CORONA, CALIF. – Magnolia Point, a 201,345-square-foot industrial building in Corona, has sold to Padma Laxmi LLC for $20 million. The facility is located at 1560 E. 6th Street. It was built in 2014. The buyer plans to occupy most of the building. It will lease the remaining space. The LLC was represented by Ted Sawyer and Jim deRegt of Lee & Associates-Newport Beach. The seller, CT Corona Partners I LLC, was represented by Jeff Ruscigno of Lee & Associates-Riverside and CBRE’s Ben Seybold.
TEMECULA, CALIF. – SR Commercial has purchased a 100,600-square-foot industrial property in the Riverside submarket of Temecula for $6.9 million. The facility is located at 26201 Ynez Road. It is fully occupied by Get Air of Temecula and Mountain View Community Church. SR Commercial will make exterior improvements to the property, including roof repairs and exterior paint. It will also update the landscaping and freeway façade. CBRE’s Rob Guiness and Scott Stewart represented both the buyer and seller, Liberty Advisors LLC, in this transaction.
FORT WAYNE, IND. — General Motors will invest $1.2 billion in its full-size pickup truck plant in Fort Wayne. The investment will include upgrades and technology that will improve the plant’s competitiveness in assembling high-quality light- and heavy-duty models. Construction of the new pre-treat, electro-coat operation and sealing facility, expanded body shop, expanded and new material sequencing centers, and upgraded general assembly area is expected to begin in June and take several years to complete. The production schedules for full-size trucks will not be affected by the upgrades and renovations. The investments are part of the $5.4 billion that GM is planning to invest in U.S. facilities over the next three years.
JOLIET, ILL. — Newmark Grubb Knight Frank (NGKF) represented Saddle Creek Logistics in its relocation to a 1.1 million-square-foot build-to-suit distribution facility in Joliet. Located within CenterPoint Intermodal Center, the state-of-the-art facility will be situated on 60 acres. The $43 million facility will feature 32-foot clear ceiling heights, 132 dock doors, four drive-in doors, ample parking, 328 trailer stalls and 15,000 square feet of office space. Saddle Creek is relocating to the new facility from its current 590,000-square-foot facility at 21051 W. Walter Strawn Drive in Elwood, Ill. The company plans to occupy the new space by February 2016. Jack Cozzie of NGKF and Ladson Montgomery of Newmark Grubb Phoenix Realty Group represented Saddle Creek, while Dan Leahy and Adam Roth of NAI Hiffman represented CenterPoint in the transaction.
ORION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $24 million non-recourse loan for Orion Commerce Center in Orion Township. Located off I-75, the property features 890,000 square feet of warehouse/distribution space. Ashley Capital LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan through a national CMBS lender.
CHARLOTTE, N.C. — CBRE Capital Markets has arranged $58 million in financing for an eight-property, 1.6 million-square-foot industrial portfolio located in Charlotte. The portfolio is 100 percent leased and comprises warehouse and distribution facilities. Hal Kempson and Compton Newman of CBRE’s Charlotte office arranged the loan on behalf of Beacon Partners, which is using the loan to refinance the portfolio. TIAA-CREF provided the 15-year loan at a fixed interest rate.
JESSUP, MD. — A joint venture between Columbia, Md.-based Manekin LLC and Boston-based AEW Capital Management has purchased the 60-acre Baltimore Washington Logistics Center. The 730,000-square-foot property is located at 7600 Assateague Drive in Jessup, roughly halfway between Baltimore and Washington, D.C. The Baltimore Business Journal reports that the joint venture, named MCA Assateague JV LLC, purchased the facility for $45.3 million from Madison-SP Assateague LLC, a joint venture between New York Life Real Estate Investors and Mosaic Realty Partners. The facility was formerly occupied by Giant Food and was used as the grocer’s main dry-goods warehouse until 2013. In addition to expanding the existing building by 120,000 square feet, the new ownership plans to speculatively develop an additional 160,000-square-foot industrial building on the site. Once the expansion is complete, the site will still be able to accommodate at least 400 trailer parking spaces, which is one of the largest counts in the region. Manekin LLC’s Owen Rouse and John Graham put the deal together as investment advisors and also represented the ownership group in the acquisition, while Cris Abramson and Brian Kruger with Cushman & Wakefield represented the seller. The new ownership has selected Michael Elardo, Jared Ross and …
A trifecta shaped by six years of a bull market, historically low interest rates and oil around $50 a barrel is benefitting one business sector arguably more than any other industry in the United States: automotive. Researcher AutoData Corp. estimates that, seasonally adjusted, the annual vehicle sales rate topped 17.1 million in March of this year, indicating the industry is on pace to have its best year in more than a decade. Further, the industry’s 5.6 percent sales increase in the first quarter has come entirely on gains of sales of trucks and sport-utility vehicles, two categories that do well when gas prices are low. Ford Motor Co. is forecasting that between 17 million and 17.5 million light vehicles — from all automakers — will be sold in the United States this year. The estimate is similar to competitor estimates. If it comes to pass, 2015 would be the best year for unit sales since 2006. Approximately 16.5 million cars and light trucks were sold nationally in 2014, according to AutoData. Consequently, it has been shocking to see how quickly so many vacant Detroit industrial buildings have been occupied in such a short period of time. Vacancy Rates Tumble The …
WINDSOR, CONN. — Sentry Commercial has arranged the acquisition of an industrial warehouse facility located at 1050 Kennedy Blvd. in Windsor. TELLING Industries purchased the 83,736-square-foot property for $1.4 million. The buyer is a metal framing and accessory manufacturing company headquartered in Ohio with locations in Arizona and Arkansas.
HUDSON, MASS. — The Stubblebine Company/CORFAC International and The Garibaldi Group have brokered the sale of an industrial service and repair building located at 2 Fox Road in Hudson. John McCarthy of NRT Bus purchased the 16,800-square-foot property for $1.2 million from DRS Power Technologies. Built in 1994, the property features 4,000 square feet of office and support space, heavy power and large drive-in doors. David Stubblebine and James Stubblebine of The Stubblebine Company, along with Chuck Bower of The Garibaldi Group, represented the seller, while Joe Aho of O’Brien Commercial Properties represented the buyer in the transaction.