LOMBARD, ILL. — Brennan Investment Group LLC has purchased the Woodlake Corporate Park located at 900 Parkview Blvd. in Lombard, roughly 21 miles west of Chicago. The seven-building, 262,697-square-foot is situated within Chicago’s East-West Tollway submarket. The 35-acre business park is in close proximity to I-355 and O’Hare International Airport. The sales price and seller were undisclosed.
IRVINE, CALIF. — HFF has provided $62.5 million in refinancing for Irvine Crossings, a 395,673-square-foot data center and industrial asset. The property is located at 17871 Von Karman Ave. and 17836 Gillette Ave. in Irvine. The fully leased building was renovated in 2000. It was partially converted to a powered-shell data center in 2013. A data center operator and an internet technology company occupy the property. The asset is situated one block north of the intersection of Von Karman Avenue and Main Street in the Airport Area. There are six other data centers in the area. The five-year, full-term, interest-only loan features a fixed rate. HFF’s Kevin MacKenzie and Jamie Kline arranged the loan on behalf of Menlo Equities. Deutsche Bank provided the capital.
GREENWOOD VILLAGE, COLO. — National Storage Affiliates Trust (NYSE: NSA) has formed a joint venture with a state pension fund advised by Heitman Capital Management LLC. The venture was formed to acquire the iStorage portfolio of self-storage properties for $630 million. The portfolio includes 66 properties containing 4.5 million square feet in over 36,000 storage units across 12 states. Separately, NSA has agreed to acquire the iStorage property management platform, including a property management company, a captive insurance company and the iStorage brand. The cost of the additional transaction was not disclosed. The joint venture expects to complete both transactions concurrently during the fourth quarter of 2016. The two transactions are conditioned upon each other and are subject to other closing conditions. A subsidiary of NSA has agreed to contribute $80 million in cash funded from its revolving line of credit in exchange for a 25 percent ownership interest in the unconsolidated joint venture, while the joint venture investor has agreed to contribute $240 million in cash in exchange for a 75 percent ownership interest in the joint venture. The joint venture anticipates incurring new debt to fund the remaining balance of the purchase price and transaction costs. The parties have …
BOLINGBROOK, ILL. — Conor Commercial Real Estate, a member of The McShane Companies, has completed Fountain Square Commerce Center, a 70-acre industrial business park located at Remington Boulevard and S. Schmidt Road in Bolingbrook. Situated within the I-55 corridor, the park includes four speculative buildings ranging in size from 109,088 to 320,532 square feet. Each facility can support single- or multi-tenant configurations with space available from 40,000 square feet. Additionally, the park features ample on-site vehicle and truck parking, substantial dock door positions, efficient truck maneuverability, 32-foot clear heights, ESFR sprinkler systems, office space to suit individual tenants and a two-acre public park. The business park also includes a 12-acre site available for a fully customized build-to-suit construction accommodating up to 216,000 square feet. McShane Construction Co. and Ware Malcomb provided design/build construction services for the development.
SOUTH BEND, IND. — AM General has signed a 10-year lease for South Bend Distribution Center I, a new distribution center located at 5448 Dylan Drive off I-90 in South Bend. Great Lakes Capital, a locally owned real estate private equity firm, developed the 210,000-square-foot distribution center along with the City of South Bend. Greg Pink and Jeremy McClements of Bradley Co. facilitated the lease.
MADISON HEIGHTS, MICH. — MFP Seals has signed a long-term lease for an industrial building located at 900 E. Whitcomb Ave. in Madison Heights. The company will relocate its manufacturing and administrative facilities from Troy, Mich., to the new 38,776-square-foot building this fall. MFP Seals is a division of Martin Fluid Power, a wholesale distribution manufacturer of sealing devices. Garry Rogers of L. Mason Capitani CORFAC International represented the tenant in the lease transaction.
NEWNAN, GA. — NorthMarq Capital has arranged a $27.8 million acquisition loan for a 2 million-square-foot distribution center located in Newnan, roughly 20 miles south of Hartsfield-Jackson Atlanta International Airport. The property was built, owned and occupied by Kmart for more than 30 years. Keith Braddish of NorthMarq Capital’s New York City office and Will James of the firm’s Atlanta office arranged the three-year loan through Ladder Capital on behalf of the undisclosed buyer.
UNIVERSAL CITY, TEXAS — Marcus & Millichap has arranged the sale of Storage & Moving Logistics, a 34,813-square-foot self-storage facility located in the San Antonio suburb of Universal City. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Karr and Cunningham also secured the buyer, a local investor. Storage & Moving Logistics is located at 115 Villa Drive. The property is situated on 3.8 acres and features a newly renovated on-site manager’s residence, perimeter fencing and lighting, keypad gated entry and 24-hour video surveillance. The property is comprised of 218 drive-up units and 90 uncovered parking spaces.
TERRELL, TEXAS — Lee & Associates has negotiated a 19,000-square-foot industrial lease at 9752 County Road 310 in Terrell. Brett Lewis of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Axus Paints, in the transaction.
NEW YORK CITY — HFF has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building industrial complex located in Brooklyn’s Williamsburg neighborhood. HFF arranged the five-year, floating-rate loan through M&T Bank for the borrower, The Hudson Companies. The borrower plans to convert the 97,475-square-foot complex into 83,211 square feet of creative office space and 14,543 square feet of retail space. Designed by S9 Architects, the project is slated for completion in 2018. Christopher Peck and Rory Shepard of HFF secured the financing for the borrower.