SCHAUMBURG, ILL. — Grubb & Ellis has brokered the sale of a 110,000-square-foot multi-tenant industrial building located at 2401 Palmer Dr. in Schaumburg. American Asset Management Services purchased the facility from Waterton Associates for $6 million. Tenants at the building include Cricket Communications, Sun Cap and DG Printing. Mike Wilson and Erik Foster of Grubb & Ellis’ Capital Markets Group facilitated the transaction.
Industrial
ORLAND PARK AND WHEELING, ILL. — Marcus & Millichap has represented both parties in the sale of an industrial office/warehouse property located at 11535 West 183rd Place in Orland Park. The 43,910-square-foot Orland Park Business Center, which was 92 percent occupied at the time of the sale, was acquired by an undisclosed limited liability company. The corporate park commanded a sales price of $3.8 million. John Abuja in Marcus & Millichap’s Chicago Downtown office represented both parties in the transaction. In Wheeling, Abuja has also arranged the sale of 60,845 square feet of flex office space located at 5110-6360 Capitol Dr. The transaction includes four buildings situated on an approximately 5.4-acre land parcel. Both the buyer and seller were not disclosed. The office property was acquired for $6.2 million.
MENOMONEE FALLS, WIS. — NAI MLG Commercial has arranged the sale of a 27,300-square-foot industrial facility located at N60 W14630 Kaul Ave. in Menomonee Falls. Product Miniature Co. has purchased the building from Power Test Inc., which is relocating to a 65,000-square-foot facility in Sussex, Wis. Product Miniature Co. is relocating its plastic mold division from West Allis, Wis., to the new building. The purchase price was $1.35 million. Stephen Provancher and Adam Matson of NAI MLG Commercial represented the seller; Tom Haska, also of NAI MLG Commercial, represented the buyer in the transaction.
NEW GALILEE, PA. — Grubb & Ellis has completed the long-term lease of 168,924 square feet of industrial space at Turnpike Distribution Center, a warehouse-distribution facility located at 1750 Shanango Rd. in New Galilee. Constructed in 2007, the property is located at the intersection of Interstate 76 and Route 60. Louis Oliva and Rick O’Brien of Grubb & Ellis facilitated the transaction on behalf of the tenant, Boston-based Iron Mountain Inc., and the landlord, Turnpike Distribution LP, which consists of a joint venture between Pittsburgh-based Castlebrook Development, Cincinnati-based Al. Neyer Inc., and Pittsburgh-based The Erect Fund. Terms of the lease were not disclosed.
COSTA MESA, CALIF. — Grubb & Ellis Realty Investors, on behalf of tenant-in-common investors, has acquired 1650 Sunflower, an industrial/flex building in Costa Mesa, for an undisclosed price. The property features an approximately 109,000-square-foot sorting and distribution center and a more than 3,000-square-foot vehicle maintenance building. Built in 1976, the property recently underwent renovations, including a renovated lobby, a new roof application and 15 new truck doors. Currently, Federal Express occupies the facility. Panattoni Development Company sold the property. Financing was arranged by Gabe Potyondy and James Ko of Allied Irish Banks, plc.
POMPANO BEACH, FLA. — CASH4GOLD has purchased the 39,000-square-foot Harris Computers warehouse from an undisclosed party for $3.45 million in cash. The 38-year-old building spans 3.4 acres at 2800 Gateway Dr. in Pompano Beach. Les Byron of Sperry Van Ness’ Fort Lauderdale office represented the seller, and Brenner Real Estate’s Jeffrey Scott represented the buyer.
DORAVILLE, GA. — Creative Corporate Strategists has sold a 15,000-square-foot warehouse to Camana Holdings for $1.9 million. The property is located at 3535 Best Friend Rd. in Doraville. Grubb & Ellis’ Dave Watson and Darren Ross represented the seller, and Vantage Realty Partners represented the buyer.
LINCOLN PARK, MICH. — CB Richard Ellis has brokered the sale of 277,000 square feet of industrial space located at 1578-1728 Howard St. in Lincoln Park. Oakwood Industrial LLC has purchased the property from Howard Street Investment Co. LLC for an undisclosed amount. The company has plans to use part of the facility and lease the remainder of space. Lauren Scarpace and Dan McCleary of CB Richard Ellis Detroit represented the seller; Randall Allman, Peter Rogers and Gregg Loichinger, also of CB Richard Ellis Detroit, represented the buyer in the transaction.
CHICAGO — KTR Capital has leased 138,000 square feet of warehouse/distribution space located at 513 Express Center Dr. in Chicago to the United States Postal Service (USPS). Situated within the O’Hare Express Center, the newly acquired space is connected to the airport’s southeast end, allowing the USPS direct access to the airfield without going onto public roads. The lease represents an expansion for the USPS, which now leases more than 300,000 square feet of space within the park. The USPS uses the facility for mail forwarding, sorting and distribution. Matthew Mulvihill and Brian Carroll of Grubb & Ellis’ Industrial Group facilitated the transaction on behalf of KTR.
FRANKLIN PARK AND CHICAGO, ILL. — Richard Daly of Darwin Realty & Development Corp. has represented both parties in the sale of an industrial building located at 11533 Franklin Ave. in Franklin Park. Regent Aerospace has purchased the facility from CenterPoint Properties for an undisclosed amount. The 62,000-square-foot building houses a 7,285-square-foot office component, and includes 21-foot clear-height ceilings. Additionally, Darwin Realty & Development has represented New York-based landlord Ashley Capital in securing two separate leases within Calumet Business Center in Chicago. The 2 million-square-foot Calumet Business Center features 12 buildings located along Interstate 94. Chicago-based Bullen Midwest Co. has signed a lease for 48,160 square feet of warehouse space within the 96,160-square-foot 9860 South Dorchester building. Chris Gary, George Cibula and Ryan Hanley of Darwin represented Ashley Capital in the transaction. The same team also represented Ashley Capital in leasing 30,000 square feet of warehouse space to Paris Business Products. The Paris Business Products space is located within a 256,000-square-foot building served by the Norfolk Southern Railroad. Rob Federighi of Chicagobroker.com represented Paris Business Products in the transaction.