CARROLLTON, TEXAS — Lee & Associates has negotiated a lease transaction for a 25,175-square-foot industrial space located at 2005 McDaniel Drive in Carrollton. Adam Graham of Lee & Associates’ Dallas/Fort Worth office represented the tenant, GP Services Inc., in the transaction. Lincoln Property Co. represented the landlord, ProLogis.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of 18,049 square feet of office and warehouse space in Troy, approximately 25 miles north of Detroit. Carlex Glass America LLC will occupy the space at Oakland Office Commons, located at 1225 E. Big Beaver Road. Carlex Glass America is a global Tier 1 supplier of original equipment and replacement glass for the automakers and aftermarket industries. Stuart Frankel Development Co. is the landlord. Robert Gagniuk and Greggory Kent of Friedman represented the tenant in this transaction.
HOUSTON — Ensinger, a global producer of engineering plastics, has purchased a 61,875-square-foot manufacturing facility under construction on nine acres at 12331 Cutten Road in Houston. Clay Development & Construction was the seller. Completion of the one-story building is scheduled for summer 2016. The design/build project is the 14th building in Cutten Road Business Park, a 165-acre site acquired by Clay in 2008. The business park is now 90 percent developed. Charlie Christ of Clay Development & Construction represented the seller in the transaction. The Ensinger building includes a 20-ton crane, dust collection systems, gas-fired ovens, built-in equipment foundations and a 900-square-foot canopied area. Situated on Cutten Road at Highway 249, the business park is accessible from Sam Houston Parkway/Beltway 8 and offers BNSF rail access. Other companies in the development include Archer Well, Phoenix Technology Services, ThyssenKrupp Materials NA, Kemper Valve & Fittings Corp., FMA, Adams Valves, Corrosion Materials, Hydraquip, Boots & Coots, PolySpec Thiokol, Hatfield & Co., Bohler Uddelholm/Sturdell Specialty, Prevost, LED-OEM, Polk Mechanical Company and Filtration Technology Corp./FTC.
ELK GROVE VILLAGE, ILL. — Morgan/Harbour Construction will complete two projects within the O’Hare Logistics Center on behalf of DCT. Morgan/Harbour will build out a warehouse facility at 2200 Arthur Ave. McNichols Co. will occupy the entire 112,862-sqaure-foot building, which is situated on 6.8 acres. The cross-docked facility features 32-foot clear heights, 38 exterior dock positions and 40 trailer stalls. The build-out will include the addition of 12,167 square feet of office space, a new interior truck dock, an exterior drive-in ramp, an ADA customer service entry, three bridge cranes and equipment power distribution. The renovation is scheduled for completion in May. Morgan/Harbour will also redevelop a neighboring property, 2201 Arthur Road. The redevelopment of the 108,931-square-foot industrial warehouse will include the demolition of the interior offices and the exterior façade, replacement of office windows and the installation of a new metal panel exterior wall system. Morgan/Harbour will also demolish the eastern exterior wall of the warehouse to add 10 exterior truck docks, completely overhaul the electrical service and add a new ADA-compliant entrance. A new parking area will also be constructed and will accommodate 49 cars and 21 trailers. Construction is slated for completion this summer. Harris Architects is …
AUBURN, WASH. — CenterPoint Properties has acquired a 152,155-square-foot distribution facility in Auburn for an undisclosed sum. The facility is located at 3702 C St. NE. It will be leased to FedEx Ground and will serve as one of the firm’s primary Western Washington distribution and sorting facilities. Matt Wood, Andy Miller and Todd Battison of Kidder Mathews represented both CenterPoint and the unnamed seller in this transaction.
The collapse of oil and natural gas prices has reduced the value of commercial, industrial and residential properties across Texas, and threatens to reduce those values even further. This market collapse greatly impacts property tax appraisals and related tax revenue, especially as it relates to upstream, midstream and downstream properties, and to a lesser extent, commercial properties in general. Now more than ever, owners need to ensure they’re paying their share of property taxes — and nothing more. Judicial challenges are becoming increasingly popular due to their effectiveness in reducing appraisals to align with fair market values. The Houston Chronicle reported that there were 2,541 active lawsuits over commercial property valuations for the 2015 tax year in Harris County alone. The owners of 33 of the 34 high-rise commercial properties in downtown Houston have filed a judicial property tax challenge, as reported by the Houston Business Journal, and Exxon Mobil is suing the Harris County Appraisal District for its $1 billion appraisal of Exxon’s newly constructed campus. To file a judicial appeal, an owner must first file an administrative appeal with the Appraisal Review Board (ARB). These protests are common and typically yield a modest reduction in the appraised value. …
IRVING, TEXAS — Lane Kommer of Henry S. Miller’s investments and land division has brokered the sale of 4.5 acres with 14,000 square feet of industrial and warehouse space at 310 Rogers Road in Irving. The asset and land, located just off Irving Boulevard, was purchased for the purpose of adding additional parking to a soon-to-be-opened second location of a country dancing, live entertainment and dining venue. An undisclosed buyer purchased the land and warehouse from Lorac Real Estate.
SAN DIEGO — CBRE Global Investors Fund has purchased a 93,254-square-foot Carlsbad industrial building for an undisclosed sum. The building is located at 2765 Loker Ave. W. It is fully leased to global manufacturer Nordson Asymtek after formerly serving as the home of Ashworth Golf. The building was constructed in 1999. CBRE Global Investors represented itself in the transaction, while CBRE’s Louay Alsadek, Hunter Rowe and Andrew Taylor and Dennis Visser, as well as Todd Davis of Cushman & Wakefield, represented the seller, a privately held real estate investment advisor.
ATLANTA — Kroger has sold Bouldercrest Distribution Center, a three-building, 528,000-square-foot cold storage/food distribution center in southeast Atlanta, for $14.5 million. Highridge Provender purchased the property, which features a 374,155-square-foot dry grocery warehouse, a 132,184-square-foot freezer warehouse and a 21,119-square-foot truck maintenance building. Kroger has owned the property since 1992, but is in the process of relocating to the 1.2 million-square-foot, build-to-suit Gillem Logistics Center in Forest Park, Ga. Kroger will lease Bouldercrest from Highridge Provender for one year during the transition. Chris Cummings and Turner Wisehart of Colliers International’s Atlanta office represented the buyer in the transaction and will market the project for lease going forward.
SOUTHFIELD, MICH. — Newmark Grubb Knight Frank (NGKF) has brokered the sale of an 116,389-square-foot industrial building in Southfield for $8.4 million. ElringKlinger Automotive Manufacturing Inc. purchased the facility located at 23300 Northwestern Highway from STAG Industrial. Built in 2006, the asset was formerly a Staples fulfillment warehouse. ElringKlinger will begin occupying the facility, which is situated on 10.7 acres, by the end of the first quarter of this year. Tom Oldham of NGKF represented the buyer in the transaction. The seller was undisclosed.