ROMULUS, MICH. — Developer Chris Semarjian of Industrial Commercial Properties (ICP) and Stuart Lichter of Industrial Realty Group (IRG) have purchased the Northline Industrial Center in the greater Detroit area. The property is located at 38481 Huron River Drive and has over 1 million square feet of warehouse facilities situated on 164 acres. Anchor tenants include Home Depot, W.F. Whelan Company and Renaissance Global Logistics. Gary Glotzhober of Colliers International brokered the acquisition of the property from Soave Enterprises. The Northline property was originally designed and built for a government jet engine manufacturing facility. It was sold to Ford Motor Company and ultimately was owned and occupied by Kelsey-Hayes as a wheel manufacturing facility. This property is Semarjian and Lichter’s fourth major acquisition in metro Detroit. Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) partner on national and regional projects and specialize in the acquisition, development and management of commercial and industrial real estate.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Sheahan Self Storage, a 32,621-square-foot self-storage, office warehouse and retail property located in Austin. Justin Miller and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Knobler and Miller secured the buyer, a limited liability company, as well. Sheahan Self Storage is located at 11712 N. Lamar Blvd. in Austin.
ALEXANDRIA, VA. — HFF has arranged $23.6 million in acquisition financing for a three-building, 246,145-square-foot industrial complex in Alexandria. The fully leased properties are located within Pickett Industrial Park at 841-929 S. Pickett St. The complex’s tenant roster includes General Services Administration, Commercial Carpets of America, Michael Baker Corp. and Habitat for Humanity of Northern Virginia. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 10-year, floating-rate loan through SunTrust Bank on behalf of the borrower, an affiliate of JBG Core Venture I LP — a joint venture between CBRE Global Investment Partners and The JBG Cos.
MONROE, N.C. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT specializing in net-leased industrial properties, has sold its 160,000-square-foot industrial building in Monroe to its tenant for $9 million. The tenant, Charlotte Pipe and Foundry Co., is a plumbing systems manufacturer based in Charlotte. Monmouth’s portfolio now spans 13.8 million square feet of single-tenant, net leased industrial assets with a current occupancy rate of 97.6 percent.
RENO, NEV. — Legacy Sports International has leased 50,000 square feet of distribution space at the Reno Aircenter. The center is located at 4674 Aircenter Circle in Reno. Legacy Sports is a civilian firearms and accessories distributor. Steve Kucera, J. Michael Hoeck, Dave Simonsen and Michael Nevis of NAI Alliance Industrial Properties represented the landlord.
UNION TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter 78-81 in Union Township. Situated on 43 acres at the intersection of I-78 and I-81, the facility will feature 405,000 square feet of industrial space. The property will be a front-load distribution building with a separate lot providing excess to parking capacity. Additionally, the facility will feature 36-foot clear heights, 81 dock doors, 60-foot loading bays and parking for 220 cars and one extra trailer parking space per dock door. Completion is slated for spring 2016. R. S. Mowery & Sons Inc. is serving as the general contractor for the project.
LUMBERTON, TEXAS — NAI Wheeler has arranged the sale of the former Woodworkers Paradise facility located in Lumberton. The property spans 6,900 square feet and sits on over 4.5 acres with frontage on Highway 69 and Village Creek Parkway. Direct Integrity Services will occupy the facility. Direct Integrity performs pipeline testing services. Lee Wheeler and Erica Goss of NAI Wheeler represented the seller in the transaction.
CINCINNATI, CLEVELAND AND COLUMBUS — CBRE Group Inc. has arranged the sale and financing of a five-building industrial portfolio for Cintas Corp. Diamond Properties bought the portfolio for $26.5 million. The five properties, which are located in Cleveland, Columbus and Cincinnati, total 569,225 square feet. The buildings are 100 percent leased. The properties were previously occupied by Cintas’ document storage and imaging business, which Cintas sold in November 2014. CBRE’s investment properties team and global workplace solutions team represented Cintas in the transaction. They also sourced the buyer. CBRE’s Midwest debt and structured finance team secured the financing on behalf of the buyer. Based in Cincinnati, Cintas is best known for designing and manufacturing corporate uniforms.
JEFFERSON, GA. — Trammell Crow Co. (TCC) and Clarion Partners have formed a joint venture to purchase 122.5 acres of land along I-85 in Jefferson, roughly 60 miles northeast of Atlanta. The site will house Jefferson Mill Business Park, a new two-phase, Class A industrial park that will span nearly 1.8 million square feet. Phase I will feature an 822,257-square-foot bulk cross-dock warehouse and a 250,569-square-foot rear load distribution center. Construction will commence by the end of 2015 and be completed in 2016. Phase II of the park will be a 720,836-square-foot speculative or build-to-suit bulk cross-dock warehouse. Ben Logue and Price Weaver of Colliers International brokered the land sale and will also handle the leasing and marketing of the site on behalf of TCC and Clarion Partners.
AUSTIN, TEXAS — Trammell Crow Company (TCC) has been appointed as the developer for the construction of a 57,600-square-foot, Class A build-to-suit industrial building. The project, Expo 12, will be Excel Filters’ new satellite manufacturing facility in Expo Business Park, a new industrial park located in Southeast Austin. TCC and Clarion Partners recently sold the 6.8-acre site for Expo 12 to a private investment company, who is leasing the building to Excel Filters. Construction on the project has commenced and will deliver in May 2016. Excel Filters will expand its operations from Los Angeles into Austin. Upon completion of the new building, Excel will staff the facility with existing personnel and new local hires. Expo 12, located in the four-building second phase of Expo Business Park, will include 28-foot clear heights, 13 dock-high doors and truck courts. Expo Business Park spans 37 acres and is located at 6231 E. Stassney Lane in the newly established Triple Freeport Zone. Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon with CBRE’s Austin office represented both TCC and Excel Filters in the deal.