GARLAND — Dallas-based Westmount Realty Capital has purchased the 1.13 million-square-foot Garland Business Park, a dry storage and freezer/cooler distribution center located at 2600 McCree Road in Garland. Westmount plans to rebrand the center as Garland Logistics Park and will budget as much as $12 million during the next three years for renovations and upgrades. The distribution center is currently 70 percent leased.
LAS VEGAS – A 153,000-square-foot industrial property near McCarran International Airport in Las Vegas has sold to CIP Real Estate for $4 million. It’s located at 6620 Escondido Street. CIP plans to invest more than $200,000 in capital improvements for the property. The purchase was carried out in a joint venture with a real estate investment fund managed by Blue Vista Capital Partners. CIP represented itself in the transaction, while the seller, the Engelstad family, was represented by Brian Riffel of Colliers. Riffel will continue to serve as leasing broker for CIP.
CICERO, ILL. — Cabot Properties has purchased Building II of the Cicero Business Center, a 291,814-square-foot industrial building in Cicero. The property is fully leased to Cloverhill Pastry-Vend LLC. Steve Disse and Jeff Devine of Colliers International represented the seller, Opus Development Corp., in the transaction.
ELMWOOD PARK, N.J. — A joint venture between Prism Capital Partners and The Davis Cos. has acquired 41 Slater Drive a 180,000-square-foot industrial building in Elmwood Park. The seller was an affiliate of paper products manufacturer Marcal. Constructed in 1972, the property is situated on 11 acres at the intersection of I-80 and River Road. The property consists of 145,000 square feet of warehouse space that is leased to Marcal Paper and 35,000 square feet of office space that is leased by Bio-Reference Laboratories.
DEVENS, MASS. — Saint-Gobain has signed a lease for 200,000 square feet of industrial space at 112 Barnum Road in Devens. The French multinational corporation plans to invest $31 million in the facility and hire 90 new employees to manufacture a component of LEDs (light emitting diodes) for one of its divisions, Saint-Gobain Crystals. Production is expected to begin in early 2013. Robert Gibson and Ed Jarosz of CBRE Group represented the owners, Hackman Capital and Calare Properties, in the transaction.
HANOVER, MD. — Cushman & Wakefield has arranged the $8.25 million sale of a 125,000-square-foot industrial property, located at 7495 Race Road in Hanover. The property is currently vacant. Cristopher Abramson, Brian Kruger, Nicholas Signor, Michael Elardo and Jared Ross of Cushman & Wakefield represented the seller in the transaction. Plymouth Meeting, Pa.-based Exeter Property Group was the buyer.
CHICAGO — Brennan Investment Group has purchased a five-building industrial portfolio of surplus corporate warehouse facilities in Chicago from Wisconsin-based Oshkosh Defense. The portfolio totals 149,946 square feet. Brennan has secured a lease for 50 percent of the portfolio from US Glu Lam Inc., a structured wood products distributor. Walter Murphy of Lee & Associates in Chicago represented the seller in the transaction.
FORT WAYNE — Greatbatch Medical has opened a $17.5 million manufacturing center in Fort Wayne. Greatbatch, a subsidiary of Greatbatch Inc., designs and manufactures orthopedic instruments and devices. The facility contains 80,000 square feet. The new center will develop instruments for hip procedures and spine fixation, as well as fracture fixation implants and implementation for orthopedic medical device companies. The company employs more than 100 people in northeast Indiana.
LEVELLAND — The Levelland Economic Development Corp. and Titan Transloading have come to an agreement with their lenders to break ground on a $5.1 million transloading facility in the Levelland Industrial Rail Park. The facility will consist of four 2,000-ton overhead silos and a 20,000-square-foot warehouse. Additionally, Titan Trucks has added $3.65 million in equipment, mostly trucks and trailers.
NEW YORK CITY — Hudson Realty Capital has arranged a $6 million construction loan for a vacant industrial loft building in the North Williamsburg section of Brooklyn. The property owner plans to renovate the five-story building and reposition it as a residential condominium. Once complete, the building will feature a mix of studio, one-, two- and three-bedroom units, as well as loft apartments.