Industrial

Rubenstein Partners Secures $197M in Construction Financing for 500,000 SF Mixed-Use Property in Brooklyn

by Amy Works August 30, 2016

NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.

August 30, 2016

Industrial Texas

M&M Arranges Sale of 82,414 SF Industrial Building in Rio Grande Valley

by Haisten Willis August 30, 2016

HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of an 82,414-square-foot industrial property located in Harlingen. Kenneth Hartmann and Joshua Murphy of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Hartmann and Murphy also secured the buyer, another private investor. The building is located at 2810 N. Expressway 77.

August 30, 2016

Industrial Kentucky Southeast

Terressentia Corp. Opens O.Z. Tyler Distillery in Kentucky

by John Nelson August 30, 2016

OWENSBORO, KY. — Charleston, S.C.-based Terressentia Corp. has opened the O.Z. Tyler Distillery, the company’s bourbon distillery situated on 26 acres in Owensboro. The historic property dates back to the late 1800s and is now open following two years of renovations. The property is named after O.Z. Tyler, the co-inventor of Terressentia’s patented TerrePURE distilling process. The company plans to employ 75 staffers when fully operational. The distillery will produce more than 30,000 barrels of bourbon annually. Future plans for the property include increasing production to 75,000 barrels annually, building a visitor’s center and museum and becoming a stop on the Kentucky Bourbon Trail.

August 30, 2016

Georgia Industrial Southeast

NAI Brannen Goddard Brokers $14M Sale of 230,000 SF Industrial Complex in Metro Atlanta

by John Nelson August 30, 2016

DULUTH, GA. — NAI Brannen Goddard has brokered the $14 million sale of a three-building, 230,000-square-foot industrial complex situated within Northmont Business Center in Duluth, a northeastern suburb of Atlanta in Gwinnett County. Situated on 28 acres along Satellite Boulevard, the single-story complex offers both warehouse and office space and features 24-foot clear heights, 120-foot truck courts and ample parking. Exeter Property Group purchased the complex from the undisclosed seller. Jack Haden, Mike Chambers and Bradley Pope of NAI Brannen Goddard represented the seller in the transaction. Exeter Property Group has retained the NAI Brannen Goddard team to lease the project.

August 30, 2016

California Industrial Western

San Carlos Business Park Trades Hands for $61.1M

by Nellie Day August 30, 2016

SAN CARLOS, CALIF. — San Carlos VI LLC has acquired San Carlos Business Park, a 154,462-square-foot office and R&D campus in the Silicon Valley submarket of San Carlos, for $61.1 million. The seven-building campus is located at 963 Industrial Road. The park contains two parcels that include a ground lease for a 27,303-square-foot office building on 1.3 acres and a larger parcel that includes six buildings totaling 127,159 square feet of R&D space on 7.6 acres of land. San Carlos Business Park is situated in the mid-peninsula market with access to Caltrain, major freeways and downtown San Carlos. CBRE’S Bob McSweeney represented the LLC, while the firm’s Seth McKinnon, Scott Prosser, Joe Moriarty, Sean Sullivan and Tyler Myerdirk represented the seller, Black Mountain Properties, in this transaction.

August 30, 2016

Industrial Nevada Western

Dermody Properties Starts Construction of LogistiCenter at Las Vegas Boulevard

by Nellie Day August 30, 2016

LAS VEGAS — Dermody Properties has started construction of LogistiCenter at Las Vegas Boulevard, a 550,000-square-foot industrial facility in Las Vegas. The facility will be situated near North Walnut Road in the Interstate 15 corridor. LogistiCenter at Las Vegas Boulevard will be equipped to handle distribution, e-commerce, manufacturing and warehouse operations. The space will be able to accommodate up to four tenants. Darmody expects to complete the project by the second quarter of 2017. United Construction Co. is designing and building the property. The site offers an additional eight to nine acres of excess land for retail or office development.

August 30, 2016

Industrial Kansas Midwest

Monmouth Real Estate Investment Corp. Acquires FedEx Distribution Facility in Metro Kansas City for $31.7M

by Christina Cannon August 30, 2016

OLATHE, KAN. — Monmouth Real Estate Investment Corp. has acquired a 313,763-square-foot industrial building in Olathe, approximately 25 miles southwest of Kansas City, for $31.7 million. The property, located on 45 acres at 22525 W. 167th St., is net-leased to FedEx. The brand new building is a Class A, built-to-suit distribution facility. The seller in the transaction was undisclosed.

August 30, 2016

Industrial Loans Midwest Minnesota

NorthMarq Capital Arranges $6M Acquisition Loan for Industrial Park Outside Minneapolis

by Christina Cannon August 30, 2016

BROOKLYN PARK, MINN. — NorthMarq Capital has arranged a $6 million acquisition loan for a 120,030-square-foot industrial property in Brooklyn Park, approximately 10 miles north of Minneapolis. The Stein Industries Building is located at 7500 Setzler Parkway N. Patrick Minea of NorthMarq Capital negotiated the loan for the undisclosed borrower through a life insurance company. The loan features a 20-year term and 20-year amortization schedule.

August 30, 2016

Industrial Michigan Midwest

Friedman Brokers Sale of 37,800 SF Industrial Property Near Detroit

by Christina Cannon August 30, 2016

WALLED LAKE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 37,800-square-foot industrial building in Walled Lake, approximately 35 miles northwest of Detroit. Martin Rd Investments LLC sold the asset, located at 850 Ladd Road, to RW Farmington LLC for an undisclosed price. Phil Konopitski, and Mike Koenigbauer of Friedman represented both parties in the transaction.

August 30, 2016

Industrial Oregon Western

Specht Development Starts Construction of 732,824 SF Industrial Project in Gresham

by Nellie Day August 29, 2016

GRESHAM, ORE. — Madison-Specht Vista Logistics LLC, a partnership between Specht Development and New York Life Real Estate Investors, has started construction of a 732,824-square-foot spec industrial building in Gresham. The 37.4-acre site is located at SE 223rd and Stark streets. The new facility will be called Vista Logistics Park. The site was purchased from the Port of Portland for $9.2 million. The project should be completed this fall. Don Ossey and David Ellis of the Capacity Commercial Group will lead the facility’s leasing efforts. Perlo Construction is building the project, which Mackenzie architects designed.

August 29, 2016

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