ROANOKE, VA. — Poe & Cronk Real Estate Group has brokered the sale of a 640,000-square-foot industrial property located at 5022 Hollins Road in Roanoke for $14.5 million. The buyer, Ardagh Metal Packaging USA, plans to use the facility as its new East Coast manufacturing facility. The Poe & Cronk team of Dennis Cronk and Matt Huff represented the undisclosed seller in negotiations.
WEST PALM BEACH, FLA. — CB Richard Ellis (CBRE) has completed the $8 million sale of a small-bay, Class A warehouse located in West Palm Beach. The 73,563-square-foot building was constructed in 2008 on 6.9 acres at 342-346 Pike Road. It was 90 percent occupied at the time of the sale. The CBRE team of Scott O’Donnell, Dominic Montazemi, Jason Hochman and Miguel Alcivar represented the seller, Pishon Pike Road LLC. The buyer was Hollywood, Fla.-based Tigertail Lake Warehouse Ltd.
CROSSVILLE, TENN. — Eastern Union Funding has arranged $30.6 million in financing for a 670,000-square-foot distribution center located in Crossville. The loan, which was provided by Natixis, carries a 10-year term and a 30-year amortization schedule. The undisclosed borrower plans to use $22.8 million of the proceeds to refinance existing debt, and the remaining $7.8 million will be used to construct a 270,000-square-foot addition to the property. Marc Tropp and Sam Begun of Eastern Union’s Bethesda, Md., office arranged the loan.
FORT WORTH, TEXAS — Bob Moore Construction has completed Mercantile Distribution Centers 5 and 6, two warehouses spanning 94,000 square feet each. The projects are the 28th and 29th that Bob Moore Construction has built on Mercantile Partners LP’s Mercantile Center campus, a 1,300-acre business park located in north Fort Worth. Hardy McCullah/MLM Architects served as the architect for Distribution Centers 5 and 6.
CHICAGO — Mesa West Capital has provided a $26.3 million in acquisition financing for 26th & Western, an industrial facility in Chicago. The two-building, 298,212-square-foot infill industrial cold storage portfolio is fully occupied. A joint venture between Chicago-based Bridge Development Partners and Dallas-based Hunt Realty Investments was the borrower. A 246,212-square-foot building at the property was redeveloped in 2004, followed by the construction of an adjacent 52,000-square-foot, build-to-suit in 2008. Both buildings feature high-quality, flexible cold storage space and are leased to both direct users and third-party logistics providers that service the Chicago area. Steve Roth of CBRE Capital Markets arranged the first-mortgage financing.
HOUSTON — Core Laboratories LP has renewed its 119,700-square-foot lease at West by Northwest Industrial Park, located at 9830 Rosprim in Houston. The facility’s ESFR sprinkler systems, 24-foot clear height ceilings and proximity to Highway 290 and Beltway 8 continue to make a good fit for petroleum industry service provider Core.
GRAND PRAIRIE, TEXAS — Duke Realty has signed third-party logistics services provider APL Logistics Warehouse Management to a new lease totaling 209,070 square feet at the Grand Lakes I building in Grand Prairie. A state-of-the-art warehouse property, Grand Lakes I has the ability to expand the space remaining to as much as 660,792 square feet for a prospective client. Randy Wood of Duke’s Dallas office represented the landlord in the negotiations, and Nathan Lawrence of CBRE represented APL.
GLENDALE, CALIF. – A 105,848-square-foot cold-storage warehouse that is occupied by Sprouts Farmers Market’s Southwest U.S. Distribution Warehouse has sold to WAM Glendale L.P. for $9.2 million. The warehouse is located at 5445 W. Missouri Ave. Sprouts is the only tenant at the facility. The grocer had been at the facility for 10 years. It recently renewed for an additional 10-year term. Marc Bonilla of Colliers International in Greater Phoenix represented both the buyer and the seller, FBL LLC, in this transaction.
JOLIET, ILL. — First Industrial Realty Trust Inc. (NYSE: FR) has acquired a 509,000-square-foot distribution center in the Chicago area for $20.5 million. The building is located at 4100 Rock Creek Blvd. in Joliet and includes 32-foot clear ceiling heights. The building was vacant at the time of sale. The facility can accommodate a single-tenant or be subdivided for multiple tenants.
SECAUCUS AND MILLBURN, N.J. — G.S. Wilcox & Co. has arranged $15.9 million in financing for two industrial properties in Secaucus and one mixed-use property in Millburn. Great West Financial provided the two Secaucus loans totaling $6.5 million for Hartz Mountain. The loans were secured by a 61,220-square-foot warehouse located at 125 Seaview Drive and a 58,736-square-foot warehouse at 140 Seaview Drive. Genworth Financial provided the third loan for Fidelco. The $9.4 million loan was secured by a 91,722-square-foot mixed-use property located at 225 Millburn Ave. in Millburn. Gretchen Wilcox, president, and Al Raymond, principal, at G.S. Wilcox & Co. arranged the loans.