Industrial

JV Acquires 675,000 SF High-Tech Assembly And Warehouse Facility

by Jaime Lackey September 30, 2014

LANSDALE, PA. — A joint venture partnership between Advance Realty and The Davies Companies has acquired 2750 Morris Road, a 675,000-square-foot high-tech assembly and warehouse facility in Lansdale. The facility features 570,000 square feet of climate-controlled technology, assembly, warehouse and production space and 105,000 square feet of two-story office space. Additionally, the property features dual substation power feeds, systems for delivery of chilled water and compressed air, and five diesel generators that are capable of providing continuous power to the entire building without interruption. Current tenants include Vygon Corp., Metso Corp. and Fox Bindery. The property also has 350,156 square feet of warehouse/manufacturing space and 70,442 square feet of office space available to lease. Christopher Bellapianta of Advance Realty represented the joint venture partnership in the transaction. Greg Nalbandian of NorthMarq Capital arranged debt financing through Wells Fargo for this acquisition. Additionally, Paul Touhey, Brian Smyth and Drew Green of CBRE have been retained to lease the property.

September 30, 2014

Industrial Midwest

GRAMERCY PROPERTY TRUST BUYS THREE INDUSTRIAL PROPERTIES FOR $39.2M

by admin September 29, 2014

KENOSHA, WIS., BLOOMINGDALE, ILL., AND WORCESTER, MASS., — Gramercy Property Trust Inc. has acquired three industrial properties totaling approximately 555,000 square feet for $39.2 million. The properties, located in Kenosha, Wis., Bloomingdale, Ill., and Worcester, Mass., were acquired in separate all-cash transactions. The Kenosha property is a 160,000-square-foot manufacturing warehouse and distribution facility. The Bloomingdale property is an 110,000-square-foot fulfillment center. The Worcester property is a 285,000-square-foot warehouse and distribution facility. The properties are fully leased with a weighted average lease term of approximately 10 years. For the three properties, Year 1 net operating income is anticipated to be approximately $2.8 million (7.3 percent initial cap rate; 7.9 percent annualized straight-line cap rate) with annual rent escalations throughout each lease term.

September 29, 2014

Industrial Midwest

Opus To Design, Construct Spec Industrial Building in Minnesota

by admin September 29, 2014

SHAKOPEE, MINN. — The Opus Group has entered into a contract with Capp Industries Inc. to design and construct a 121,000-square-foot speculative warehouse and distribution facility in Shakopee. The building, located at 4551 12th Ave., will be adjacent to the first phase project built by Opus for Capp Industries in 1996. The facility will include a 32-foot clear height and 50-foot-deep structural bays. Construction will begin this fall and completion is slated for January 2015. Opus Design Build LLC is the design-builder for the project. Opus AE Group LLC is the project’s architect and engineer of record. Bloomington, Minn.-based Capp Industries is the developer for the project and will own and lease the project.

September 29, 2014

Industrial Southeast

GE OIL & GAS TO OPEN MANUFACTURING FACILITY IN JACKSONVILLE

by admin September 29, 2014

JACKSONVILLE, FLA. — GE Oil & Gas plans to soon open its new 510,000-square-foot manufacturing facility in Jacksonville’s Westside submarket. The property will be located at AllianceFlorida at Cecil Commerce Center. The developer of the asset is Hillwood Property Investments, which will develop the property on land owned by the city of Jacksonville. The new facility will manufacture GE’s Mooney regulators and Becker control valves for the energy industry. The property will feature $50 million in investments for manufacturing and IT equipment, as well as additional real estate improvements. The facility is slated to open next month and create more than 500 jobs during the next three years.

September 29, 2014

Industrial Western

INDUSTRIAL WAREHOUSE IN EL SEGUNDO SELLS FOR $7.3M

by admin September 29, 2014

EL SEGUNDO, CALIF. – A 39,306-square-foot industrial warehouse in El Segundo has sold to 291 Coral Circle Partners LLC for $7.3 million. The building is located at 291 Coral Circle. The LLC plans to convert the building into afood assembly and packaging plant for its company, Chef'd. The buyer was represented by Cardinal Investments.The seller, Hoffman Associates, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.

September 29, 2014

Industrial Texas

STREAMLINE PACKAGING RENEWS INDUSTRIAL LEASE IN FORT WORTH

by admin September 29, 2014

FORT WORTH — Streamline Packaging Solutions LP has renewed its lease of a a 92,098-square-foot building in the SCG River Park Business Center in the Upper Great Southwest Industrial District. The 500,728-square-foot business center is 95 percent leased. Streamline has been a tenant for five years in Building B, which is fully leased. Blake Anderson and David Eseke of Cassidy Turley represented the tenant.

September 29, 2014

Industrial Southeast

MILLER CONSTRUCTION BUILDS 218,000 SF INDUSTRIAL FACILITY IN METRO MIAMI

by admin September 26, 2014

DORAL, FLA. — Miller Construction Co. is building a $10.9 million, 218,000-square-foot complex at 8301-8303 N.W. 27th St. in Doral, a suburb of Miami. The industrial property, known as the Transal Logistic Center, will feature 30-foot clear heights, T5 lighting and a central 180-foot truck court. The property will be comprised of a 110,600-square-foot building A and a 107,400-square-foot building B, which will both wrap around the central truck court. The developer, KVRG Developers, is expected to deliver the property in the fourth quarter of this year. The project team includes architect RLC Architects and leasing agent Fairchild Partners.

September 26, 2014

Industrial Texas

LEVEY GROUP TO SELL BUILDING, LAND IN HOUSTON TO TRISTAR GLASS

by admin September 26, 2014

HOUSTON — Levey Group and TriStar Glass Products have executed an earnest money contract for a design-build facility on more than five acres of land inside IAH Business Park. The development will include a 66,000-square-foot facility featuring a 4,000 amp electrical service, drive-through site plan configuration and additional land for future expansion. The property is adjacent to Bush Intercontinental Airport along Aldine Westfield Road. Nick Peterson and John Ferruzzo of NAI Houston represented Levey Group in the transaction. Blake Anderson and David Eseke of Cassidy Turley’s Dallas office represented TriStar.

September 26, 2014

Industrial Texas

M&M ARRANGES SALE OF INDUSTRIAL BUILDING IN LA PORTE

by admin September 26, 2014

LA PORTE, TEXAS — Marcus & Millichap has arranged the sale of La Porte Office Warehouse, an 18,000-square-foot industrial property in La Porte. Alex Bouchard of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. La Porte Office Warehouse is located at 930 S. 14th St. in La Porte.

September 26, 2014

Industrial Northeast

MERIDIAN CAPITAL ARRANGES $65M ACQUISITION LOAN FOR INDUSTRIAL PROPERTY

by admin September 25, 2014

SUFFERN, N.Y. — Meridian Capital Group has arranged a $65 million loan for the purchase of an industrial property in Suffern. The borrower is Raymour & Flanigan, a premier furniture and home design store. Located at 30 Dunnigan Dr., the industrial warehouse totals 871,600 square feet. Raymour & Flanigan and Par Pharmaceutical occupy the property. The 10-year loan, which was provided by CMBS lender, features a 4.57 percent fixed-rate and a 25-year amortization schedule. Ari Adlerstein and Ari Dobkin of Meridian Capital’s New York City headquarters negotiated the transaction.

September 25, 2014

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