ARDSLEY, N.Y. — Colliers International has arranged the sale of a flex office building located at 466 Saw Mill River Road in Ardsley. G&G Instrument Corp. sold the 59,000-square-foot building to Avon Development Enterprises Corp. for $4.7 million. Developed in 1968, the three-story building was built slab-on-grade into the side of a hill and features dock access for all three levels. Ian Ceppos, Alex Jinishian, Al Gutierrez and Cameron Paktinat of Colliers represented the seller, while Alan Weisman of Lee & Associates represented the buyer in the transaction.
FOLSOM, FAIRFIELD AND CONCORD, CALIF. — Garaventa Properties has sold a three-building industrial portfolio to a partnership between Birtcher Anderson Realty and Merced Capital for $63.4 million. The portfolio totals 533,700 square feet. The transaction includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio features 18 industrial, flex and office buildings leased to more than 30 tenants. The three properties have an average occupancy rate of 85 percent. The portfolio buy represents Birtcher Anderson’s first Northern California acquisition. Steve Hermann and Robert Gilley of Cushman & Wakefield represented Garaventa in the deal.
BETHEL, PA. — Dermody Properties and Granite Real Estate Investment Trust leased 500,400 square feet of industrial space at Berks Park 78 in Bethel to a global consumer electronics company. The company will move into the facility in April and use the space for the distribution of its consumer home appliances. Gerry Blinebury and Adam Campbell with Cushman & Wakefield represented Dermody Properties in the lease, while Vincent Ranalli and John Schumacher of CBRE represented the tenant in the transaction.
ROUND ROCK, TEXAS — Brennan Investment Group has purchased a 200,411-square-foot vacant industrial facility previously occupied by Sysco Foods. The facility, located in Round Rock, will be redeveloped into a food processing facility. The project involves converting the building into food preparation space, as well as other upgrades. The property is a Class B cold storage and distribution center, but will be converted into a Class A food process facility upon completion. Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops and operates industrial properties in major metropolitan markets throughout the United States.
BARTLETT, ILL. — Ridge Development, the industrial development arm of Transwestern Development Co., has unveiled plans to develop a 271,200-square-foot speculative warehouse building in the Brewster Creek Business Park in Bartlett, approximately 35 miles northwest of Chicago. The 14-acre project, called Ridge Brewster Creek, will be owned by a joint venture between Ridge Development and Diamond Realty Investments Inc., the real estate investment arm of Mitsubishi Corp. Groundbreaking for the building is scheduled for March 2016 with delivery expected in September 2016. Located at 1331 – 1337 Schiferl Road, Ridge Brewster Creek will feature 32-foot clear heights, 36 exterior docks, four drive-in doors and ample automobile parking. Brewster Creek Business Park, a mixed-use business park on 670 acres, is located at the intersection of County Road 29 and Munger Road. Triumph Construction Services Corp. will serve as the project’s general contractor, and Harris Architects Inc. will provide architectural services. Eriksson Engineering Associate Ltd. will provide civil engineering services.
ELGIN, ILL. — Darwin Realty has arranged two leases totaling 291,520 square feet within the DCT Business Center in Elgin, approximately 40 miles northwest of Chicago. An international manufacturing company leased 150,550 square feet at 305-325 Corporate Drive and 140,970 square feet at 350-370 River Ridge Road. Noel Liston and Brendan Sheahan of Darwin Realty represented the landlord, DCT, in the long-term lease transactions. Mike Fonda of Avison Young and Jimmy Cohoat of Summit Realty Group represented the tenant.
KENOSHA, WIS. — Sherwin-Williams Co. has leased 10,000 square feet of industrial space in Kenosha, approximately 35 miles south of Milwaukee. Sherwin-Williams will occupy space at the Business Center of Kenosha, which is located within the Business Park of Kenosha. The space being leased will serve as warehouse and distribution space for the paint products and materials company. Kevin Vernick of Vernick & Associates Ltd. represented Sherwin-Williams in the transaction. Sergio Chapa, Chelsea Couette and Michael Kleber of Newmark Grubb Knight Frank represented the landlord, Zilber Property Group.
MECHANICSBURG, PA. — The Hampshire Companies has completed the disposition of a 596,703-square-foot industrial building located at 1225 S. Market St. in Mechanicsburg. Allen Distribution acquired the property for an undisclosed price. Situated on more than 100 acres, the property features ceiling heights ranging from 16 feet to 30 feet, 58 loading doors, one drive-in door, 747 car parking spots and 24 trailer stalls. Additional features include a fire suppression system, office-chiller air handler HVAC system, warehouse rooftop cooling units, gas-fired heating air rotation units, on-site helicopter pad and power sub-station. At the time of sale, the property was 65 percent occupied with an available 205,858 square feet of vacancy. Gerard Blinebury, Marie Connell and Samantha Kennedy of Cushman & Wakefield brokered the transaction.
CARLSTADT, N.J. — NAI James E. Hanson has arranged the sale of a newly constructed 53,152-square-foot industrial building in Carlstadt. Loftex Logistics LLC, a Chinese textile company, acquired the property from Sitex Group for an undisclosed price. Located at One Palmer Terrace, the warehouse features 32-foot clear ceiling heights, 52-foot by 60-foot column space, five loading docks with 30,000-pound capacity levelers and one drive-in door. Additionally, the facility features state-of-the-art energy-efficient T-5 fluorescent lighting, 41 on-site parking spaces, a 130-foot truck court with a 60-foot concrete apron. Loftex Logistics plans to use the property as its first fulfillment and distribution center in the United States. Tom Vetter and Jeff DeMagistris of NAI James E. Hanson represented the seller, while Century 21 New Beginnings Realty represented the buyer in the transaction.
MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private real estate investors, has negotiated the sale of a 30-acre development site along State Highway 121/U.S. Highway 75 corridor in McKinney. The site is located at 5401 Collin McKinney Parkway, one block north of State Highway 121, two miles west of Highway 75 and east of the Dallas North Tollway. The site is adjacent to the master-planned Craig Ranch community.