ELK GROVE VILLAGE, ILL. — CenterPoint Properties has broken ground on an 87,975-square-foot build-to-suit redevelopment located in Elk Grove Village for Weiss-Röhlig. The international logistics company in airfreight and sea freight transport will lease 57 percent of the facility with the remaining 43 percent to be completed on a speculative basis. The building will be situated on 4.4 acres of land at 1601 Estes Road, about 25 miles northwest of Chicago. Colliers International represented CenterPoint, and CBRE represented Weiss-Röhlig in the long-term lease transaction. CenterPoint, in a venture with an institutional advisor, expects construction to be completed this fall.
CHICAGO — NorthMarq has arranged $31.6 million in first mortgage refinancing for a 23-property industrial portfolio throughout the suburban Chicago area. The portfolio consists of 900,000 square feet and includes a diverse mix of more than 90 tenants in single- and multi-tenant industrial properties. The borrower, VIP Holdings I, wanted the flexibility to sell individual properties, partially prepay the loans and fix long-term rates for the portfolio, according to NorthMarq. Financing was based on five- and seven-year terms and a 25-year amortization schedule. Jeff Cherner and Rup Patel of NorthMarq arranged the loans through a life insurance company and a regional bank.
MOUNTVILLE, PA. — Majik Properties LLC has purchased a 42,612-square-foot industrial building located at 150 Donnerville Road in Mountville for $1.5 million. Randall Rhoads and Thomas McDermott of NAI Commercial Partners Inc. represented the seller, while Daniel Berger, also of NAI, represented the buyer. The property is located 35 miles southeast of Harrisburg.
BEXAR COUNTY, TEXAS — Houston-based National Property Holdings LP plans to develop the 400-acre Alamo Junction Rail Park, a rail-based logistics and warehousing development located in Bexar County, which is south of San Antonio and near the middle of the Eagle Ford Shale play. Phase I calls for more than 22,000 linear feet of track, which will begin daily rail service in the third quarter. The rail will ultimately interchange with both the Union Pacific and BNSF railroads. National Property Holdings is selling and leasing lots for operators looking to establish rail-focused transload, warehouse and manufacturing facilities. The company has already sold 50 acres for frac sand operations.
FREDERICK, COLO. – A 43,919-square-foot building that is triple-net leased to Precision Manufacturing has sold to Merritt Companies, LLC for $3.1 million. The single-tenant industrial building is located at 7755 Miller Drive within the Frederick West Business Park. Merritt was represented by Sam Leger and Tim Finholm of Unique Properties, LLC – TCN Worldwide.
RENO, NEV. — Broadbent & Associates has leased 10,083 square feet of office and warehouse space in Reno. The space is located at 5450 Louie Lane. Broadbent was represented by Scott Shanks of NAI Office Properties Group. The landlord, J & S Erlach Properties 50, LLC, was represented by Dave Simonson of NAI Alliance’s Industrial Properties team.
FREDERICK, COLO. – A 43,919-square-foot building that is triple-net leased to Precision Manufacturing has sold to Merritt Companies, LLC for $3.1 million. The single-tenant industrial building is located at 7755 Miller Drive within the Frederick West Business Park. Merritt was represented by Sam Leger and Tim Finholm of Unique Properties, LLC – TCN Worldwide.
RENO, NEV. — Broadbent & Associates has leased 10,083 square feet of office and warehouse space in Reno. The space is located at 5450 Louie Lane. Broadbent was represented by Scott Shanks of NAI Office Properties Group. The landlord, J & S Erlach Properties 50, LLC, was represented by Dave Simonson of NAI Alliance’s Industrial Properties team.
FLORHAM PARK, N.J — HFF has arranged $31 million in financing for a three-building, 1.1 million-square-foot industrial portfolio in the northern New Jersey towns of Elizabeth, Edison and Bayonne. HFF worked on behalf of a joint venture between Cohen Asset Management Inc. and New York Life Investment Management. The seven-year, fixed-rate acquisition loan was placed through Principal Real Estate Investors. HFF sold the assets to the borrower as part of a larger portfolio in 2012.The portfolio was 99 percent leased at the time of sale. Senior managing directors Jon Mikula and Paul Brindley led the HFF team representing the borrower.
NAPERVILLE, ILL. — Principal Real Estate Investors has sold a 171,935-square-foot building in Naperville, located about 30 miles west of Chicago, to Reebie Moving and Storage. The purchase price was undisclosed. Reebie Moving & Storage purchased the two-tenant property to supplement its existing location in Chicago. The building, which is located at 720 Frontenac Road, includes 61,000 square feet available for lease. The facility offers a clear ceiling height of 24 feet, easy access to I-88 and on-site trailer parking. Mark Moran, and John Whitehead with NAI Hiffman’s industrial services group, represented Principal Real Estate Investors in the transaction. Kelly Disser also with NAI Hiffman represented Reebie Moving and Storage.