TROY, MICH. — Ride Control LLC has renewed its lease of 45,920 square feet of hi-tech space located at 950 Maplelawn Drive in Troy. John Boyd and Paul Hoge of Signature Associates represented the landlord, Troy Industrial LLC, and the tenant. Locally based Ride Control manufactures and supplies automotive shock absorbers and struts.
OCEANSIDE, CALIF. – A 45,000-square-foot industrial property in Oceanside has sold to Precision One Ventures for $3.9 million. The property is located at 3923 Oceanic Drive. Precision One will occupy about 70 percent of the building. A new tenant signed a lease for the balance of the property during the transaction. Precision One was represented by Greg Pieratt and David Howard of Lee & Associates’ North San Diego County office.
DENVER — JCR Capital and CapRock Partners have formed a $35-million equity joint venture to acquire industrial REO and distressed loans that are secured by industrial properties in California. The venture’s first acquisition was a 90,000-square-foot industrial property in Melrose Park Industrial Park in Placentia. The property will be financed through the JCR Commercial Real Estate Finance Fund II, L.P. and Soundview Real Estate Partners. This is the third joint venture facility between Denver-based JCR Capital and Irvine, Calif.-based CapRock Partners.
GREENVILLE, S.C. — Covington Group has purchased five warehouse buildings, totaling 682,000 square feet, in South Carolina as part of the company's expansion into new markets. The deal included two buildings off Augusta Road in Greenville and three buildings off Highway 14 in Greer, S.C. Covington plans to upgrade the facilities and rebrand them as Logistics Pointe, Greenville and Logistics Pointe, Greer. The buildings included approximately 270,000 square feet of vacant space. The company also recently entered the Illinois market, acquiring a 502,500-square-foot industrial building in Sauget, Ill.
FOSTORIA, OHIO — Marcus & Millichap has arranged the sale of a 488,379-square-foot Arm & Hammer distribution center for $9 million. The net-lease property is fully leased to Church & Dwight Co. and located at 110 E. Jones Road in Fostoria, about 40 miles south of Toledo. Jason John, John Abuja and Paul Tesdal of Marcus & Millichap represented the seller, a limited liability company and the buyer, a partnership.
DENVER — JCR Capital and CapRock Partners have formed a $35-million equity joint venture to acquire industrial REO and distressed loans that are secured by industrial properties in California. The venture’s first acquisition was a 90,000-square-foot industrial property in Melrose Park Industrial Park in Placentia. The property will be financed through the JCR Commercial Real Estate Finance Fund II, L.P. and Soundview Real Estate Partners. This is the third joint venture facility between Denver-based JCR Capital and Irvine, Calif.-based CapRock Partners.
NORTON, MASS. — Paradigm Industrial Partners 1 has purchased a 209,000-square-foot warehouse located at 176 S. Washington St. for $12.4 million. Paradigm purchased the property from APCA Property Fund I, which acquired the property in 2007. Paradigm purchased the warehouse for its client, Bodek & Rhodes, which will lease the building. The industrial property is located in Norton, about 25 miles north of Providence, R.I.
NEW HAVEN, CONN. — LILEEE Association LLC has sold an 18,500-square-foot industrial facility for $575,000 to locally based Olde Ways LLC. The property, which is located at 1050 Sherman Ave. in New Haven, features 5,000 square feet of office space and 14-foot ceilings. Hamden, Conn.-based Press/Cuozzo Realtors arranged the sale.
ERLANGER, KY. — Newly Wed Foods plans to develop a regional food production facility in Northern Kentucky, with plans to create 115 jobs and invest $57 million in Boone County. Newly Wed Foods, an international manufacturer and distributor of food ingredients, purchased an existing 326,000-square-foot facility at 4455 Olympic Blvd. in the Circleport Business Park in Erlanger. The park is also home to Toyota Motor Engineering and Manufacturing North America. The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $6 million through the Kentucky Business Investment program.
DORAL, FLA. — SMT Duty Free Inc., a duty-free retailer, has signed a lease for 50,000 square feet at 8935 NW 27th St. in Doral. The company is doubling its square footage from 25,000 square feet and relocating from Beacon Centre. Steven Medwin and Nick Wigoda of Jones Lang LaSalle represented the landlord, IndCor Properties, in the transaction. Scott Hardie of Miami Industrial Real Estate represented the tenant.