ORLANDO, FLA. — Liberty Property Trust has sold a 713,585-square-foot industrial property located at 8201 Chancellor Drive in Orlando for $35.5 million. Liberty recently completed a long-term lease renewal with CVS at the facility. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction. Exan Capital LLC advised the undisclosed buyer. Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.
Industrial
DENTON, TEXAS — Lee & Associates has arranged a lease transaction for a 10,000-square-foot industrial building located at 2834 Geesling Road in Denton. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Automotive Tensioners. Donald Frazier of Frazier Commercial represented the landlord, Jim/Heritage LP.
TAYLOR, MICH. — Colliers International has arranged a 15,000-square-foot industrial lease for A&R Logistics Inc. in Taylor, a southwest suburb of Detroit. A&R Logistics specializes in dry bulk transportation and will use the space to store and clean bulk tanker trucks. The facility is located at 25086 Brest Road. Thomas Schoenberger of Colliers International represented the tenant in the transaction. The landlord, Gordon Mobley, was self-represented.
PEARL RIVER, N.Y. — Industrial Realty Group (IRG) has acquired the more than 2 million-square-foot Pfizer campus in Pearl River, located 20 miles north of Manhattan. IRG plans to transform the 200-acre campus into a dynamic mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County. The acquisition includes approximately 38 buildings of laboratory, manufacturing, office and support buildings. Pfizer will retain and operate 500,000 square feet and lease back approximately 1.2 million square feet from IRG. Terms, including sales price, of the acquisition were not released. IRG plans to transform the 2 million-square-foot Pfizer campus in Pearl River, N.Y., into a mixed-use, multi-tenant campus.
PORTLAND, MAINE — Colliers International has brokered the sale of an industrial property located at 264 Freestone Drive in Portland. Freestone Avenue LLC acquired the facility from Essentra Packaging US Inc. for $1.2 million. Situated on 6.3 acres, the 107,639-square-foot property was formerly the Clondalkin Pharma & Healthcare facility. Biff Zoephel of Colliers International brokered the transaction.
HORSHAM, PA. — HFF has arranged a $28 million loan for the refinancing of a two-building portfolio in Horsham, a suburb of Philadelphia. The borrower was an affiliate of Endurance Real Estate Group LLC. The 10-year loan, which features a fixed rate, was provided by Silverpeak Real Estate Finance. Loan proceeds will be used to refinance existing debt. The portfolio includes 200 Precision Drive, a 126,500-square-foot facility with 63,000 square feet of warehouse space, 49,400 square feet of office space and a 14,200-square-foot laboratory; and 425 Privet Road, a 120,290-square-foot property fully leased to Teva Pharmaceuticals. 200 Precision Drive is leased to Finisar Corp., C&D Technologies and DrugScan. Ryan Ade and Campbell Roche of HFF represented the borrower in the financing.
Lincoln Property Co. Completes Industrial Facility in Miami, Secures First Two Tenants
by John Nelson
MIAMI — In a joint venture with a real estate fund advised by Crow Holdings Capital Partners, Lincoln Property Co. has completed Turnpike Park, a 136,500-square-foot industrial building located in Miami. The joint venture has also secured its first two tenants. SV Orchids & Potted Supply Inc., a subsidiary of Silver Vase Inc., signed a 39,000-square-foot lease, and Southpoint Sportswear LLC signed a 24,440-square-foot lease at Turnpike Park. Americas Industrial Realty Corp. represented the ownership in both lease transactions. Turnpike Park features 52-foot by 45-foot column spacing with a 50-foot staging area, three-phase electrical power, T5 energy-efficient lighting, an ESFR fire sprinkler system and four dock doors per bay. The property also offers access to the Florida Turnpike, Palmetto Expressway, Okeechobee Road (US 27), I-75 and the Dolphin Expressway.
HOUSTON AND STAFFORD, TEXAS — RealtyMogul.com has raised $1.2 million in equity for Brennan Investment Group to acquire a two-property, 132,997-square-foot flex industrial portfolio in Houston and Stafford. This is the third transaction between RealtyMogul.com and Brennan Investment Group. The buildings are located at 12705 Kirkwood Center and 8600-8850 Jameel Road. Both are grade-level industrial buildings, with a mix of office and warehouse space. At the time of closing the portfolio was 94 percent occupied by 36 tenants.
EL PASO, TEXAS — The Camino Real Regional Mobility Authority has awarded a $61 million transit contract to Paso del Norte Trackworks, a joint venture of Granite Construction Co. and RailWorks Track Systems Inc. The joint-venture team will be responsible for the construction of a new electric streetcar system linking the Mexican border, El Paso downtown business district, local hospitals, residential districts and the University of Texas El Paso. The work includes 4.8 miles of track, 27 streetcar stops, related street improvements, underground drainage, water and sewer improvements, two bridge modifications and a vehicle maintenance and storage facility near the existing Sun Metro Downtown Transfer Center. The Texas Department of Transportation is funding the project. Construction is scheduled to begin in December and will take approximately two years to complete.
GRAND PRAIRIE, TEXAS — Lee & Associates has completed a lease transaction for 14,475 square feet of space located at 2618 W. Highway 303 in Grand Prairie. Robert Miller of Lee & Associates represented the tenant, Oakcroft Associates Inc. dba Roofmaster. Luke Davis of Stream Realty Partners represented the landlord.