FARMINGTON HILLS, MICH. — Gabriel Ride Control, which designs, engineers, and produces shock absorbers, has acquired a 49,065-square-foot industrial building from CIII Capital for an undisclosed price. NAI Farbman brokered the sale of the property located at 39300 Country Club Drive in Farmington Hills, approximately 23 miles northwest of Detroit. The Class B, flex research and development building is situated on five acres and has access to I-696, I-275 and the M-5 freeways. Doug Fura and Devin Kling of NAI Farbman represented the seller. Lee & Associates represented the buyer.
Industrial
PARSIPPANY, N.J. — CBRE Group has arranged the purchase of 20 East Halsey Road in Parsippany. GTJ REIT purchased the 75,000-square-foot industrial flex property for $3.3 million. Situated on 7.8 acres, the property has been vacant for more than 20 years. The buyer plans to refurbish the property to accommodate either a single or multiple tenants. Thomas Mallaney and Susan Branch of CBRE represented the buyer in the transaction.
HOUSTON — Houston Realty Advisors Inc. has arranged a lease for 37,100 square feet of industrial space, with a 20-ton crane, at 4208 Fidelity Rd., inside the Fidelity Road Industrial Park in Houston. Michael Farris of The Texas Development Co. represented the landlord in the lease transaction. Ed Ayres of Houston Realty Advisors Inc. represented the tenant, Caisson Fabrication Company.
BETHEL TOWNSHIP, PA. — Dermody Properties and Granite Real Estate Investment Trust will start construction on a 750,000-square-foot industrial facility at Berks Park 78 in Bethel Township. Located at 41 Martha Dr., the state-of-the-art industrial warehousing and distribution facility will feature 36-foot clear height, 316 car parking spaces and 322 trailer parking spaces. Dermody Properties is serving as developer and operating partner, and Granite is the majority equity partner on the project. Located off Interstate 78 in the heart of the Pennsylvania I-81/I-78 Industrial Corridor, the 323-acre Berks Park 78 is currently home to distribution operations for Dollar General and PetSmart. Gerry Blinebury, Pat McBride and Adam Campbell of Cushman & Wakefield are marketing the new facility.
PLANO, TEXAS — KBS Real Estate Investment Trust II (KBS REIT II), a public non-traded real estate investment trust based in Newport Beach, Calif., has sold Plano Business Park in Plano to an affiliate of Exeter Industrial REIT III for $23.4 million. The three-building, 283,559-square-foot Plano Business Park is located at 3801, 3901 and 4001 E. Plano Parkway on approximately 19.9 acres of land. The buildings feature front parking, rear loading, 24-foot ceiling clearance and ESFR sprinkler systems. Plano Business Park is located at the intersection of Shiloh Road and Plano Parkway. KBS REIT II originally acquired the asset for $16.75 million in March 2010.
COMMERCE, CALIF. — 99 Cents Only Stores has leased a 615,000-square-foot industrial building in the Los Angeles submarket of Commerce. The building is situated on 27.5 acres at 6100 Garfield Ave. within the Garfield Corporate Center. This is the largest industrial lease in Los Angeles County so far this year, according to CBRE, which represented 99 Cents. The transaction was also the largest industrial infill lease ever signed in Los Angeles County, according to JLL, which represented the landlord, KTR Capital Partners. Once completed in the second quarter of this year, the Garfield Corporate Centerwill be the largest new free-standing industrial development in the Central Los Angeles market. It will serve as the company’s new corporate headquarters. 99 Cents Only was represented by CBRE’s John Privett, Cameron Merrill and Richard Rizika. KTR was represented by JLL's Barry Hill, Paul Sablock, Tim O'Rourke, Mike Fowler and Zac Sakowski.
DURHAM, N.C. — Crown Realty & Development has sold a five-building, Class A industrial portfolio totaling 705,365 square feet in Durham. Liberty Property Trust purchased the portfolio, located within Imperial Business Park, for approximately $44.3 million. Chris Norvell, Bill Simerville and David Meline of Cushman & Wakefield represented the seller in the transaction.
PEWAUKEE, WIS. — The Dickman Co. Inc. has arranged the lease of 15,100 square feet of industrial space in Pewaukee, a western suburb of Milwaukee. Ellison Technologies, a provider of advanced machining solutions to metal-cutting manufacturers,will occupy space located at N29 W23825 Woodgate Court. Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of The Dickman Co. represented the landlord, Points West LLC, in the transaction. Jeff Hoffman of Judson & Associates represented the tenant.
BORDENTOWN TOWNSHIP, N.J. — Grainger has purchased 96 acres of land in Bordentown Township for an undisclosed price. The company, which is a leading broad line supplier of maintenance, repair and operating products, plans to build a 1.3 million-square-foot distribution center on the property. Once opened in 2016, the facility will employ more than 400 individuals, primarily in warehouse operations. Grainger currently operates 11 locations in New Jersey, including 10 branch locations across the state and a distribution center in Robbinsville.
HOUSTON — Hartman Mitchelldale Business Park LLC, an affiliate of Houston-based REIT Hartman Short Term Income Properties XX Inc., has purchased Mitchelldale Business Park from AFS NW Business Park LP, an affiliate of Falcon Southwest. Mitchelldale Business Park is a 12-building, 377,752-square-foot industrial park located in the northwest industrial submarket at Highway 290 and Mitchelldale. The park is currently 92 percent occupied. Lead tenants include Craven Carpet, a locally owned, family-operated flooring installation company; A Better Trip, a Houston-based moving company; GC Services, one the industry’s leading business processing outsource providers; and LOYC Investments, an international import/export and distribution company. Rusty Tamlyn and Trent Agnew of HFF represented the seller and Dave Wheeler, Julian Kwok and Russell Turman of Hartman represented the buyer.