CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged a $53 million loan to refinance a 13-asset industrial portfolio located in the Charlotte MSA. The portfolio totals more than 1.7 million square feet. Chris Caison of Grandbridge arranged the loan with a fixed interest rate through an unnamed life insurance company on behalf of the owner, Charlotte-based Beacon Partners. Beacon Partners leases and manages more than 9 million square feet of office and industrial space in the Carolinas. C.J. Webb of Grandbridge assisted in the deal.
Industrial
LAGRANGE PARK, ILL. — Peak Construction Corp. has completed the renovation of a manufacturing warehouse for Deslauriers Inc. in LaGrange Park, a suburb of Chicago. Deslauriers, which manufactures and distributes concrete forming and testing accessories, purchased the facility in 2007. Due to an increase in production and storage, the company is expanding its warehouse to meet new production goals. Peak served as the design builder of the 26,388-square-foot addition.
MALVERN, PA. — Gramercy Property Trust has purchased an R&D/flex facility located in Malvern for $28.4 million in an all-cash transaction. The 191,000-square-foot facility is 100 percent leased through March 2030 to a leading healthcare diagnostics company. Year one net operating income is approximately $2.1 million (7.5 percent initial cap rate; 8.7 percent annualized straight-line cap rate) with annual rent escalations throughout the lease term.
HOUSTON — NAI Houston has leased a 22,000-square-foot industrial warehouse building at 6525-B Cunningham Road in Houston. Travis Land of NAI Houston represented the landlord, Blum Beltway LP. Scott Rubenstein of Pipeline Realty represented the tenant, Texas Pipe & Supply Company.
LAUREL, MD. — Preston Scheffenacker Properties Inc. has plans to develop a new 244,500-square-foot industrial facility in Laurel. The new property, located at 9001 Whiskey Bottom Road, will be a build-to-suit facility for Coastal Sunbelt Produce, a produce distributor with a staff of 300 and annual revenue near $300 million. The property will include 196,500 square feet of refrigeration space, 38-foot clear heights and 48,000 square feet of office space on two floors. Cambridge will serve as the development manager and lease representative for the new facility. Coastal Sunbelt Produce signed a 15-year lease at the build-to-suit.
FRANKLIN, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 56,000-square-foot industrial building in Franklin, a suburb of Milwaukee. The property is located at 10179 S. 57th St. GHN Franklin LLC purchased the building from Joseph Kraft Sr. for an undisclosed price. Samuel D. Dickman and Samuel M. Dickman Jr. of the Dickman Co. negotiated the transaction.
EL MONTE, CALIF. – A 21,288-square-foot industrial property in El Monte has sold to an individual/personal trust for $2 million. The property is located at 3614 Arden Drive. Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office represented both the buyer and the seller, a private investor, in this transaction.
PORTAGE, IND. — Holladay Properties has brokered the $2.4 million sale of a 23.4-acre site at AmeriPlex at the Port, a mixed-used business park in Portage, approximately 12 miles east of Gary. Merrillville, Ind.-based MonoSol LLC purchased Lot 29 at the business park. The water-soluble film manufacturer has broken ground on the property and will develop a new $95 million, 300,000-square-foot manufacturing plant. MonoSol announced last year that it would be expanding to keep up with demand for its single-dose Tide Pods and Cascade Action Pacs. MonoSol received tax abatements from the city of Portage and other economic incentives. The company plans to hire as many as 150 new employees for the new facility. The land sale leaves Holladay with 80 acres of land remaining for sale at the business park.
HOUSTON — Cadence McShane Construction Co. has completed the construction of Fallbrook Distribution Center II, a 400,250-square-foot warehouse/distribution facility located at 8303 Fallbrook Drive in northwest Houston. The property, situated on a 30-acre parcel, was built on behalf of developer Liberty Property Trust. Divisible to 100,000 square feet, the cross-dock facility can support single- or multi-tenant configurations. Fallbrook Distribution Center II features 32-foot clear heights; 53.4-foot-by-50-foot column spacing; 83 exterior docks; four drive-in doors; an ESFR sprinkler system; 3,000 square feet of office space to-suit; and on-site trailer parking. Seeberger Architecture provided the architectural services.
TEMPE, ARIZ. – An 81,200-square-foot industrial property in Tempe has sold to a local private investment company for $7.5 million. The property is located at 9235 S. McKemy Street. The space is fully occupied by MTD Southwest. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group represented both the buyer and the seller, McKemy Holdings, in this transaction.