Industrial

Avison Young Arranges Land Sale for 612,000 SF Lockport Business Center

by Amy Works September 1, 2015

LOCKPORT, ILL. — Avison Young has arranged the sale of a 38-acre land parcel located in Lockport within Chicago’s I-55 distribution corridor. Exeter Properties Group purchased a joint venture stake in the development site, which is owned by Tandem Development Group. The joint venture plans to develop Lockport Business Center, a two-building distribution/warehouse project totaling 612,000 square feet at the intersection of 163rd Street and I-355 along Chicago’s southwest industrial corridor. The development will feature a 327,600-square-foot building and a 284,400-square-foot building, and both properties will feature 32-foot clear height ceilings, ample parking and trailer spaces and seven-inch thick floors. Erik Foster, Mike Wilson, Brendan Kelly and Todd Heine of Avison Young represented Tandem Development Group in the transaction.

September 1, 2015

Industrial Midwest Wisconsin

DTZ Brokers $4.8M Acquisition of Distribution Center in Wisconsin

by Amy Works September 1, 2015

WAUWATOSA, WIS. — DTZ has brokered the sale of a distribution center located at 1400 N. 113th St. in Wauwatosa. Wangard Investment Real Estate acquired the 196,000-square-foot facility for $4.8 million from 1400 North LLC. The divisible facility features climate-controlled warehouse space, cooler space, docks, drive-thru bays and rail access. Kevin Barry and David Buckley of Milwaukee-based DTZ Barry represented the buyer in the transaction.

September 1, 2015

Industrial Texas

Cornerstone RPC Storage Begins Construction on $75M Self-Storage Development Plan

by Haisten Willis August 31, 2015

DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on phase one of a $75 million self-storage development plan. The first phase of the firm’s plan includes four projects in total, all of which are located in Texas markets. Cornerstone RPC Storage Development has broken ground on the first project, a 94,475-square foot, 656-unit self-storage facility at 9485 LBJ Freeway in Dallas. Cornerstone also plans to break ground within weeks on a 116,400-square-foot storage facility in Houston at 1200 Park Row Drive. The 832-unit center will offer 80 parking spaces and climate control in the majority of units. The development company has closed on two additional properties in San Antonio this month with plans to develop more than 200,000 square feet of self-storage facilities. The first, located at 9652 Huebner Road, will span 103,575 square feet and include 731 units, 710 of which will be climate controlled. The second, located at 7413 N. Loop 1640 W., will be 98,625 square feet and offer 693 units, 644 of which will be climate controlled. The new developments will be managed by and branded as Extra Space Storage.

August 31, 2015

Florida Industrial Southeast

Colliers Brokers $2.1M Sale of Industrial Facility in Southwest Florida

by John Nelson August 31, 2015

NAPLES, FLA. — Colliers International has brokered the $2.1 million sale of an 18,645-square-foot, Class A warehouse located at 3600 Westview Drive in Naples. The property is fully air-conditioned and features 20-foot ceilings, a truck well and grade-level overhead doors. The buyer, RICDEN LLC, plans to convert a portion of the warehouse into a fitness and training facility. The buyer also intends to keep Herbeau Creations of America Inc., a sanitary ware and sink distributor, as an industrial tenant. Jim Tamblyn of Colliers International’s Southwest Florida office represented the buyer in the transaction. The seller was Naples-based Baron Investment Corp.

August 31, 2015

Georgia Industrial Southeast

King Industrial Realty/CORFAC International Form New Partnership

by John Nelson August 31, 2015

ATLANTA — Atlanta-based King Industrial Realty Inc. / CORFAC International has announced a new leadership structure. Charles B. King, Jr. has sold the majority of his interest in the company he founded in 1980 to six of King Industrial’s top producers. The new partnership is under the leadership of president Sim Doughtie, Bill Johnston, Steve Ratchford, Sally Tennant, Wilson Covington and Jason McCart. The firm will continue to do business as King Industrial Realty Inc., and King will remain a limited partner. Terms of the succession plan were not disclosed. Over the last 20 years, King Industrial Realty has completed over 9,200 lease and sale transactions of industrial buildings and land totaling 120 million square feet and more than 6,000 acres. King was one of the original founders of Corporate Facility Advisors (CORFAC International), a network of independently owned commercial real estate firms established in 1989.

