VIRGINIA BEACH, VA. — Stihl has plans to expand its U.S. headquarters, located in Oceana West Corporate Park at 536 Viking Dr. in Virginia Beach, by 53,256 square feet. The $10.3 million project will create 52 new jobs within 36 months. The company currently occupies more than 1 million square feet of industrial space in eight buildings at the property. Completion for the expansion is slated for the spring of 2012.
Industrial
BLOOMFIELD, N.J. — CBRE's Capital Markets' Debt & Equity Finance group has secured $47.5 million in construction financing on behalf of Prism Capital Partners LLC for The Parkway Lofts at Watsessing Station, a 361-unit redevelopment in Bloomfield. U.S. Bank provided the loan, which is for a three-year term with a single one-year extension. Prism plans to convert a 365,000-square-foot warehouse building into loft-style apartments. Phase II of the build-out will include a high-density residential village with 150 townhomes.
HOUSTON — Sugar Land-based ICO Commercial has arranged the sale of a 12,000-square-foot industrial property, located at 12111 Brittmoore Park Dr. in Houston. Payton Indermuehle of ICO Commercial represented the buyer, Innova Integrated Solutions, in the transaction. Steven O'Conner of Houston-based Southwest Realty Advisors represented the seller, Brittmoore Park Partners.
LOS ANGELES — Voit Real Estate Services has recently sold two industrial properties totaling 47,620 square feet within the Los Angeles area for $4.8 million. The first property is a 28,300-square-foot industrial building at 16000 Phoebe Ave. in La Mirada. It sold to Evergreen Packaging for $2.7 million. Evergreen was represented by Grubb & Ellis. Cameron Driscoll and Luke McDaniel of Voit’s Anaheim office represented the seller, InSite Realty Advisors. The second sale involved a 19,320-square-foot, single-occupant industrial building at 9046 Sorensen Ave. in Santa Fe Springs. It sold to Steven Label for $2.1 million. Steven Label was represented by Lee and Associates. Driscoll and McDaniel also represented this seller, Kearny Real Estate Company.
JACKSON, OHIO — Boston-based STAG Industrial Inc. has acquired a 307,000-square-foot warehouse and distribution facility in Jackson for $12.6 million. The building was constructed in 2001 as a build-to-suit and is fully leased to Gerdau Ameristeel Perth Amboy Inc., a long steel manufacturer.
MESQUITE — Lee & Associates has arranged the sale of a 10.86-acre tract of land, located at Big Town Boulevard in Mesquite, to be used for industrial purposes. Mark Graybill of Lee & Associates' Dallas/Fort Worth office represented the seller, Dallas-based Royalton Real Estate Capital, in the transaction. Union Pacific was the buyer.
PLANO — NorthMarq Capital has arranged $3.25 million in first mortgage financing for the 140,130-square-foot Jupiter Business Park, an industrial property located at 1111 Jupiter Rd. in Plano. Ronald Reese of NorthMarq's Dallas office arranged the 7-year loan with a 25-year amortization schedule through Summit Investment Advisors on behalf of the borrower, Jupiter Business Park Ltd., an entity controlled by Los Angeles-based Mindlin Cos.
VIRGINIA BEACH, VA. — Cushman & Wakefield/Thalhimer has arranged the $5.4 million sale of Parkway 3 & 4, two office/warehouse buildings totaling 64,186 square feet located at 2697 International Pkwy. in Virginia Beach. Katherine Campbell of Cushman & Wakefield/Thalhimer's Virginia Beach office represented Virginia Beach-based Continental Properties Corp., the seller, in the transaction and procured the buyer, Santa Fe, N.M.-based Rosemont Realty.
KINROSS, MICH. — Mascoma Corp., a renewable fuels company, has signed a cooperative agreement with the U.S. Department of Energy (DOE) to assist in the design and construction of a commercial-scale hardwood cellulosic ethanol facility in Kinross. The cooperative agreement provides $80 million in DOE funding. The facility will convert hardwood pulpwood to ethanol. Construction of the Kinross plant in Michigan's Upper Peninsula is expected to begin in the next three months, and is slated for completion in 2013. Kinross Cellulosic Ethanol LLC, a joint venture formed by Mascoma and Valero Energy Corp., will develop and operate the Kinross plant.
LENEXA, KAN. — All American Supply Co. has renewed its lease for 49,775 square feet of industrial space at Lenexa Industrial, located at 9775 Lackman Rd. in Lenexa. Matthew Severns of Kessinger / Hunter & Co. represented the landlord, TAK Properties, in the deal. Tom Haverty of Colliers International represented the tenant.