KENOSHA, WIS. — Developer First Industrial Realty Trust and design/builder Principle Construction have completed the development of a 600,000-square-foot build-to-suit warehouse for Rust-Oleum. Located at 8505 50th Street in Kenosha, the bulk warehouse allows the tenant to consolidate space from two area locations into the new distribution/warehouse facility, which is located in First Industrial’s First Park Kenosha business park.
Industrial
PLEASANT PRAIRIE, WIS. — Towne Investments, a subsidiary of Milwaukee-based real estate firm Zilber Ltd., has completed two new speculative industrial buildings within LakeView Corporate Park in Pleasant Prairie. Towne Industrial III at LakeView, which measures 82,104 square feet, and Towne Industrial IV, which totals 51,540 square feet, feature 28-foot clear ceiling heights for multiple tenants with space requirements ranging from 15,000 to 82,000 square feet. John Sharpe, Rick Delisle and Sergio Chapa of Lee & Associates of Chicago are marketing the property for sale and lease. LakeView Corporate Park encompasses 2,400-acres and offers more than 10 million square feet of industrial, office and retail space along the Interstate 94 corridor between Milwaukee and Chicago.
YORK, PA. — York-based ROCK Commercial Real Estate has arranged the sale of a 40,000-square-foot industrial property located on approximately 4 acres at 3350 Farmtrail Rd. in Manchester Township, York. ROCK represented the buyer, Tekgard. The seller, Key Plastics Technology, was represented by Hart Corp. The acquisition price was not disclosed.
MARLBOROUGH, MASS. — Colliers Meredith & Grew has negotiated the sale of a 28,000-square-foot flex industrial building, located at 85 Hayes Memorial Dr. in Marlborough, for $2.1 million. The property was constructed in 1974 and expanded in 1998. It contains office and warehouse space, and was fully leased to Diamond Machining Technology at the time of closing. Wayne Spiegel, William Lynch and Timothy O’Brien of Colliers Meredith & Grew represented the seller, EPP Real Estate. Joel Aho of O’Brien Commercial Properties represented the undisclosed buyer.
VICTORVILLE, CALIF. — Stirling Capital Investments has disposed of a 53-acre land parcel located within Southern California Logistics Airport in Victorville. The site was acquired by Dr Pepper Snapple Group Inc., which plans to develop its 850,000-square-foot western hub at the site. The facility will be able to produce up to 40 million cases of beverages per year for distribution throughout California and part of the Southwest. Construction is expected to begin this month, with completion slated for second quarter 2010. Southern California Logistics Airport is a redevelopment of the former George Air Force Base into a multimodal freight transportation hub. It is being master developed by Stirling Capital Investments, a joint venture between Denver-based DCT Industrial Trust and Foothill Ranch, Calif.-based Stirling.
BATON ROUGE, LA. — Houston Wire and Cable has signed a 22,200-square-foot lease for space in the Baton Rouge 6 building in New York-based Lightstone Group’s Industriplex Business Park, located in Baton Rouge. Jennifer Lee of Shreveport, La.-based Sealy & Co. represented Lightstone Group in the lease. Sealy & Co. has currently leased 93.3 percent of Lightstone’s South Louisiana portfolio.
EDEN PRAIRIE AND PLYMOUH, MINN. — Minneapolis-based Welsh Capital has arranged $5.95 million in funding for a multi-tenant industrial portfolio located in Eden Prairie and Plymouth. The non-recourse, fixed-rate refinancing was secured at a rate below 5 percent on a 25-year amortization schedule. The funding was provided by an undisclosed bank.
HOUSTON — NAI Houston has brokered the acquisition of a 21,000-square-foot industrial facility located within Cutten Road Business Park in Houston. NAI’s John Ferruzzo and Joel Michael represented the buyer, Adams Valves Inc. Charlie Christ provided in-house representation for the owner and developer of the facility, locally based Clay Development & Construction. The acquisition price was not disclosed.
WOOD DALE, ILL. — American Procurement & Logistics, a subsidiary of Eden Prairie, Minn.-based SuperValu Inc., has renewed its 440,000-square-foot warehouse lease in the O’Hare market of Wood Dale. The property, which is owned by AMB Property Corp., includes 30-foot clear ceiling heights and 76 docks. SuperValu has been a tenant of the building since it was developed as a spec facility in 1998. Steven Podolsky and Jonathan Stein of Podolsky Northstar CORFAC International represented SuperValu in negotiations; AMB Property Corp. was represented in-house by Carter Andrus. Dan Halprin of Bloomfield Hills, Mich.-based Dawda, Mann, Mulcahy & Sadler PLC provided legal representation to AMB Property Corp. SuperValu was represented in-house on the legal side by Joel Guth. Additional terms of the lease were not disclosed.
CHICAGO — Lawrence Much, Stephen Connolly and Irv Malik of NAI Hiffman’s industrial services group have represented KTR Capital Partners, a New York City-based private equity fund manager and operating company, in leasing 175,000 square feet of build-to-suit warehouse space in Chicago to Preferred Freezer. The lease is for space within KTR’s recently acquired LEED-certified freezer/cooler property, formerly a Dominick’s distribution facility, located on West Ann Lurie Place along Interstate 55. The warehouse features 60-foot clear ceiling heights, 18 dock doors and 30 trailer parking spaces.