CUMBERLAND, R.I. — Eastern Connection, a regional parcel carrier serving the East Coast, has relocated its corporate headquarters to 70 Industrial Road in Cumberland. The new 30,000-square-foot state-of-the-art facility consolidates Eastern Connection’s Worcester, Mass., and Providence, R.I., facilities into one location. The company’s previous headquarters, 60 Olympia Ave. in Woburn, Mass., remains in operation. Eastern Connection and the landlord, Dean Warehouse Services, each represented itself in the five-year lease transaction, which will allow Eastern Connection to expand up to an additional 20,000 square feet as needed to accommodate growth. The new site includes administrative office space, three loading docks, a dispatch center and a sorting facility, where a 100-foot, automated conveyer belt feeds packages to Eastern Connection trucks for delivery.
Industrial
DALLAS — Panther FW Investments LLC, in partnership with Atlas CP, has acquired a five-property flex portfolio in Dallas. The facilities total 303,420 square feet of office and warehouse space in the Valwood and East Brookhollow submarkets. Panther is a private real estate investment firm that focuses on value-add assets for its own account and placement of third-party private equity. Atlas CP is a private real estate investment company that targets institutional-quality, multi-tenant industrial and office assets in the Southern U.S.
WHITTIER, CALIF. — Southern California Material Handling, a wholly owned subsidiary of Mitsubishi Caterpillar Forklift America, has leased a 52,630-square-foot industrial building in Whittier. The building is located at 12393 Slauson Ave. The lease is valued at $4.8 million. Brett Dedeaux and Anthony Dedeaux of Binswanger represented Southern California Material. The landlord, Oliaie Slauson, LLC, was represented by David Bolt of Lee & Associates – Newport Beach, Inc. and Tim Cronin of Lee & Associates – Commerce, Inc.
SCOTTSDALE, ARIZ. — South Hill Design Corp. has leased 30,500 square feet of industrial/flex space in Scottsdale. The space is located at 7400 E. Tierra Buena Lane inside the Scottsdale Airpark submarket. The jewelry design and marketing firm will utilize the space for its corporate offices and fulfillment center. South Hill was represented by John Quatrini of Shell Commercial. The landlord, Hewson Development Corp. and GH Scottsdale I, was represented by Mark Linsalata of Lee & Associates.
GREENSBORO, N.C. — Cushman & Wakefield | Thalhimer has arranged the sale of the Airport Distribution Center, located on Chimney Rock Road in Greensboro. The buyer, Somerset Acquisitions Inc., purchased the asset for approximately $19.2 million. Airport Distribution Center consists of five buildings totaling 764,550 square feet. The property is 87 percent leased to tenants including Ralph Lauren, FedEx Office and Bunzl. Chris Norvell, Scot Humphrey and Bill Simerville of Cushman & Wakefield | Thalhimer represented the sellers, CIP Real Estate and Blue Vista Capital. John Schultz of Triad Commercial Properties worked in conjunction with Cushman & Wakefield | Thalhimer to represent the sellers.
ECRU, MISS. — Marcus & Millichap has arranged the sale of the American Furniture Manufacturing facility in Ecru. The approximately 1 million-square-foot property, made up of five conjoined buildings, sold for roughly $10.8 million. AFM, a domestic manufacturer of upholstered furniture, has more than 12 years left on its lease. AFM has been operating out of the facility since its founding in 1998. Ben Tashakorian and Toby Boessen of Marcus & Millichap’s San Diego office represented the seller, as well as the California-based buyer, in the transaction. Anne Williams of Marcus & Millichap assisted in the transaction.
BAKERSFIELD, CALIF. – The new 1-million-square-foot distribution center that has been leased to American Tire Distributors has broken ground in Shafter. The facility will be located within the Paramount Logistics Park at 5000 Capital Road, less than 20 miles northwest of Bakersfield. The new $65-million, built-to-suit facility will be situated on more than 45 acres and will include 10,000 square feet of office space. American Tire has occupied a 176,500-square-foot industrial building at Paramount Logistics Park since 2007. The company had entered into a build-to-suit lease agreement with Roll Real Estate Development this past May for a 350,000-square-foot building within the park. American Tire recently restructured that lease, however, and tripled its requested space due to a consumer demand increase in the Western U.S. The new 20-year lease is valued at more than $119 million. The new facility will be built by Millie & Severson Inc. and designed by RGA. Roll Real Estate is the commercial real estate development division of Roll Global.
ENFIELD, CONN. — Enfield Distribution Center LLC has purchased a 235,000-square-foot industrial building at 35 Manning Road in Enfield from Best Realty Associates for $3.5 million. The building is a former Hallmark Cards distribution center. Nicholas Morizio of Colliers International represented the seller and buyer in the transaction.
LIBERTYVILLE, ILL. —NorthMarq Capital has secured $10.2 million in acquisition financing for a 217,620-square-foot industrial property in Libertyville. NorthMarq structured the 12-year loan and 25-year amortization through its relationship with Genworth Financial, a correspondent life company. The Class-A, single tenant warehouse/distribution center is located at 1500 Harris Road. Greg Nalbandian of NorthMarq represented the New Jersey-based borrower in the transaction.
CHICAGO — Sperry Van Ness | Chicago Commercial has arranged the $1.6 million sale of a 23,000-square-foot land site in Chicago. The property is located at 1809 W. Devon Ave. Wayne Caplan of Sperry Van Ness represented the undisclosed buyer, who plans to convert the site into a self-storage facility. John Homsher of Podolsky | Circle CORFAC International represented the undisclosed seller.