WESTLAND, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an industrial building located at 38309 Abruzzi Drive in Westland. Abruzzi Properties LLC sold the 14,200-square-foot property to Sriraj Holding LLC for an undisclosed price. Canada-based NutraNorth, a manufacturer and packager of vitamins and supplements, is the parent company of the buyer. This acquisition is the company’s first American venture. Bob Frank of Friedman represented the seller in the transaction.
IRVINE, CALIF. – AREO Inc. has signed a five-year lease renewal for 44,253 square feet of manufacturing and distribution space in Irvine. The space is located at 15041 Bake Parkway. The home accent products and eco-friendly housewares manufacturing and distribution company was represented by Jeff Saywitz of the Saywitz Company. The landlord, Buckhead Phoenix, was represented by CBRE’s Greg Haly.
PHOENIX – ViaWest Group has acquired a 72,129-square-foot industrial building in Phoenix for $3 million. The building is located at 77 N. 45th Ave. The building, known as Riverside Industrial, is situated just south of a full diamond interchange at the I-10 freeway, with immediate access to 43rd and 51st avenues. It is fully leased. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of DTZ will continue leasing the property. The group also represented the seller, Cordia Capital Management, in this transaction.
The Colorado Springs industrial real estate market continues to rebound with a decrease in vacancy to 8.1 percent, an increase in the average asking rate to $6.19 per square foot (NNN) and a net positive absorption of 199,101 square feet. Along with these improvements, there has been a healthy number of owner/user acquisitions in the industrial market that has created a more competitive market for both tenants and owner/user buyers over the past year. Colorado Springs will also soon benefit from Sierra Nevada Corporation’s recent decision to construct its new $88-million hangar facility at the Colorado Springs Airport, a development that will significantly aid the city’s struggling southeast submarket. Designed as a 90,000-square-foot facility, construction is slated to begin in early 2016. The company estimates it will create about 2,100 new jobs. The city will further benefit from the formation of a new 225,200-square-foot FedEx distribution facility currently scheduled to open in 2016 These new developments reflect the abundance of opportunities and land options near the airport in the southeast submarkets, with available sites ranging from small sites of less than an acre to sites larger than 50 acres. The southeast area also offers a wide range of office/warehouse flex …
SEATTLE – A three-building portfolio of light manufacturing, flex and distribution space has sold to Industrial Property Trust Inc. for $11.2 million. The portfolio contains a total of 138,296 square feet throughout the Seattle/Puget Sound region. It includes buildings I, III and V in the West Valley Distribution Center, located at 72nd Ave. South. Buildings I and V are fully leased. West Valley III is a vacant flex facility. The seller, a partnership between ScanlanKemperBard Companies and funds managed by Oaktree Capital Management, was represented by HFF’s Nicholas Kucha and James Childress. The transaction was co-brokered by Wilma Warshak of Washington Real Estate Advisors.
CARY, ILL. — Entre Commercial Realty LLC has arranged the acquisition of an industrial property located at 770 Industrial Drive in Cary. A private investor purchased the 54,000-square-foot multi-tenant building for an undisclosed price. Situated on 4.5 acres, the property features six 9,000-square-foot units, 18- to 22-foot ceiling heights, parking for more than 120 cars and six truck docks, one for each unit. After the acquisition, the buyer announced the leasing of three units, totaling 27,000 square feet, to American Eagle Packaging Co. The ownership plans to rehab the remaining units with new interior office finishes and lighting, in addition to exterior upgrades such as new monument signage and parking lot improvements. Dan Jones, Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the acquisition and leasing transactions. Ryan Nelson of Foresite Realty Partners represented the seller, FirstMerit Bank, in the deal.
WAUKESHA, WIS. — The Dickman Company Inc. has arranged the sale of an industrial property located at 310 S. West Ave. in Waukesha. The State of Wisconsin Department of Transportation sold the 19,250-square-foot property for an undisclosed price to Soraal LLC. Samuel D. Dickman, Samuel M. Dickman Jr. and Zach Noble of The Dickman Company Inc. represented the seller, while Brian Parrish of PARADIGM Real Estate represented the buyer in the transaction.
CROMWELL, CONN. — O,R&L Commercial has brokered the sale of a flex building located at 800 Corporate Row in Cromwell. Buhl Land East IV LLC sold the 12,750-square-foot property for $1.05 million to Matthew Esler. The property features four drive-in doors and two loading docks. Renewal by Andersen will occupy the facility for its marketing and sales office, as well as a distribution hub for doors and windows. Frank Hird of O,R&L Commercial represented the seller, while Bob Gaucher, also of O,R&L, represented the buyer in the transaction.
DES PLAINES, ILL. — Transwestern has arranged the lease of a 25,573-square-foot industrial space in Des Plaines. Deco Salon Furniture Inc. has leased the space located at 1757 Marshall Drive. John Joyce and Ryan Phillips of Transwestern represented Deco Salon Furniture in the transaction. Rick Daly and Adam Haefner of Darwin Realty represented the building owner, TA Associates.
LAS VEGAS — LogistiCenter Cheyenne, a 381,804-square-foot distribution facility, has broken ground in Las Vegas. The new facility will be located at 4025 East Cheyenne Ave. It is two miles east of Interstate 15, and within a one-day drive of Los Angeles, Phoenix and Utah. LogistiCenter Cheyenne is scheduled for completion this October. It is being developed by Dermody Properties, which has developed more than 4 million square feet in this market since its first Las Vegas facility was built in 1974. The facility is being built by United Construction Company. Hillwood Investment Properties is the strategic financial partner on the project. It is being marketed by Susan Borst and Dan Doherty of Colliers International Las Vegas.