COLUMBIA, S.C. — NAI Avant has arranged the lease of a Class A distribution center currently under construction in Columbia. Trane USA, a division of Ingersoll Rand, will occupy the facility in late January 2014. The 38,500-square-foot distribution center is located at 1510 Key Road. Dick Stanland and Nick Stomski of NAI Avant arranged the lease for the speculative distribution center.
EAGAN, MINN. — Opus Design Build LLC has completed construction on a 41,872-square-foot warehouse expansion for Chicago Tube & Iron in Eagan. As well as the expansion, Opus also completed interior renovations, refinish the front entrance of the building and add a new canopy to reflect the exterior design of other Chicago Tube & Iron facilities. The property is located at 2940 Eagandale Blvd., about 15 miles south of Minneapolis. Opus AE Group LLC was responsible for the structural and architectural design of the property. MFRA, Inc. performed civil engineering and landscaping and Hallberg Engineering provided mechanical and electrical design services.
FRANKLIN PARK, ILL. — Marcus & Millichap has arranged the $7.9 million sale of an Enterprise Rent-A-Car facility located at 3800 N. Mannheim Road next to O'Hare International Airport in Franklin Park. The property consists of three buildings situated on 5.8 acres. Enterprise Rent-A-Car occupies the property, which it uses for auto repairs, servicing and car storage for surrounding Enterprise retail locations. Also, the property serves as an administrative and training center for Enterprise. Gramercy Property Trust, based out of New York, purchased the property. Stephen Lieberman, an investment specialist at Marcus & Millichap, marketed the property on behalf of the seller.
LOS ANGELES – Local developer Izek Shomof has acquired a 1.8-million-square-foot building in Los Angeles that previously served as a Sears mail-order distribution center for $29 million. The Art Deco building is located at the intersection of Olympic Boulevard and Soto Street in the Boyle Heights neighborhood. The property still contains a 185,000-square-foot Sears retail store on the ground floor, though the majority of space has been vacant since the early ‘90s. Sears closed its distribution component in 1992. The 23-acre site features a 48,000-square-foot warehouse and a 15,000-square-foot Sears Auto Store. The buyer plans to redevelop the building into a mix of creative office space and leasable residential units. It also intends to develop the retail space on the site’s outlying parcels. The building was completed in 1927 and is listed on the National Register of Historic Places. The seller was MJW Investments. The transaction was executed by Jeff Adkison, Brendan McArthur and Paul Sablock of Jones Lang LaSalle.
REDMOND, WASH. – A 210,321-square-foot FedEx industrial property in Redmond has received $39 million in acquisition financing. The ground distribution facility is the largest industrial building in Redmond. It is leased to a subsidiary of FedEx Corporation. The loan boasts a 20-year term, a 20-year amortization schedule and a sub-4 percent interest rate. It was provided by State Farm Life Insurance. Financing was arranged by Mike Wood of NBS Financial Services.
REDMOND, WASH. – A 210,321-square-foot FedEx industrial property in Redmond has received $39 million in acquisition financing. The ground distribution facility is the largest industrial building in Redmond. It is leased to a subsidiary of FedEx Corporation. The loan boasts a 20-year term, a 20-year amortization schedule and a sub-4 percent interest rate. It was provided by State Farm Life Insurance. Financing was arranged by Mike Wood of NBS Financial Services.
SUNNVALE, SANTA CLARA, CALIF. — Invesco Real Estate has acquired the Central Silicon Valley Industrial Portfolio for an undisclosed sum. The portfolio contains four Class A warehouse and manufacturing buildings totaling 312,110 square feet in Sunnyvale and Santa Clara. The acquisition includes 2940-2990 Mead Ave., 2855-2865 Uranium Drive and 3000-3008 Kifer Road in Santa Clara, as well as 123-127 Uranium Drive in Sunnyvale. The two multi-suite manufacturing buildings and two distribution warehouse buildings are situated on the border of Santa Clara and Sunnyvale. They are located one block from Bowers Avenue near the Lawrence Expressway. All four fully leased buildings have direct access to US Highway 101, the Central Expressway and Interstate 280. The seller, AEW Capital Management, was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk, Darla Longo, Barbara Emmons, Rebecca Perlmutter and Brian Matteoni. AEW sold the property on behalf of an institutional client.
MIDWAY, GA. — Pacific Global Logistics Inc. (PACTRA) has signed a 502,824-square-foot lease at Tradeport East Building A in Midway, approximately 30 miles southwest of Savannah. PACTRA is a third-party logistics company for Hankook Tire America Corp., a subsidiary of Hankook Tire Co. Ltd. The lease brings the LEED Silver-certified building to full occupancy. The company plans to use the space for administrative work, as well as the storage and distribution of tires and related products. Other tenants in the Tradeport Business Park include Target, Tire Rack and Firth Rixon. Bryan Sohn of Atlanta Realty Advisors represented PACTRA in the lease transaction. The landlord, IDI, was represented in-house by Lisa Ward, along with Cliff Dales of Colliers International.
RALEIGH, N.C.— Cushman & Wakefield | Thalhimer has arranged the sale of Gresham Lake Distribution Center, a 235,404-square-foot industrial building located at 3401 Gresham Lake Road in Raleigh. Meridian Development Group purchased the 56 percent leased property for $9 million. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer’s capital markets group represented the seller, Roper Investments LLC, in the transaction. Cushman & Wakefield | Thalhimer was also awarded the leasing assignment for the marketing of the property, which Jackson Rives will lead.
SHREVEPORT, LA. — G. Archer Frierson III and Cecile Coutret of Vintage Realty Co. negotiated the sale of a 36,000-square-foot industrial building in Shreveport for more than $1 million. The buyer was Dallas-based Cardinal Capital Partners. Frierson and Coutret also negotiated a 10-year lease of the facility to P-Americas LLC, a wholly owned subsidiary of PepsiCo Inc.