MILWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged the lease of a 33,000-square-foot industrial and office property located at 7254 N. Teutonia Ave. in Milwaukee. The tenant is MTI Connect LLC and the landlord is Hot Water Real Estate LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of The Dickman Company Inc./CORFAC International represented the landlord in the transaction. Steve Sewart of Colliers International represented the tenant.
ELKRIDGE, MD. — NAI KLNB has brokered the sales of two industrial assets in Baltimore’s Elkridge suburb totaling $21.6 million. FRP Port Capital LLC purchased a 120,758-square-foot property at 7700 Port Capital Drive from 6601 Little River Turnpike LLC for $9.9 million, and HSRE Fund V Holding Co. LP purchased a 168,000-square-foot facility at 6685 Santa Barbara Court from Santa Barbara Court LLC for $11.7 million. Model Home Interiors fully leases 7700 Port Capital Drive, and 6685 Santa Barbara Court, which is located in the Route 100 Industrial Park, is leased to five regional tenants. Christopher Kubler of NAI KLNB represented the sellers in both transactions.
ORLANDO, FLA. — Hold-Thyssen Inc., a commercial real estate services firm based in Winter Park, Fla., has brokered the $9.3 million sale of a three-property industrial flex portfolio in Orlando. The portfolio spans 306,683 square feet and includes the Kennedy Commerce Center at 997 W. Kennedy Blvd., Edgewater Commerce Center at 6250 Edgewater Drive and Kirkman Commerce Center at 701 S. Kirkman Road. Each property’s occupancy was 74 percent or lower at the time of sale. All three properties underwent capital improvement projects over the last two years, including new landscaping, pylon signage and exterior paint. Anthony Fisher of Hold-Thyssen represented the seller, Miami-based LNR Partners LLC, in the transaction. The unnamed South Florida-based buyer has retained Hold-Thyssen to perform management and leasing services for the portfolio.
NORTHBROOK, ILL. — Avison Young has brokered the sale of a 63,305-square-foot showroom and warehouse in Northbrook, approximately 25 miles northwest of Chicago. The asking price for the property was $4.6 million, but the final sales price was not disclosed. Underwriter Laboratories acquired the property located a 750 Anthony Trail from Damar Natural Stone, which previously occupied the building. The asset is situated on a 4.2-acre site in the Sky Harbor Industrial Park. The building includes 12,000 square feet of office space, 34-foot clear heights and 72-foot deep loading docks. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction. Al Caruana and Britt Casey of Cushman & Wakefield represented the buyer.
MILWAUKEE, WIS. — The Dickman Company/CORFAC International has arranged the sale of a 54,500-square-foot industrial building in Milwaukee for an undisclosed price. 81 Street Industrial LLC purchased the building, located at 7940 N. 81st St., from The Equitable Bank SSB. Samuel M. Dickman Jr. and Samuel D. Dickman represented the buyer in the transaction. JC Capital represented the seller.
Greater Richmond’s industrial market is as strong as it has been in a generation. Given the overall growth of the economy, including industrial employment and investment, it appears that the engines driving industrial economic growth will remain steady and the need for industrial real estate will continue to be steady. Greater Richmond’s industrial market is moving fast and on most cylinders, with the only laggard being pure speculative development of high-bay large block industrial and small incubation flex product. All other cylinders are pumping, including industrial and flex leasing, design build-to-suits, land sales, freestanding occupier building sales and investment sales. Absorption and general growth activity is coming not only from local existing companies and start-ups, but also by companies outside of the area looking to relocate or open additional facilities here. The flavor of the demand has been relatively diverse reflecting the Greater Richmond area’s stable economy and Mid-Atlantic location with its superior logistic opportunities. Economic Trends Greater Richmond’s population is nearly 1.3 million people, and total employment is more than 650,000 in the Richmond metro area. The diverse economy includes 10 Fortune 1000 headquarters; pharmaceutical, chemical, biotech and other 21st century manufacturers; financial and information technology services; Fifth District …
COLORADO SPRINGS, COLO. — Lockheed Martin has signed a lease expansion at Platte Airpark Center in Colorado Springs. The aeronautics and defense contractor formerly occupied 35,669 square feet, but will now occupy 48,102 square feet. The landlord is Fairbridge Properties.
LOS ANGELES — PB Financial Group Corp. has funded 20 loans throughout California for a total of more than $8.7 million. The Los Angeles-based firm financed a variety of projects, from industrial buildings to multifamily properties. The properties are situated throughout the state, including Los Angeles, San Francisco, Palm Springs and various San Diego submarkets. PB Financial specializes in privately funded transactions for commercial and residential real estate in California.
It has been a tremendous year for the Twin Cities of Texarkana, Texas and Texarkana, Ark. with the education sector topping $70 million and a $180 million major medical campus projected to commence in early 2016. Educational Opportunity Texas A&M University-Texarkana has been awarded $35.5 million in state funding for the construction of a new building to house and expand its nursing program, including the expansion of a Master’s Degree program, and to promote student success initiatives. The Texas A&M University system expanded its four year-university program to Texarkana in 2010, with the first freshman class admitted that year including Phase I dorms on the 300-plus acre Bringle Lake Campus. University of Arkansas Community College at Hope (UACCH) expanded a satellite campus on Texarkana’s Arkansas side in 2012, with over $5.4 million going toward the construction of two buildings that service over 300 local students. Working hand in hand with the University of Arkansas at Little Rock, UACCH has expanded their four-year university program, and will continue to grow as the new health professions building completes construction. Further education initiatives include a $29.2 million commitment from Texarkana Independent School District for the construction of a new sixth grade center and …
COVINGTON, LA. — Monmouth Real Estate Investment Corp., a publicly traded industrial REIT based in Freehold, N.J., has purchased a 175,315-square-foot industrial facility for $18.4 million. Located at 450 Northpointe Court in Covington, a suburb of New Orleans, the distribution center is net-leased for 10 years to FedEx Ground Packaging System Inc. The property is situated on a 19.2-acre lot near I-12 and the Port of New Orleans. This is the first acquisition in Louisiana for Monmouth, which now owns 14.4 million square feet of industrial space in 29 states.