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Industrial

IndustrialMidwest

CROSSLAKE PARTNERS BUYS INDUSTRIAL PORTFOLIO FOR $29.2M

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GRAND RAPIDS, MICH. AND SOUTH BEND, IND.— CrossLake Partners has acquired a seven-building, 1.5 million-square-foot industrial portfolio located in the Grand Rapids, Mich., and South Bend, Ind., markets for $29.2 million. CenterPoint Properties was the seller. CrossLake Partners is a joint venture between principals within Colliers International’s Chicago offices and a Chicago-based real estate investment firm. KeyBank provided the acquisition and lease-up financing in this transaction. The properties, which are 75 percent leased, have 23 tenants including Wacker Neuson (150,000 square feet), Tubelight (123,000 square feet) and PIPP Mobile Storage (116,000 square feet). Michigan buildings in the portfolio include: 3056 Walker Ridge Drive (335,125 square feet), 2966 Wilson Drive (200,188 square feet) and 3111 Wilson Drive (107,000 square feet) in Walker; 1269 E. Mt. Garfield Road (275,000 square feet) in North Shores; and 1100 Hynes Ave. (215,050 square feet) and 900 Hynes Ave. (190,429 square feet) in Grand Rapids. The South Bend industrial property is located at 1827 Bendix Drive and spans 199,730 square feet.

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IndustrialNortheast

HAMPSHIRE COS. BUYS 400,000 SF INDUSTRIAL BUILDING IN CARTERET, N.J.

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CARTERET, N.J. — The Hampshire Cos., based in Morristown, N.J., has acquired 200 Middlesex Ave. in Carteret, a 400,000-square-foot industrial property that was built in 1992. The purchase price was not disclosed. Located within Carteret’s industrial market, the building offers easy access to the New Jersey Turnpike and is nearby major ports. “We anticipate increased activity in the port area over the next few years, and the building’s accessibility and close proximity to the ports made this an attractive investment opportunity,” says Michael Harrington, an investment manager for The Hampshire Cos.

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IndustrialWestern

DDI DISTRIBUTIONS LEASES MARCH INLAND PORT IN MORENO VALLEY

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MORENO VALLEY, CALIF. – DDI Distributions Inc. has leased the 225,450-square-foot March Inland Port, a distribution facility in Moreno Valley. The Class A distribution facility is located at 16875 Heacock Street. It is attached to the March Air Reserve Base runway. DDI has agreed to lease the facility for more than five years. The agreement is valued at $3.7 million. DDI was represented by Kent Stalwick of CBRE’s Ontario office. The landlord, CT Realty Investors, was represented by Milo Lipson, Kyle Kehner, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield’s Ontario office.

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IndustrialNortheast

GRAMERCY PROPERTY TRUST ACQUIRES TWO TERMINALS FOR $9.8M

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NEW YORK CITY — Gramercy Property Trust Inc. has closed on the acquisition of two cross-dock truck terminals in the Long Island and Baltimore areas for $9.8 million. Cross-docking is a practice in logistics of unloading materials from an incoming semi-trailer truck or railroad car and loading the materials directly into outbound trucks, trailers or rail cars. The Long Island Terminal includes 54 dock doors, located on five acres in Deer Park, a community in Long Island. This terminal is leased through December 2019 to a national carrier. The second terminal includes 61 dock doors and is located on 10.5 acres in Elkridge, a southwest suburb of Boston. The Elkridge Terminal is leased to a northeast carrier. The terminals were purchased separately in all-cash transactions.

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IndustrialWestern

DDI DISTRIBUTIONS LEASES MARCH INLAND PORT IN MORENO VALLEY

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MORENO VALLEY, CALIF. – DDI Distributions Inc. has leased the 225,450-square-foot March Inland Port, a distribution facility in Moreno Valley. The Class A distribution facility is located at 16875 Heacock Street. It is attached to the March Air Reserve Base runway. DDI has agreed to lease the facility for more than five years. The agreement is valued at $3.7 million. DDI was represented by Kent Stalwick of CBRE’s Ontario office. The landlord, CT Realty Investors, was represented by Milo Lipson, Kyle Kehner, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield’s Ontario office.

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IndustrialSoutheast

INALFA ROOF SYSTEMS TO OPEN $17.1M PLANT IN NORTH GEORGIA

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ACWORTH, GA. — Inalfa Roof Systems, a global supplier of vehicle roofing systems, will open a manufacturing plant in Acworth, investing $17.1 million in the facility and creating 300 jobs. The facility will be located at Cherokee 75 Corporate Park in Cherokee County. The plant is expected to initially open in January 2014 and become fully operational during the second quarter of 2015. The plant will be the fourth in the United States and the first in the Southeast for Inalfa, which is based in Veray, The Netherlands. Wylly Harrison is the project manager for the Georgia Department of Economic Development, which partnered with the Cherokee Office of Economic Development in the project location.

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IndustrialSoutheast

TRANSWESTERN BROKERS SALE OF FORD DISTRIBUTION CENTER FOR $10.3M

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MEBANE, N.C. — Exeter Property Group has acquired the Ford Motor Co. High-Velocity Center (HVC), a Class A distribution facility located at 1099 Corporate Park Drive in Mebane, for approximately $10.3 million. The purchase price for the 252,000-square-foot distribution center equates to $40.83 per square foot. The property is 100 percent leased to Ford Motor Co., which extended its lease in June for another five years. Built for Ford in 2003, the Ford HVC is part of the North Carolina Industrial Center, a 600-acre mixed-use development that includes office, manufacturing and distribution space. Kevin Markwordt, Julian Brown and Walter Byrd of Transwestern’s Southeast investment services group represented the seller, LNR, in the transaction.

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IndustrialMidwest

JOINT VENTURE BUYS OHIO INDUSTRIAL REAL ESTATE PORTFOLIO

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COLUMBUS, OHIO — Privately held real estate investment firm Hackman Capital Partners LLC has completed the acquisition of a 28-building industrial real estate portfolio totaling 2.5 million square feet. The purchase price was undisclosed. Five of the properties, totaling 611,578 square feet, are located in Columbus and 16 properties, totaling 1.5 million square feet, are located in Cleveland. The remaining seven properties, totaling 395,072 square feet, are located in Cincinnati. Two land parcels in Columbus, totaling 23.4 acres, also are included in the portfolio. The multi-tenant buildings include 108 tenant spaces ranging from 2,400 to 219,600 square feet. The portfolio was 73 percent occupied at the time of closing. Deutsche Bank provided first mortgage financing to Los Angeles-based Hackman Capital for the portfolio, and affiliates of New York-based Square Mile Capital Management LLC supplied an additional $25 million of capital.

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