PICO RIVERA, CALIF. – An industrial property in Pico Rivera that contains 9,840 square feet of office space and 57,635 square feet of dock area has sold to Beverly Pico, LLC for $11.5 million. It is located at 9933 Beverly Blvd. The seller, NRC Realty & Capital Advisors, LLC, worked in cooperation with brokers from Burr & Temkin and Grubb & Ellis on this transaction.
CHICAGO — The Chicago office of Duke Realty Corp. has renewed industrial leases at four properties totaling 664,680 square feet. With these renewals, Duke Realty’s Chicago industrial portfolio is 99 percent leased. The properties include: the 145,00-square-foot TCG Packaging building in Bolingbrook with the Development Corp. representing TCG; the 187,000-square-foot Harmon industrial building in Bolingbrook with Colliers International representing Harmon; the 354,000-square-foot Innotrac building in Bolingbrook with CBRE representing Innotrac; the 304,634-square-foot Sysco Guest Supply building in Carol Stream with CBRE representing Sysco.
MONROE, N.J. — IDI is constructing Middlesex Center 2, a 751,450-square-foot warehouse building at Exit 8A of the New Jersey Turnpike. The building is expected to be complete in July 2013. Located in the 206-acre Middlesex Center, the property will feature customizable warehouse lighting, dock equipment and office space. The park also includes Middlesex Center 1, a 1.3 million-square-foot building. Additionally, plans call for the 450,000-square-foot Middlesex Center 3 building, which will be constructed in 2013.
PICO RIVERA, CALIF. – An industrial property in Pico Rivera that contains 9,840 square feet of office space and 57,635 square feet of dock area has sold to Beverly Pico, LLC for $11.5 million. It is located at 9933 Beverly Blvd. The seller, NRC Realty & Capital Advisors, LLC, worked in cooperation with brokers from Burr & Temkin and Grubb & Ellis on this transaction.
RIDGELAND AND CANTON, MISS. — Strategic Storage Trust Inc. (SSTI), a publicly registered non-traded REIT that invests in self-storage properties, has purchased two self-storage properties in Ridgeland and Canton for a total purchase price of approximately $10.7 million. The two properties include 900 units and 149,000 square feet combined and will be rebranded under the SmartShop Self Storage trade name. SSTI purchased all of the properties’ interests from several investors during a period of months.
MARIETTA, OKLA. — Dollar Tree, Inc. has plans to expand its 603,000-square-foot distribution center in Marietta by an additional 400,000 square feet. The $25 million expansion is anticipated to bring more than 100 full-time positions to the firm. Dollar Tree will finance the expansion using available cash. The Marietta facility currently supplies products to stores in 11 states. Construction on the expansion is scheduled to begin in February and will wrap up in the fall of 2013.
SACRAMENTO, CALIF. – A joint venture between Westcore Properties and a fund managed by DRA Advisors LLC has purchased an 11.1-million-square-foot industrial portfolio for $600 million. The 110-building portfolio is composed of 8 million square feet in Sacramento, along with nearly 3 million square feet throughout the Midwest. According to Jones Lang LaSalle, this was California’s largest industrial acquisition in 2012. It was also the second largest industrial acquisition in the U.S. over the same period. Mark Demetre, Bill Niethammer, Matt Lofrano and Mike Zimmermanof the firm’s Sacramento office represented both the buyer and the seller, JB Properties, in this transaction.
LA PORTE, TEXAS — Meritex has sold two industrial facilities, located at 9701 and 9705 State Highway 225 in La Porte, totaling 312,964 square feet. DCT Industrial Operating purchased the facilities, as well as development rights to an adjacent land parcel. Neither party was represented by a brokerage firm in the transaction.
SACRAMENTO, CALIF. – A joint venture between Westcore Properties and a fund managed by DRA Advisors LLC has purchased an 11.1-million-square-foot industrial portfolio for $600 million. The 110-building portfolio is composed of 8 million square feet in Sacramento, along with nearly 3 million square feet throughout the Midwest. According to Jones Lang LaSalle, this was California’s largest industrial acquisition in 2012. It was also the second largest industrial acquisition in the U.S. over the same period. Mark Demetre, Bill Niethammer, Matt Lofrano and Mike Zimmermanof the firm’s Sacramento office represented both the buyer and the seller, JB Properties, in this transaction.
PORTLAND, ORE. – An 84,000-square-foot industrial warehouse in Portland has received $2.8 million in first-mortgage refinancing. The single-tenant building is located at 7320 NE 55th Ave. It is occupied by Sapa Profiles. The loan boasts a 10-year term and a 20-year amortization schedule. Financing was arranged by Stuart Oswald of NorthMarq’s Seattle office on behalf of Skyport Properties, LLC. The funds were arranged through the firm’s relationship with a correspondent life company lender.