HOUSTON – Steve Mellon of Grubb & Ellis’ Self Storage Group has represented Access Self Storage in its sale of two Class A self storage properties to Extra Space Storage (NYSE: EXR), a national REIT specializing in self storage properties. The acquisition enables Extra Space Storage to enter two new submarkets in the greater Houston area. The two properties are located in Houston and La Porte, and total 131,525 square feet and 1,061 units.
Industrial
TRACY, CALIF. — AMB Property Corp. has leased approximately 390,280 square feet of industrial space at Building 2 within its AMB Chabot Commerce Center in Tracy. Terms of the deal were not disclosed. The lessee, a consumer electronics retailer and repeat tenant, will use the distribution center to service its Northern California customer base.
ENGLEWOOD, COLO. — Unique Properties LLC/TCN Worldwide has negotiated the almost $1.78 million acquisition of a 44,233-square-foot warehouse building, located at 3000-3066 S. Platte River Dr. and 1205-1281 W. Dartmouth Ave. in Englewood. Situated on a 2.99-acre lot with a fenced yard, the industrial property was 100 percent occupied by six long-term tenants at the time of sale. Unique Properties’ Brian McKernan represented the buyer, Platte River Warehouse LLC, in the transaction, and CT Fuller Real Estate’s R.C. Myles, Craig Myles and Jeff Halsey represented the seller, Grace Land & Improvement Co.
TALYOR, MICH. — Eftec North America has purchased 54,400 square feet of industrial space at 20202 Northline in Taylor. T. Alterman and Associates sold the property for an undisclosed price. Brad Viergever, Steve Gordon and Mark Hamway of Signature Associates represented the seller; Brad Viergever also represented the buyer in the transaction.
EASTLAKE, OHIO — Best Supply has acquired a 25,400-square-foot facility in Eastlake for its new headquarters. The sales price was not released. Situated on 4.85 acres at 33999 Vokes Road, the property offers 20-foot ceiling heights, one dock and one drive-in door. Eliot Kijewski of CRESCO Real Estate represented the buyer; Rick Ferris of Sequoia Realty represented the undisclosed seller in the transaction.
ESCONDIDO, CALIF. — Grubb & Ellis has negotiated the sale of the 49,324-square-foot State Place Business Park, located at 300 – 398 State Place in Escondido. Terms of the deal regarding the four Class A, multi-use buildings were not disclosed. Grubb & Ellis’ Alan Deszcz and Dave Stassel teamed with Michael Lawrence of Marcus & Millichap in representing the seller, MDC State Place LLC, in the transaction; Deszcz and Stassel also represented the buyer, State Place Partners LLC.
LITHONIA, GA. — Rich Products Corp. has acquired an 189,000-square-foot manufacturing facility at 2200 Lithonia Industrial Blvd. in Lithonia. Built in 1970 and expanded in 1980, the facility is used as a food manufacturing plant. Addison Meriwether and Travis Jackson of Cushman & Wakefield represented the buyer; Patrick Laughlin of Bullock Mannelly Partners represented the seller, CharterBank, in the transaction. The sales price was not released.
TAMPA, FLA. — Chicago-based Transwestern Investment Co. has purchased Mallory Square Apartments in Tampa. The 388-unit multifamily property sold for $38.75 million or $101,179 per unit. Constructed in 2005, the property offers one-, two- and three-bedroom units, a resort-style pool with spa and a 6,500-square-foot clubhouse with a fitness center, an indoor basketball court and a billiards room. John Selby and Jim Bobbitt of CB Richard Ellis represented the seller, CIGNA Investments, in the transaction. Financing was provided by Fannie Mae through Robert Kadoori of CB Richard Ellis' Debt & Equity Finance Group.
PORTLAND, ORE. — Grubb & Ellis has represented Subaru of America in its 10-year lease of 413,700 square feet at a build-to-suit distribution center located within Multi-Employer Property Trust and Trammell Crow Co.’s 114-acre Rivergate Corporate Center III at 14510 N. Lombard St. in Portland. MEPT will enter into a ground lease with the Port of Portland to develop Subaru’s auto-parts distribution facility on 19.3 acres, and TCC will design and build it. Grubb & Ellis’ Brad Fletcher represented Subaru in the transaction, and Capacity Commercial Group’s Dave Ellis and John Fettig represented MEPT Rivergate IV LLC. The lease for the build-to-suit distribution center, which includes training and office space, is expected to commence in October 2011.
LOVELAND, COLO. — Sponsored by Griffin Capital Corp., the GC Net Lease REIT has purchased the 169,816-square-foot Quad/Graphics printing facility, located approximately 45 miles north of Denver on 15 acres of land in Loveland, for $11.85 million. Under a long-term, triple-net arrangement, the property is 100 percent leased to and occupied by World Color (USA) LLC, the subsidiary of the world’s second-largest printing company, Quad/Graphics.