Industrial

LEIGH VALLEY INDUSTRIAL ASSET SELLS FOR $21.3M

by admin January 2, 2013

KUTZTOWN, PA. — A joint venture between Woodmont Industrial Partners and AEW Capital Management has acquired a 385,000-square-foot industrial property in Kutztown for $21.3 million. The distribution center, located at 9747 Commerce Circle, is fully leased to Teva Pharmaceutical USA Inc., Hearth & Home Technologies and Palram Industries. The property is located within the 250-acre Arcadia West Industrial Park. Paul Torosian, John Plower and Gary Gabriel of Cushman & Wakefield represented the seller, a joint venture between Endurance Real Estate Group and Thackeray Partners, in the transaction.

January 2, 2013

EASTGROUP BUYS INDUSTRIAL PORTFOLIO FOR $41.55M

by admin January 2, 2013

DALLAS — EastGroup Properties has acquired five multi-tenanted warehouse/distribution centers totaling 722,000 square feet in the Valwood Industrial Park in Dallas. The total investment, including first-year capital improvements and lease-up costs, is $41.55 million. The properties are 95 percent leased out to 15 customers. EastGroup also purchased 4.1 acres of adjacent land for future development. The properties are anticipated to generate an annualized 6.3 percent cash yield.

January 2, 2013

Industrial Midwest

SUMMIT BREAKS GROUND ON NEW FOOD PROCESSING FACILITY IN CHICAGO

by admin December 21, 2012

CHICAGO — Summit Design + Build has broken ground on a new 8,500-square-foot food processing facility for Upton's Naturals in Chicago. The building is under construction on a vacant site at 2054-58 Grand Ave. in the city's West Town neighborhood. Upton's Naturals is a Chicago-based vegan natural foods company, and the firm will be relocating to the new facility from 1939 W. Fulton. UrbanLand is the project architect and U.S. Bank provided the financing for the project. Completion is scheduled for late June 2013.

December 21, 2012

Industrial Texas

PS BUSINESS PARKS BUYS THREE FLEX BUILDINGS FOR $14.9M

by admin December 21, 2012

AUSTIN — PS Business Parks has acquired three multi-tenanted flex properties in Austin totaling 226,000 square feet for $14.9 million. The properties are 86.1 percent leased to companies with an average customer size of 21,600 square feet. PS Business Parks owns more than 1.7 million square feet of space in Austin, which was 95.8 percent leased prior to this transaction.

December 21, 2012

Industrial Western

B/E AEROSPACE LEASES FULLERTON INDUSTRIAL BUILDING

by admin December 20, 2012

FULLERTON, CALIF. — B/E Aerospace has signed a 10-year lease for a 91,116-square-foot building in Fullerton. The expansion lease is valued at $5.1 million. The facility is located at 1400 S. Manhattan Ave. The new space will allow the company to build 20,000 square feet of new office and engineering space. B/E Aerospace was represented by Jeff Bethel of Lee & Associates’ City of Industry office. The landlord, 1400 Manhattan Properties, LLC, was represented by Clyde Stauff of Colliers.

December 20, 2012

Industrial Southeast

B/E AEROSPACE BUILDINGS TRADE IN MIAMI CORPORATE PARK FOR $26M

by admin December 20, 2012

MIAMI — W.P. Carey & Co. LLC has sold a 209,000-square-foot industrial and office property that houses B/E Aerospace to UBS for $26 million. The property includes a 156,820-square-foot bulk warehouse and a three-story, 52,180-square-foot office building. It was built in 2000 and is located at 1000 and 10000 N.W. 15th Terrace within International Corporate Park in Miami’s Airport West/Doral submarket. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s South Florida office and Chris Riley and Brian Budnick of CBRE’s Atlanta office represented W.P. Carey & Co. in the transaction.

December 20, 2012

Industrial Northeast

KEN'S FOODS BUYS 350,000 SF WAREHOUSE IN MASSACHUSETTS

by admin December 20, 2012

SOUTHBOROUGH, MASS. — Ken's Foods Inc. has acquired a 350,000-square-foot warehouse at 325 Turnpike Road in Southborough, which previously served as a site for Verizon Wireless, for $15 million. Ken's Foods makes and distributes more than 400 dressings, marinades and sauces. The company will use the new space and its surrounding 51 acres for finished goods distribution. Kevin Hanna of Cassidy Turley represented the buyer in the transaction. John Lashar of Richards Barry Joyce & Partners represented the seller, Cornerstone Real Estate Advisors.

December 20, 2012

Industrial Northeast

CALARE BUYS 588,868 SF INDUSTRIAL PROPERTY FOR $11.6M

by admin December 20, 2012

LEOMINSTER, MASS. — Calare Properties has acquired a vacant, 588,868-square-foot industrial building at 25 Tucker Drive in Leominster for $11.6 million. After completing miscellaneous repairs, the new owner plans to redeploy the property into the marketplace for lease. The facility features 5 to 10-inch concrete floors, 28-foot clear ceiling heights, 36,300 square feet of air-conditioned office space and seven rail side doors. Tim O'Callaghan of Binswanger represented both parties in the transaction.

December 20, 2012

Industrial Western

B/E AEROSPACE LEASES FULLERTON INDUSTRIAL BUILDING

by admin December 20, 2012

December 20, 2012

Industrial Western

KILROY SHEDS INDUSTRIAL PORTFOLIO, OFFICE PROJECTS FOR $355M

by admin December 19, 2012

LOS ANGELES — Kilroy Realty Corporation has completed its disposition of the firm’s entire industrial portfolio and two small office projects. In total, Kilroy shed 3.7 million square feet as part of its capital recycling strategy. All of the assets were located in California, with the majority residing in the Orange Countyregions of Anaheim, Brea, Costa Mesa, Garden Grove, Santa Ana, Tustin and Irvine.The dispositionnetted about $355 million. The firm plans to use these funds to expand its West Coast office development program. The 44 properties were sold in two tranches to two institutional buyers, TIAA-CREF and LBA REIT. The buyers were represented by David Phelps of Paul Hasting's Los Angeles office, and Andrew Shiner and Tim Farahnik of Seyfarth Shaw's Los Angeles office, respectively. Kilroy was advised by Allen Matkins’ Tony Natsis, Peter Roth, Crystal Lofing and Elizabeth Wilgenburg.

December 19, 2012

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