KNOXVILLE, TENN. — The Knoxville Utilities Board has purchased a 150,000-square-foot manufacturing plant on the east side of Knoxville from General Shale Brick for $3.3 million. The warehouse, which is located on 38 acres next to the Tennessee River, will be used for storage. Coldwell Banker Commercial Wallace and Wallace, Realtors' Jim Simpson represented General Shale Brick. Brad Blackwell of Wood Properties represented the buyer.
BATTLE CREEK, MICH. — Princeton, N.J.-based Covance is developing a nutritional chemistry and food safety laboratory in Battle Creek. The company plans to invest $14 million to acquire and redevelop a 30,000-square-foot building on East Hamblin Avenue for the laboratory, which will be affiliated with the National Center for Food Protection in Battle Creek. Completion is expected by the fourth quarter of 2010. The new facility will support clients in the region across a wide range of testing, including a significant expansion in the company’s microbiological food safety testing capabilities. The company is slated to receive approximately $4.3 million in combined financial incentives from the state of Michigan and the city of Battle Creek. Additionally, Covance entered into a 7-year, $42 million strategic services contract with Kellogg Co., which will be an anchor tenant in the new facility.
DALLAS — West Dixon Holdings has purchased a 21,000-square-foot flex office/warehouse property located in Dallas from B.J. Elkins. The building is situated on 1.05 acres at 2425 Arbuckle Court and contains three loading docks. Dan Spike of Dallas-based Henry S. Miller Brokerage represented the buyer. Nathan Denton and Hanes Chatham of Lee & Associates Dallas/Fort Worth office represented the seller. The acquisition price was not disclosed.
MCDONOUGH, GA. — Deere & Co. has leased 402,000 square feet of warehouse space from First Industrial Realty Trust in McDonough. The property is located at 180 Westridge Parkway in the Westridge Distribution Center. Kent Mason and Leslie Fink served as in-house representation for First Industrial.
FRONT ROYAL, VA. — Rappahannock Electric Cooperative has purchased a 30,000-square-foot warehouse and 5 acres of land in the Kelley Industrial Park in Front Royal from an undisclosed party. The buyer will invest more than $6 million in the property, a number that includes the purchase price and facility improvements. The building will house the firm's Blue Ridge district office and 45 workers. Rappahannock is also expected to purchase an additional 8 acres in the industrial park before the end of the year. Michael Silek of Adams-Nelson & Associates brokered the sale.
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.