SAN BERNARDINO, CALIF. — A joint venture has acquired the 1.4 million-square-foot Cajon Distribution Center located at 7010 and 7140 North Cajon Blvd. in San Bernardino. Terms of the transaction were not disclosed. Built in 2008, the Class A industrial center is a two-building, cross-dock property located on a 63-acre site in Southern California’s Inland Empire market. CB Richard Ellis’ Darla Longo and Peter McWilliams and Jones Lang LaSalle’s Mike McCrary represented the unnamed institutional seller in the transaction. The joint venture consists of San Diego-based Westcore Properties, Aliso Viejo, Calif.-based CT Realty Investors, PCCP LLC and Behringer Harvard.
Industrial
FOUNTAIN INN, S.C. —SAATI Americas Corp. has purchased a 260,000-square-foot warehouse from Kemet Electronics for an undisclosed amount. Located at 201 Fairview St. Ext. in Fountain Inn, the property will house SAATI's U.S. Composites and Protection division. The company expects to hire 80 employees in the next few years.
GREEN BAY, WIS. — The Milwaukee office of Grandbridge Real Estate Capital has originated and closed a $16.95 million loan for the refinancing of a 633,150-square-foot industrial property in Green Bay. Green Bay Converting Inc. owns and occupies the facility, which features 24,000 square feet of office space. Pat Dempsey and Jeff Schmidt of Grandbridge arranged the financing on behalf of the property owner-occupant. Funding for the transaction was provided by Portland, Maine-based UNUM Group through Kim White. The 13-year term loan was made for 70 percent loan-to-value with a fixed interest rate of 6.70 percent.
MILFORD, MASS. — R.W. Holmes Realty Co. has completed the sale of a 53,400-square-foot industrial facility in Milford for $2.65 million. The building, which is located at 49 Maple St., contains R&D and light manufacturing space. The buyer, Milford LLC, plans to use the building for its operations. Arthur Amadei and John Eysenbach of R.W. Holmes represented the buyer. Jeff Hamilton of CB Richard Ellis / New England represented the undisclosed seller.
TOLLESON, ARIZ. — Cole Real Estate Investments has acquired the 466,694-square-foot Home Depot Distribution Center, located within Tolleson Commerce Park in Tolleson, from USAA Real Estate Co. for $30.4 million. Constructed in 2010, the warehouse/distribution facility is NNN leased with 20 years remaining on the initial lease term. CB Richard Ellis’ Jack Fraker represented the seller in the all-cash transaction; Cole was represented in-house by Boyd Messmann.
GRAND RAPIDS AND WYOMING, MICH. — Colliers International has brokered two property sales in Western Michigan. In the first transaction, Wolverine Glass Products Inc. acquired a 53,472-square-foot industrial space at 5801 Clay St. in Grand Rapids. Matthew Abraham and Duke Suwyn of Colliers represented buyer; John Kuiper, Steve Marcusse and Tom DeBeor of Colliers represented the seller, Gill Properties, in the transaction. In the second transaction, Byron Bank completed the disposition of a 49,926-square-foot commercial space at 102 54th St. in Wyoming. Colin Kraay, Marcusse and Suwyn of Colliers represented the seller; Kraay, Kuiper and Suwyn represented the undisclosed buyer in the transaction. The acquisition prices were not released in either transaction.
HOUSTON — Furniture Brands has leased 109,386 square feet of warehouse space from Panattoni Development Co. in the Airtex Industrial Center, bringing the building's occupancy to 100 percent. The 486,720-square-foot property is located at 14810 North Freeway in Houston. Addition tenants include Houston Furniture Partners and Velocity Acquisitions. CB Richard Ellis' Patrick Rollins and Joseph Smith represented the tenant. Colliers Houston's Gary Mabray and Walker Barnett represented Panattoni.
SIMI VALLEY, CALIF. — Colliers International has completed the $11.42 million sale of a two-building, office and industrial property located at 2900-2950 Madera Rd. in Simi Valley. Buyer Kingsbridge International, an importer/wholesaler of housewares and giftwares, will operate its business from the 135,683-square-foot distribution building and will lease the 72,810-square-foot office building back to the seller, Bank of America. Colliers’ John DeGrinis, Patrick DuRoss and Jeff Abraham represented the buyer in the transaction; the seller was represented by Cushman & Wakefield.
LAS CRUCES, N.M. — Steinborn/TCN Commercial Real Estate has brokered a 182,000-square-foot industrial lease in the West Mesa Industrial Park in Las Cruces. Alaska Structures’ 5-year lease at the Class A manufacturing plant includes a purchase option. Steinborn/TCN’s John Hummer and Grady Oxford represented the owner, REA Magnet Wire Co., and tenant, respectively.
O’FALLON, MO. — LK Drive LLC has completed the disposition of a 77,000-square-foot industrial property, which is located at 3801 Lloyd King Dr. in O’Fallon. Boston-based STAG GI Investment Holdings purchased the building for an undisclosed price. Herndon Products currently occupies the building. David Gannon of NAI DESCO represented the seller in the transaction.