JESSUP, HALETHORPE AND COLUMBIA, MD. — CB Richard Ellis (CBRE) has arranged the sale of a 705,379-square-foot industrial portfolio in the I-95 corridor between Baltimore and Washington, D.C. The portfolio contains three Maryland properties situated at 8210 Wellmoor Court in Jessup, 4615 Hollins Ferry Road in Halethorpe and 9325 Snowden River Pkwy. in Columbia. The portfolio was 95 percent leased at the time of closing. The CBRE team of Jonathan Beard, Bo Cashman and John Boote represented the undisclosed seller. The buyer was MIM-Hayden Real Estate Funds.
WEST CALDWELL, N.J. — Terreno Realty Corp. (NYSE:TRNO) has acquired an industrial property located in West Caldwell, an eastern suburb of Parsippany, for $6.8 million. The property includes one multi-tenant 93,000-square-foot distribution building situated on 8.9 acres. The building is located at 1 Dodge Drive and is fully leased to a wholesale distributor of electrical products. The estimated stabilized capitalization rate of the property is 9 percent.
CARY, N.C. — Colliers International has completed the sale of a flex industrial property in Cary. The 72,000-square-foot building is situated on 9.5 acres at 312 Gregson Drive. The buyer, Triad Educational Services, plans to renovate the property and open a school in it this fall. Triad also operates the Triangle Math & Science Academy charter school in downtown Raleigh. Lee Holder and Frank Quinn, both of Colliers, represented the seller, Saia-Burgess. The acquisition price was not released.
PHOENIX — Weber Distribution LLC has renewed its lease for 48,000 square feet at Tolleson Commerce Park II in Phoenix. The park is located at 5 South 84th Ave. in the Phoenix submarket of Tolleson. Weber has occupied this space since 2001. The landlord is Chambers Street Properties.
ROANOKE, VA. — Monmouth Real Estate Investment Corp. has purchase a 104,402-square-foot, built-to-suit industrial building in Roanoke for $10.2 million. The building is situated on approximately 22 acres at 1935 Blue Hills Drive near Roanoke Regional Airport and Interstate 81. FedEx Ground Package System holds a 10-year net lease on the property. The seller’s name was not released.
MIAMI — Miller Construction Co. has commenced construction for a new industrial project within Miami’s Flagler Station business park. Building 31 will contain 171,944 square feet of warehouse space. It will feature 54-foot column spacing, 30-foot clear ceiling heights and dock-high loading bays. Miller has completed site improvements and is building the tilt-wall structure on an expedited schedule for owner Flagler Development that will have the project complete by October. RLC Architects designed the building. Flagler Station is a 900-acre business park located near Miami International Airport and PortMiami.
MILWAUKEE — Pat Ellis Investments LLC has acquired a 13,480-square-foot industrial property located at 3550 W. Elm St. in Milwaukee. Kevin Barry of Cassidy Turley Barry represented the seller, Brad T. Babor, in the transaction. Jeff Hoffman of Judson & Associates represented Pat Ellis Investments LLC.
STRATFORD, CONN. — Miller’s Hallmark Cards has sold its warehouse and office facility, a 20,000-square-foot building located at 1370 Honeyspot Road in Stratford for $1.1 million. Randy Vidal of Vidal/Wettenstein represented the seller. Carlos Perez of Right Choice ReMax Realty represented the buyer, TR&Z USA Trading, in the transaction.
PHOENIX — Weber Distribution LLC has renewed its lease for 48,000 square feet at Tolleson Commerce Park II in Phoenix. The park is located at 5 South 84th Ave. in the Phoenix submarket of Tolleson. Weber has occupied this space since 2001. The landlord is Chambers Street Properties.
PHOENIX — Buckeye Logistics Center, a 684,064-square-foot, institutional-quality industrial property, has sold to IIT Acquisitions LLC for $44.3 million. The two-building center is located at 6825 and 6913 W. Buckeye Road. The first building is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The second building is fully leased to Philosophy and Kellogg. Mark Detmerand Bo Millsof Jones Lang LaSalle's(JLL) Capital Markets group represented both the buyer and the seller, Principal Real Estate Investors, in this transaction. Pat Harlan,Steve Sayreand Kyle Westfall, also of JLL, were able to fully lease the previously vacant buildings prior to the sale.