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.
Industrial
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.
GREENCASTLE, PA. — World Kitchen, a kitchenware provider, has signed two leases for industrial space totaling more than 1.6 million square feet in Greencastle and Riverside, Calif. The Greencastle location features 1 million square feet. World Kitchen plans to invest $10 million to create 20,000 square feet of new office space, replace HVAC systems throughout the facility and make other upgrades. Site work will include the expansion of trailer parking by more than 150 stalls. Michael Flynn and Jason Wurtz of NAI Hiffman represented World Kitchen in the Greencastle lease. Matrix Development Corp. represented the landlord.
WOODBURN, ORE. — A 146,465-square-foot industrial property in Woodburn has sold to Wilson Construction for $2.7 million. The stand-alone manufacturing facility is located at 2450 Progress Way. The seller, Supreme Indiana Operations, a subsidiary of truck body manufacturer Supreme Corporation, was represented by Mark Hush and Pat Ulch of Newmark Grubb Knight Frank.
BRIDGEPORT, N.J. — Mesa West has arranged $14 million in first mortgage debt to recapitalize 200 Birch Creek Road in Bridgeport, a vacant 597,000-square-foot warehouse and distribution center in Bridgeport. The borrower was a partnership between Hillwood Investment Properties and Brookfield Asset Management. The partnership was formed earlier this year to invest up to $1 billion in industrial properties over the next three years. Hillwood and Brookfield acquired the asset from Cornerstone Real Estate Advisors in August, which is located within the Pureland Industrial Complex.
MAGNOLIA — Boyd Commercial/CORFAC International has arranged a 97,000-square-foot industrial lease, located on 9.4 acres at 5434 FM 1488 in Magnolia, to Complete Drilling Solutions. The property features 3,000 square feet of office space, 8,000 square feet of shop space, 86,000 square feet of manufacturing/warehouse space, three five-ton bridge cranes, one three-ton bridge crane, 10 grade-level doors and five truck docks. David Boyd of Boyd/CORFAC represented the landlord, Florida-based Silverstein Enterprises of Magnolia, in the lease transaction. Steve Kuper and Preston Yaggi of The National Realty Group represented the tenant.
WOODBURN, ORE. — A 146,465-square-foot industrial property in Woodburn has sold to Wilson Construction for $2.7 million. The stand-alone manufacturing facility is located at 2450 Progress Way. The seller, Supreme Indiana Operations, a subsidiary of truck body manufacturer Supreme Corporation, was represented by Mark Hush and Pat Ulch of Newmark Grubb Knight Frank.
DENVER – A 77,210-square-foot lot in Denver that contains three industrial buildings has sold to WalBlake, LLC for $3.3 million. This was the highest price per square foot paid for land in the RINO district, according to Sam Leger and Tim Finholm of Unique Properties, LLC – TCN Worldwide. The pair represented the sellers, Gregory Land Co. and Gregory Companies, in this transaction. The property is located at 3601-3655 and 3707 Walnut Street.
FORT WAYNE, IND. — Hall Aluminum Products has signed a lease for 47,668 square feet of industrial space at 2701 S. Coliseum Blvd. in Fort Wayne. The company designs, installs and repairs commercial architectural glass. Mike Dahm of NAI Harding Dahm represented the landlord, Wayne Coliseum Limited, in the transaction. He also represented the tenant.