LOGAN, N.J. — A partnership between Dermody Properties and Stonemont Financial Group are developing a 70,000-square-foot facility for lease to national organic food distributor Albert's Organics. Dermody is serving as the industrial developer and operating partner and Stonemont is serving as the financial partner. The facility, which will serve as a distribution center, will be located at LogistiCenter at Logan, located at 1155 Commerce Blvd. Construction is slated for completion in April 2013.
MANSFIELD — California-based Don Lee Farms has acquired a 140,000-square-foot food production and distribution facility in Mansfield. Don Lee Farms produces beef, pork, turkey, chicken, vegetarian and vegan food products, which are sold at Costco, Whole Foods, Sam's Club and Walmart.
KENT, WASH. — Sweetener Products has purchased a 101,890-square-foot warehouse in Kent for $7.5 million. It is located at 8030 South 194th Street. The buyer currently leases 40,000 square feet at the warehouse. This acquisition will allow the company to expand. Sweetener was represented by Philip T. Attalla and Richard Horn of NAI Capital’s Commerce office. The seller was Prologis.
ROMEOVILLE, ILL. — Liberty Property Trust has acquired a 723,291-square-foot industrial building at 1070 Windham Parkway in Romeoville. Home Depot, the current tenant, will occupy the building until its lease expires at the end of 2013. Jeff Devine and Steve Disse of Colliers International represented the seller, an institutional owner, in the transaction. The new owner plans to market the property through Colliers International in the coming weeks.
MEMPHIS, TENN. — Spartanburg, S.C.-based Johnson Development Associates Inc. (JDA), a developer of large-scale distribution and warehouse projects across the central and eastern United States, has selected Jones Lang LaSalle (JLL) to market Aerotropolis Logistics Park, a 113-acre site in Memphis that can accommodate two or more speculative or build-to-suit facilities of up to 1.2 million square feet. Russ Westlake and Jack Wohrman of Jones Lang LaSalle will lead the marketing efforts. Aerotropolis Logistics Park is within three miles of Memphis International Airport, the FedEx Express Global Super Hub, the United Parcel Service (UPS) Regional Sorting Hub and the United States Postal Service (USPS) Sorting Center.
INDIANAPOLIS — Gramercy Capital Corp. has acquired a two-property, 540,000-square-foot industrial portfolio in Indianapolis for $27.1 million. The portfolio is comprised of Class A buildings that are fully leased to three tenants with a 10.2-year weighted average lease term. According to Gordaon DuGan, CEO of Gramcery, the closing is the first in the company's new strategy to become a “premier net lease investor focused on office and industrial properties.”
RICHARDSON — NorthMarq Capital has secured $6 million in first mortgage refinancing for a four-property industrial portfolio totaling 186,376 square feet in Richardson. Ronald Reese of NorthMarq's Dallas office arranged the 10-year loan to amortize in 25 years. The loan was provided through a life company on behalf of the borrower, RMB Investments.
BATESVILLE, MISS. — St. Louis-based ElmTree Funds, a private equity investment firm, has closed on the sale of General Electric (GE) Aviation’s facility in Batesville as well as provided equity for two new GE Aviation facilities currently under construction in Auburn, Ala., and Ellisville, Miss. The total asset value for the three GE Aviation facilities is $87 million. All three of the projects are advanced manufacturing, warehousing and distribution facilities for GE, where the company will manufacture components for aircraft engines and systems. The Batesville facility is a recently expanded 330,000-square-foot warehouse and distribution facility with 27,500 square feet of office space on 87 acres. The project in Auburn will include a 279,000-square-foot warehouse and distribution facility with 24,000 square feet of office space on approximately 45 acres. Finally, the Ellisville project will include a 341,700-square-foot industrial facility with 30,000 square feet of office space on approximately 43 acres.
DULLES, VA. — Cambridge Holdings LLC has structured the $25 million sale of a 163,110-square-foot industrial building at 1501 Moran Road in Dulles on behalf of its seller, 1501 Moran Road LLC. Cambridge assisted in the building’s acquisition in December 2010 as well as its leasing to Cuisine Solutions, a regional food manufacturer that occupies the entire facility on a 20-year triple net lease basis. Marcus & Millichap represented the building’s buyer, W.P. Carey, a real estate investment trust (REIT).
ATLANTA — Chicago-based First Industrial Realty Trust, an owner and operator of industrial real estate and provider of supply chain solutions, has completed five lease agreements totaling 606,411 square feet in the Atlanta market in the third quarter of this year. First Industrial leased 111,435 square feet to Porex Corp., a developer and manufacturer of porous plastic products, at 4071 Southmeadow Parkway in Atlanta as well as 98,483 square feet at the facility to NGL Warehouse LLC, a provider of supply chain and logistics services. First Industrial also leased 38,493 square feet to a leading automotive parts and accessories company at 80 Liberty Industrial Parkway in south Atlanta. A national third party logistics provider signed a 252,000-square-foot lease renewal with First Industrial at 3060 South Park Blvd., which brought the bulk distribution facility to 76 percent occupancy. Finally, an automotive compressor manufacturer leased 106,000 square feet at First Industrial’s Valentine Farms Distribution Center at 596 Bonnie Valentine Way.