NAPLES, FLA. — Colliers International has brokered the $2.1 million sale of an 18,645-square-foot, Class A warehouse located at 3600 Westview Drive in Naples. The property is fully air-conditioned and features 20-foot ceilings, a truck well and grade-level overhead doors. The buyer, RICDEN LLC, plans to convert a portion of the warehouse into a fitness and training facility. The buyer also intends to keep Herbeau Creations of America Inc., a sanitary ware and sink distributor, as an industrial tenant. Jim Tamblyn of Colliers International’s Southwest Florida office represented the buyer in the transaction. The seller was Naples-based Baron Investment Corp.
ATLANTA — Atlanta-based King Industrial Realty Inc. / CORFAC International has announced a new leadership structure. Charles B. King, Jr. has sold the majority of his interest in the company he founded in 1980 to six of King Industrial’s top producers. The new partnership is under the leadership of president Sim Doughtie, Bill Johnston, Steve Ratchford, Sally Tennant, Wilson Covington and Jason McCart. The firm will continue to do business as King Industrial Realty Inc., and King will remain a limited partner. Terms of the succession plan were not disclosed. Over the last 20 years, King Industrial Realty has completed over 9,200 lease and sale transactions of industrial buildings and land totaling 120 million square feet and more than 6,000 acres. King was one of the original founders of Corporate Facility Advisors (CORFAC International), a network of independently owned commercial real estate firms established in 1989.
CLIFTON, N.J. — Tulfra Real Estate has topped out an industrial building, raising the roof to a 27-foot clear height, as part of a $10 million repositioning. Located at 65 Industrial South St., the 202,000-square-foot building includes 28,000 square feet of built out office space. Tulfra plans to reposition the well-located, former Glaxo building for single-tenant use. Constructed in 1956, the single-story building previously underwent a renovation in 2014. Situated on 11 acres, the property offers access to Route 3, the New Jersey Turnpike and Garden State Parkway.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a warehouse building located at 521 Bergen Ave. in the South Bronx. The six-story, 44,070-square-foot warehouse sold for $6 million, or $136 per square foot, in an all-cash transaction. The property, which is zoned for both commercial and residential use, features a freight elevator and full basement. Nick Burns and David Simone of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
FRANKLIN PARK, ILL. — CenterPoint Properties has completed the sale of an industrial building located at 2425-2553 Edington St. in Franklin Park. A private investor, which is expanding its portfolio, acquired the 263,668-square-foot property for an undisclosed price. Situated on 13.4 acres, the property features heavy electric power, heavy loading, food-grade cooler space and close proximity to North and Grand avenues. Rick Daly, Noel Liston and Jeff Provenza of Darwin Realty & Development Corp. represented the seller, while Larry Goldwasser and Colin Green of Cushman & Wakefield represented the buyer in the transaction. Prior to the sale, Sutton Transport signed a 52,000-square-foot lease within the building at 2553 Edington St. The leased space features 12 docks, one drive-in door, interior floor drains and cooler space. Daly and Provenza of Darwin represented the landlord, CenterPoint Properties, in the lease transaction. Daly also represented the tenant in the transaction.
CHICAGO — AIC Ventures has acquired a six-building portfolio of distribution properties located in Chicago and the surrounding suburbs. The fully occupied, triple-net leased portfolio sold for $14.1 million. All of the properties have recent long-term, triple-net leases. Timothy McJilton and Brett Rodgers of Marcus & Millichap’s Chicago O’Hare office represented the undisclosed seller, while Patrick Dollaghan provided in-house representation for AIC Ventures in the transaction.
SAN FRANCISCO — A New York-based fund has acquired the Crossings @ 880, a 700,000-square-foot industrial project in San Francisco. The development is located near Interstate 880 and Dixon Landing Road in the Fremont submarket. The price was not disclosed. Construction commenced on the Crossings @ 880 last year. It was completed in the first quarter of this year. Notable tenants include Apple and Living Spaces. CBRE’s Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro represented the seller, Overton Moore Properties (OMP). OMP’s legal advisor was Elkins Kalt Weintraub Reuben Gartside LLP.
BELLE PLAINE, IOWA — Binswanger has brokered the sale of a manufacturing facility located at 200 Industrial Park Blvd. in Belle Plaine, approximately 87 miles east of Des Moines. The 107,070-square-foot property, formerly a Benco Manufacturing facility, sold to Frontier Natural Products Co-op for an undisclosed price. The natural and organic food products wholesaler and distributor plans to use the facility as a food processing and distribution site. Gerry Norton and Jake Thomas of Binswanger’s Minneapolis office represented the seller, Granite REIT, in the transaction.
LOCKLAND, OHIO — Irvine Wood Recovery has acquired an industrial building located at 531 N. Wayne Ave. in Lockland, a suburb of Cincinnati. T&R Janszen sold the 97,000-square-foot property for $850,000. Situated on nearly nine acres, the property features heavy electrical services, nine docks and one drive-in door. Jeff Bender of DTZ represented the buyer in the transaction.
GREEN COVE SPRINGS, FLA. — Newmark Grubb Phoenix Realty Group has arranged a 208,000-square-foot industrial lease at 4627 JP Hall Blvd. in Green Cove Springs, a town located along the St. Johns River roughly 33 miles south of Jacksonville. Santa Paula, Calif.-based Calavo Growers leased the space at the 793,583-square-foot, multi-tenant warehouse and cold-storage distribution facility, which is located on a 141-acre tract and is rail-served by CSX. John Richardson and Bryan Bartlett of Newmark Grubb Phoenix Realty represented the landlord, Green Cove LLC, in the lease deal. Kevin Kelly of CBRE represented Calavo Growers. The deal is expected to bring 262 new jobs to the area.