed price. Hilti will lease back 180,000 square feet of the office space to house its North America Operations Center, which includes customer service, accounting, training and other functions. Hilti will continue to be located in Tulsa after the company’s headquarters relocated to Plano, Texas in June. Located at 5404 S. 122 E. Ave., the remaining 221,000 square feet will house EDC’s new headquarters, including a 180,000-square-foot warehouse operation. Adam Rumsey, Bob Pielsticker, Angela West and Matt Reese of CBRE represented the seller. EDC sells children’s books, including Usborne Books and the Kane Miller line of international children’s titles, through a sales organization of independent consultants, through 5,000 retail stores and online. Hilti is a manufacturer and supplier of tools and fastening systems.
HOUSTON — A group of 17 industrial specialists from The National Realty Group (TNRG) have joined Lee & Associates Houston. With this addition, the Houston office of Lee & Associates, the largest broker-owned commercial real estate firm in the nation, increases its brokerage team to 28 members. “I am incredibly excited about what this means to our office and our national outreach,” says Chris Lewis, managing partner of Lee & Associates Houston. “The transition to Lee & Associates Houston has been an amicable split by both the brokers and TNRG, and we anticipate our relationship with TNRG to remain strong and fruitful.” Jeffrey Rinkov, CEO of Lee & Associates, echoed Lewis’ comments. “This is one of the single-largest broker moves in our company’s history,” says Rinkov. “To have the opportunity to gain this much expertise and experience is incredibly satisfying. I am looking forward to the dynamics this team will bring to not only our Texas brokerage but our national network, as well.” Mike Spears, former president of TNRG Brokerage Services, will serve alongside Lewis as the co-managing principal of the Houston office. Spears was the catalyst in the decision and managed the transition, according to Lee & Associates. “TNRG, which …