FENTON, MO. — KP Development, a St. Louis-based build-to-suit developer, has agreed to purchase the former Chrysler assembly plant in Fenton, located about 20 miles southwest of Fenton. KP plans to redevelop the 294-acre site into new industrial and office spaces. Specific details about the proposed development were undisclosed. Local, state and federal officials have been trying to attract a buyer for the plant site since Chrysler closed its operations there in 2009, according to KP Development.
Industrial
ARLINGTON, TEXAS — Brokerage firm Lee & Associates has arranged the lease of 60,812 square feet of industrial space in Arlington for Masco Corp., a manufacturer of household products such as cabinetry, windows and faucets. The warehouse property is located at 841 N. Great Southwest Parkway, approximately 15 miles west of downtown Dallas. Nathan Denton of Lee & Associates represented the tenant in the negotiations, while landlord Prologis was represented internally by Cody Riles.
ANN ARBOR, MICH. — Bernard Financial Group has arranged a $9.5 million loan for South Industrial Portfolio, which includes three flex buildings in Ann Arbor. The portfolio totals 99,859 square feet and is within close proximity to the University of Michigan main campus. 2725/2805 Associates LLC was the borrower and Starwood Mortgage Capital was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.
WAUKESHA, WIS. — The Vault, LLC has purchased a 29,950-square-foot industrial building at 1450 W. Ave. in Waukesha. The purchase price was undisclosed. The building, formerly occupied by package and label manufacturer Lauterbach Group, is located on five acres. Rand Wolf of The Boerke Co. represented the seller, Moe, Larry, & Curly LLC, in the transaction.
DENVER — Swire Coca-Cola USA has leased a 257,000-square-foot building at Enterprise Business Center at Stapleton. The center is a Class A industrial park development in the Denver submarket of Stapleton. The company plans to open a new distribution center at the facility, which will be located near the southwest corner of Interstate 70 and Havana Street. Swire Coca-Cola is one of the largest Coca-Cola distributors in the United States. It is a subsidiary of Swire Pacific Ltd. The company plans to occupy the new space next May. Once completed, Enterprise Business Center will contain a total of 1.15 million square feet throughout five buildings. Swire Coca-Cola was represented by Joe Cantalamessa of Cantalamessa Partners. The landlord, United Properties, was represented by Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank.
WINNSBORO, S.C. — Binswanger has brokered the $2 million sale of a single-story, 311,982-square-foot warehouse and distribution building, located at 392 U.S. Highway 321 Bypass North in Winnsboro, about 33 miles north of Columbia. Technology manufacturer Element Electronics plans to relocate its flat screen television operations from a facility in China to the Winnsboro site. The $7.5 million investment will create as many as 500 jobs within the next five years. The property features 27-foot clear ceiling heights, energy-efficient T5 lighting, 7,000 square feet of air-conditioned office space and 27 dock doors. David Barber of Binswanger’s Atlanta office and Shaun Kirchin of the firm’s Columbia, S.C. office represented the seller, Perry Ellis International Inc., in the transaction.
TULSA, OKLA. — Monmouth Real Estate Investment Corp. has acquired a 46,260-square-foot industrial building in Tulsa for $3.7 million. The property, located at 2800 N. Garnett Road, is net-leased by The American Bottling Company. Parent company Dr Pepper Snapple Group Inc. guarantees the lease, which has 10.5 years remaining on its original 15-year term. The build-to-suit structure serves as a distribution center for various beverage brands.
DENVER — Swire Coca-Cola USA has leased a 257,000-square-foot building at Enterprise Business Center at Stapleton. The center is a Class A industrial park development in the Denver submarket of Stapleton. The company plans to open a new distribution center at the facility, which will be located near the southwest corner of Interstate 70 and Havana Street. Swire Coca-Cola is one of the largest Coca-Cola distributors in the United States. It is a subsidiary of Swire Pacific Ltd. The company plans to occupy the new space next May. Once completed, Enterprise Business Center will contain a total of 1.15 million square feet throughout five buildings. Swire Coca-Cola was represented by Joe Cantalamessa of Cantalamessa Partners. The landlord, United Properties, was represented by Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank.
RENO, NEV. — Lake Washington Partners has acquired a 66-acre parcel withinSpanish Springs Business Center near Reno for an undisclosed sum. The company plans to execute a phased development that would include 1.5 million square feet of distribution/warehouse space. Construction is set to commence in 2014 with the development of 600,000 square feet of facilities.
ATLANTA — HFF has arranged $130 million in financing for an 11-property, 2.9 million-square-foot industrial portfolio located in five states. Mark Sixour of HFF’s Atlanta office arranged the financing on behalf of the borrower, Atlanta-based Industrial Developments International Inc. HFF placed a $99.8 million, three-year loan with Wells Fargo Bank and a $30.2 million mezzanine loan through AEW Capital Management. The portfolio has an average occupancy rate of 79 percent and its key tenants include Walgreen’s, L’OREAL, Menlo Logistics, Red Bull, Valspar and ADT Security. The properties include Greenspoint Business Center A, B and D in Houston (totaling 406,075 square feet); Madison Business Center A in Tampa, Fla. (385,619 square feet); Miramar Business Center F in Miramar, Fla. (63,010 square feet); Miramar Centre A in Miramar (264,074 square feet); Northpoint Industrial Center in Elizabeth, N.J. (342,705 square feet); Park South Building E in Walton, Ky. (678,363 square feet); Port Union Building J in Fairfield, Ohio (109,063 square feet); and Rock Run Business Park VIII and IX in Joliet, Ill. (692,241 square feet).