ALBION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million construction loan for an 83,087-square-foot industrial building in Albion Township. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Woodworth Homer LLC. Stancorp Mortgage Investors LLC, a mortgage-banking firm representing several life insurance companies and conduits, provided financing for the loan.
LOUISVILLE, COLO. – Servtech has leased 95,000 square feet of industrial space in Louisville. The space is located at 333 Centennial Parkway. The electrical motor controls manufacturer was represented by Adam Micheli of Berkshire Hathaway and Gwenivere Snyder of Colorado Landmark Realtors. The landlord, Neoserv Co Qrs 10 13 Inc, was represented by Chris Ball, Brandon Ray, Alec Rhodes, Tyler Smith and Aaron Valdez of Cassidy Turley.
WEST PALM BEACH, FLA. — McCraney Property Co. plans to develop Turnpike Business Park, a five-building, 400,000-square-foot warehouse/distribution project in West Palm Beach. Situated on 33.8 acres, the development will have one mile of direct Florida Turnpike footage. Final approval plans from the Palm Beach County Building and Zoning Department are expected before the end of the year, and McCraney Property expects to break ground in January 2015. The industrial park will have clear heights of 24 to 30 feet with dock-high loading. McCraney Property has hired Peter Corrales of Corrales Group Architects to design the project and Christopher Thomson of Cushman & Wakefield to lease the park. In addition to Turnpike Business Park, McCraney Property has two other industrial parks under construction and one was recently completed.
LEVITTOWN, PA. — New Jersey-based Bussel Realty Corp. (BRC) has arranged the lease of 100,000 square feet of industrial space at 30 Runway Dr. in Levittown. Poly Cube Company will lease the space for its plastic manufacturing business operations. Built in 1991, the 201,600-square-foot, Class A industrial facility features 28-foot ceiling heights, 40-foot by 42-foot column spacing, wet sprinklers, six tailboard and four rail doors for loading, as well as ample parking. Steve Bussel of BRC was responsible for the transaction and represented the tenant. Frank Green Development is the owner of the property.
TEMPE, ARIZ. – DCT Industrial Trust has purchased a three-property industrial portfolio in Tempe for $26.4 million. The portfolio contains a total of 355,371 square feet. The transaction includes Roosevelt Center at 2405 and 2415 S. Roosevelt Street; Parkland Center at 7245 and 7307 South Harl Ave.; and Wilson Center at 2636 South Wilson Street. Roosevelt Center and Wilson Center contain three high-quality warehouse/manufacturing buildings totaling 292,605 square feet within the Broadway Industrial Park. Parkland Center contains two multi-tenant industrial buildings totaling 62,766 square feet in the south Tempe submarket. The portfolio was 98 percent leased at the time of sale. DCT plans to hold the portfolio and continue its lease-up efforts. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group represented both the buyer and seller, a Chicago-based global investment manager, in this transaction.
HARRISON TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 42,515-square-foot, free‐standing industrial building in Harrison Township. The property is located at 25551 Joy Blvd. Aristo‐Cote Inc. is expanding into this new facility, which will increase their company’s square footage to more than 150,000 square feet. Aristo‐Cote specializes in custom coatings for material handling and packaging solutions. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International represented the tenant and landlord in the transaction.
SHERIDAN, COLO. – Oxford-Santa Fe Business Park, a 190,000-square-foot industrial property in Sheridan, has received $10.5 million in acquisition financing. The park is located at 1800 & 1880 W. Oxford Ave. and 4111-4251 S. Natches Court. Oxford-Santa Fe was built between 1983 and 1985. It is currently 96 percent leased, with 44 tenants. Financing was arranged by Steve Bye and Conor McCahill of NorthMarq Capital’s Denver regional office.
No one will deny that the Orange County industrial market is tight, boasting a 4.1 percent vacancy. If you are an industrial user looking for 100,000 square feet or more, your options are extremely limited, as supply and demand are not working in your favor in terms of rental rates and landlord concessions. According to CoStar, positive net absorption was just above 900,000 square feet for the second quarter of 2014. Compare that with the 978,000 square feet currently under construction and it is easy to see why most believe these rate and scarcity trends will continue. A number of large warehouse and industrial buildings in Orange County are also being raised and converted to high-density residential or data center space. These facts beg the question, where will all the industrial users go? Two counterbalances have the potential to cool the decreasing vacancy and create disintermediation to the benefit of Orange County industrial users. As rental rates continue to rise in Orange County, more and more companies are being lured to the Inland Empire where they can still make two port trips a day and consolidate into a much more efficient and affordable building. Companies that grew by necessity in …
LAS VEGAS – The NATMI Truck Terminal, a 24,890-square-foot facility in Las Vegas, has sold to a private investor for $5 million. The facility is situated on 10 acres at 4650 East Cheyenne Ave. It is fully leased. The seller, NATMI Truck Terminals LLC, was represented by CBRE’s Michael Caprile, Charles Moore, Marlene Fujita Winkel, Jeremy Green, Tyler Ecklund and Ashley Kolaczynski.
NEWBURY PARK, CALIF. – An 11,508-square-foot industrial facility in Newbury Park has sold to People Creating Success for $2.1 million. The facility is located at 2585-2587 Teller Road, just northwest of Thousand Oaks. People Creating Success is an organization that provides services to the developmentally disabled. The organization was represented by Keith Mathias of KAM Commercial. The seller, a family trust, was represented by Mike Tingus and Cheri Blessing of Lee & Associates-LA North/Ventura.
