MORRISVILLE, N.C. — Time Warner Cable has renewed its lease of 97,500 square feet of industrial space at Woodlake Center III at 101 Innovation Ave. in Morrisville, about 14 miles west of Raleigh. Woodlake Center is an industrial park spanning 812,000 square feet and offers access to Raleigh-Durham International Airport, I-40 and I-540. Hooker Manning of Duke Realty, along with Jackson Rives of Cushman & Wakefield | Thalhimer, represented the owner, Duke Realty, in the lease transaction.
Industrial
LEBANON, IND. — NorthPoint Development and GDI Construction will build a 741,000-square-foot warehouse and distribution facility in Lebanon, a northwest suburb of Indianapolis. The 67-acre site is located at I-65 and State Road 32. The facility, which will be expandable to 1 million square feet, will include 36-foot clear heights. Site grading and infrastructure work has already begun. The building is expected to be ready for occupancy in the fourth quarter of 2014. Bob Gude is the project executive for the development. Mark Writt and Tom Cooler of CBRE Inc. will be the leasing agents for the building.
LOS ANGELES – A trust has disposed of a four-building industrial portfolio that is valued at $5.7 million. The portfolio contains four properties in the Los Angeles area. The transaction includes 11801-11807, 11811 and 11821 Teale Street, along with 11918-11920 Jefferson Blvd. The seller was Richard J. Laski, who acted as a Trustee of the Kaman Estate. The buyer was not named. The trust was represented by Jack Whalen of Heger Industrial.
MIAMI — Miami-based Fifteen Group has acquired an 85,000-square-foot distribution and logistics facility located at 200 S. Miami Ave. in Miami for $19 million. The six-story property is fully leased to FedEx Corp. The property is situated in downtown Miami adjacent to the Third Street Metromover Station. The property was constructed in 1999 as a central distribution hub for FedEx.
SOUTH BRUNSWICK, N.J. — Primal Glass has leased 209,000 square feet of industrial space at 393-333 Herrod Blvd. in South Brunswick from Liberty Property Trust. This lease brings the warehouse to 100 percent occupancy. The asset was part of an acquisition that added six warehousing buildings totaling 1.4 million square feet of space to Liberty Property’s portfolio. The company’s New Jersey portfolio now totals nearly five million square feet of industrial space. Colliers International represented Primal Glass, while Cushman & Wakefield represented Liberty Property Trust in the transaction.
CHICAGO — NelsonHill has arranged the $1.2 million sale of a 21,000-square-foot industrial building in Chicago. The heavy timber loft building is located at 1845 W. Hubbard St. The building features 12-foot clear heights and 7,000 square feet per floor. Mark Nelson and Michael Nelson of NelsonHill represented the seller, Mufid Saleh. Robert Woods of Spectrum represented the buyer, Busy Bee Promotions, a marketing and advertising firm. Busy Bee Promotions is relocating from another building in the neighborhood where it was leasing.
FARMINGTON HILLS, MICH. — Colliers International has brokered the sale of a 25,444-square-foot light industrial facility in Farmington Hills, 23 miles northwest of Detroit. The property is located at 24470 Indoplex Circle. Gary Glotzhober of Colliers International represented the buyer, Efficient Office Solutions, and the seller, Floor Source, which used the space as a showroom and warehouse facility for the distribution of floor covering products. Upon renovation, Efficient Office Solutions will use the warehouse to store refurbished office furniture, and will use the showroom to display its products.
WEST CALDWELL, N.J. — HFF has arranged $12.2 million in financing for Five Henderson Drive, a 210,530-square-foot industrial print facility and warehouse in West Caldwell. The single-tenant property is leased to R.R. Donnelley and serves as the company’s Mid-Atlantic digital print facility. The long-term tenant recently executed a 10-year lease extension on the property. HFF secured the five-year, fixed-rate financing for the borrower, The Hampshire Companies, through Lakeland Bank. Jon Mikula and Michael Klein led the HFF team representing the borrower.
LOS ANGELES – A trust has disposed of a four-building industrial portfolio that is valued at $5.7 million. The portfolio contains four properties in the Los Angeles area. The transaction includes 11801-11807, 11811 and 11821 Teale Street, along with 11918-11920 Jefferson Blvd. The seller was Richard J. Laski, who acted as a Trustee of the Kaman Estate. The buyer was not named. The trust was represented by Jack Whalen of Heger Industrial.
MEMPHIS, TENN. — PCCP LLC has provided a $25.1 million senior loan for the recapitalization of Memphis Oaks 3, a 1 million-square-foot distribution center located at 3860 E. Holmes Road in Memphis. The property is part of the Memphis Oaks Distribution Center, a 3.8 million-square-foot industrial park. The property is 81.7 percent leased to tenants such as Sharp Electronics, Franklin Sports and GECAS Asset Management, a division of GE. PCCP provided the loan to PDC Memphis Oaks 3 Holdings LLC, which is managed and sponsored by affiliates of Panattoni Development Co., the developer of the Memphis Oaks park. Panattoni will use the loan to recapitalize the existing financing and focus on the lease-up of the property. Cushman & Wakefield advised Panattoni on the financing and is the developer’s leasing agent for Memphis Oaks 3.