NEWPORT BEACH, CALIF. — Voit Real Estate Services has added 14 properties to its portfolio of asset and property management assignments throughout the Western U.S. These new assignments, which total 944,656 square feet, are located throughout Orange County, Calif., San Diego, Phoenix and Las Vegas. The 14 properties were won within the past 45 days.
CARSON, CALIF. — Herbalife International has signed a 10-year lease for 148,908 square feet of industrial space at 18431 Wilmington Ave. in Carson. The Class A space is within the master-planned Dominguez Technology Center. The facility will act as the company’s Los Angeles distribution headquarters. Herbalife will be relocating from its 82,000-square-foot space within the Watson Industrial Center, also in Carson. Herbalife was represented by JLL’s Mike McRoskey, Frank Scott, Tim O’Rourke and Barry Hill. The owner, Watson Land Company, was represented in-house by Lance Ryan and Mike Bodlovich.
BUFFALO, N.Y. — Buffalo-based Sovran Self Storage, Inc. has completed financing totaling $500 million of senior, unsecured debt. Sovran will use proceeds from a 10-year placed term note of $100 million as well as the proceeds from a 7-year, $125 million unsecured term loan to repay its $71 million outstanding on its line of credit and a $150 million term loan that matures in June 2012. A bank lending syndicate comprised of 10 lenders including M&T Bank, SunTrust Bank, U.S. Bank and Wells Fargo Bank has committed $100 million for a 7-year delayed draw note to provide Sovran funding to repay its maturing mortgage debt. Also, Sovran negotiated a $175 million, 5-year unsecured line of credit with an accordion feature of an additional $75 million and an extension provision of up to 2 additional years.
SOUTH BRUNSWICK, N.J. — G.S. Wilcox & Co. has refinanced a nine-building, 3.2 million-square-foot industrial portfolio at 1165 Cranbury S. River Rd. in South Brunswick for $36.73 million. The refinancing allows for a 3-year extension to the portfolio. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. refinanced the loan.
HOUSTON — Global Chemliquidation has leased two freestanding industrial buildings totaling 28,838 square feet in Houston. The buildings sit on 1.8 acres at 198 Hirsch Rd. Clay Pritchett of Holt Lunsford Commercial, Inc. represented the landlord, 1114, Ltd., in the transaction.
INDIANAPOLIS — Chicago-based Pearlmark Real Estate Partners has closed on a $6.5 million mezzanine loan for the 1.1 million-square-foot PepsiCo Distribution Center in Indianapolis. The property is leased to Quaker Sales and Distribution, a division of PepsiCo. Michael Girimonti and Mark Witt of Pearlmark arranged the financing.
IMPERIAL, MO. — Holland Construction Services has completed the $1.8 million renovation and expansion of the 55,647-square-foot H.W. Herrell Distributing Co. warehouse in Imperial. The project involved the rebuild of 11,000 square feet of the facility and the addition of 3,000 square feet of space.
NEWARK, N.J. — Forem Facility Management is developing a $65 million warehouse and distribution facility at 52-62 Cornella St. in Newark for Keasbey, N.J.-based Wakefern Food Corp. The 180,000-square-foot facility is slated to be delivered within 12 months and will serve ShopRite stores in New Jersey, New York and Pennsylvania. The project will bring 120 permanent jobs and approximately 175 construction jobs to Newark. The State Economic Development Agency has provided approval for Urban Transit Hub Credit for $45 million on a $65 million capital expenditure project. TD Bank has provided a leverage loan for approximately $27 million. Also, The Reinvestment Fund has provided a $2 million loan and Newark’s city government has provided a tax abatement. Brick City Development Corp. was involved with structuring the project financings and the entitlement process.
NORTON, MASS. — STAG Industrial, Inc. has acquired an $11 million, 194,975-square-foot warehouse and distribution facility in Norton. The facility is 100 percent leased to Plantation Products with more than 9 years remaining on the lease. The facility sits on 15.7 acres at 202 Washington St.
PHOENIX – Cincinnati Bell, a data center and telecommunications provider, plans to build a 1-million-square-foot data center near Phoenix, according to CFO Gary Wojtaszek, who made the announcement during a company conference call. Wojtaszek mentioned that Cincinnati was already in negotiations for a 40-acre parcel just outside Phoenix. He noted construction would begin in 2012, and that Phase I, which will likely consist of 40,000 square feet, would hopefully come online in 2013.