LEXINGTON, KY. — The Fayette County Board of Education has purchased a 100,000-square-foot warehouse from a group of out-of-state owners for $2.62 million. The property is spread across 4.4 acres at 1126 Russell Cave Road in Lexington. RE/MAX Creative's Elizabeth Traugott and Rector-Hayden Realtors' Stan Napier represented the buyer. Bruce Isaac and Chad Voelkert of NAI Isaac Commercial Properties, along with Joel Schneider of Atlas Partners, represented the sellers.
Industrial
OAKWOOD, OHIO — JGK Enterprises has acquired the former McStay Engineered Products facility, located at 7325 Fairoaks Road in Oakwood, for $400,000. The 14,465-square-foot facility features 6,000 square feet of office/showroom space and an 8,465-square-foot warehouse area. The buyer, which manufactures cut and shaped granite, plans to use the property for sales, a showroom and a fabricating warehouse. The facility is expected to open in the spring of 2010. Fred Herrera of CB Richard Ellis represented the buyer; W. Farley Helms and Brian Lenahan of Colliers Ostendorf-Morris represented the lender in the transaction.
SAN DIEGO — CB Richard Ellis has handled the Chang Family Trust’s $7.4 million purchase of a 45,496-square-foot industrial building located at 6640 Cobra Way in San Diego. Built in 1997, the Sorrento Mesa building will be the company headquarters of American Electronic Materials Inc., which is owned and operated by Chang Family Trust. CB Richard Ellis’ Dean Asaro represented the buyer, and Bill Cavanagh and Bryce Aberg of Grubb & Ellis/BRE Commercial represented the seller, Randall S. Koch.
MELBOURNE, FLA. — The Florida Institute of Technology and Melbourne International Airport are collaborating to build the Florida Tech Research Park on a 100-acre parcel, the beginning of a 20-year partnership between the institutions. The property will be located on NASA Boulevard in Melbourne's Airport Industrial Park. For future expansion, the airport has offered its 500 additional acres in the industrial development. The university's Applied Research Laboratory and the Emil Buehler Center for Aviation Training and Research will be among the development's tenants.
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.