GRAND PRAIRIE — Colliers International has arranged Delta Group Electronics' $1.5 million lease of 50,000 square feet of industrial space, located at 2920 N. Highway 360, Suite 100 in Grand Prairie. Tom Pearson and Chris Teesdale of Colliers International's Dallas office represented the tenant in the transaction. The landlord is TIAA.
DESERT HOT SPRINGS, CALIF. – The Caliente Springs RV & Self Storage in Desert Hot Springs has sold to an unnamed buyer for $3.1 million. The 139,033-square-foot property is located at 15305 Little Morongo Road. Both the buyer and the unnamed seller were represented by Stephen Grossman of NAI Capital’s Orange County office in cooperation with C-III Realty Services, LLC.
WASHINGTON, D.C. — Federal Capital Partners (FCP) and Self Storage Zone have formed a joint venture to acquire a property at 645 Taylor St. in Washington, D.C.’s Brookland submarket from Capital Area Food Bank. The joint venture will redevelop the property into a three-story, 78,600-square-foot self-storage facility, which is planned for completion in spring 2014. It marks the first self-storage investment for FCP.
SIMPSONVILLE, S.C. — Blevins Inc., a supplier of manufactured housing products, has purchased an approximately 60,000-square-foot industrial property situated on 3.3 acres at 313 Standing Springs Ct. in Simpsonville from T. Walter Brashier for $1.4 million. Blevins is expanding its operations in the Greenville, S.C., area. Brian Young of Cushman & Wakefield/Thalhimer represented Blevins.
INDIANAPOLIS — Work is complete on the new 376,000-square-foot regional distribution and logistics headquarters for Regal Beloit Corp. in Indianapolis. The property is located in AllPoints Midwest, an industrial park being jointly developed by Browning and Duke Realty. The build-to-suit facility is seeking LEED certification, and the building includes water-efficient plumbing fixtures and high-efficiency heating. Regal Beloit is one of the largest manufacturers of electric motors in the world.
COPPELL — Stream Realty Partners has renewed its lease for 100,808 square feet of industrial space at 555 Airline Drive in Coppell. Blake Kendrick of Stream Realty represented the landlord, IndCor, in the lease transaction. Jean Russo of Cushman & Wakefield represented the tenant, Rediform.
NEWARK, CALIF. — CapRock Partners has purchased a 237,933-square-foot headquarters and manufacturing property in Newark for an undisclosed sum. CapRock came into possession of the asset after purchasing its non-performing note. The previous owner recently vacated the property, which is located at 39889 Eureka Drive. It contains 190,827 square feet of warehouse space, 41,600 square feet of offices, and 5,506 square feet of testing and repair space. CapRock plans to lease or sell the building to a single entity. CBRE’s Chip Sutherland and Greg DeLong are handling the building’s marketing efforts.
CHARLESTON AND MOUNT PLEASANT, S.C. — Strategic Storage Trust Inc. (SSTI), a publicly registered non-traded REIT that invests in self-storage properties, has completed a three-phase $75 million acquisition of a 16-property portfolio with 8,560 self-storage units in South Carolina, Florida and Georgia. SSTI recently closed the last phase of the portfolio acquisition, which includes six self-storage properties and 3,740 units in Charleston and Mount Pleasant for approximately $38.7 million. The properties will be rebranded as SmartStop Self Storage. SSTI purchased the first phase of the portfolio in August.
HUDSON, OHIO — Hudson Business Park LLC has acquired a $3.1 million industrial facility from Duro Bag Manufacturing Co., the largest manufacturer of paper bags for grocery, food service and pharmacy. The 147,000-square-foot facility is located at 486 Baer Road in Hudson. Stephen Bove and Laurence Bergman of NAI Bergman and Steve Nilsson of Colliers International represented the seller in the transaction. Sandy Barin of CBRE Group represented the buyer.
SOUTH BEND, IND. — Garrison Investments has acquired a 538,500-square-foot distribution building at 1902 W. Sample St. in South Bend. The property was formerly used by a Massachusetts-based retailer for storage and distribution of merchandise. Built in 2005, the single-story building includes 24,500 square feet of air-conditioned office space and 88 dock doors. The building is approximately two miles from U.S. Highway 31/20. Binswanger represented both parties in the transaction.