CHICAGO — Michael Nelson and Mark Nelson of Paine/Wetzel • ONCOR International have brokered two industrial transactions in Chicago. At 3715-3717 S. St. Louis Ave., the team, along with Paine/Wetzel’s Jeff Blake, represented the seller, Hei Yeng Kwok, in the disposition of a 110,000-square-foot industrial building. The Building Commission of Chicago, which was represented by Albert Schulman of Paine/Wetzel, acquired the property and plans to demolish the existing facility and redevelop the site for the Chicago public school system. Nelson and Nelson also negotiated the sale of a 36,684-square-foot building located at 11235 S. Cottage Grove in Chicago on behalf of the seller, Cook Financial. Recycle Tech Solutions purchased the facility, which features 23-foot clear ceiling heights and heavy power capacity. Frank Melchert and David Drew of Grubb & Ellis represented the buyer.
Industrial
BROADVIEW, ILL. — Elmhurst, Ill.-based Darwin Realty & Development Corp. has brokered the sale of an 18,000-square-foot industrial building in Broadview. Darwin’s Daniel Fanelli represented the undisclosed seller in the transaction; Eileen Curry of Cibco Realty Corp. negotiated the transaction on behalf of the buyer, Harrison & Company. The distribution facility is located at 2421 S. 25th Ave., and features 3,000 square feet of office space, two interior docks and heavy power capacity.
CLINTON, S.C. — Griffin Capital has borrowed a $13 million loan for its 560,000-square-foot warehouse, located at 1702 Springdale Dr. in Clinton. Renfro Corp., a sock manufacturer, occupies the building. The 67 percent loan-to-value loan carries a 3-year term and was funded by a regional bank. Adam Levinson of Cohen Financial’s Skokie, Ill., office secured the loan.
IOWA CITY, IOWA — Two CORFAC International firms have joined together to represent a tenant in a 192,500-square-foot industrial lease in Iowa City. Alliance Display, a division of paper board manufacturer Rock-Tenn Co., leased the space, which is located at 2651 Industrial Park Rd. in the Scott Six Industrial Park. The business park is owned by Russell A. Gerdin Revocable Trust UWA. Kevin Crowley and Jason Lozano of Iowa Commercial/CORFAC International teamed up with Jeff Graham of King Industrial Realty of Florida/CORFAC International to represent Alliance Display and serve as the sole brokers in the deal. The tenant will use the space for the packaging of consumer goods in displaces made at the company’s main factory Winston-Salem, N.C. The lease is valued at more than $3.6 million.
WAUKEGAN, ILL. — Darwin Realty & Development Corp. has arranged three industrial leases in various buildings along Sunset Avenue in Waukegan. At 3731 Sunset Avenue, Patrick Shannon and Chris Gary of Darwin represented the tenant, Trifinity Partners, in a 130,000-square-foot lease. The distribution space features 30-foot clear ceiling heights, 14 exterior docks and two drive-in doors. Darwin also represented the landlord, ProLogis, in leasing 50,400 square feet of industrial space at 3800 Sunset Avenue to United Plastics. Shannon and Matthew Lewandowski negotiated the transaction on behalf of ProLogis. At 3830 Sunset Avenue, Shannon and Lewandowski brokered another 50,400-square-foot lease. The Darwin team represented both the landlord, ProLogis, and the tenant, Shogren Performance Marine.
DENVER — Denver-based ProLogis has closed on a $120 million, 10-year, secured financing on behalf of the ProLogis California Fund. The financing has a loan-to-value of approximately 50 percent with 11 industrial properties located in the Los Angeles Basin and Inland Empire. The proceeds will be used to partially refinance a $176 million secured debt facility that was set to mature in March 2009, but has been extended to March 2010.
HAYWARD, CALIF. — Santos Spice Agency, a food distributor, has acquired a 26,400-square-foot light industrial building in Hayward. The property is situated on 1.97 acres of land at 26545 Corporate Ave. Jet Stream Inc. sold the facility for $2.64 million. Joe Yamin and Chet Barney of Colliers International represented the buyer; Yamin and Greig Lagomarsino, also at Colliers International, represented the seller in the transaction.
CLEVELAND — Grubb & Ellis has represented Sottile Properties in the acquisition of 100,680 square feet of industrial space on 7 acres at 3636 West 58th St. in Cleveland. Sottile Properties purchased the property on behalf of Cleveland-based National Safety Apparel for $500,000 from Plastech Interior Systems, whose parent company, Plastech Engineered Products, filed for Chapter 11 bankruptcy in February. The existing building, which sold at a deep discount due to the bankruptcy proceedings, will be demolished to make way for a new LEED-certified distribution facility. Terry Coyne of Grubb & Ellis’ global logistics group represented Sottile Properties in the transaction.
BRIDGEVIEW, ILL. —Walter Murphy of Lee & Associates of Illinois has represented Logistics Management in leasing 120,099 square feet of space at 7557 S. 78th St. in the Chicago suburb of Bridgeview. The tenant signed a lease for the warehouse space with landlord Heller VII-VIII Partnership LP, which was represented by Steve Connolly of NAI Hiffman. The value of the lease transaction was not disclosed.
LA PORTE, TEXAS — Two land parcels have been sold within Phase II of Bayport North Industrial Park in La Porte. In the first transaction, SBS Fairmont Parkway Ltd. acquired a 5.52-acre site located in Reserve B at the corner of Fair Drive and Fairmont Parkway. In the second transaction, Bayport North LLC acquired a 5-acre site, also located in Reserve B, on Fair Drive. The buyer in the first transaction was represented by Will Stacy of The Simpkins Group and Larry Gray of The Arledge Group. The buyer in the second transaction was represented by John Clark of NAI Houston. The seller in both transactions, North Bayport Industrial Park II Ltd., was represented by B. Kelley Parker III, John Littman and Coe Parker of Cushman & Wakefield. The acquisition prices, as well as future development plans, were not disclosed.