RENO, NEV. — Lake Washington Partners has acquired a 66-acre parcel within Spanish 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.
CARLSTADT, N.J. — Terreno Realty Corp. has acquired two industrial properties in Carlstadt for $9.9 million. Situated on 3.2 acres in the central Meadowlands submarket, the two industrial properties total 90,000 square feet. The 22,000-square-foot building is fully leased to one tenant and is located at 465 Meadow Lane. The 68,000-square-foot property, located at 341 Michele Place, is 95.6 percent leased to two tenants. The estimated capitalization rate of the properties is 5.7 percent. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.
GARLAND, TEXAS — Brokerage firm Lee & Associates has arranged the lease of 26,926 square feet of industrial space in Garland, a northeast suburb of Dallas, for Allied Insulation & Supply Inc. The warehouse facility is located at 2729 Market St., which allows for easy access to Interstate 635. Property features include 18-foot clear height ceilings and five dock-high loading doors. Brett Lewis and Adam Graham of Lee & Associates represented the tenant in the negotiations. Stephen Cooper of NAI Robert Lynn represented the landlord, DCT Industrial.
FONTANA, CALIF. — REDA Bascom Ventures has purchased 16 acres of land in Fontana for an undisclosed sum. The joint venture between Real Estate Development Associates (REDA) and The Bascom Group plans to develop a 350,000-square-foot industrial/distribution building on the site. The land is located at 11100 Hemlock Ave. It sits adjacent to the JM Eagle Fontana manufacturing facility. REDA Bascom was represented by Kevin McKenna and Scott Sanders of Colliers International. The seller, JM Eagle, was represented by Rustin Mork, Anthony Dedeaux and Brett Dedeaux of Bingswanger Realty Advisors. REDA is currently looking for more development opportunities in the Inland Empire, Orange County and Los Angeles industrial markets.
DALLAS — Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on Trammell Crow Penn Distribution Center, a speculative industrial building totaling 823,379 square feet in southern Dallas County. The facility, to be located on 47 acres along I-20, will include 36-foot clear height ceilings and is designed for LEED certification. Construction is slated for completion in May 2014.
FONTANA, CALIF. — REDA Bascom Ventures has purchased 16 acres of land in Fontana for an undisclosed sum. The joint venture between Real Estate Development Associates (REDA) and The Bascom Group plans to develop a 350,000-square-foot industrial/distribution building on the site. The land is located at 11100 Hemlock Ave. It sits adjacent to the JM Eagle Fontana manufacturing facility. REDA Bascom was represented by Kevin McKenna and Scott Sanders of Colliers International. The seller, JM Eagle, was represented by Rustin Mork, Anthony Dedeaux and Brett Dedeaux of Bingswanger Realty Advisors. REDA is currently looking for more development opportunities in the Inland Empire, Orange County and Los Angeles industrial markets.
SUN PRAIRIE, WIS. — STAG Industrial Inc. has added a new tenant, which will occupy 427,000 square feet, to its warehouse and distribution property in Sun Prairie, a northern suburb of Madison. The new tenant is a major domestic catalog merchandising company and the lease has a term of more than 10 years. STAG Industrial Inc. is a full-service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States. The company's portfolio includes 200 properties in 34 states with approximately 35.3 million rentable square feet.
INDEPENDENCE, MO. — Fresh Warehousing has signed a 108,926-square-foot industrial lease at 1600 N. State Route 291 in Independence, an eastern suburb of Kansas City. Woodmen of the World Life Insurance Society, based in Omaha, Neb., owns the property. Cameron Duff and Doug Hedrick of Colliers International represented Fresh Warehousing in the transaction. John Smith of LS Commercial Real Estate represented the landlord. Fresh Warehousing is a third-party logistics company that owns and operates more than 3 million square feet of warehouse space in the greater St. Louis and Indianapolis metropolitan areas.
PASADENA, TEXAS — WIKA Process Solutions LP, a manufacturer of industrial measuring instruments, has purchased 13 acres for a new build-to-suit facility to be developed by GSL Welcome Group. The land is located in Park 225, a business park in Pasadena, approximately 14 miles southeast of downtown Houston. The plans for the development call for a two-story, 87,900-square-foot building including 44,025 square feet of office space and a 43,875-square-foot crane-served warehouse. Ryan Wasaff of GSL Welcome Group and Wade Bradow, owner of Park 225, collaborated on the transaction. Kingham Dalton Wilson LTD will perform design build construction services.
UNION CITY, CALIF. — The former Chronicle Printing Plant in Union City has sold to Westcore Properties for an undisclosed sum. The plant is located at 1550 Pacific Street. The building will be demolished to make way for a 300,000-square-foot manufacturing and distribution redevelopment that will cater to food production and distribution. Westcore was represented by Kevin Hatcher, Mark Maguire and Greig Lagomarsino of Colliers International in Oakland. The seller, Hearst Communications, was represented by John McManus and Andrew Briner of Cushman and Wakefield.