SHARON HILL, PA. — The Philadelphia office of U.S. Realty Capital has arranged $1.57 million in first-mortgage financing to refinance the existing debt for an industrial flex building located within Folcroft East Business Park in Sharon Hill. The loan features a 6.75 percent interest rate, a 10-year term and a 20-year amortization schedule. Bruce Coin of U.S. Realty Capital originated the loan. The borrower and lender were undisclosed.
Industrial
SIMPSONVILLE, S.C. — Philadelphia-based Exeter Property Group has purchased a 121,871-square-foot warehouse from E & G Investments for $4 million. Located at 1410 Old Stage Rd. in Simpsonville, the 13-year-old building is fully leased by Pratt Industries. David Hume and Britton Burdette of Marcus & Millichap’s Atlanta office brokered the transaction.
WEST PALM BEACH, FLA. — Construction is nearly complete on Ocala, Fla.-based Edwards Construction Services’ 61,100-square-foot Iron Mountain warehouse. The $3.8 million building, located in West Palm Beach, will house Iron Mountain’s information management, records management and data protection operations. The property features fire sprinklers and a multi-story racking system. Fort Lauderdale, Fla.-based Architectural Alliance designed the building.
JOLIET, ILL. — Ryan Cos. US has completed $9.6 million in infrastructure improvements at Laraway Crossings, which is a 352-acre business park located on Route 53 in Joliet. The project included completing the extension of Emerald Drive and Cashel Road, site grading the remaining lots, and completing the park stormwater system and landscaping. Completion of the infrastructure improvements has enabled Laraway Crossings to offer pad-ready sites ranging in size from 8 acres to 80 acres. Upon completion, Laraway Crossings could house approximately 6 million square feet of industrial space. Swedish retailer Ikea plans to develop a 1.3 million-square-foot Midwest distribution center at the park. Steve Connolly and Eric Tresslar of NAI Hiffman are marketing the property on behalf of Ryan Cos. US.
SHARONVILLE, OHIO — Steve Bove and Melissa Buckley of NAI Bergman have brokered the acquisition of a manufacturing facility located at 11417 Lippelman Rd. in Sharonville. The 100,000-square-foot building is situated on approximately 6.4 acres. SK Rigging has acquired the facility from Lippelman Equity LLC for $1.1 million.
PLEASANT PRAIRIE, WIS. — PPC Industries has purchased a 75,000-square-foot industrial building located 10001 78th Ave. in Pleasant Prairie. The building, which is situated adjacent to PPC Industries’ existing facility, will be used to expand the company’s manufacturing and distribution operations. The facility is rail served and has electrical capacity to support PPC’s heavy manufacturing needs. Thomas Boyle of Northfield, Ill.-based Boyle Commercial Realty, in conjunction with V3 Realty Brokerage, represented the buyer; Lee & Associates of Illinois represented the seller in the transaction. The acquisition price was not disclosed.
ELK GROVE VILLAGE, ILL. — Northfield, Ill.-based Gemstone Real Estate Partners has acquired an industrial facility comprised of two interconnected buildings at 1225-1331 Greenleaf Ave. in Elk Grove Village. The 72,000-square-foot building includes warehouse, light industrial and office space. Gemstone plans to divide the facility into two separate 36,000-square-foot units. Plans also call for a new exterior, a new office build-out, additional docks and a resurfaced parking lot, which are slated for completion by the end of the year. The acquisition price was not disclosed.
BRIDGEPORT, N.J. — CB Richard Ellis has brokered the sale of Pureland VI, a 597,232-square-foot warehouse and distribution facility located at 200 Birch Creek Rd. in Bridgeport, for $28.5 million. Situated on more than 77 acres within the 10 million-square-foot Pureland Industrial Complex, Pureland VI was constructed in 1991 as a build-to-suit for the property’s sole tenant, Becton, Dickinson & Co. (BDC). It features 25-foot clear ceiling heights, 50 dock doors with two drive-in doors, 12,805 square feet of office space and storage for up to 91 trailers. Robert Fahey and Michael Hines of CBRE’s greater Philadelphia office represented the seller, Emory Hill Real Estate Services. It was acquired by Cornerstone Realty Advisors. BDC recently signed a lease extension through August 2013.
LINDEN, N.J. — Morristown, N.J.-based The Hampshire Companies has completed renovations to a 116,000-square-foot industrial property, located at 1050 Edward St. in Linden. Situated on 4.1 acres, the property boasts easy access to the New Jersey Turnpike and Garden State Parkway, as well as close proximity to Port Elizabeth, Port Newark and Newark Liberty International Airport. The facility features two drive-in doors, eight loading docks, and on-site trailer parking. Thomas Monahan, Andrew Houston and Robert Casagrande of Colliers Houston & Co. are serving as exclusive leasing agents for the property, which is available for warehouse, light assembly and distribution users. The building is part of Hampshire Partners Fund VII, Hampshire’s $350 million institutional real estate investment fund.
LEAGUE CITY, TEXAS — The Houston office of CB Richard Ellis (CBRE) has brokered the sale of a 5.41-acre development site located at the intersection of State Highway 96 and FM 1266 in League City. Laura Smith and Larry McWherter of CBRE represented the seller, locally based South Shore Harbour Development Ltd. The undisclosed buyer, which was represented by Ward Arnold of Reward Realty, plans to develop the property into a self-storage facility.