PHILADELPHIA — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged $2.4 million first mortgage refinancing secured by 449 East Tioga Street in Philadelphia. Constructed in the 1960s, the manufacturing and distribution center features 294,148 square feet of industrial warehouse space, 22-foot clear heights and 34-by-34-foot column spacing. Case Paper has used the property as a distribution center since 1999 and has a current lease expiration date of 2019. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the refinancing with a CMBS lender for the borrower, B&W Associates, for a five-year term.
Industrial
OXNARD, CALIF. – PODS has leased a 232,500-square-foot building in Oxnard. The lease is valued at nearly $2 million. The company will be relocating and expanding from nearby Ventura, where it was based for eight years. The new space is located at 301 S. Rose Ave. CBRE’s Paul Farry, Jim Meaney, Doug Shaw represented both PODS and the landlord, One Miracle Property, in this transaction.
PHOENIX — First Commons at West 10, a 99,528-square-foot industrial complex in Phoenix, has sold to Enright Capital for $6 million. The building is located at 4625 and 4635 W. McDowell Road. It was built in 2002. The property was 60 percent leased at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley represented both the buyer and seller, MDI Capital, in this transaction.
ABERDEEN, MD. — CBRE has brokered the $31 million sale of Advantage Business Park, a 528,780-square-foot industrial bulk warehouse at 504 Advantage Way in Aberdeen, part of Baltimore’s I-95 North industrial submarket. SK Realty Management purchased the property from 504 Advantage Way LLC. The property is fully leased to three tenants and anchored by Gordon Food Service. Jonathan Beard, Bo Cashman and Bill Pellington of CBRE’s Baltimore office brokered the sale.
VALENCIA, CALIF. — PPG Aerospace has renewed its lease for 83,000 square feet of specialized industrial space in Valencia. The highly customized space is located at 24811 Ave. Rockefeller. PPG uses the property as its aeronautics manufacturing, design and office space. PPG Aerospace is a division of PPG Industries. The company was represented by Mark Evanoff and Andrew Berk of Avison Young. The landlord, Krausz Company, represented itself in this transaction.
CONYERS, GA. — Cushman & Wakefield has brokered the sale of the Hillphoenix Global Warehouse, a 500,000-square-foot build-to-suit industrial facility at 2016 Gees Mill Road in Conyers, part of Atlanta’s 1-20 East industrial submarket. The property features 33-foot clear heights, cross-dock design, T-8 lighting, LED wall packs/pole lights and ESFR fire protection. Hillphoenix fully leases the property and recently signed a new 15-year lease at the facility, which serves as its global headquarters. New York-based Ladder Capital purchased the property from Ashley Capital for an undisclosed amount. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield’s Atlanta office represented Ashley Capital in the transaction.
MIAMI LAKES, FLA. — Easton & Associates has arranged the sale of a 106,000-square-foot industrial property located at 5960 Miami Lakes Drive in the Miami Lakes Industrial Park. Safari Topia, a toy and figurine manufacturer, purchased the facility from 3B Associates, a real estate investment partnership. Tom Kimen of Easton & Associates represented 3B in the transaction.
LEE’S SUMMIT, MO. — Lee & Associates has arranged a long-term lease for a 28,000-square-foot industrial site in Lee’s Summit, approximately 19 miles southeast of Kansas City. The 10-acre property is located at 221 Chipman Road. Ben Boyd and Nathan Anderson of Lee & Associates Kansas City represented the Landlord, RL Sweet Lumber. Kessinger Hunter Commercial Real Estate represented the tenant, Boise Cascade Building Materials, a producer of engineered wood products and plywood.
MARANA, ARIZ. — Ventana Medical Systems plans to occupy a 60,000-square-foot distribution facility in Marana. The built-to-suit building will be located in Tangerine Commerce Park on Tangerine Farms Road, just west of the Tangerine Road freeway interchange. The distribution facility is being built by Barker Morrissey Contracting and designed by Gromatzky Dupree and Associates. Construction will commence in the fourth quarter of 2014. It is scheduled for completion in the fourth quarter 2015. Ventana Medical Systems is a member of the Roche Group and is a leader in tissue-based cancer diagnostic solutions for patients worldwide. The company was represented by Dev Gupta of DTZ. The landlord, an affiliate of Cottonwood Properties, was represented by CBRE’s Bill Di Vito and Jesse Blum.
CROWLEY, TEXAS — Marcus & Millichap has arranged the sale of All Star Self Storage, a 57,625-square-foot self-storage facility located in Crowley, just south of Fort Worth. Brandon Karr of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Karr also secured the buyer, a limited liability company. All Star Self Storage is located at 786 FM 1187 East. The property consists of 224 climate-controlled units, 214 drive-up units and two uncovered parking spaces on 3.8 acres. It was built in 2007 and was 78 percent occupied at the time of sale.