ROSENBERG, TEXAS — Biotics Research Corp. has announced plans to complete a $2 million expansion of its 42,000-square-foot facility located in Rosenberg. The addition will total 35,000 square feet and will expand the company’s existing manufacturing and warehouse operations at the site. The City of Rosenberg and the Fort Bend County Commissioners’ Court also approved tax abatements for the project. The construction timetable was not disclosed.
STOCKTON, CALIF., AND LAS VEGAS — Orange County, Calif.-based Bixby Land Co. has completed its $400 million portfolio repositioning with the acquisition of two properties in California and Nevada. In California, the company purchased a 264,000-square-foot industrial building, which is located at 4114 S. Airport Way and 1425 Industrial Dr. in Stockton, for an undisclosed price. Current tenants include Dana Structural Products, Technical Consumer Products and Mike Campbell & Associates. In Nevada, Bixby acquired a 130,000-square-foot industrial property, which is located at 4875 E. Cheyenne Ave. in Las Vegas, from Panattoni Development for an undisclosed amount. The property is currently 100 percent leased through 2017 to Johnston Supply, a wholesale distributor in HVAC/R equipment. Starting in 2006, Bixby began restructuring its portfolio by selling off non-strategic assets and using 1031-exchange funds to assemble an institutional quality, industrial and R&D portfolio.
VALPARAISO, IND. — Jones Lang LaSalle (JLL) has arranged the $15.2 million sale-leaseback of a corrugated box manufacturing facility located in Valparaiso. Situated at 3155 State Road 49, the 506,650-square-foot facility was constructed in 2002 and is one of the world’s largest corrugated box manufacturing buildings. It features two 110-inch BHS corrugators and nine finishing machines. It is occupied by Conyers, Ga.-based Pratt Industries, which executed a long-term leaseback of the property upon its sale to Chicago-based FT & NW Investments. JLL’s Matthew
ELK GROVE VILLAGE, ILL. — Moss Inc. has selected Meridian Design Build to complete a renovation of a 104,930-square-foot industrial building the company recently leased at 2600 Elmhurst Rd. in Elk Grove Village. Meridian will renovate the building to accommodate manufacturing and warehousing operations for Moss. Process electrical wiring, process ventilation and compressed air distribution will all be installed; a climate-controlled, 4,000-square-foot print room will be constructed; and a fully enclosed interior loading dock area will be built. The construction timetable was not released. Moss is leasing the property from Mirvac Industrial Trust.
CHESTERFIELD, MICH. — Troy, Mich.-based L. Mason Capitani/CORFAC International (LMC) has brokered the sale of a 750,000-square-foot industrial complex, located at 26090 Twenty-Three Mile Rd. in Chesterfield. LMC’s Joe DePonio and Jason Capitani represented the seller, Cadence Innovation. The undisclosed buyer plans to use the property as warehouse and distribution space. The purchase price was not disclosed but the property listed for $10 million. DePonio also brokered Cadence Innovation’s original purchase of the property in 2005. This most recent sale marks the seventh property in an 11-property portfolio that Cadence Innovation enlisted LMC to sell. The other four properties are located in Clinton Township, Fraser, Grand Blanc and Hillsdale, Mich.
MICHIGAN CITY, IND. — Grubb & Ellis | Cressy & Everett has arranged two industrial sales in Michigan City. In the first transaction, Mulhern Realty Corp. purchased a 50,828-square-foot property located at 910 Highway 212. Christopher Davey of Grubb & Ellis represented the undisclosed seller. Davey again represented the undisclosed seller in the disposal of a 17,000-square-foot industrial building located at 600 Lumber City Rd. The buyer was Mersino Properties Co. The acquisition price was undisclosed in both transactions.
WOODINVILLE, WASH. — Mike Wood of NBS Financial Services arranged a $2.6 million loan for Underwood Gartland 216, a 71,750-square-foot warehouse/distribution center in Woodinville. The 5-year loan has a 25-year amortization schedule and a 43 percent loan-to-value ratio. Symetra Life Insurance Co. funded the loan for the borrower, Underwood Gartland 216 LLC.
GREENVILLE, OHIO — Greenville Technologies Inc. (GTI) has signed a lease for 26,000 square feet of space at the Corning Plant, located in Greenville. The company plans to use the space as a docking station to sequence and pack automotive parts. Tim Echemann of Industrial Property Brokers arranged the deal. The Corning Plant was acquired by Aaron Wright and Richard Kennedy in 2003 and subsequently redeveloped into a multi-tenant industrial complex. GTI’s lease brings the property up to full occupancy, but the owners have announced plans to build a 40,000-square-foot warehouse addition to the facility. The expansion will include 22-foot clear ceiling heights, three docks and T-8 lighting.
MENOMONEE FALLS, WIS. — Milwaukee-based Colliers Barry has brokered the purchase of a 6.62-acre industrial lot located in Menomonee Falls. The parcel is situated on Shawn Circle within First Park Menomonee Falls and was one of three lots available in the 55-acre park. David Buckley of Colliers Barry represented the seller, First Industrial Investment. Steven Provancher of MLG Commercial represented the buyer, CTA Investment. Terms of the transaction were not released.
CHICOPEE, MASS. — Colliers Dow & Condon has completed a long-term lease for 56,000 square feet of warehouse space in Chicopee. The property is located at 77 Champion Dr. and is owned by Concord, Mass.-based Winstanley Enterprises. Valor One signed a lease for the property worth more than $1 million. Nicholas Morizio, Rich Abo, of Colliers Dow & Condon, along with Kevin Jennings of Springfield, Mass.-based Jennings Real Estate, represented the landlord in lease negotiations. The tenant was represented by John Reed of CB Richard Ellis.