CHICAGO — Chicago-based Paine/Wetzel – ONCOR International has negotiated the sale of a 168,350-square-foot industrial building at the Stockyards Industrial Park, located at 4130 S. Morgan St. in Chicago, to Key Foods Services. Brad Weiner of Paine/Wetzel – ONCOR and George Maragos of CB Richard Ellis' Chicago office represented the seller, Morse Automotive, in the transaction. Sally Macoicz of Cushman & Wakefield's Chicago Downtown office represented the buyer.
Industrial
CLEVELAND — Grubb & Ellis has arranged the $2.67 million purchase of a 92,500-square-foot industrial building located at 15825 Industrial Pkwy. in Cleveland. National Safety Apparel will occupy the facility. Terry Coyne of Grubb & Ellis' Cleveland office represented Sottile Investments, the buyer, in the transaction.
NEW YORK CITY — New York City-based Clarion Partners has acquired a 2.8 million-square-foot industrial portfolio from Prologis, Inc. spanning six states for $118 million. The portfolio consists of 13 distribution properties in Columbus, Ohio, Dallas, Indianapolis, Phoenix, Salt Lake City and Tracy, Calif. The Class A properties average 90 percent occupancy.
AUSTIN — A newly formed joint venture between Brennan Investment Group and TriGate Capital has acquired a 137,635-square-foot industrial portfolio in Austin, marking the joint venture’s first acquisition. Transwestern’s Luke Wheeler and Hale Umsted represented the seller, Unum Group, and CB Richard Ellis’ John Barksdale and Greg Marberry represented the joint venture. The portfolio includes three buildings in three separate submarkets of Austin that are currently 76 percent occupied by 11 tenants. The joint venture received acquisition financing from Aetna, Inc. and they plan to make capital improvements to the facility in the near future.
VISALIA, CALIF. — Westcore Properties has purchased West Ferguson, a two-building industrial property totaling 280,290 square feet in Visalia, for $7.95 million. This is the fifth industrial park Westcore has acquired in the Central and Northern California regions in the past few months. The other four properties total 625,730 square feet. West Ferguson is currently 18 percent leased. Its sole tenant is STIHL American LLC. Palmer-Capital’s Brandon Banks represented Westcore Properties in this transaction. The seller, The Allen Group, represented itself.
VAN NUYS, CALIF. — Rexford Industrial’s Fund V REIT (“RIF V) has purchased two industrial buildings totaling 30,000 square feet in Van Nuys for $2.7 million in an all-cash, off-market transaction. The company plans to complete exterior and interior renovations on the vacant properties. Ron Feder of RJ Feder & Associates represented both Rexford Industrial and the seller in this transaction.
GRIFFIN, GA. — HK Logistics has plans to build a $30 million, 160,000-square-foot industrial facility, located at 375 Green Valley Rd. in Griffin at the Green Valley Industrial Park. The facility will house office space and a variety of high-density storage systems. Completion is slated for the summer of 2012.
PERRYSBURG, OHIO — Chrysler Group has plans to invest $72 million in its more than 1.2 million-square-foot Toledo Machining Plant in Perrysburg to produce new generation front-wheel and rear-wheel drive torque converters and steering columns. The investment will fund the installation of new equipment and special tooling to modernize and enhance the plant's capability. Construction is expected to begin in the third quarter of 2011 with completion slated for the first quarter of 2013.
LENEXA, KAN. — Biomune Co. d/b/a CEVA has signed a 45,000-square-foot lease at the Meritex Lenexa Executive Park, located at 17501 W. 98th St. in Lenexa. Thomas Haverty and John Stafford of Colliers International's Kansas City, Mo., office represented the landlord in the lease transaction, and Jack Allen of Kansas City-based Karbank Real Estate Co. represented the tenant.
NORWOOD, MASS. — Illinois Tool Works, Inc. has signed a long-term lease extension for 110.194 square feet of flex space at 825 University Ave., a 166,574-square-foot office/research and development complex in Norwood owned by KBS Capital Advisors. Mike Frisoli and J.R. McDonald of Cushman & Wakefield’s Boston office represented Illinois Tool Works, and Brian McKenzie, John Lashar and Rob Byrne of Richards Barry Joyce & Partners represented the landlord, KBS.