STREETSBORO, OHIO — Monmouth Real Estate Investment Corp. has acquired a 368,060-square-foot industrial building, located in the Interstate Commerce Center Industrial Park in Streetsboro, for $19.6 million. The property is net-leased through August 2021 to Best Buy Warehousing Logistics.
CLEVELAND — Grubb & Ellis has negotiated the $1.7 million sale of a 198,000-square-foot industrial property Unit No. 2, located at 777 Lena Dr. in Cleveland. The property is part of the former Lucas Aerospace Building. Terry Coyne of Grubb & Ellis' Cleveland office represented the seller, PB IL OREO, in the transaction. The buyer was Lena Commerce.
NEW YORK CITY — Manhattan-based Hudson Realty Capital has funded $8 million in note acquisition financing secured by the debt on four industrial buildings in Brooklyn. The properties total 64,875 square feet, and the loan has a 36-month term.
WEST CHESTER, PA. — West Chester-based Swope Lees has brokered the sale of a 40,000-square-foot flex building, located at 917 Old Fern Hill Rd. in West Chester. Jim Lees and Chuck Swope of Swope Lees represented the seller, Fern Hill Associates, in the transaction. The buyer, Fernhill Business Center, is planning on leasing the property to Wiggins Shredding. The property is currently 75 percent leased.
GOODYEAR, ARIZ. — Saint-Gobain Glass Corporation has leased 140,000 square feet of manufacturing space at a facility in Goodyear located at 17300 W. Broadway Road. The energy-efficient building material company was represented by Tom Louer of Lee & Associates in Phoenix and Chris Robinson of Fischer & Associates. The landlord, BT Goodyear LLC, a subsidiary of BET Investments, was represented by Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office.
SHERMAN — Philadelphia-based Binswanger has been named the exclusive agent for the sale of a 693,404-square-foot silicon wafer manufacturing building, located on a 78.5 acre lot at 6800 U.S. Hwy. 75 in Sherman. The property features an EPDM membrane roof, brick veneer walls and 175,028 square feet of office space.
CARLSBAD, CALIF. — Cassidy Turley BRE Commercial’s Capital Markets Group has arranged a $6-million loan for an industrial building at 2495 Faraday Ave. in Carlsbad. The 109,807-square-foot building is fully leased to Federal Express. The lender provided a non-recourse, cash-out refinance with a 30-year amortization. The interest rate is fixed for seven years at 4.76 percent. The financing was arranged by Gary Goss of Cassidy Turley’s Capital Markets Group.
PHOENIX — Ware Manufacturing has leased 90,000 square feet of space at a multi-tenant building at 1439 S. 40th Ave. in Phoenix. This lease brings the 127,042 square-foot building to full occupancy. The remainder of the space is occupied by Sullivan Moving & Storage. Ware Manufacturing was represented by Ted Liles and Lance Ross of Ross Property Advisors. The landlord, DEXUS Property Group, was represented by Bo Mills, executive director of Cushman & Wakefield.
LOWER NAZARETH TOWNSHIP, PA. — Griffin Land & Nurseries has broken ground on the 531,000-square-foot Lehigh Valley Tradeport, a warehouse and distribution park located on Fritch Drive in Lower Nazareth Township. The park will feature a 228,000-square-foot warehouse building and a 303,000-square-foot distribution building. Bill Wolfe and Sean Bleiler of CB Richard Ellis' Lehigh Valley, Pa., office will lease the property. Completion is slated for spring 2012.
SEATTLE — The 23-unit Clar-Ann apartment community in Seattle has sold to Eastlake 23, LLC for $2,970,000. The complex was built in 1957 and resides just blocks from Lake Union. Marty Leith and Kenny Dudunakis of Hendricks & Partners’ Seattle office represented the seller, Clar-Ann Apartments, LLC.