RIVERSIDE, CALIF. — The Magellan Group has acquired two industrial buildings totaling 400,000 square feet within the Hunter Business Park in Riverside. Part of a 31-acre, three-parcel joint-venture purchase involving the firm’s Magellan Industrial Fund and an investment fund managed by Penwood Real Estate Investment Management, the 300,000-square-foot former Lily-Tulip Cup manufacturing plant, located at 800 Iowa Ave., will undergo both interior and exterior improvements, including new landscaping. A 100,000-square-foot industrial building occupied by Ancon Marine and a 1.75-acre land parcel at the corner of Iowa and Palmyrita avenues completed the deal. The joint venture acquired title to the properties following its purchase of an underlying mortgage note held by Far East National Bank. Terms of the sale were not disclosed.
Industrial
REDONDO BEACH AND CARSON, CALIF — Stevens Global Logistics has renewed a total of 115,000 square feet of industrial leases for its headquarters and warehouse activities, respectively, in Redondo Beach and Carson. The Klabin Company/CORFAC International’s Harvey Beesen and Luke Staubitz, represented both the tenant and the landlord, LBA Realty, in the $3.5 million long-term lease renewal for a 48,000-square-foot headquarters building located at 3700 Redondo Beach Ave. In the 67,333-square-foot lease renewal at 2760 E. El Presidio St. in Carson, Beesen and Staubitz again represented SGL. CB Richard Ellis’ Bret Quinlan represented the landlord, The Hewson Co., in the $1.7 million warehouse deal.
MOONACHIE, N.J. — Russo Development has broken ground the for the construction of the new Macy's Parade Studio. The building is located on 7.4 acres at 140 State St. in Moonachie. Macy's will occupy the space and use it for the design and construction of balloons and floats to be used during the Macy's Thanksgiving Day Parade. Completion is slated for August 2011.
FORT WORTH — Carter Industrial Partners has completed two long-term lease agreements totaling 44,871 square feet in the Class A Carter Business Center in Forth Worth. Nick Talley of Bradford Commercial Real Estate Services negotiated the leases with Texas-based Multi-Shot and Canadian-based Speithe Anderson USA. Multi-Shot, a manufacturer of components for drilling rigs, signed a 20,339-square-foot renewal and expanded by an additional 10,009 square feet. Meanwhile, Speithe Anderson, a manufacturer and distributor of gymnastics equipment, relocated to Carter Business Center with 14,523 square feet.
PASO ROBLES, CALIF. — Pacific Capital Bank has sold a 48,431-square-foot industrial warehouse condo, located at 500 Linne Road in Paso Robles, to Advanced Powder Coating. Bob Fonarow of Lee & Associates Central Coast was the listing agent.
HENRICO COUNTY, VA. — Zeller+Gmelin Corp. has acquired 83,247 square feet of industrial space at 4801 Audubon Dr. in Henrico County. Independent Container Line Limited sold the space for $4.4 million. The buyer plans to occupy the property. David Williams and Chip Louthan of Grubb & Ellis|Harrison & Bates represented the seller in the transaction.
SACRAMENTO — On behalf of the property owner, Cassidy Turley BT Commercial has negotiated a 10-year lease renewal for 250,000 square feet of industrial space located at 7021 Roseville Road in Sacramento. Cassidy Turley’s Ted Gallagher and Jeff Post represented Tisha Land Co. in the transaction. The long-time tenant, United Stationers Supply Co., initiated the lease renewal 1 year prior to expiration.
HOUSTON — Cadence McShane Construction Co. has completed a build-to-suit industrial property for XL Parts, a direct-to-the-installer parts supplier, at 15701 Northwest Freeway in Houston. Phase I of the project included the reconstruction and build-out of a 12,017-square-foot shell office space within XL Parts' existing 187,620-square-foot industrial center. Phase II then encompassed the construction of a 101,650-square-foot build-to-suit industrial building. XL Parts' inventory exceeds 120,000 part numbers incorporating 175 product lines.
LOS ANGELES — NorthMarq Capital has arranged $21 million in first mortgage financing for a 354,809-square-foot industrial building with special improvements located 1444 Alameda Street in downtown Los Angeles. Financing was based on a 7-year term and a 25-year amortization schedule, and was arranged for the borrower by NorthMarq’s Michael Elmore through the company’s correspondent relationship with The Prudential Insurance Co. of America.
BEDFORD PARK, ILL. — M. Block & Sons, a provider of end-to-end supply chain solutions, has leased a 341,144-square-foot industrial facility in Bedford Park. Located at 6755 W. 65th St., the property features 2,500 square feet of office space, 30-foot clear ceiling heights, 141 parking spaces with 50 trailer spaces, 36 exterior docks and three drive-in doors. Missner Construction is completing work and tenant improvements to the property, which is owned by Principal Real Estate Investors. Jeff Locascio of Newmark Knight Frank represented the tenant; Larry Much, Steve Connolly and Kelly Disser of NAI Hiffman's Industrial Services Group represented the landlord, Principal Real Estate Investors, in the transaction. Terms of the lease were not released.