LAS VEGAS — Escondido Industrial Park, a 153,000-square-foot distribution and warehouse facility in Las Vegas, has sold to a private partnership for $7.3 million. The facility is located south of McCarran International Airport. Notable tenants at the park include Konami Gaming, G-Tech and Absolute Exhibits. The facility recently underwent a major renovation. The buyer was represented by Las Vegas Realty. The seller, CIP Real Estate, was represented by Brian Riffel of Colliers International.
Industrial
INDIANAPOLIS — Monmouth Real Estate Investment Corp. has acquired a 327,822-square-foot industrial building in Indianapolis for $23.5 million from an undisclosed buyer. The property is located at 8951 Mirabel Road and is net-leased for 10 years to FedEx SmartPost Inc., a Delaware corporation. The building is situated on approximately 37 acres. The new Class A built-to-suit distribution center for FedEx SmartPost is at the Indianapolis International Airport. With this transaction, Monmouth has acquired six properties totaling approximately 1.45 million square feet thus far in fiscal 2014. Founded in 1968, Monmouth Real Estate Investment Corp., one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties. The company’s portfolio consists of 82 properties located in 28 states, containing a total of approximately 11.1 million rentable square feet. In addition, the company owns a portfolio of REIT securities.
ROMULUS, MICH. — Bernard Financial Group has arranged a $1.4 million loan to refinance three individual industrial buildings located in Romulus, approximately 24 miles southwest of Detroit. The properties are located at 30100, 30300 and 30735 Cypress Road. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, LNA Investments LLC, with Symetra Life Insurance Co.
SAN DIEGO – A 56,386-square-foot industrial building in Poway has sold to a local investment firm for $6.1 million. The building is located at 12250 Kirkham Road in the San Diego submarket. The seller, Atomic Investments, was represented by Brian Mulvaney and Josh West of Voit Real Estate Services’ San Diego office.
IRVING, TEXAS — Synthetic Grass Warehouse Inc. has moved into a 15,000-square -foot distribution space in PS Business Park Inc.’s North Free Trade Zone. The Anaheim, Calif.-based company bought the space located at 1317 N. Royal Lane in Irving, just north of Dallas. Joe Santaularia of Bradford Commercial Real Estate Services represented the tenant, a supplier of artificial grass for the residential market. Brock Wilson, also with Bradford, represented the landlord, PS Business Parks Inc. The 62,223-square-foot building is one of three in PS Business Parks’ 230,000-square-foot North Free Trade Zone situated at the north entrance of the Dallas/Fort Worth International Airport. A free trade zone is an area where goods can be traded without the intervention of customs authorities.
INDIANAPOLIS — A joint venture between two Indianapolis-based commercial real estate developers, Browning Investments Inc. and Duke Realty, will construct a new 936,510-square-foot building in AllPoints Midwest, an industrial development southwest of Indianapolis. The building, which will be known as AllPoints Midwest Building 6, will be situated on more than 63 acres just off Ronald Reagan Parkway and Bradford Road. The site is adjacent to a 1.2 million-square-foot facility occupied by Prime Distribution Services. The precast concrete building will include a 36-foot clear height ceiling; a thermoplastic polyolefin (TPO) energy-efficient roofing system; up to 1,300 parking spaces and 394 trailer staging spaces; and up to 200 potential docks. AllPoints Midwest, located just off I-70 near Indianapolis International Airport, encompasses 958 acres, which will support approximately 13.6 million square feet of space.
SAN DIEGO — Southrail Business Park, a 128,294-square-foot industrial park in the San Diego submarket of Chula Vista, has received a $4.1-million acquisition loan. The eight-building park is located at 664 Marsat Court, about 10 minutes from Downtown San Diego. The buildings are 98 percent leased to 26 tenants, including PowerSports Group, Toleeto Fasteners Intl, Delphius Engineering and Bay Bridge Brewery. The buyer was Focus Real Estate LP. The loan was arranged by HFF’s John Chun. The joint venture equity was placed with a regional joint venture equity fund.
PHOENIX – A 43,584-square-foot industrial property in Phoenix has sold to a corporation for $2.4 million. The building is located at 15002 North 25th Drive. It was originally built in 1983, when it was occupied by Safeway. The facility is currently occupied by a church, which will vacate in the next nine months. The buyer plans to use the facility for its own manufacturing and administrative needs. Neal Waldman of Marcus & Millichap’s Phoenix office and Paul Berkner of Colliers International represented both the buyer and seller, a family trust, in this transaction. Berkner was formerly with Marcus & Millichap.
LADSON, S.C. — Cushman & Wakefield | Thalhimer has arranged a 78,000-square-foot lease of industrial space at 9016 Palmetto Commerce Parkway in Ladson, roughly 19 miles northwest of Charleston. The tenant, Anyware Express, is consolidating several locations and will move into the new space immediately. Mark Erickson and Philip Owens of Cushman & Wakefield | Thalhimer represented the landlord in the lease transaction.
BOILINGBROOK, ILL. — Principle Construction Corp. has begun building a new speculative warehouse facility at 900 Windham Parkway in Bolingbrook, located about 30 miles southwest of Chicago. The 237,000-square-foot precast building will include a 32-foot clear height ceiling, an ESFR sprinkler system, 22 exterior truck docks and the ability to accommodate an additional 25 future truck docks. The facility will also include 35 trailer parking stalls, two drive-in doors and 217 parking stalls. Dallas-based Clarion Partners, represented locally by Seefried Properties, owns the site and building. Berlin Packaging will occupy 125,478 square feet, including 8,500 square feet of offices. The packaging company is moving from Arlington Heights, Ill. Principle’s Ken Lattanzi is the project manager, Tom Sterbenz is the superintendent and Mark Augustyn is the principal involved with the project. Harris Architects Inc. is providing architectural services. Construction is scheduled for completion this November.