PERRIS, CALIF. – Sares-Regis is set to break ground on the SRG Perris Logistics Center, a 580,000-square-foot distribution in Perris. The Class A distribution building will be located at 3900 Indian Ave.near the former March Air Force Base. The $40-million project will be situated on 28.8 acres in a prime distribution corridor that contains major consumer brands and retailers, including Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross.Construction will begin this summer. It should be complete by the end of the year. The center will built to LEED specifications. It is being marketed by Thomas Taylor, Steve Bellitti and Summer Colter of Colliers International. This team also represented both SRG and the land’s seller, Ridge Realty, in the land transaction.
NEW YORK CITY — Gramercy Property Trust Inc. has closed on four acquisitions in Dallas, southern New Jersey, Houston and Orlando, Fla., for approximately $82 million combined. The properties include a wholesale automotive auction facility located in Hutchins in the Dallas MSA and a cross-dock truck terminal in Houston. Gramercy purchased the auction facility for approximately $58.5 million, which includes the assumption of a $26.3 million first mortgage that is co-terminus with the lease. The property is fully leased through June 2029. Gramercy purchased the Houston terminal, which has 189 dock doors, and the Orlando terminal for a combined $12 million. The Houston terminal is leased through May 2019. Gramercy purchased the industrial freezer/cooler facility for approximately $11.8 million.
PERRIS, CALIF. – Sares-Regis is set to break ground on the SRG Perris Logistics Center, a 580,000-square-foot distribution in Perris. The Class A distribution building will be located at 3900 Indian Ave.near the former March Air Force Base. The $40-million project will be situated on 28.8 acres in a prime distribution corridor that contains major consumer brands and retailers, including Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross. Construction will begin this summer. It should be complete by the end of the year. The center will built to LEED specifications. It is being marketed by Thomas Taylor, Steve Bellitti and Summer Colter of Colliers International. This team also represented both SRG and the land’s seller, Ridge Realty, in the land transaction.
SAN DIEGO – An 8,000-square-foot building in San Diego has sold to Field Ironworkers Apprenticeship & Training Program for $2.5 million. It is located at 3888 Beech Street. The buyer plans to use the property as a training facility. Field Ironworkers was represented by James Duncan of Cushman & Wakefield. The seller, iStar Busco, was represented by Linda Greenberg of Lee & Associates in this all-cash transaction.
CYPRESS, CALIF. — Hybrid Promotions LLC has signed a five-year lease for 331,376 square feet at Cypress Technology Center. The lease is valued at about $6 million. The 173,990-square-foot industrial building is located at 5757 Plaza Drive in Cypress. The new lease has brought the building to full capacity. Hybrid Promotions was represented by CBRE’s John Privett, Steve Youngand Cameron Merrill. The landlord, Deutsche Asset & Wealth Management, was represented by Rick McGeagh, Bob Goodmansonand Dave Desper, also of CBRE.
MIAMI — Dallas-based Lincoln Property Co., acting on behalf of a large pension-fund client, has purchased an 847,000-square-foot business park in Miami. Medley International Business Park West comprises 11 buildings that are located at the intersection of 105th Avenue and Okeechobee Road. The property was 93 percent occupied at the time of closing. Lincoln Property plans to reposition in the asset in the near term and has retained Americas Industrial Realty Corp. to lease the remaining space. With this purchase Lincoln Property now controls an industrial portfolio in south Florida totaling 1.3 million square feet. The seller in this transaction was TA Associates.
JACKSONVILLE, FLA. — Compass Rose Foundation has acquired the former Mercedes-Benz Vehicle Processing Facility located in Jacksonville for $5.2 million. The 168,000-square-foot, single-story warehouse is located on 16 acres along Interstate 95 at 8813 Western Way. The buyer plans to convert the facility into a vocational school focusing on automotive technology, heavy equipment repair, manufacturing technologies, commercial truck driving and logistics management. Bruce Jackson of CB Richard Ellis represented Compass Rose in the deal. The seller was COFE Fund One-Western Way LLC.
WOLFEBORO, N.H. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of GI Plastek Industrial Facility, a 94,400-square-foot, net-leased property in Wolfeboro, about 50 miles north of Manchester. Glen Kunofsky, Edward Otocka and Todd Tremblay, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a fund manager. The buyer, a private investor, was secured and represented by Kunofsky and Judson Kauffman, investment specialists at Marcus & Millichap. The GI Plastek Industrial Facility is located at 5 Wickers Drive and is occupied by a manufacturer of molding products. The tenant signed a new 20-year, triple-net lease.
HOUSTON — CenterPoint Properties has purchased a 1 million-square-foot, six-building industrial portfolio in Houston for $42.6 million. Exel Logistics fully occupies all six facilities, which are rail-served and located within 25 miles of the Port of Houston. The properties are situated on a 42.8-acre lot located near interstates 10 and 610. Trent Agnew and Rusty Tamlyn of HFF represented the seller, TA Associates, in the transaction.
SAN DIEGO – An 8,000-square-foot building in San Diego has sold to Field Ironworkers Apprenticeship & Training Program for $2.5 million. It is located at 3888 Beech Street. The buyer plans to use the property as a training facility. Field Ironworkers was represented by James Duncan of Cushman & Wakefield. The seller, iStar Busco, was represented by Linda Greenberg of Lee & Associates in this all-cash transaction.