August 31, 2015

Industrial New Jersey Northeast

Tulfra Tops Out Industrial Building As Part of $10M Repositioning in New Jersey

by Amy Works August 31, 2015

CLIFTON, N.J. — Tulfra Real Estate has topped out an industrial building, raising the roof to a 27-foot clear height, as part of a $10 million repositioning. Located at 65 Industrial South St., the 202,000-square-foot building includes 28,000 square feet of built out office space. Tulfra plans to reposition the well-located, former Glaxo building for single-tenant use. Constructed in 1956, the single-story building previously underwent a renovation in 2014. Situated on 11 acres, the property offers access to Route 3, the New Jersey Turnpike and Garden State Parkway.

August 31, 2015

Industrial New York Northeast

Cushman & Wakefield Arranges $6M Sale of South Bronx Warehouse Building

by Amy Works August 31, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a warehouse building located at 521 Bergen Ave. in the South Bronx. The six-story, 44,070-square-foot warehouse sold for $6 million, or $136 per square foot, in an all-cash transaction. The property, which is zoned for both commercial and residential use, features a freight elevator and full basement. Nick Burns and David Simone of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 31, 2015

Illinois Industrial Midwest

CenterPoint Properties Sells 263,668 SF Industrial Building in Franklin Park

by Amy Works August 31, 2015

FRANKLIN PARK, ILL. — CenterPoint Properties has completed the sale of an industrial building located at 2425-2553 Edington St. in Franklin Park. A private investor, which is expanding its portfolio, acquired the 263,668-square-foot property for an undisclosed price. Situated on 13.4 acres, the property features heavy electric power, heavy loading, food-grade cooler space and close proximity to North and Grand avenues. Rick Daly, Noel Liston and Jeff Provenza of Darwin Realty & Development Corp. represented the seller, while Larry Goldwasser and Colin Green of Cushman & Wakefield represented the buyer in the transaction. Prior to the sale, Sutton Transport signed a 52,000-square-foot lease within the building at 2553 Edington St. The leased space features 12 docks, one drive-in door, interior floor drains and cooler space. Daly and Provenza of Darwin represented the landlord, CenterPoint Properties, in the lease transaction. Daly also represented the tenant in the transaction.

August 31, 2015

Illinois Industrial Midwest

AIC Ventures Acquires Industrial Portfolio in Chicagoland for $14.1M

by Amy Works August 31, 2015

CHICAGO — AIC Ventures has acquired a six-building portfolio of distribution properties located in Chicago and the surrounding suburbs. The fully occupied, triple-net leased portfolio sold for $14.1 million. All of the properties have recent long-term, triple-net leases. Timothy McJilton and Brett Rodgers of Marcus & Millichap’s Chicago O’Hare office represented the undisclosed seller, while Patrick Dollaghan provided in-house representation for AIC Ventures in the transaction.

August 31, 2015

California Industrial Western

The Crossings @ 880 Industrial Project Changes Hands in San Francisco

by Nellie Day August 28, 2015

SAN FRANCISCO — A New York-based fund has acquired the Crossings @ 880, a 700,000-square-foot industrial project in San Francisco. The development is located near Interstate 880 and Dixon Landing Road in the Fremont submarket. The price was not disclosed. Construction commenced on the Crossings @ 880 last year. It was completed in the first quarter of this year. Notable tenants include Apple and Living Spaces. CBRE’s Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro represented the seller, Overton Moore Properties (OMP). OMP’s legal advisor was Elkins Kalt Weintraub Reuben Gartside LLP.

August 28, 2015

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