SHAKOPEE, MINN. — The Opus Group and AmerisourceBergen, a global healthcare solutions provider, have partnered to develop a build-to-suit distribution center within Valley Park Business Center in Shakopee. Opus’ design-build capabilities will allow for a quick turnkey building customized for AmerisourceBergen’s needs. The facility will include warehouse space and two stories of office space. Construction is slated to begin in July with a scheduled completion in 18 to 24 months. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and engineer of record.
GRIMES, IOWA — R&R Realty Group has completed the development of Prairie Business Park I, a 260,000-square-foot Class A industrial facility in Grimes. Situated at the southeast corner of S. James Street and SE 37th Street, the facility features ESFR sprinklers and 32-foot clear heights, which increase pallet capacity by 20 to 25 percent compared with 26-foot clear height facilities. Plans for a second warehouse facility in Prairie Business Park are underway. Realty Marketing Group is serving as the listing agent for the business park.
LOS ANGELES – The Magellan Group has broken ground on a 501,270-square-foot industrial park in the Los Angeles submarket of El Monte. The $55 million Magellan Gateway will be located at 4127-4213 Temple City Blvd. Magellan purchased the 26.8-acre site one year ago. It was one of the largest infill industrial parcels left in Greater Los Angeles at the time, according to the firm. The company also notes Magellan Gateway is the first new large-scale industrial development in El Monte since 2008. The project will offer 14 units ranging in size from 10,905 square feet to 164,284 square feet. It is scheduled for completion during the fourth quarter of this year. Magellan Gateway will be designed by HPA Architecture. Robin Dodson, John Minervini, Erik Larson and Chris Tolles of Cushman & Wakefield will serve as the project’s leasing agents.
PEDRICKTOWN, N.J. — Five Below (NASDAQ: FIVE), a retailer catering to pre-teens and teens, and supply-chain company NFI have opened a more than 1 million-square-foot distribution center in Pedricktown. Five Below will occupy 700,000 square feet of the property, which broke ground in September 2014, and use the property as its eastern U.S. distribution center servicing more than 300 retail store locations in the region. The new distribution center is bringing an estimated 100 jobs to the area. The facility features three miles of conveyor equipment and 2,500 tons of steel racking to support year-round operations.
LAKE ORION, MICH. — Bernard Financial Group has arranged a $5.7 million non-recourse loan for BKG Orion, a 115,545-square-foot office and industrial property located in Lake Orion. The borrower is BKGE Orion LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial, which will service the loan, arranged the financing, which was provided by a national CMBS lender.
BOLINGBROOK, ILL. — LG Electronics has extended its lease of 377,630 square feet at 1251 115th St. in Bolingbrook. The property is located within Highland Corporate Center and owned by ML Realty Partners. James Frank and Jason West of Cushman & Wakefield represented the tenant in the transaction. Terms of the lease were not released.
LAKELAND, FLA. — Ridge Development, the industrial development arm of Transwestern Development Co., has begun construction on a 245,000-square-foot Class A distribution center — the first of two buildings in a new 46.5-acre business park called Lakeland Logistics Center. The speculative building is slated for delivery by year-end, and the second 245,000-square-foot building is being marketed as a build-to-suit opportunity. Located at 2011–2211 W. Memorial Blvd. in Lakeland, the project is owned by a joint venture between Ridge Development and AEW Capital Management. AEW is developing the project on behalf of one of its separate account clients. Lakeland Logistics Center is situated within two miles of Interstate 4 near the intersection of U.S. Highway 92 West and Wabash Avenue. Each building is divisible to 44,000 square feet and features front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a six-acre staging base for trailer storage or parking. Julia Silva Rettig, Jeff Lamm, Jared Bonshire and David Perez of Cushman & Wakefield are providing leasing services.
TUALATIN, ORE. – Harsch Investments has purchased Teton Industrial Building, a 100,000-square-foot industrial property in Tualatin, for an undisclosed sum. The building is located at 20495 SW Teton Ave. It was formerly long occupied by Stanton Furniture. Harsch will immediately begin a renovation program that will include roof improvements, painting, parking lot and landscape upgrades, warehouse lighting upgrades and yard area re-grading. The transaction was executed by Stu Peterson of Macadam Forbes.
BEAUTMONT, CALIF. – Rudolph Foods Co. has purchased Beaumont Logistics Center, a 572,143-square-foot logistics center just east of Riverside, for $6.3 million. The two-building industrial warehouse center is located at 920 Fourth Street. It sits adjacent to Lowe’s Distribution Center. The pork rinds manufacturer and private snack supplier will be relocating its warehouse distribution operations to this facility from nearby San Bernardino. Rudolph Foods was represented by CBRE’s David Consani. The seller, CT Realty, was represented by Milo Lipson, Kyle Kehner, Ryan Velasquez and Tim Pimentel of Cushman and Wakefield.
VISTA, CALIF. – Nordic Naturals has purchased a 39,672-square-foot industrial corporate headquarters property in Vista for $2.8 million. The property is located at 2390 Oak Ridge Way. The building is fully occupied by Select Supplements. Isaac Little and Marko Dragovic of Lee & Associates represented both the buyer and seller, SR Commercial, in this transaction.