LAKE ZURICH, ILL. — Arthur J. Rogers & Co. has arranged the acquisition of an industrial facility located at 635 Oakwood Dr. in Lake Zurich. The 85,263-square-foot building features six interior docks, 21-foot clear-height ceilings and a quality control lab. Cabot Properties purchased the facility, which is fully occupied by Insight Beverages. The sales transaction is valued at approximately $4.8 million. The seller, a private investment group negotiated the deal in-house; Nicholas Esposito of Arthur J. Rogers & Co. represented the buyer in the transaction.
SAN FRANCISCO — The San Francisco regional office of NorthMarq Capital Inc. has secured a $115 million first mortgage for Mission West Portfolio in Silicon Valley. Owned by Mission West Properties, the portfolio consists of approximately 1.62 million square feet of office and research and development space. The properties are located in San Jose, Cupertino, Sunnyvale, Santa Clara, Milpitas and Fremont, Calif. Major tenants include Fujitsu, Intevac, Solopower, Flextronics, BAE Systems and Loral. Terms of the 10-year loan include a 20-year amortization schedule. The loan was provided by Hartford Life Insurance Company and its affiliates. Dennis Sidbury of NorthMarq Capital arranged the financing.
POWAY, CALIF. — Centerline Industrial has purchased an 11,422-square-foot industrial building in Poway for $1.9 million. The building is located within South Poway Business Park at 12580 Stowe Dr. The buyer plans to relocate to the facility in early 2009. Built in 1990, the property features 2,117 square feet of office space and 9,245 square feet of warehouse space with dock- and grade-level loading. James Duncan of Cushman & Wakefield represented the buyer; Richard Murdock of Commercial Realty Advisers represented the seller, Poway I LLC, in the transaction.
MIAMI — Flagler Development Group has leased 240,000 square feet of space in its Flagler Station industrial park to a Fortune 500 company. The firm signed a 10-year lease for the space, which is located at 10505 N.W. 112th Ave. in Miami. Current tenants in the park include FedEx Ground Package System, Makita Latin America, Kuehne & Nagel and Entenmann’s Sales. Rafael Romero and Stuart Gordon represented Flagler in-house, and the tenant was represented by Trevor Ragsdale, Michael Burns, Ed Lyden and Wayne Schuchts of Jones Lang LaSalle. The tenant wishes to remain unidentified.
CHICAGO — Kimberly-Clark Corp. has agreed to lease approximately 750,500 square feet within ProLogis Park 55, which is located southwest of Chicago in Romeoville. The transaction represents the largest industrial lease in the Chicago area so far this year. This is the third lease agreement between Denver-based ProLogis and Dallas-based Kimberly-Clark, which now occupies approximately 1.6 million square feet within various ProLogis sites across America. The six-building ProLogis 55 industrial park consists of more than 3.1 million square feet of Class A distribution space. Sustainable features at the development include an energy-efficient lighting system with motion sensors, T5 lights and clerestory lighting. Additional terms of the lease were not disclosed.
HOUSTON — The Houston office of Marcus & Millichap has brokered the sales of two Houston flex properties. The first property, Hempstead Industrial Plaza, is located at 14620 Hempstead Rd. and contains 42,510 square feet of office and warehouse space. The second property, McAllister Industrial Park, is located at 2441 McAllister Rd. and contains 26,652 square feet of office and warehouse space. Justin Miller and Jerry Goldstein represented both locally based sellers. The buyers, also based in Houston, were both secured by Joshua Lass-Sughrue, also of Marcus & Millichap’s Houston office. The acquisition prices were not disclosed.
DENVER — Denver-based ProLogis, the world’s largest owner, manager and developer of distribution facilities, has unveiled major strategic initiatives in an effort to address market conditions. While the company will complete any projects that are currently underway, ProLogis does not expect any new development activity for the foreseeable future and will not pursue entry into any new markets until conditions improve and liquidity returns. In addition to the development freeze, the company is revising its dividend rates for 2009, which were released earlier this year as $2.28 per share. The new rate reflects an annualized dividend of $1.00 per common share for 2009, subject to market conditions and REIT distribution requirements. The company will also reduce its G&A spending by 20 to 25 percent through a combination of workforce and business spending reductions. Additionally, Jeffrey Schwartz has resigned as the company’s chairman and chief executive officer. Walter Rakowich has been named chief executive officer and Stephen Feinberg will assume the role of chairman.
SPARKS, NEV. — Fuchs Investments LLC has acquired a 152,800-square-foot industrial building in Sparks for an undisclosed price. Located at 1555-1645 Crane Way, the building is part of a 565,180-square-foot portfolio of industrial properties in Sparks and Reno, Nev. The seller was Irvine, Calif.-based The Passco Companies. Paul Perkins of NAI Alliance represented the seller in the transaction.
AKRON, OHIO — Bob Raskow and Harry Stewart of NAI Cummins Real Estate have represented both parties in the sale of a manufacturing facility located at 1246 Princeton St. in Akron. Baton Rouge, La.-based American Utility Metals has purchased the 54,000-square-foot building from Canada-based Vasilev Holdings. For the past 5 years, the property has been leased to American Utility Metals by its subsidiary, American Utility Processing. The acquisition price was not disclosed.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has completed the sale of Southpark 3 and Southpark 4, two Austin industrial properties totaling 176,000 square feet. Located at 4209 and 4129 S. Industrial Dr., the properties are a combined 89 percent leased by a tenant roster that includes The Whitley Printing Company, BlueLinx Corp., Crawford Electric Supply and Austin Tele-Services. An adjacent 4.2-acre land parcel was included in the sale. Jud Clemens and Robby Rieke of HFF represented the seller, an affiliate of General Electric Pension Trust that was advised by Stamford, Conn.-based GE Asset Management. The buyer was Boston-based AEW, which made the purchase on behalf of AEW Value Investors II, the company’s value-added real estate fund. The acquisition price was not disclosed.