FORT WORTH, TEXAS — Cassidy Turley has brokered a 38,550-square-foot industrial lease in Fort Worth for Southside Trim, which installs factory and aftermarket car upgrades. The tenant will occupy space at CentrePoint 4, located at 4300 Buckingham Road in the CentrePoint Business Park. Blake Anderson and David Eseke of Cassidy Turley represented Southside Trim in the negotiations.
Industrial
TROY, MICH. — Colliers International has arranged the lease of a 24,062-square- foot industrial property in Troy. The property is located at 194 E. Maple Road. Ryan Brittain, Peter E. Kepic and Peter J. Kepic of Colliers International represented the tenant, Cadillac Coffee Company, in this lease transaction.
CARLSTADT, N.J. — Sitex has purchased five industrial buildings located on Barell Avenue in Carlstadt for an undisclosed price. The buyer plans to modernize and reposition the buildings to attract companies seeking space in the Meadlowlands submarket. Two of the five buildings are currently occupied. Jeffrey DeMagistris, Thomas Vetter and Nicholas Herrick of NAI Hanson represented the seller, R.J. Purcell Associates, in the transaction. Additionally, NAI Hanson has been retained to oversee leasing of the facilities, which range in size from 23,400 to 39,832 square feet.
PHOENIX — King Insulation has leased 18,478 square feet at Martin Van Buren Distribution Center in Phoenix. The center is located at 402 North 37th Drive. King Insulation was represented by Louis Finocchiaro of Cassidy Turley’s Industrial Services Group. The landlord, Presson Van Buren LLC, was represented by Todd Hamilton of Cutler Commercial.
ELGIN, ILL. — Gramercy Property Trust Inc. has acquired two industrial properties in Elgin, Ill. and Harrisburg, Pa. for $18.7 million. The Elgin property in metro Chicago is an 112,000-square-foot manufacturing facility. The property is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The Harrisburg property is an 183,000-square-foot industrial warehouse. The property is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.Both properties are fully leased with a weighted average lease term of approximately 13 years. Year One net operating income for the two properties totals approximately $1.4 million, reflecting a 7.3 percent initial cap rate.
MELROSE PARK, ILL. — Chicago-based Sitex Group has completed the redevelopment of a two-building industrial complex in Melrose Park. The properties are located at 2680-2690 and 2800-2840 W. Lake St. The 170,920-square-foot building at 2800-2840 W. Lake St. can accommodate two tenants and features 4,500 square feet of office space, 22-foot clear heights and 12 exterior docks. The 102,153-square- foot multi-tenant building at 2680-2690 W. Lake St. can accommodate three tenants and features 22-foot clear heights and 18 exterior loading docks. Reconstruction of the properties included a substantial exterior renovation featuring a new façade, parking lots and landscaping. Sitex also upgraded the office space and installed high-efficiency lighting and new dock equipment inside the buildings. The complex is 72 percent occupied with several units currently being marketed. Sitex purchased the 273,073-square-foot complex from the Village of Bellwood in April 2013.
ARLINGTON, TEXAS — Bob Moore Construction has completed a new 57,000-square-foot industrial facility in Arlington for Dura-Tech Processes Inc., a provider of wear- and corrosion-resistant plating for the manufacturing and material handling industries. The property features a custom-engineered containment system, extended catwalk to provide access to elevated equipment, interior loading dock, backup generator and employee locker room. Bob Moore Construction served as general contractor on the project, and Alliance Architects worked as the architect.
DALLAS — Mercer Co. has brokered the sale of a 37,530-square-foot industrial property in Dallas. Located at 9136 Viscount Row, the distribution facility features two dock-high doors and is in proximity to Loop 12 and State Highway 183. Jeremy Mercer of Mercer Co. represented the seller, Eric Hohn, in the transaction. Alfred Goh of KC Cheah & Pacific Realty represented the buyer, FL Shih Investment Corp.
HOUSTON — NAI Houston has arranged an 18,850-square-foot industrial lease in Houston for Binswanger Glass Co., a manufacturer and installer of glass for residential, commercial and automobile uses. The tenant will occupy space at 3133 McKinney St. in the East Industrial submarket. John Ferruzzo and Michael Keegan of NAI Houston represented the landlord, St. James Equity Partners LP, in the negotiations. Carlton Anderson of CBRE represented Binswanger Glass.
ROCK HILL, S.C. — An affiliate of The Assured Group has selected Trinity Capital Development to develop a 300,080-square-foot build-to-suit distribution facility in Rock Hill, about 27 miles south of Charlotte, N.C. The property will be located on a 25-acre parcel at 885 Paragon Way in Riverwalk Business Park. Other tenants at Riverwalk include Exel Logistics and Physicians Choice Laboratory Services. The Assured Group, the building’s owner, has leased the property to McKesson Medical-Surgical Inc. The project team includes architect WGM Design and general contractor InterCon Building Corp. The Assured Group will provide civil engineering services for the project. Terry Brennan of Trinity Partners represented Assured in the build-to-suit lease transaction. Stuart Ingram, Tom Evans and Adam Loges of CBRE represented McKesson.