DORAL, FLA. — Blanca Commercial Real Estate has arranged a 50,363-square-foot lease for warehouse space at Prologis Beacon Centre, located at 8578 N.W. 23rd St. in Doral, a suburb of Miami. Juan Ruiz of Blanca represented the tenant, NeutraLogistics LLC, a logistics firm specializing in freight management, imports, exports, trucking and brokerage. George Pino and Ed Lyden of State Street Realty represented the landlord, Prologis.
Industrial
NEW PROVIDENCE, N.J. — Cronheim Mortgage has arranged $5 million in permanent financing for an industrial flex building in New Providence. The one-story property features 88,500 square feet of industrial flex space, with approximately 60,000 square feet of office space and 30,000 square feet of warehouse space. Current tenants include Atlantic Health Systems, Creative Wallcoverings, the New Jersey Youth Symphony and Sensory Spectrum. Dev Morris and Andrew Stewart of Cronheim Mortgage secured the 10-year loan, which features a 15-year amortization schedule, for the borrower, RC-Central Ave. Associates LLC. The loan was placed with American United Life Insurance Co.
BROOKLYN PARK, MINN. — United Properties has broken ground on Northcross Business Park, a 36-acre site at the intersection of Minnesota State Highway 610 and U.S. Highway 169 in Brooklyn Park. The site will include the headquarters for Wurth Adams Nut & Bolt Co., Perbix Machine Co. Inc., and a speculative industrial building. The Minnesota Department of Employment and Economic Development (DEED) awarded funds from the Minnesota Job Creation Fund to Wurth Adams and Perbix for their expansions. Minnesota Gov. Mark Dayton and other officials attended a groundbreaking ceremony for the development on Tuesday, Aug. 5.
UNIVERSITY PARK, ILL. — Darwin Realty & Development Corp. has brokered the sale of a 319,683-square-foot industrial building in University Park, 37 miles south of Chicago. The property is located at 2635 Federal Signal Drive. An affiliate of Premier Transportation has purchased the industrial building for the expansion and consolidation of its Chicago area operation. Headquartered in Atlanta, Premier Transportation specializes in providing integrated transportation and logistics solutions to the retail and consumer products industries nationwide. The 21-acre site in Will County is situated with frontage on I-57. The building features 32-foot clear height ceilings, nearly 7,000 square feet of office space, 22 exterior docks with levelers, two drive-in doors, an ESFR sprinkler system, 200 trailer parking positions and parking for 80 cars. George Cibula and Rick Daly of Darwin represented the seller, a private investment group, in the transaction. Jason West and Sean Henrick of Cushman & Wakefield worked on behalf of the buyer.
GREER, S.C. — Liberty Property Trust plans to break ground on two properties totaling 312,000 square feet in Caliber Ridge Industrial Park in Greer, roughly 12 miles northeast of Greenville. The assets are located at 120 and 140 Caliber Ridge Drive, near I-85 and Highway 101 in close proximity to Greer’s new inland port. The 156,000-square-foot facility at 140 Caliber Drive is a build-to-suit for Bosch Security Systems. The 156,000-square-foot 120 Caliber Drive facility is a speculative property, but Pilot Freight has pre-leased 41,600 square feet at the project. Both assets are expected to be delivered by the end of the year. Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer, along with Bryan Blythe of Liberty Property Trust, served as the landlord representation for the two lease transactions. Charlie Whitmire of Cushman & Wakefield | Thalhimer and Kent Ilhardt of Cushman & Wakefield’s Chicago office represented Bosch Security Systems, and Frank Larsen, Trey Pennington and Ryan Koop of CBRE represented Pilot Freight.
CITY OF INDUSTRY, CALIF. – A 38,995-square-foot warehouse/manufacturing building in the City of Industry has sold to a private owner-user for $6.1 million. The building is located at 428 S. 9th Ave., within the Don Julian Business Center. The seller, Overton Moore Properties, was represented by Erik Larson, Robin Dodson, Chris Tolles and John Minervini of Cushman & Wakefield.
ALPHARETTA, GA. — Lavista Associates Inc. has arranged the sale of Shiloh Crossing, a two-building, 71,640-square-foot industrial facility in Alpharetta, a northern suburb of Atlanta. The property, located in The Meadows, a Class A business park, was fully leased at the time of the sale. Will Grogan and Charlie Fiveash of Lavista represented the owner and developer, Childress Klein Properties, in the transaction. The buyer was Passive Income Fund, a private REIT based in Australia.
MIDDLETOWN, PA. — Woodmont Industrial Partners (WIP) has completed site demolition and started construction for 200 Capital Lane, a 400,000-square-foot warehouse building. The new facility is part of Capital Logistics Center, a six-building, 1.6 million-square-foot industrial complex situated on 100 acres in Middletown. WIP demolished two 1950s-era buildings within the park and plans to construct two LEED-certified, Class A warehouse facilities totaling approximately 530,000 square feet. 200 Capital Lane is slated for completion this December, with 300 Capital Lane following shortly after. As the largest building within the park, 200 Capital Lane will feature T-5 lighting, an ESFR sprinkler system, 87 dock doors, two drive-in doors and 36-foot clear heights. A joint venture between WIP and AEW Capital Management acquired the property in June 2013. AEW acquired the property on behalf of AEW Partners VI. Michael Hess, Patrick Lafferty and Bart Anderson of CBRE are marketing and leasing the property.
NORWOOD, N.J. — Dimensional Communications Inc., a full-service experiential marketing company, has signed a lease for 21,000 square feet at Alfred Sanzari Enterprises’ industrial complex in Norwood. The Mahwah, N.J.-based company will use its space at 335 Chestnut St. as a warehouse facility. The six-building industrial portfolio is located at 335, 375 and 385 Chestnut St. and 10 and 50 Maple St. in Norwood. NAI James E. Hanson negotiated the transaction on behalf of the owner, Alfred Sanzari Enterprises.
NILES, ILL. — Cohen Financial has secured a $5.8 million loan to refinance a 227,000-square-foot industrial facility in Niles. The property consists of nine units and is fully leased. The property, built in 1968, includes 19-foot clear ceiling heights and sits on nine-acres of land. Don Trossman of Cohen Financial’s Chicago office arranged the 10-year loan which features a 63 percent loan-to-value provided by a CMBS lender and a 20-year amortization schedule. The borrower is JEA Howard–Caldwell LLC, a wholly owned subsidiary of a major Chicago-based industrial property owner.