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.
Industrial
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.
FORT WORTH — Touchstone Wireless Repair and Logistics has signed an 85,002-square-foot lease expansion at 4500 Cambridge Rd. in Fort Worth, bringing the company’s total square footage to 216,300 square feet at the site. John Brewer and Steve Koldyke of CB Richard Ellis represented the landlord, TIAA-CREF, and Jones Lang LaSalle’s Dave Richards, Michael Corr, Nathan Orbin, Denice Michel and Ben Phillips represented Touchstone.
CEDAR CITY, UTAH – Binswanger has sold a 212,042-square-foot industrial building in Cedar City to Jim Pattison Developments. The company plans to use this building as an expansion for its Genpak subsidiary, which already has a significant presence in the Cedar City market. The facility boasts 112,000 square feet of manufacturing space, 93,832 square feet of warehouse space and 6,210 square feet of office space. The transaction was executed by Eric Dienstbach, a senior vice president for Binswanger.
DORAL, FLA. — Terreno Realty Corp. has acquired a 40,000-square-foot industrial property, located at 11460 NW 39th St. in Doral, for $4.4 million. The property is currently 100 percent leased to one tenant. The seller and brokers were undisclosed.