MESA, ARIZ. — Turner Opportunity Fund has acquired a 40,869-square-foot industrial property consisting of 14 condominiums, located within the Superstition Springs submarket in Mesa, from First Community Bank of New Mexico. CB Richard Ellis’ Greg White and Greg Koestner represented both the buyer and the seller in the transaction. Newport Beach, Calif.-based Turner plans to sell individual units and also lease some with an option to buy.
CARMEL, IND. — Browning Construction has completed a 15,800-square-foot expansion project for ACES Power Marketing's existing 25,000-square-foot property in Carmel. Located in Mayflower Park, the new facility features an energy-efficient HVAC system; a state-of-the-art, raised access trading floor; executive offices; and two tornado-proof shelter areas. Browning Day Mullins Dierdorf provided architectural services for the project.
LOGAN, N.J. — Reno, Nev.-based developer Dermody Properties has sold a 599,500-square-foot distribution center in Logan to an undisclosed financial institution. Logisticenter at Logan is a Class A building located at 1150 Commerce Blvd. within a 1,100-acre, master-planned business park. The LEED-Silver facility was originally developed in 2007 for Kimberly-Clark. Dermody Properties' equity partner in the property was Boston-based Great Point Investors. The sale price was not disclosed, but the property traded at a 7.39 percent capitalization rate.
GREENVILLE — Dallas-based Langford Property Co. has purchased a 300,000-square-foot distribution facility on 95 acres in Greenville for an undisclosed price. Located at 1001 Ed Rutherford Dr., north of Interstate 30 and west of State Highway 69, the facility is home to tenants that include Rubbermaid, Atrium Door, Rock Tenn Corp. and Lance Foods. New York-based W.P. Carey sold the property to Langford, which has plans to develop or sell the vacant land.
NORTHLAKE, ILL. — Go To Logistics has broken ground for the development of a manufacturing facility in Northlake. Located at 165 W. Lake St., the 120,000-square-foot property will feature 73 docks, paved trailer storage for up to 100 trailers, 24-foot clearance height and 5,000 square feet of office space. Brian Carroll of Grubb & Ellis brokered the sale of a 231,000-square-foot building, which occupied the development site. The building was razed for the new facility, which was approved by Northlake for a Class 6 tax reduction program. Harris Architects and Triumph Development are designing and constructing the facility.
CHICAGO — Chica Marketplace LLC has acquired 55 Chicago Business Center, a 680,000-square-foot warehouse and office property located at 2600 W. 35th St. in Chicago. Situated on 17 acres, the single-story warehouse property features 26-foot clear ceiling heights, truck docks, drive-in capability, large open bays and heavy power. Additionally, the property offers a multi-story area with corporate office space and a commercial loft space. Edward Wabick of Paine/Wetzel • ONCOR International represented the buyer; Len Caldiera and Scott Deurkop of Jones Lang LaSalle represented the seller, Glazers of Illinois, in the transaction. the acquisition price was not released.
MESQUITE — Tipp Distributors, dba Novamex, a food distributor specializing in Mexican and Central American products, has signed a 144,000-square-foot lease at 4401 Samuell Blvd. in the Mesquite Business Center in Mesquite. Trace Elrod and Tommy Newton of JacksonCooksey represented Novamex in the 11-year lease, while Jeff Jackson and Bob Hagewood of Stream Realty's Dallas office represented the owner, Exeter Property Group.
RIVERSIDE, CALIF. — Grubb & Ellis has brokered Oakmont Industrial Group’s $7.1 million sale of a 150,109-square-foot warehouse/distribution property, located within Hunter Park Business Center at 1100 Citrus Ave. in Riverside, to A.M.A. Plastics. Built in 2007, the property will be fully occupied by the plastic injection molding and tooling organization for its corporate headquarters. Grubb & Ellis’ Milo Lipson and Ryan Velasquez represented the seller in the transaction, and Voit Commercial Brokerage’s Walter Frome represented the buyer.
VISTA, CALIF. — Lee & Associates has completed a 10-year, $6.7 million lease of a 98,000-square-foot industrial building located at 2633 Progress St. in Vista. The brokerage firm’s Adam Robinson, Isaac Little and Marko Dragovic represented the landlord, Wilco Investments, in the transaction, and Cassidy Turley/BRE Commercial’s Don Grant represented tenant, McCain Inc., which will be using the recently constructed, LEED-certified property for office, R&D, manufacturing and distribution purposes.
MILWAUKEE — Stephen Provancher and Vytau Barcas of NAI MLG Commercial have brokered the lease of an industrial space in Milwaukee. FM Industries has leased 16,362 square feet of industrial space at 4837 W. Woolworth Ave. from Burns-Woolworth LLC. The water pump distributor will use the new space to expand its company. Terms of the lease were not released.