SANTA ANA, CALIF. – A 39,630-square-foot industrial building in Santa Ana has sold to Freeway Industrial Park for $4.95 million. The property is located at 3900 W. Segerstrom Ave. Freeway Industrial was represented by Mike Long of Lee & Associates – Newport Beach. The seller, Todd I. Shiffman Trust, was represented by John Griffin of Voit Real Estate Services.
TEMPE, ARIZ. – MTD Southwest has signed a lease renewal for 81,200 square feet of warehouse and distribution space in Tempe. The property is located at 9235 S. McKemy Street. MTD Southwest was represented by James Harper of Cassidy Turley BRE Commercial. The landlord, McKemy Holdings, represented itself in this transaction.
DENVER — JCR Capital (JCR) has allocated $25 million for CapRock Partners to purchase distressed assets and non-performing industrial loans throughout California. The capital was originated through JCR’s second fund, the JCR Commercial Real Estate Finance Fund II, L.P. (Fund II). This fund is open to new investors through the end of 2012. CapRock and the Denver-based real estate fund manager have already teamed up on three investments through this new joint venture, which totaled $10.2 million.
LOS ANGELES — DCT Industrial Trust has agreed to purchase a four-property portfolio totaling 563,000 square feet for an undisclosed sum. The portfolio contains three properties within the Los Angeles International Airport submarket and one property within the Chicago O’Hare International Airport submarket. The Class A air freight buildings boast a 99.6 percent total occupancy rate. They are leased to eight tenants. The off-market transaction is anticipated to close in the fourth quarter of 2012.
MEBANE, N.C. AND DALLAS, GA. — STAG Industrial has purchased three industrial buildings totaling 518,383 square feet, for $19.8 million. Two of the buildings are located in Mebane and one is located in Dallas. The properties include two warehouse and distribution facilities and one light manufacturing facility, which are fully leased to Armacell, with an average remaining lease term of 12 years.
CHICAGO — DCT Industrial Trust has agreed to purchase four industrial assets totaling 563,000 square feet, including one facility in the Chicago O'Hare International Airport submarket. The Class A air freight buildings are situated in prime distribution locations. The additional three facilities are in the Los Angeles International Airport submarket. The portfolio is 99.6 percent occupied by eight tenants. The off-market transaction is expected to close in the fourth quarter of this year.
ASHLAND, VA. — CapLease has entered into a build-to-suit agreement to construct a $20 million, 311,730-square-foot distribution warehouse, located in Ashland, on behalf of Vitamin Shoppe Industries. The company has entered into a 15-year net lease that will commence upon completion of construction, which is slated for the second quarter of 2013.
SHOALS, ALA. — Firestone Building Products plans to add 150,000 square feet to its manufacturing plant, located at 393 Denton Circle in Shoals. The facility manufactures thermoplastic polyolefin (TPO) single-ply roofing membranes. Groundbreaking is scheduled for the second week in September, with completion slated for the second quarter of 2013. The investment will create approximately 40 permanent jobs once the plant is fully functional in July 2015.
COLUMBUS, IND. — Browning plans to construct a 468,000-square-foot manufacturing and assembly facility for The Phoenix Group in the Woodside Northwest Park in Columbus. The Phoenix Group is a supply chain management company with a client base that includes NTN Driveshaft and Alpine Electronics of America. The $15 million will be located on International Drive with direct access to I-65. The project is expected to break ground in October with completion scheduled for August 2013.
SOUTH BRUNSWICK, EDISON, ELIZABETH AND BAYONNE, N.J. — An affiliate of Cohen Asset Management has purchased a nine-building industrial portfolio totaling 2.6 million square feet in northern New Jersey. The portfolio is primarily composed of warehouse and office space in port-centric locations in South Brunswick, Edison, Elizabeth and Bayonne. The buildings are 98 percent leased to a diverse base of tenants. Michael Nachamkin led the HFF team that represented the seller, Avidan Management LLC, in the transaction.