NEW YORK CITY — Matrix Development Group has broken ground on the first of two buildings at Matrix Global Logistics Park in Staten Island. The two speculative buildings, totaling 975,000 square feet and 450,000 square feet, are the first of four total buildings slated for the park. Scheduled for completion in spring 2017, the cross-docked buildings will feature ample overhead doors, trailer parking and auto parking.
ST. LOUIS — Intelica CRE has arranged the sale of an office and warehouse facility located at 2316 Schuetz Road in St. Louis. Pohlman Metal Seal Precision acquired the property from Davidson Surface Air for $3.6 million. Situated on 6.7 acres, the property totals 97,000 square feet. Gary Parker and Dan Merlo of Intelica CRE brokered the transaction.
EL MONTE, CALIF. — The Magellan Group has completed the Magellan Gateway, a 501,270-square-foot industrial project in the San Gabriel Valley submarket of El Monte. The Class A project is located at 4181 Temple City Blvd. Gill Corp., Jans Investment and Management and Dream Home Temple City Boulevard LLC have already purchased three of the property’s five buildings. Cushman &a Wakefield’s Erik Larson, Robin Dodson, John Minervini and Chris Tolles represented The Magellan Group in all three transactions. Millie & Severson built Magellan Gateway, which HPA Architecture designed. Principal Real Estate Investors provided joint venture equity for the development; U.S. Bank provided construction financing.
SAN JOSE, CALIF. — A joint venture between Lowe Enterprises Investors (LEI) and Vista Investment Group has acquired a 92,864-square-foot office/research and development building in San Jose for an undisclosed sum. The building is located at 2581 Junction Ave. Concurrent with the closing, Thinfilm Electronics entered into a long-term lease to occupy the building. The lease includes a 22,000-square-foot clean room that the company will use to produce electronics products. The new facility will support the company’s expansion as it increases production. Renovations to the space will commence immediately, with occupancy scheduled for the first quarter of 2017. LEI’s affiliate, Lowe Enterprises Real Estate Group, provided local acquisition and leasing services and will operate the property. ATREG represented the seller.
LAS VEGAS — Burke Construction Group has completed construction on an expanded warehouse facility for the Frito Lay Las Vegas Distribution Center. The center is located at 1209 Trade Drive. The 30,000-square-foot addition will allow Frito Lay to expand its existing warehouse facility. The space was built directly adjacent to the active warehouse, creating one common warehouse space. William E. Franz designed the property. Burke built the space on behalf of Con-Real LP.
AUSTIN, TEXAS — Adler Kawa Real Estate Advisors has acquired five single-story industrial buildings known as Kramer 1-5 at Braker Center in Austin. The buildings total 296,781 square feet and feature 21-foot clear heights and floor plans that accommodate office, warehouse, production and showroom space. Hale Umstattd and Leah Gallagher of Transwestern represented the undisclosed seller in the transaction. Davis Bass of HPI Real Estate Services & Investments will remain in charge of leasing. PNC Bank provided financing for the acquisition.
HOUSTON — Armstrong Medical Supply LLC has leased 9,600 square feet within Racepark Center at 6818 N. Sam Houston Parkway West in Houston. Lee & Associates’ Thomas Leger and Mike Spears represented the landlord, Turnaround Properties LLC. Richard Frye of Adkisson Group Inc. represented the tenant.
DALLAS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $32.1 million in financing for the acquisition of a portfolio of industrial properties in Dallas. The buyer of the portfolio, known as Riverbend, is a joint venture between Augustus Investment Holdings and Taurus Investment Holdings. Citizens Bank provided the capital. The acquisition includes 15 buildings totaling 962,000 square feet. The portfolio was 95 percent leased at the time of sale. The specific properties in the portfolio were not named. Scott Lewis and Greg Greene with CBRE’s Dallas office originated and secured the financing.
AUSTIN, TEXAS — Trammell Crow Co. (TCC) and Clarion Partners, on behalf of a comingled fund, have acquired a 95-acre site for the development of Park 183, a master-planned industrial business park. The 964,000-square-foot project, located at the intersection of Burleson Road and U.S. Route 183 in Austin, will be developed in multiple phases. Phase I will consist of the speculative development of two buildings totaling 247,000 square feet and significant road, drainage and utility infrastructure for the industrial park. Construction is expected to begin in January 2017. The design team for Park 183 includes STG Design, Jones|Carter, Wylie Consulting Engineers and Bihner Chin Engineering Ltd. Leasing and marketing will be handled by Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon of CBRE.
BLACKWOOD, N.J. — G.S. Wilcox & Co. has arranged a $7 million loan for a six-building industrial-flex park in Blackwood. The loan is fixed for a seven-year term with a 25-year amortization. The 240,000-square-foot property is nearly 95 percent leased to more than 30 tenants. The financing was provided by Southern Farm Bureau Life Insurance Co. for the undisclosed borrower.
