TUSTIN, CALIF. – AutoCrib has purchased a 58,000-square-foot warehouse and manufacturing facility in Tustin. The facility is located at 2882 Dow Ave. The industrial vending machine software writer and manufacturer was previously operating out of three separate buildings. The acquisition was financed with a 20-year, fixed-rate Small Business Administration 504 loan that was arranged by Jennifer Davis of TMC Financing. The total project cost $7.7 million. AutoCrib’s commercial lender is Pacific Premier Bank.
LOS ANGELES – UCP Wheels for Humanity has purchased a 10,775-square-foot industrial facility in the Los Angeles submarket of Chatsworth for $1.7 million. The facility is located at 9509 Vassar Ave. The organization recycles, rebuilds and manufactures wheelchairs and other mobility aids for individuals in developing countries. UCP will be relocating from nearby North Hollywood in September. The company was represented by Jay Rubin of Lee & Associates-LA North/Ventura. The seller, a private trust, was represented by Stu Leibsohn and Bruce Simpson of Delphi Business Properties.
CARY, ILL. — Marcus & Millichap brokers sale of an industrial building located at 675 Industrial Drive in Cary, a city northwest of Chicago. A private investor acquired the property for $1 million from an individual/private trust. Built in 1989, the 53,944-square-foot property features 18-foot clear ceiling heights, a finished 1,800-square-foot mezzanine level and a full sprinkler system. At the time of sale, the property was vacant. Tammy Saia of Marcus & Millichap represented both parties in the transaction.
The industrial market had a notable year in 2014. Vacancy declined 270 basis points from the first quarter of 2014 where nearly 1 million square feet of space was absorbed. It has been more than seven years since absorption has registered similar figures. The primary factor driving last year’s success was a handful of large deals with more than 50,000 square feet. The supply of larger, quality spaces was steadily leased up throughout the year. These accounted for 54 percent, or 522,000 square feet, of absorbed space. Market velocity slowed down during the fourth quarter, driven by a lack of quality inventory. Absorption registered a positive 103,000 square feet, and was the lowest quarterly level of 2014. The centrally located North I-25 submarket outshined all other submarkets. In the biggest deal of the quarter, Flagship Foods occupied nearly 79,000 square feet of space in the North I-25 submarket. There were also nine other spaces occupied in this submarket that contributed another 60,000 square feet of absorption. A developing concern for 2015 is the significant amount of new available space being brought to market. Although still occupied, a total of 244,000 square feet of new space was added to the inventory …
CHANDLER, ARIZ. — A trio of FedEx Ground distribution centers has received $52 million in acquisition financing. The portfolio includes a 312,539-square-foot facility in Chandler, Ariz., a 254,353-square-foot facility in Spartanburg, S.C., and a 151,088-square-foot facility in Wichita Falls, Texas. The borrower was TIC – RI Pullman LLC, RI Cascade LLC, RI Elk Grove LLC (Rood TICs). The portfolio acquisition satisfied a 1031 exchange. The properties received $31.2 million, $12.2 million and $8.6 million, respectively. Financing was arranged by Todd B. Harding and Mick Stapleton of NBS Financial Services. It was provided by State Farm Insurance Company through the firm’s correspondent relationship. The loans featured 10-year terms with 30-year amortization schedules.
PERRIS, CALIF. — National Stores has signed a 10-year lease at a 579,708-square-foot distribution facility in Perris. The lease is valued at $26 million. The facility is located at 3900 Indian Ave. in the Riverside submarket. The clothing, shoes and home décor merchandiser operates 325 stores in 22 states. National Stores was represented by CBRE’s Tres Reid and Rich Rizika. The landlord, Sares-Regis Group (SRG), was represented by Tom Taylor and Steve Bellitti of Colliers International.
TOPEKA, KAN. — Colliers has brokered the acquisition of an industrial building located at 3740 SE South Park Ave. in Topeka. Harvesters – The Community Food Network purchased the property from Lindemuth Inc. for an undisclosed price. Allison Vance Moore and Kirsten Flory of Colliers represented the buyer in the transaction. The seller was not represented.
SAVANNAH, GA. — CenterPoint Properties will break ground on a new 315,810-square-foot speculative industrial facility in Savannah. The new development will be located within CenterPoint Intermodal Center-Savannah on a 26-acre lot with direct access to the Georgia Port Authority and NS Dillard Yard, as well as direct rail service from Norfolk Southern. John Neely of Colliers International will market the property.
LOCKPORT, ILL. — PCCP LLC has partnered with Panattoni Development Co. to acquire a fully entitled 51-acre land parcel in Lockport, a southwest suburb of Chicago, for an undisclosed sum. The joint venture plans to develop Lockport 355, a four-building industrial park totaling 846,510 square feet, on the site. Construction of the first phase of the park is slated to begin in June, with completion scheduled for the first quarter of 2016. The first phase will include the two largest buildings at 274,040 square feet and 228,690 square feet. Upon completion, the park will offer four Class-A warehouse and distribution buildings that can accommodate single-user or multi-tenant occupancy.
DETROIT — Bernard Financial Group has arranged a $4.7 million non-recourse loan for Clark Street Industrial, a 147,000-square-foot industrial property located in Detroit. The borrower is Clark Street Redevelopment One LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the CMBS loan.