STURTEVANT, WIS. — The Dickman Company, Inc./CORFAC International has brokered the sale of a 187,000-square-foot industrial building for an undisclosed price. The building is located at 2620 90th St. in Sturtevant, approximately 30 miles south of Milwaukee. RKB Enterprises LLC sold the building to 90th Street Industrial LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Noble of The Dickman Company brokered the transaction.
DALLAS — Lee & Associates has negotiated a lease transaction for a 27,800-square-foot industrial space located at 4653 Leston Ave. in Dallas. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Philadelphia Hardware Group. Phillip Rosenfeld and Matt Thompson of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Regal Business Center LLC.
VANDALIA, OHIO — NorthMarq Capital has arranged a $4.9 million acquisition loan for a 192,910-square-foot industrial property in Vandalia, approximately 10 miles north of Dayton. The Plow & Hearth Vandalia Distribution Center is located at 6400 Sand Lake Drive. The transaction was structured with a 10-year term and 20-year amortization schedule. Susan Branscome of NorthMarq arranged financing for the undisclosed 1031 exchange buyer through its relationship with a commercial bank.
SUSSEX, WIS. — The Barry Company has brokered the sale of a 31,200-square-foot industrial building in Sussex, approximately 23 miles northwest of Milwaukee. Golner Precision Products Inc. purchased the building, located at W222 N5734 Miller Way, from RLP Rentals for an undisclosed price. Golner Precision plans to remodel the former Spectrum Electric building and intends to expand the facility at a later time. Curt Pitzen of MLG Commercial represented Golner Precision Products in the transaction, and James Young of The Barry Company represented the seller.
JONESTOWN, PA. — Ridgeline Property Group has broken ground on Crossroads Logistics Center, a speculative industrial building located on MSC Drive in Jonestown. Expandable to 450,000 square feet, the 398,250-square-foot building will feature 36-foot clear heights, 85 dock doors in a cross-docked configuration, four drive-in doors, 55-foot by 56-foot column spacing, ESFR sprinkler systems, 206 auto parking spaces and 116 trailer storage stalls. Completion is slated for December. CBRE has been retained to market the property for lease.
MARLBOROUGH, MASS. — CBRE/New England’s Debt & Structured Finance team secured $9.1 million in acquisition financing for Calare Properties Inc. The company used loan proceeds to purchase two industrial/flex properties located at 261 Cedar Hill St. and 753 Forest St. within Cedar Hills Business Park in Marlborough. 261 Cedar Street is a 59,404-square-foot industrial/flex building that is fully occupied by four long-term tenants with staggered lease expiration dates. 753 Forest Street is a 75,000-square-foot property fully leased to five tenants. HarborOne Bank provided the financing. Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the financing for the borrower.
FREMONT, CALIF. — LBA Realty has purchased a 177,041-square-foot manufacturing and warehouse distribution building in Fremont for $28.5 million. The facility is located at 5555 Auto Mall Parkway, directly across from Pacific Commons Shopping Center and one block from Interstate 880. Synnex Corp. occupies the space. The seller is Sean Pathiratne, owner of LS Auto Mall. Greig Lagomarsino and Nick Ousman of Colliers International and CBRE’s Brian Matteoni executed the transaction.
NILES, ILL. — Molto Properties has acquired an industrial property in Niles, approximately 15 miles northwest of Chicago, for an undisclosed price. The facility, located at 7720 Lehigh Ave., is situated on eight acres and was built in 1954. MFRI Inc. was the seller. Molto plans to redevelop the existing site into a 136,650-square-foot, Class A distribution center. The property will feature 32-foot clear heights, 150 car parking spaces and 20 dock doors. The redevelopment is slated for completion by the end of the year.
CHICAGO — Brown Commercial Group has brokered the sale of two industrial meat processing facilities totaling 96,330 square feet in Chicago. Bobak Sausage Co., a global manufacturer and distributer of old-world sausages and deli meat, sold the properties for an undisclosed price. The deal includes a 43,382-square-foot building at 5275 S. Archer Ave. and a 52,948-square-foot building at 4630 W. 53rd St. El Cubano Wholesale Meat Inc., a meat packer and distributor that provides meats to restaurants and grocery stores, is the buyer. Dan Brown, Brian Lindgren and Maria McNeil of Brown Commercial represented the seller in the transaction. Ed Wabick, Jimena Sayavedra and Terry Lynch of Paine/Wetzel TCN Worldwide represented the buyer.
For the fifth straight year, the Baltimore industrial market ended the year with a positive net absorption, with improvements continuing in both rental rate growth and overall fundamentals. While not overly robust compared to other areas of the country, such as Ontario, Calif., Atlanta, New Jersey and Central Pennsylvania, the Baltimore market absorbed almost 3 million square feet of industrial space in 2015. This sustained growth trend is attributed to a steady, albeit choppy, stream of demand, sustained levels of new construction activity and falling availability and vacancy markers. Looking at the overall conditions of the market, several factors contribute to the improving fundamentals, the most significant of which is the ongoing, high demand for Class A industrial property, which continues to outpace available supply. The Baltimore market is located in the heart of the I-95 Corridor and can access 34 percent of the U.S. population within a single day’s drive. Additionally, given its location within the Washington/Baltimore metropolis, major retailers have selected Baltimore as a logical location for e-commerce and omni-channel fulfillment centers to distribute to homes. These centers will allow retailers same-day access to the 9 million people in the Baltimore-Washington region. On average, those residing in this …