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.
PLANO — Mobile Fixture & Equipment Co., a kitchen equipment supplier based in Mobile, Ala., has leased 23,979 square feet of office/warehouse space at 1701 E. Plano Parkway in Plano. Michael Grant and Susan Singer of Dallas-based Bradford Commercial Real Estate Services represented the landlord, Illinois-based International Airport Centers, in the transaction. Greg Blandford of Position Property Group represented the tenant.
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.
COMPTON, CALIF. – Prologis has acquired a 132,926-square-foot industrial property in Compton for $9.1 million. It is located at 175 East Manville Street. The firm plans to renovate the building. Peter D. Bacci and Jack Cline of Lee & Associates represented both Prologis and the seller, Felix Family Trust, in this transaction.
ANDOVER, MASS. — 3D Systems has signed a lease for 57,600 square feet of industrial space at 19 Connector Road in Andover. The company provides 3D content-to-print solutions for customers. 19 Connector Road is a 76,800-square-foot building, which features 20-foot clear ceiling heights. Greg Klemmer and Tim Brodigan of NAI Hunneman represented the landlord, 19 Connector Road Realty Trust, in the transaction.
COMPTON, CALIF. – Prologis has acquired a 132,926-square-foot industrial property in Compton for $9.1 million. It is located at 175 East Manville Street. The firm plans to renovate the building. Peter D. Bacci and Jack Cline of Lee & Associates represented both Prologis and the seller, Felix Family Trust, in this transaction.
ORLANDO, FLA. — A joint venture between West Palm Beach, Fla.-based McCraney Property Co. (MPC) and New York-based Clarion Partners will develop three industrial buildings on 25.3 acres at Orlando Central Park in Orlando. A 150,000-square-foot building for Dade Paper is already under construction and two additional buildings will be built on spec with 225,000 square feet of rentable space. Construction of the first spec building is expected to break ground in the first quarter of 2013.
WATERVILLE, MAINE — ARC/Architectural Resources Cambridge has completed the design of the new $11 million biomass plant at Colby College in Waterville. The new 13,000-square-foot facility is expected to reduce the college's dependence on oil by 90 percent. The plant will burn forest waste and debris — treetops and bark that cannot be used by other pulp operations — instead of oil. Colby received a $750,000 grant from Efficiency Maine to assist with the project. The new power plant will provide thermal and partial electrical service to 30 campus buildings. The cost savings of switching to biomass is expected to pay for the building in six to 10 years.