Phoenix – Cassidy Turley BRE Commercial has sold Falcon Commerce Park, a single-tenant industrial building, to JT Technical Holdings for $965,000. The buyer is relocating to the 15,298-square-foot building, which was built in 2008. Paul Boyle and Rick Danis, executive vice presidents with Cassidy Turley BRE Commercial’s Investment Services Group, represented the sellers, Arizona Graystar Return. Steve Larsen of Colliers represented the buyers.
Industrial
ELKIN, N.C. — Binswanger has brokered the sale of a 416,007-square-foot industrial facility located on 37.4 acres at 300 Candle Wycke Lane in Elkin. The facility features Interstate 77 frontage. Pittsburgh Glass Works purchased the property and plans to open a new manufacturing facility in it. Doug Faris of Binswanger represented the seller, Midwest-CBK Inc., in the deal. The acquisition price was not disclosed.
MIDDLEBURG HEIGHTS, OHIO — The 43,150-square-foot warehouse/distribution facility, located at 6760 Eastland Rd. in Middleburg Heights has sold for $1.2 million. The facility features 26-28' clear ceiling height, 18 docks, one drive-in door and 6,000 square feet of office space. The buyer, Equitable Holding Co., was represented by Terry Coyne of Grubb & Ellis Co.'s Cleveland office and Bruce Granger of the Rosemont, Ill., office. The seller, Trustees of Laurence Consolidated Trust, was represented by Jeff Rudy of Independence, Ohio-based Pinnacle Real Estate Services.
FORT WORTH — GE Transportation, a manufacturer of rail and transportation products, intends to open a new locomotive manufacturing facility in Fort Worth. GE will invest up to $96 million in the new plant and will create more than 500 new high-tech manufacturing jobs. Production is scheduled to start by 2012 as a 900,000-square-foot facility is under consideration. GE anticipates launching its formal hiring process for both salaried employees and production workers for the facility later this year. Production workers will include welders, assemblers, painters and related skilled labor. The state of Texas will commit up to $4.2 million in incentives toward the project through the Texas Enterprise Fund (TEF).
FORT WORTH — Baker Tankhead, a manufacturer of tank heads, hotforming services, cones, manways, rolled shells and other products for various industries and applications, has acquired a 51,000-square-foot office and warehouse facility in Fort Worth. Located at 10405 N. Freeway, the facility is situated adjacent to Baker Tankhead's corporate headquarters. Local investors James and Marilyn Helzer sold the property to Baker Tankhead. Dan Spika of Henry S. Miller Brokerage's Dallas/Fort Worth office and industrial division arranged the acquisition on behalf of Baker Tankhead.
IRVINE, CALIF. – CIP Real Estate has acquired an 188,000-square-foot multi-tenant industrial portfolio for $14 million. The portfolio includes the six-building, 150,000-square-foot Indiana Business Park in Riverside; the 16,000-square-foot Cerritos Industrial Park in Cerritos and the 22,000-square-foot Parkway La Mirada in La Mirada. CIP purchased the portfolio from Union Development Company. The deal included the assumption of an existing conduit loan.
CORBIN, KY. — Webbed Sphere Inc. has purchase the former American Greetings building, a more than 1 million-square-foot industrial property located on 108 acres in Corbin. Bruce Isaac of NAI Isaac Commercial Properties and Dov Sorotzkin of Newmark Knight Frank represented the seller. The purchase price was not released.
CRETE, ILL. — Josh Hearns and Terry Grapenthin of Cawley Chicago Commercial Real Estate have secured 12 acres in the Crete Park of Commerce in the Interstate 394 Corridor in Crete for Silliker, which plans to develop a 60,000-square-foot research and development facility for food testing. Silliker tests food for various national and local fast food chains. The new facility will consolidate Silliker's two locations in south Cook County, Ill.
PASADENA — Jacobson Warehouse Co. has signed a 436,410-square-foot industrial lease at Interport Distribution Center — Building Two, located at 13031 Bay Area Blvd. in Pasadena. Located in the southeast submarket serving the Port of Houston's container terminals, the Interport facility is equidistant from Barbours Cut Container Terminal and Bayport Container Terminal. John Talhelm, Will Swanson and Kevin Erck of Jones Lang LaSalle represented the landlord, FR/CAL Interport, LP, a property owned by the California State Teachers Retirement System (CalSTRS). Principal Real Estate Investors is the advisor to CalSTRS for the property with Sealy & Co. acting as the property manager. CB Richard Ellis (CBRE) represented Jacobson Warehouse Co. in the transaction.
ELKIN, N.C. — Midwest-CBK has sold its 416,007-square-foot industrial building, located at 300 Candle Wycke Ln. in Elkin, to Pittsburgh Glass Works. The building will be used as a new manufacturing facility to make automotive glass products. The seller was represented by Doug Faris of Binswanger's Charlotte, N.C., office.