MIDDLETOWN, PA. — Woodmont Industrial Partners (WIP) has completed site demolition and started construction for 200 Capital Lane, a 400,000-square-foot warehouse building. The new facility is part of Capital Logistics Center, a six-building, 1.6 million-square-foot industrial complex situated on 100 acres in Middletown. WIP demolished two 1950s-era buildings within the park and plans to construct two LEED-certified, Class A warehouse facilities totaling approximately 530,000 square feet. 200 Capital Lane is slated for completion this December, with 300 Capital Lane following shortly after. As the largest building within the park, 200 Capital Lane will feature T-5 lighting, an ESFR sprinkler system, 87 dock doors, two drive-in doors and 36-foot clear heights. A joint venture between WIP and AEW Capital Management acquired the property in June 2013. AEW acquired the property on behalf of AEW Partners VI. Michael Hess, Patrick Lafferty and Bart Anderson of CBRE are marketing and leasing the property.
Industrial
NORWOOD, N.J. — Dimensional Communications Inc., a full-service experiential marketing company, has signed a lease for 21,000 square feet at Alfred Sanzari Enterprises’ industrial complex in Norwood. The Mahwah, N.J.-based company will use its space at 335 Chestnut St. as a warehouse facility. The six-building industrial portfolio is located at 335, 375 and 385 Chestnut St. and 10 and 50 Maple St. in Norwood. NAI James E. Hanson negotiated the transaction on behalf of the owner, Alfred Sanzari Enterprises.
NILES, ILL. — Cohen Financial has secured a $5.8 million loan to refinance a 227,000-square-foot industrial facility in Niles. The property consists of nine units and is fully leased. The property, built in 1968, includes 19-foot clear ceiling heights and sits on nine-acres of land. Don Trossman of Cohen Financial’s Chicago office arranged the 10-year loan which features a 63 percent loan-to-value provided by a CMBS lender and a 20-year amortization schedule. The borrower is JEA Howard–Caldwell LLC, a wholly owned subsidiary of a major Chicago-based industrial property owner.
GRAND PRAIRIE, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired Woodlands Business Park in Grand Prairie, near Dallas. The property consists of three industrial facilities leased to 12 tenants. The acquisition is part of a joint venture with Origin Capital Fund II LLC. Brennan has acquired 23 buildings and undertaken development on five projects in the Texas market since 2012. Steve Rowland of Transwestern assisted in the transaction.
HOUSTON — James Murphy, managing director of NorthMarq Capital’s Boston-based regional office, secured $9.7 million in acquisition financing for Eastport Industrial Park buildings I & III, two industrial properties with a combined 366,595 square feet located at 8979-8999 and 8901-8919 Market St. in Houston. The transaction was structured with a five-year term with one year of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, High Street Realty Co., through its correspondent relationship with Great-West Life & Annuity Company.
YORK, PA. — Americana Development has purchased 3380 Susquehanna Trail North in York. Constructed in 1990 and situated on 10.6 acres, the 113,000-square-foot warehouse/distribution facility features 21-foot clear ceilings and nine dock-high loading doors. American Development is a part of Kenda Group Cos. and plans to use the facility to distribute tires. Pat McBride, Gerry Blinebury, Adam Campbell, Leah Balerno and Marie Connell of Cushman & Wakefield represented the seller, Newport Beach, Calif.-based Hager Pacific Properties, which acquired the property in 2007. Jack Shepley of NAI CIR represented the buyer in the deal.
MAYNARD, MASS. — Parsons Commercial Group has brokered the sale of 109 Powdermill Road in Maynard. KaileyBoo LLC purchased the 114,467-square-foot office and R&D facility for $2.3 million. Situated on 10 acres, the property is currently zoned for industrial use, which includes R&D, manufacturing, warehouse and professional uses. Victor Galvani of Parsons Commercial Group represented the seller, Great Point Investors, and the buyer in the transaction.
FONTANA, CALIF. — Pacific Industrial has broken ground on Sierra Pacific Center, a 744,032-square-foot logistics and distribution facility in Fontana. The Class A facility will be located at 5565 Sierra Ave., near the 15 and 210 freeways. The new center will be situated near the facilities of notable companies like Target, Nordstrom, Under Armor, Black & Decker and OHL. The center is expected to be complete by the first quarter of 2015. Paul Earnhart of Lee & Associates Ontario will act as the exclusive leasing agent for Sierra Pacific Center.
RANCHO CUCAMONGA, CALIF. — Bixby Land Co. has acquired two contiguous industrial buildings in Rancho Cucamonga for $26.8 million. The buildings are located at 10404 Sixth Street and 10401 Seventh Street. They total 316,197 square feet. Both buildings are fully leased to GiTi Tire USA Ltd. The company uses the buildings for storage and distribution of automobile and truck tires. Both properties also underwent recent improvements, which included new paving, upgrades to the sprinkler systems, improvements to the office areas and landscaping upgrades. Darla Longo from CBRE’s Ontario office represented both the buyer and seller, CT Realty, in this transaction.
DALLAS — HFF has secured $175 million in financing for a seven-property, 5 million-square-foot industrial portfolio in California, Texas and Mississippi. HFF worked on behalf of the borrower, a fund managed by Clarion Partners, to secure a fixed-rate loan through TIAA-CREF. Loan proceeds were used to retire debt on the portfolio. The assets include two properties in San Bernardino, Calif., two in the Dallas area and one in Southaven, Miss. The portfolio is 94.1 percent leased and the properties were built between 2001 and 2005. John Rose led HFF’s team.