ACWORTH, GA. — Papa John’s International Inc. is locating its new regional hub in southwest Cherokee County. The 110,000-square-foot distribution and warehouse space will supply more than 400 Papa John’s stores across seven states. The Louisville-based pizza chain currently has 10 full-service regional production and distribution centers in the United States, which Papa John’s refers to as Quality Control Centers (QCCs). The QCCs manufacture and supply pizza dough, food and paper products, along with smallwares and cleaning supplies, to the stores in their region. The QCCs are operated by PJ Food Service Inc., a subsidiary of Papa John’s. The new QCC will occupy space at Majestic Realty Co.’s building located off of Highway 92 and Northpoint Parkway in Acworth. The new QCC will result in 106 jobs with an average wage of more than $60,000 per year and more than $15 million in capital investment. Papa John’s worked closely with Site Selection Group LLC, the Georgia Department of Economic Development, the Metro Atlanta Chamber, Georgia Power and the Cherokee Office of Economic Development in choosing southwest Cherokee for its new regional hub.
SAN FRANCISCO — A joint venture between SKS Partners LLC and ProspectHill Group has purchased the McGuire Building, a 140,000-square-foot industrial property in San Francisco, for $47 million. The building is located at 1201 Bryant St., within the South of Market (SOMA) district. The JV plans to redevelop the space to re-introduce it in “like-new” condition, per the facility’s production, distribution and repair zoning. Tim Mason and Gerald Norton of Binswanger represented the seller, Kohler Co., in this transaction.
MESA, ARIZ. — A joint venture between Harvard Investments and Lincoln Property Co. (LPC) has purchased Riverview Point in Mesa for $34.3 million. The two-building property will be part of the JV’s new Waypoint office campus, which will be situated along the Loop 202 at the borders of Tempe, Scottsdale and Mesa. The new 34.5-acre development will include the recently completed Waypoint One, as well as Waypoint Two, which has yet to break ground. Riverview Point was built in 2008. It is currently 98 percent occupied. Notable tenants include Ashton Woods, Mitel Corp. and Udall Shumway PLC. It also serves as the corporate headquarters for Nextcare. The JV plans to renovate Riverview Point as it creates the cohesive Waypoint office campus. LPC will manage all four buildings at the project. CBRE’s Barry Gabel and Chris Marchildon represented the seller, R&R Riverview LLC, in the transaction. The financing partner is BMO Harris.
REDLANDS, CALIF. — Munchkin has leased 341,280 square feet of industrial space at Prologis Redlands Distribution Center. The center is located at 27334 San Bernardino Ave. in Redlands. The infant and toddler product designer and manufacturer will use the space as its new regional warehouse and distribution facility. JLL’s Tim O’Rourke and Mike McRoskey represented Munchkin in the deal. CBRE’s Tyson Chave represented Prologis in the lease transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the FreshDirect facility, located at 23-30 Borden Ave. in Long Island City. Fresh Property I LLC sold the property to Atlas Capital for $48 million. The property totals approximately 276,705 square feet on a 654-foot by 329-foot irregular lot, 90 percent of which includes state-of-the-art material management and refrigeration/freezer systems. Since acquiring the property in 1999, Fresh Property I had completed substantial capital improvements and upgrades to a majority of the buildings systems. Bob Knakal, Jonathan Hageman and David Chkheidze of Cushman & Wakefield represented the seller, while Scott Rosen of Akron Trotter Property Group represented the buyer in the transaction.
PHILADELPHIA AND WARMINSTER, PA. — Newmark Grubb Knight Frank (NGKF) has brokered the sales of two industrial properties in the greater Philadelphia area. In the first transaction, Wolf Pack LP acquired a 21,500-square-foot industrial building, located at 3015 Darnell Road in Philadelphia, for $1 million, or $47.67 per square foot. Neil Shupak and Justin Bell of NGFK represented the sellers, Jerry and Brenda Frebowitz, in the transaction. In the second deal, D&B Pharma Real Estate Partners acquired an industrial building located at 200 Park Ave. in Warminster for $3.8 million, or $25.67 per square foot. Situated on 5.8 acres, the 150,000-square-foot building features 26-foot ceiling heights, off-street parking and loading capabilities. Shupak and Bell represented the undisclosed seller, while Kurt Eisenschmid of Penn’s Grant Realty represented the buyer in the transaction.
AURORA, ILL. — Principle Construction Corp. will construct a new 375,000-square-foot speculative industrial building in Aurora, approximately 40 miles west of Chicago. Seefried Industrial Properties is the project developer. The building, which will be located at 1600 Sequoia Drive, will be situated within the Prime Aurora Industrial Park. The new facility is being built on 19 acres and can cater to a single user or multiple tenants. Features will include 32-foot clear heights, 2400 amps and 480 volts of power, ESFR sprinklers, two drive-in doors, 36 dock positions and parking for 312 cars. Harris Architects will design the building, and Colliers International will market the property for sale or lease.
Metropolitan Milwaukee has experienced a robust industrial real estate market for the past several years. This strength should continue in 2016 and for the foreseeable future. Like many other metro areas, Milwaukee’s industrial sector experienced slow but steady economic growth as it emerged from the Great Recession. However, unlike many other metro areas, Milwaukee has not yet exhibited a strong uptick in new industrial development. Minimal speculative construction has occurred during the past few years. Consequently, while demand for industrial space has continued to increase, supply has remained fairly flat. This phenomenon of increased absorption without a corresponding increase in new product coming to market has driven down the overall vacancy rate to slightly under 5 percent, near a record low, according to Xceligent. Moreover, the new industrial development that has occurred has been primarily driven by users expanding, relocating or consolidating existing facilities, or by new build-to-suit or speculative developments undertaken by Milwaukee-based firms such as Zilber Property Group, Luterbach Properties, Briohn Building and Wangard Partners. Larger regional and national industrial developers such as Centerpoint Properties and First Industrial Realty Trust, which once drove industrial development in Milwaukee, ceased construction in Milwaukee during the Great Recession and have not …
GROVELAND, FLA. — CBRE has arranged a 144,000-square-foot industrial lease at 19925 Independence Blvd. in Groveland. The space is located within the former Circuit City distribution building that totals 706,500 square feet. David Murphy and Monica Perez Wonus of CBRE represented the landlord, Real Capital Solutions, in the lease transaction. Cameron Maness of Transwestern represented the tenant, Pathmark Transportation.
MILWAUKEE — Brennan Investment Group LLC has acquired a 119,040-square-foot, multi-tenant industrial property in Milwaukee for an undisclosed price. The warehouse and distribution facility is located within the Bradley Industrial Park at 8301 W. Parkland Court. The property was 95 percent occupied at the time of sale. The seller in the transaction was undisclosed.