MIDDLETOWN, PA. — Woodmont Industrial Partners, in a joint venture with AEW Capital Management (AEW), has acquired Capital Business Center, a six-building, 1.5-million-square-foot industrial complex in Middletown. The center was acquired from an institutional owner in a transaction arranged by Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners. AEW acquired the property on behalf of AEW Partners VI. The venture plans to demolish two 1950-vintage, Class C buildings and construct the site with two LEED-certified, Class A warehouse facilities totaling 530,000 square feet. They also intend to make capital improvements to the other buildings in order to bring them up to current institutional standards. The center will also be renamed Capital Logistics Center. The CBRE team of Michael Hess, Patrick Lafferty and Bart Anderson will serve as leasing agents of the property.
HOUSTON — A joint venture between Panattoni Development Co. Inc. and LaSalle Investment Management Inc. has acquired a 125-acre parcel of land for industrial development located on North Gessner Road in northwest Houston. The development, known as Beltway Crossing NorthWest, will be used to develop 2 million square feet of primarily warehouse and distribution buildings with both speculative and build-to-suit projects. Stephen Schneidau and Dave Cook of Cushman & Wakefield negotiated the transaction. Schneidau will partner with Jim Foreman and Beau Kaleel of Cushman & Wakefield to lease the product.
RICHARDSON, TEXAS — Axiom Manufacturing has renewed its lease of 14,730 square feet of flex space at 1226 Exchange Parkway in Richardson. Janice Peters of Hudson Peters Commercial represented the landlord, Park North Service Center Ltd., in the transaction. George Tanghongs and Brett Lewis of Lee & Associates represented the tenant.
COLUMBUS, OHIO — Garrison Investment Group has acquired 10 industrial properties located in Columbus. The portfolio includes 772,206 square feet with three of the buildings situated in the 2600 block of Fisher Road in Columbus’ West submarket. The other seven are located close to a trio of facilities that Garrison purchased last fall. Buildings in the portfolio range in size from 19,764 square feet to 391,000 square feet. Westmount Realty Capital LLC is managing the new portfolio.
NEW YORK CITY— Manhattan-based Hudson Realty Capital LLC has funded a $4.7 million first-mortgage loan secured by a two-building industrial portfolio in Brooklyn. Proceeds from the loan will be used for the acquisition, redevelopment and repositioning of the 27,000-square-foot-property. The portfolio, located in Brooklyn’s Prospect Heights neighborhood, is in proximity to retail centers, public transportation, public and private schools and medical facilities.
BETHLEHEM, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have broken ground on a 677,088-square-foot, Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building is scheduled for completion in spring 2014. The project is located on a 40-acre site within Lehigh Valley Industrial Park VII, a master-planned business complex in Bethlehem, an eastern suburb of Allentown. The building will feature 32-foot clear ceiling heights, 190-foot deep truck courts and ample parking. Joseph McDermott and Vincent Ranalli of CBRE will serve as the leasing team for the project. The building is located at 2485 Commerce Center Blvd.
RICHARDSON, TEXAS — Citadel Partners has arranged a 45,732-square-foot lease in Cardinal Park 7 in Richardson. The property is located at 1705 N. Plano Road. Scott Morse and Scott Jessen of Citadel Partners represented the tenant, Electronic Transaction Consultants, in the lease transaction. Byron McCoy and Josh Barnes of Holt Lunsford Commercial represented the landlord.
COMMERCE, CALIF. — A 202,838-square-foot industrial building in Commerce has sold to the Ryzman Family Trust for $17 million. It is located at 1935-1965 Tubeway Ave. The facility was built in 1965 and remodeled in 1994. Ryzman was represented by Jack Cline and Jeff Bethel of Lee & Associates’ Los Angeles – Central office. The seller, Ronald S. Bauer, trustee of the Ronald S. Bauer Living Trust, was represented by Michael Tsaparian of the same office.
COMMERCE, CALIF. — A 202,838-square-foot industrial building in Commerce has sold to the Ryzman Family Trust for $17 million. It is located at 1935-1965 Tubeway Ave. The facility was built in 1965 and remodeled in 1994. Ryzman was represented by Jack Cline and Jeff Bethel of Lee & Associates’ Los Angeles – Central office. The seller, Ronald S. Bauer, trustee of the Ronald S. Bauer Living Trust, was represented by Michael Tsaparian of the same office.
AUSTIN, TEXAS — CBRE has brokered the sale of Austin Industrial Park and Wall Street Business Park, two complexes totaling 163,750 square feet, to Industry Capital Advisors LLC. Austin Industrial Park is a 93,750-square-foot, 54-unit complex located at 5214 Burleson Road in Austin’s Southeast submarket. The property is currently 84 percent occupied. Wall Street Business Park is a 70,000-square-foot, 44-unit complex located at 8900-8906 Wall St. within the Walnut Creek Business Park in Austin. The property is currently 81 percent occupied. Mark Emerick and John Barksdale of CBRE represented the seller, RLA Real Estate.