WHIPPANY, N.J. — Griffin Capital Net Lease REIT has purchased a 114,300-square-foot assembly and manufacturing facility at 110 Algonquin Parkway in Whippany for $13 million. The property is fully leased to GE Aviation Systems, a division of General Electric Co. The building is approximately 25 miles northwest of Newark Liberty International Airport. Griffin Capital is a non-traded REIT that is the flagship of Griffin Capital Corp. of Los Angeles.
DALLAS — New York-based DRA Advisors has selected Dallas-based Stream Realty Partners to provide property management and leasing services for a portfolio of industrial properties in Texas and Georgia it acquired from Weingarten Realty Investors, which totals approximately 7 million square feet. The properties span across Atlanta, Austin, Dallas, Houston and San Antonio. Stream's leasing and management portfolio now totals nearly 85 million square feet.
MARSHALL — Levey Group recently executed a 10-year, build-to-suit lease agreement with Houston-based Philips Service Corp. (PSC) to construct a 28,000-square-foot industrial facility, located on a 9-acre tract of land along Highway 20 in Marshall. Levey Group will purchase, develop and own the site. Levey Construction, a division of Levey Group, is slated to break ground on the warehouse and crushed concrete laydown yard in September.
OAK BROOK, ILL. — Oak Brook-based Inland Real Estate Acquisitions has purchased a portfolio of nine retail bank branches located in Ohio, North Carolina, Florida and Georgia for a total of approximately $18.6 million. The portfolio includes five Ohio properties leased to KeyBank N.A., two Regions Bank locations in Georgia and two BB&T locations in North Carolina and Florida, which total 42,882 square feet. The buyer was self-represented by Joe Cosenza.
MELBOURNE, FLA. — A 124,000-square-foot industrial building, located on 3900 Sarno Road in Melbourne, has sold to a local church for $2.5 million. The building, which was vacant at the time of the sale, includes 10,000 square feet of mezzanine space and 114,000 square feet of warehouse space. A local CBRE broker represented the seller, Roseview’s bank client, in the transaction. The Roseview Group oversaw significant improvements to the property, including a complete cleanup and mold removal.
AURORA, ILL. — Midwest Warehouse, a third-party logistics firm, has signed a lease for 59,521 square feet of industrial space at 2707 Eola Rd. in Aurora. The 251,768-square-foot building is located just north of I-88. Brad Borkowski and Tim Thompson of HSA Commercial Real Estate represented the tenant in the transaction. David Prioletti and Kip Hennelly of CBRE represented the owner, Manulife Financial.
MUHLENBERG TOWNSHIP, PA — A limited partnership sold Premium Business Center in Muhlenberg Township, Pa., for $17.05 million. The partnership is comprised of Endurance Real Estate Group of Bala Cynwyd, Pa., Brasler Properties of Philadelphia and Thackeray Partners of Dallas. STAG Industrial of Boston acquired the 400,414-square-foot property. The fully leased facility contains warehouse, distribution and production space, and is located at 171-173 Tuckerton Rd. Michael Blunt, Michael Hines, Brad Ruppel and Paul Touhey represented the seller in the transaction.
BUENA PARK, CALIF. — Commerce Center at Buena Park, a two-building industrial/cold storage facility, has sold to an undisclosed buyer for an undisclosed sum. The 84,600-square-foot building at 6625 Caballero Blvd. is fully leased to Legacy Farms, while the 140,000-square-foot building at 6535 Caballero Blvd. is fully leased to Fresh Food Concepts. CBRE’s Darla Longo, Barbara Emmons, Art Rasmussen and Rick McGeagh represented both the buyer and the seller, a joint venture between affiliates of Westcore Properties and Dune Real Estate Partners LP, in this transaction.
SAN ANTONIO — Kotel Investments has purchased a 40,330-square-foot industrial property, located at 12066 Starcrest Drive in north central San Antonio. The property consists of five tenants, including Soccer Factory and Ducati of San Antonio. Joshua Swank of Alamo Real Estate Brokers represented the buyer in the transaction.
AUSTIN — Oxford Commercial has arranged the lease of 31,298 square feet of industrial space at Tuscany 2, located at 9011 Tuscany Way in Austin. Joe Brockman of Oxford Commercial represented the tenant, Sherri Hill, in the lease transaction. Ace Schlameus of HPI represented the landlord. Oxford Commercial is a Cushman & Wakefield Alliance member.