DENVER – A 32,900-square-foot manufacturing facility in Denver has sold to 1425 Market LLC for $3.2 million. The facility is located at 2800 Walnut Street. The seller, Gold Star Sausage, had used the facilities to manufacture its sausages and hot dogs. It plans to keep its headquarters in Denver. The buyer intends to renovate the USDA certified food processing facility. Gold Star Sausage was represented by NGKF’s Russell Gruber and Pete Staab.
BEND, ORE. – Romanoff Floor Coverings has leased 4,537 square feet of industrial/warehouse space in Bend. The space is located at 63026 Plateau Drive. The flooring construction services provider was represented by Ron Ross and Terry O’Neil of Compass Commercial in this transaction. The landlord was not named.
MILWAUKEE — Dufek Realty has arranged the $1.4 million sale of a 206,200-square-foot industrial building, located at 4041 N. Richards St. in Milwaukee. The building, formerly owned by Stag II Glendale LLC, was sold to an affiliate of Phoenix Investors LLC. The buyer plans to redevelop the property and lease the building’s industrial portions to new tenants. Robert Dufek of Dufek Realty, and Jim Larkin of Colliers brokered the sale.
BEDFORD PARK, ILL. — Paine/Wetzel TCN Worldwide has arranged a 17,000-square-foot industrial lease in Bedford Park, a suburb of Chicago. Midway Window and Door will occupy space located at 5123 W. 65th St. The door and window manufacturer recently expanded into this second Bedford Park location. Midway Window and Door selected the location for its proximity to its main plant located at 6750 S. Belt Circle Road in Bedford Park. Bill Kerrins of Paine/Wetzel represented the tenant. Mumford Property, the building’s landlord, was self-represented.
BUFFALO GROVE, ILL. — Molto Properties has acquired 351 Hastings, a 68,735-square-foot industrial building in Buffalo Grove. This is the first existing asset acquisition for its newly launched Molto Properties Fund II. JLL’s Kurt Sarbaugh and Robin Stolberg sourced the opportunity and approached Molto Properties with the transaction. A private investor was the seller. The property is located in the Chevy Chase Business Park north of Lake Cook Road and west of Milwaukee Avenue near the Chevy Chase Country Club. The industrial property features a 24-foot ceiling height, ample car parking, six exterior docks and five drive-in doors.
Jack Daniels, FedEx and Gibson Guitar are a few international brands that already call Tennessee home, and the list has expanded over the past two years, as major brands have chosen to grow their operations in Middle Tennessee. Recent industrial relocations including Under Armour, Beretta and Hankook Tire are a few notable companies that chose Nashville over other major markets in the U.S. In addition, existing companies such as General Motors, FedEx and Nissan continue to expand their footprint in the region, creating more jobs and building larger facilities. All of this activity has created the demand for more site-ready properties that can accommodate build-to-suit projects and be delivered quickly. Nashville’s continued evolution as the South’s leading auto manufacturing hub, as well as its favorable central location, has bode well for the industrial market over the last few years. Favorable Fundamentals Nashville’s industrial market vacancy rate of 7.1 percent at the end of fourth-quarter 2014 is the lowest it has been since the fourth quarter of 2008, and the 2014 total net absorption has reached more than 2.25 million square feet, the highest absorption since 2006. This year is projected to be a banner year for new construction with multiple …
SUN VALLEY, CALIF. – A 168,000-square-foot manufacturing building in the Los Angeles submarket of Sun Valley has sold to Prologis for an undisclosed sum. The building is located at 9545 San Fernando Road and 9500 El Dorado Ave. It is fully leased to Sugar Foods Corporation. The multi-national food manufacturer has occupied the building for the past 30 years. The property is less than a mile from the 5 and 118 freeway interchange, and less than six miles from Burbank International Airport. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Greg Geraci and David Harding represented both the buyer and private seller in this transaction.
Austin is happening. The city was ranked No. 1 for small business growth by Forbes.com and No. 1 in Kiplinger Finance Magazine’s “10 Best Cities for the Next Decade.” Steady population growth has created demand for virtually all real estate product types in Austin. While the office market and vertical condo developments grab most of the headlines, the regional industrial real estate market has recovered significantly from the recession and is expanding in lock step with the overall economy. The Texas capital is now the 11th most populous city in the U.S. and the fourth largest in Texas. From a population of 132,459 in 1950, the city grew to 465,622 in 1990, 656,562 in 2000, 790,390 in 2010 and an estimated 865,504 today. More new industrial product was delivered in Austin last year, approximately 675,000 square feet, than any year since 2008. Another 550,000 square feet of industrial property is expected to deliver this year. In a market of 46 million square feet in total, these are robust years for industrial development. Net absorption for the year was 376,279 square feet, according to Xceligent. While positive, it was substantially less than the 887,544 square feet of net absorption in 2013. …
DUNCAN, S.C. — CBRE has brokered the $12.6 million sale of Duncan Distribution Center, a 350,000-square-foot, Class B distribution center in Duncan, part of the Spartanburg West industrial submarket. Beacon Partners purchased the distribution center, which was fully occupied at the time of sale. Patrick Gildea, Brett Floyd and John Scott of CBRE represented the seller, Duncan Owner Corp., in the transaction. The center is located near I-85, the South Carolina Inland Port in Greer and BMW’s manufacturing plant.
CHICAGO — Paine/Wetzel TCN Worldwide has brokered the sale of a 21,750-square-foot industrial building located in the southwest side of Chicago. Vogue Cleaners, a commercial laundry company, is expanding its business and has purchased the property located at 2643 W. 19th St. for an undisclosed sales price. The building includes 17-foot ceiling heights and ample truck loading and vehicle parking spaces. The building has three-phase electrical power and a land site of 40,000 square feet for building expansion and parking. Ed Wabick and Al Schulman of Paine/Wetzel TCN Worldwide represented the seller, B& J Wire Inc., in the transaction. The buyer was self-represented.