MALVERN, PA. — Liberty Property Trust has completed the operating partnership of Cabot Industrial Value Fund III for $1.5 billion. The transaction has increased Liberty's industrial platform by approximately 23 million square feet and added 177 properties in 24 new and existing Liberty industrial markets. Approximately 58 percent of the total portfolio is located in existing Liberty industrial markets, including Chicago, South Florida, Houston, New Jersey, Maryland and Central Pennsylvania. The remaining approximately 10 million square feet is located in 10 markets in which Liberty does not currently have a presence, including Atlanta, Dallas/Fort Worth and Southern California. The acquisition was funded through a combination of sources including proceeds of $834.1 million from an offering of 24.2 million common shares, $450 million of 4.4 percent senior notes due 2024 and the assumption of $230 million in mortgage debt.
EL PASO, TEXAS — CBRE Capital Markets has brokered the sale of the Walter Jones Logistics Campus, a 497,611-square-foot office/industrial complex within Butterfield Trail Industrial Park in El Paso. Anchorage, Alaska-based Bond Commercial Properties purchased the asset, which consists of four structures: two distribution facilities with cross-dock loading, an office building and a standalone distribution facility. Penske Logistics is a key tenant at the property, which was 71 percent leased at the time of sale. Jack Fraker, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni and Anthony Mash of CBRE represented the seller, Invesco Ltd. Bond selected Mash as the exclusive listing agent for the complex going forward.
ORLANDO, FLA. — Orlando-based NAI Realvest has closed the $24 million sale of an industrial portfolio totaling more than 525,000 square feet. The properties are located in Orange and Seminole counties in Florida. The industrial facilities include Monroe CommerCenter North and Monroe CommerCenter South in Sanford, Hanging Moss CommerCenter in Orlando and Goldenrod CommerCenter in east Orlando. George Livingston, Christie Alexander, Drew Saphos, Paul Vera and Michael Heidrich of NAI Realvest handled the transaction. NAI Realvest will continue to serve as property manager for the new owners. A joint venture between Chicago-based Blue Vista Capital Partners and Baltimore-based Rio Hondo Capital Partners purchased the facilities from Cornerstone Core Properties REIT.
COPPELL, TEXAS — Duke Realty has arranged a lease for 263,625 square feet of industrial space for Anna’s Linens at Point West VI, a warehouse building located at 400 Dividend Drive in Coppell, about 20 miles northwest of downtown Dallas. The tenant, a retailer of sheets, curtains and other home goods, will use the location as a regional distribution center. Duke owns the facility, which totals more than 1 million square feet and is now fully leased. T. Holden Rushing and Jeff Cannon of Studley represented Anna’s Linens in the lease negotiations, while Duke was represented internally by Randy Wood.
COMMERCE, CALIF. – A 90,000-square-foot industrial facility in Commerce has sold to ID USA for $6.6 million. The facility is located at 6557 Flotilla Street. ID USA plans to occupy and expand its operations at the new facility. The seller, Flotilla Street Property, LLC, was represented by John McMillan, Jeff Sanita and Timothy Wallace of Cushman & Wakefield.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 55,000-square-foot industrial building in Milwaukee. Theodore F. Dragotta purchased the building from The Robert A. Paneitz Revocable Living Trust. The property is located at 900 N. 46th St. Anthony Huenerbein of Dickman/CORFAC was the broker involved in the transaction.
EDISON, N.J. — Home City Inc., an Egyptian linens distributor, has signed a 80,000-square-foot, long-term lease at Heller Industrial Park in Edison. Home City will relocate from its current location in Linden. The facility, which is located at 180 Mill Road, features 32-foot clear ceilings, 10 loading docks and trailer parking. Jordan Metz, vice president of Bussel Realty Corp., arranged the lease.
HOUSTON — NAI Houston has arranged the lease of 30,757 square feet of warehouse space in Houston’s Northwest Industrial submarket for Sunny Sky Products LLC. Located at 1234 Silber Road, the facility is in close proximity to Interstate 10/Katy Freeway. John Ferruzzo of NAI represented the tenant — which provides a number of dispensed beverage products to convenience stores, restaurants, supermarkets and other clients — in the negotiations. Edward Bane, also of NAI, represented the landlord, Quasar Silber LTD.
COMMERCE, CALIF. – A 90,000-square-foot industrial facility in Commerce has sold to ID USA for $6.6 million. The facility is located at 6557 Flotilla Street. ID USA plans to occupy and expand its operations at the new facility. The seller, Flotilla Street Property, LLC, was represented by John McMillan, Jeff Sanita and Timothy Wallace of Cushman & Wakefield.
PORTLAND, ORE. — Goodwill Industries of Columbia Willamettehas purchased a 173,395-square-foot industrial building in Portland for $12.6 million. The facility is located at 5950 NE 122nd Ave. Goodwill plans to occupy the building. This new hub will allow it to serve the Gresham, Halsey, Sandy, Powell, Clackamas, Woodstock, Hood River and The Dalles Goodwill stores. The building was previously occupied by Qwest. Goodwill was represented by David L. Ellis of Capacity Commercial Group/CORFACand Dan Bozich of Urban Works Real Estate.The seller, 5950 NE 122nd Ave, LLC, was represented by Don Ossey, Robbie McEachern and Mitch Page, also of Capacity/CORFAC.