LAKE MARY, FLA. — Regions Bank has sold a 562,817-square-foot industrial building, located at 2452 Lake Emma Rd. in Lake Mary, to American Real Estate Partners for $9 million. Lisa Bailey of Orlando, Fla.-based Morrison Commercial Real Estate and Ross Kirk of Tampa, Fla.-based CLW Property Services Group represented the seller in the transaction. Karen Poydenis of Vero Beach, Fla.-based Poydenis Properties represented the buyer.
Industrial
PORTAGE, IND. — Austria-based Fronius USA has acquired the 399,500-square-foot The Randolph, an industrial facility located at 1575 Louis Sullivan Dr. in Portage, for an undisclosed price. The building will serve as the company's North American headquarters starting in the third quarter of 2012. Chris Gary of NAI Hiffman's Oakbrook Terrace, Ill., office represented Lincoln National Life Insurance Co., the seller, in the transaction. Jason West of Cushman & Wakefield's Rosemont, Ill., office represented the buyer.
OTTAWA, ILL. — Oakbrook, Ill.-based Inland Western Retail Real Estate Trust has sold the 1 million-square-foot PetSmart distribution center, located at 910 E. Stevenson Rd. in Ottawa, to an undisclosed buyer for $48 million. Broker information was undisclosed.
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.
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.