MOUNT PLEASANT, WIS. — Land and Lakes Development Co. has selected Meridian Design Build to construct a 132,002-square-foot speculative industrial facility in Mount Pleasant, approximately 25 miles south of Milwaukee. The building will be the first in the new 60-acre Mount Pleasant Business Park, which has the potential to accommodate approximately 800,000 square feet of new development. Construction is underway at the site and the building will be available for occupancy by the end of this year. Harris Architects is providing architectural services. Pinnacle Engineering Group is completing civil engineering work.
Industrial
CHESTER, S.C. — Newmark Grubb Wilson Kibler has arranged an 806,000-square-foot lease transaction for industrial space at 648 Wilson St. in Chester. The tenant was International Auto Logistics, a storage and maintenance shop for private vehicles for military personnel serving overseas. George McCutchen of Newmark Grubb Wilson Kibler represented the landlord, Breton Equity Corp., in the lease transaction.
NORTHLAKE, ILL. — Chicago-based Bridge Development Partners LLC has purchased a 55-acre business park in Northlake, a suburb of Chicago. According to Crain’s Chicago Business, Bridge Development Partners paid more than $40 million for the property located at 555 Northwest Ave. The facility formerly served as a distribution campus for the Dominick’s Finer Foods grocery chain. Safeway Inc. closed 72 Dominick’s stores in the Chicago area in December 2013. Bridge is marketing the park as Bridge Point Northlake. The firm plans to retain two existing buildings in the park: a 162,000-square-foot cooler facility and a 135,000-square-foot freezer facility that will be expanded by 104,120 square feet. Each property features 32-foot clear heights and each is available for lease with immediate occupancy. Additionally, Bridge will raze obsolete buildings to make way for a new state-of-the-art, 588,284-square-foot distribution center featuring 36-foot heights; a power feed of 4,000 amps; an ESFR sprinkler system; 85 dock positions (expandable to 170); 200 parking spaces, also expandable; and 112 trailer stalls. The new building will be delivered in the third quarter of 2015. John Suerth and Jason Lev of CBRE represented Safeway in the sale of the park and have been retained for the marketing of …
LAS VEGAS — Escondido Industrial Park, a 153,000-square-foot distribution and warehouse facility in Las Vegas, has sold to a private partnership for $7.3 million. The facility is located south of McCarran International Airport. Notable tenants at the park include Konami Gaming, G-Tech and Absolute Exhibits. The facility recently underwent a major renovation. The buyer was represented by Las Vegas Realty. The seller, CIP Real Estate, was represented by Brian Riffel of Colliers International.
INDIANAPOLIS — Monmouth Real Estate Investment Corp. has acquired a 327,822-square-foot industrial building in Indianapolis for $23.5 million from an undisclosed buyer. The property is located at 8951 Mirabel Road and is net-leased for 10 years to FedEx SmartPost Inc., a Delaware corporation. The building is situated on approximately 37 acres. The new Class A built-to-suit distribution center for FedEx SmartPost is at the Indianapolis International Airport. With this transaction, Monmouth has acquired six properties totaling approximately 1.45 million square feet thus far in fiscal 2014. Founded in 1968, Monmouth Real Estate Investment Corp., one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties. The company’s portfolio consists of 82 properties located in 28 states, containing a total of approximately 11.1 million rentable square feet. In addition, the company owns a portfolio of REIT securities.
ROMULUS, MICH. — Bernard Financial Group has arranged a $1.4 million loan to refinance three individual industrial buildings located in Romulus, approximately 24 miles southwest of Detroit. The properties are located at 30100, 30300 and 30735 Cypress Road. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, LNA Investments LLC, with Symetra Life Insurance Co.
SAN DIEGO – A 56,386-square-foot industrial building in Poway has sold to a local investment firm for $6.1 million. The building is located at 12250 Kirkham Road in the San Diego submarket. The seller, Atomic Investments, was represented by Brian Mulvaney and Josh West of Voit Real Estate Services’ San Diego office.
IRVING, TEXAS — Synthetic Grass Warehouse Inc. has moved into a 15,000-square -foot distribution space in PS Business Park Inc.’s North Free Trade Zone. The Anaheim, Calif.-based company bought the space located at 1317 N. Royal Lane in Irving, just north of Dallas. Joe Santaularia of Bradford Commercial Real Estate Services represented the tenant, a supplier of artificial grass for the residential market. Brock Wilson, also with Bradford, represented the landlord, PS Business Parks Inc. The 62,223-square-foot building is one of three in PS Business Parks’ 230,000-square-foot North Free Trade Zone situated at the north entrance of the Dallas/Fort Worth International Airport. A free trade zone is an area where goods can be traded without the intervention of customs authorities.
INDIANAPOLIS — A joint venture between two Indianapolis-based commercial real estate developers, Browning Investments Inc. and Duke Realty, will construct a new 936,510-square-foot building in AllPoints Midwest, an industrial development southwest of Indianapolis. The building, which will be known as AllPoints Midwest Building 6, will be situated on more than 63 acres just off Ronald Reagan Parkway and Bradford Road. The site is adjacent to a 1.2 million-square-foot facility occupied by Prime Distribution Services. The precast concrete building will include a 36-foot clear height ceiling; a thermoplastic polyolefin (TPO) energy-efficient roofing system; up to 1,300 parking spaces and 394 trailer staging spaces; and up to 200 potential docks. AllPoints Midwest, located just off I-70 near Indianapolis International Airport, encompasses 958 acres, which will support approximately 13.6 million square feet of space.
SAN DIEGO — Southrail Business Park, a 128,294-square-foot industrial park in the San Diego submarket of Chula Vista, has received a $4.1-million acquisition loan. The eight-building park is located at 664 Marsat Court, about 10 minutes from Downtown San Diego. The buildings are 98 percent leased to 26 tenants, including PowerSports Group, Toleeto Fasteners Intl, Delphius Engineering and Bay Bridge Brewery. The buyer was Focus Real Estate LP. The loan was arranged by HFF’s John Chun. The joint venture equity was placed with a regional joint venture equity fund.