MONEE, ILL. — Principle Construction Corp. has completed a 178,250-square-foot tenant build-out project for Jacobson Cos., a national third-party logistics company. Located at 25810 S. Ridgeland Ave. within Bailly Ridge Corporate Center in Monee, the build-out included 3,750 square feet of office space, including private offices, a shipping/receiving office, a lunch room, locker rooms, a conference room and general office space; and 172,500 square feet of warehouse space, including the replacement of metal halide lighting with energy efficient fluorescent T5 lighting, fire alarm and fire sprinkler modifications, installation of a battery charging area and construction of a full-height tenant demising wall. Additionally, Principle constructed 21 new tractor-trailer parking spaces and perimeter security fencing. Harris Architects provided architectural services for the project. Bailly Ridge Corporate Center is being developed by LFI Industrial.
HOUSTON — Cadence McShane Construction Co. has completed two new industrial buildings at ClayPoint Distribution Park in Houston. Building 2 is a 98,324-square-foot facility and Building 3 is a 200,850-square-foot facility. Both buildings include numerous sustainable features, including the recycling and re-use of existing on-site asphalt during the build, a reflective roof, double-glazed windows and irrigation-free landscaping. As part of the project, Cadence McShane also completed sitework, utility and roadway improvements within the industrial park. The project architect was Seeberger + Associates. The developer of ClayPoint Distribution Park is Weingarten Realty Investors.
AUSTIN, TEXAS — RLA Real Estate has brought on a new partner in its ownership of a two-building, 80,476-square-foot industrial complex located in Austin. RLA was previously the sole owner of the property but decided to bring on an equity partner to help facilitate the refinancing of the property's mortgage. Asset Management Consultants (AMC) provided $2 million in equity to help procure a new loan and will retain an ownership stake. RLA and AMC formed a new joint venture ownership group named AIP Todd Lane LLC. An affiliate of AMC will serve as the managing member and RLA will continue day-to-day operation of the property. The industrial complex is located at 4109-4111 Todd Lane and was 92 percent occupied at the time of closing.
SANTE FE SPRINGS, CALIF. — Colliers International and CB Richard Ellis have negotiated THARCO’s 261,910-square-foot industrial lease renewal across three buildings in Santa Fe Springs. The tenant plans to occupy the buildings for the duration of the 40-month lease, which expires in March 2013. Colliers’ Adam Deierling and CBRE’s Chris Ehrlich, Mark Latimer and Mark Baranick represented THARCO in the transaction.
CHANHASSEN AND ROSEVILLE, MINN. — The Minneapolis office of Charlotte, N.C.-based Grandbridge Real Estate Capital has closed two loans totaling $7.66 million for properties in Minnesota. A life insurance company provided a $5 million loan for the refinancing of an industrial building in Chanhassen, and a local bank provided a $2.66 million loan for a retail property in Roseville. Both loans carry fixed-interest rates and longer amortizations schedules to increase each borrower’s cash flow. Grandbridge’s Dave Rasmussen, Karen Dubrosky and Tony Carlson originated and closed the transactions.
BREINIGSVILLE AND LOWER NAZARETH, PA. — Griffin Land & Nurseries has entered into agreements to acquire two industrial properties located in Pennsylvania for approximately $8.2 million. The first property is a 120,000-square-foot building located in Breinigsville. The second property is a 51-acre land parcel zoned for industrial development that is located in Lower Nazareth. The industrial building was built in 2007 and is fully leased to a single tenant for the next 6.5 years. The land parcel is expected to support the development of two industrial buildings totaling approximately 530,000 square feet. Griffin submitted separate winning bids for the properties at a bankruptcy auction, but the transactions are subject to necessary approvals.
CARROLLTON, TEXAS — Dallas-based Bradford Commercial Real Estate Services/CORFAC International has brokered a 16,002-square-foot office/warehouse lease renewal in Carrollton. Nevill Business Machines occupies the flex space, which is located within Belt Line Place at 1301-05 W. Belt Line Road. Brian Pafford of Bradford represented the landlord, Aquiport DFWIP, in lease negotiations. David Little Real Estate represented the tenant.
KAPOLEI, HAWAII — Colliers International’s Honolulu and downtown Los Angeles offices teamed up to negotiate the $19.2 million sale of 91-315 Hanua Street in Kapolei. The 189,000-square-foot property is the largest, single-tenant, cold/freezer food distribution facility in the Aloha State. Tower Plaza Associates LP, a private investor represented by Colliers’ Fred Cordova, Mark Bratton and Scott Mitchell, sold the property to KDI Investments Inc., which was unrepresented.
ORLANDO, FLA. — Ace World Wide Moving & Storage Co. has signed a lease renewal for 52,590 square feet with CRP-2 Crossroads. The warehouse space is located at 1125 Gills Dr. Suite 400 and 1075 Gills Dr. Suite 500 in Orlando’s Crossroads Business Park. Robert Blackwell, Sean DuPree and Jim Murr of NAI Realvest represented the tenant. Colliers Arnold’s Matt Sullivan and Wilson McDowell represented the landlord.
AUBURN HILLS, MICH. — SSI Investments has purchased 49,050 square feet of industrial space at 1972 Brown in Auburn Hills. LDV Properties sold the property for an undisclosed price. John Boyd of Signature Associates represented the buyer in the transaction.