VERNON, CALIF. — Jacob Kahobian, owner of Paper Source Converting & Manufacturing, has acquired two industrial buildings, which are located at 4700 and 4800 Santa Fe Ave. in Vernon, for $17.2 million. Paper Source will utilize the 180,932-square-foot property to manage business operations. John Repstad of Binswanger Realty Advisory Group Inc. represented the buyer; Peter Bacci and Jack Cline of Lee & Associates’ Los Angeles Central office represented the seller, Santa Fe Properties LLC, in the transaction.
Industrial
JACKSONVILLE, FLA., AND NASHVILLE, TENN. — A joint venture between CB Richard Ellis Realty Trust and Duke Realty Corporation has purchased two buildings in the Southeast from an undisclosed seller as part of a four-property portfolio worth $139.1 million. The deal included a 772,210-square-foot warehouse, located in the Westlake Industrial Park at the intersection of Hannah Road and Old Plank Road in Jacksonville. The Class A property is fully-leased to Unilever. The portfolio also included a 180,147-square-foot office building, located in the Aspen Corporate Center in Nashville, that is leased to Verizon Wireless.
POLK CITY, FLA. — Indianapolis, Ind.-based Browning Investments, in cooperation with Colliers Arnold, will develop the more than 1.2 million-square-foot Axcess 4 Logistics Center in Polk City. The 104-acre property will encompass multiple buildings and include T5 fluorescent lighting and ESFR sprinkler systems. The first 554,040-square-foot building will feature 102 dock doors and four drive-up doors. Edwards Construction will build the project, which is scheduled for a February 2009 groundbreaking and a third quarter 2009 delivery.
INDIANAPOLIS — CB Richard Ellis Realty Trust and Duke Realty Corp. have completed the $139.1 million acquisition of four properties in Indianapolis, Jacksonville, Fla., Nashville, Tenn., and Dallas. Three of the properties in the portfolio, which total approximately 2.23 million square feet, are Class A single-tenant, build-to-suit bulk warehouse/distribution facilities. In Indianapolis, the joint venture has acquired a 630,573-square-foot facility within the AllPoints at Anson master-planned development. Located 22 miles northwest of downtown Indianapolis, the Class A single-tenant building is fully leased to Amazon.com.
MIDDLETOWN, OHIO — Cincinnati-based MiddCities is nearing completion of the revitalization of the MiddCities Industrial Park development, which is located at 2601 Verity Pkwy. in Middletown. Situated on a 60-acre site, the park houses 200,000 square feet of industrial space, with approximately 15 acres available for build-to-suit development. Amenities at the property include up to 60-ton capacity crane service; CSX rail service and rail car storage; truck ramps and docks; 13,000 KVA electric; and outside storage. The property features multiple buildings with a heavy industrial infrastructure. The estimated cost of completing the revitalization project was not disclosed.
BOSTON — Providence, R.I.-based Citizens Bank and Charlotte, N.C.-based Bank of America are providing $80 million to Boston-based STAG Capital Partners to finance the company’s acquisition of its fourth real estate investment fund. The fund comprises manufacturing, warehouse, flex and office building properties. Citizens Bank is serving as agent for the financing, with Bank of America serving as co-agent. STAG acquires single-tenant, net-leased real estate assets through purchase and sale-leaseback transactions, and subsequently managed the properties. The company also provides liquidity to corporate real estate owners through sale-leasebacks. STAG has most recently acquired properties in New York, Pennsylvania, North Carolina, Tennessee, Georgia, Texas, Minnesota, Ohio and Wisconsin.
BRIDGEWATER, N.J. — Bedminster, N.J.-based Advance Realty has completed the sale of 16E Chimney Rock Road, a 222,200-square-foot industrial building located within the Middlebrook Crossroads industrial park in Bridgewater. The building was acquired by UPS, which plans to use it as a distribution center. Additionally, Advance Realty also negotiated UPS’s renewal of 11E Chimney Rock Road, also located within Middlebrook Crossroads. The 33,600-square-foot building serves as a distribution support and sales office for UPS. Middlebrook Crossroads consists of 20, single-story industrial buildings that total approximately 800,000 square feet.
SHREWSBURY, MASS. — Integrated Builders has completed the tenant build-out for the Shrewsbury office of Valeritas. The Parsippany, N.J.-based medical technologies company will be occupying 20,679 square feet of a 50,000-square-foot building located at 800 Boston Turnpike. The tenant build-out consisted of the construction of a modular Class 10,000 clean room, a 200-square-foot Class 100 clean room, lab space, offices, research and development areas, and a cafeteria. Integrated also completed improvements to the exterior of the building, including renovations to the façade, a new entrance, new landscaping and stone walls. The building’s landlord, Vinco Properties, hired Integrated to complete the build-out. Helicon Design Group Boston served as project architect.
HUTCHINS, TEXAS — A joint venture between Los Angeles-based CB Richard Ellis Realty Trust (CBRE) and Indianapolis-based Duke Realty Corp. has acquired an 822,550-square-foot warehouse/distribution facility located on East Pleasant Road Run in the Dallas suburb of Hutchins. The Class A, build-to-suit facility is fully occupied by Unilever. It is part of a four-property, $139.1 million acquisition by the joint venture. The other properties are located in Indianapolis; Jacksonville, Fla.; and Nashville, Tenn. The portfolio totals approximately 2.23 million square feet. CBRE and Duke formed the joint venture in May of this year with the intent to acquire up to $800 million in newly developed, build-to-suit properties over the next 3 years.
STAFFORD, TEXAS — Houston-based AVERA has broken ground for the development of Parker Corporation Energy Products Division Headquarters in Stafford. Situated on 5.4 acres at the intersection of Cash Road and Dublin Court, the 60,000-square-foot facility will serve as the head office for Parker Corp.’s Energy Product Line, and will serve as the center of operations for assembly, testing and warehousing for the product line. The Class A structure will be built with tilt walls, and will have the capacity for future expansion. AVERA sold the site to Parker in 2008, and will be serving as developer for the project. San Marcos, Texas-based K-W Construction will provide general contracting services, and Boston-based Three Square Design will serve as project architect. The construction timetable was not released.