JOHNSTON, R.I. — Marcus & Millichap has completed the $15 million sale of a 144,187-square-foot distribution center in Johnston. Located at Lakeside Commerce Center, directly off Interstate 295, the facility was built-to-suit for FedEx Ground in 2008. Situated on 22+ acres, the facility can be expanded up to 27,720 square feet. Glen Kunofsky and Jason Kauffman of Marcus & Millichap’s Manhattan office represented both the buyer and seller in the transaction. Steve Witten of Marcus & Millichap assisted locally. The property’s double-net lease commenced on June 1, 2008 and has a 10-year term that is set to expire in May 2018. FedEx has the option of extended the lease with two 5-year renewal options. The closing cap rate for the sale was 7.5 percent.
Industrial
MALVERN, PA. — Liberty Property Trust has closed six mortgages totaling $317 million for various properties. Five mortgages were secured for industrial properties and one for office properties. Approximately one-half of the mortgage proceeds are through 3-year floating rate loans, each of which has two 1-year renewal options. The other half of the mortgage proceeds are through fixed rate, 7-year loans. The weighted average interest rate is approximately 7.1 percent. The financing was secured through several major life insurance companies.
MIAMI — Link Construction Group of South Florida has completed the 150,936-square-foot Building N in the 2.5 million-square-foot Ave Aviation and Commerce Center. The $8 million warehouse is the first property in the park, which is located on 178 acres near the Opa-locka Executive Airport in Miami. Building N was designed by Boca Raton, Fla.-based RLC Architects.
NEW YORK CITY — Massey Knakal Realty Services has completed two sales in New York City. First, the company negotiated the $1.35 million sale of a one-story, 8,315-square-foot industrial property located at 855 Humboldt St. in Brooklyn. The property is fully occupied by Calyer Street Metal, G.W. Works and Gate Master Corp. Massey Knakal’s Mark Lively represented the undisclosed seller. Massey Knakal also negotiated the $1.02 million sale of two six-unit apartment buildings located at 3520 and 3522 102nd St. in Corona, Queens. The units had been recently renovated. Massey Knakal’s Swain Weiner represented the undisclosed seller.
CARLSBAD, CALIF. — Aric Starck, Dennis Visser and Andy Melzer of Grubb & Ellis|BRE Commercial represented RREEF in the lease of 46,353 square feet of research and development space to Medtronic Inc. Ablation Frontiers, a division of Medtronics, will occupy the space, which is located at 2210 Faraday Ave., Suite 200, within Research Center Pointe in Carlsbad. Starck also represented Medtronic in the transaction. Further details of the lease were not disclosed.
MACON, GA. — John W. Rooker & Associates and the Macon-Bibb County Industrial Authority have completed a 100,000-square-foot warehouse in Macon. The multi-tenant property is located in the Ocmulgee Industrial Park at 538 Joe Tamplin Industrial Blvd. The development is the first in a planned multi-phase partnership between John W. Rooker & Associates and Macon-Bibb County. Bilijack R. Bell of Atlanta-based Wilson, Hull & Neal represented John W. Rooker in the transaction.
HEBRON, KY. — Denver-based ProLogis has leased approximately 151,000 square feet of distribution space located within ProLogis Park 275 in the Cincinnati suburb of Hebron. The tenant is one of the world’s largest brand-name apparel marketers. ProLogis Park 275 is an approximately 1.9 million-square-foot, master-planned distribution park. It currently contains four buildings and a tenant mix that includes Amazon.com, International Paper, Consolidated Procurement Services and Galerie USA. It is situated adjacent to Cincinnati/North Kentucky International Airport. Terms of the lease were not disclosed.
BUTLER, WIS. — NAI MLG Commercial has brokered the sale of a 10,000-square-foot commercial building located at 4757 N. 125th St. in Butler. NAI’s Curt Pitzen and Adam Matson represented the seller, N.H. Machining, as well as the buyer, CSM Enterprises. The acquisition price was not disclosed.
ELMWOOD PARK, N.J. — NAI James E. Hanson has arranged the sale of a 16,000-square-foot industrial building located at 20 Bushes Lane in Elmwood Park. The freestanding, single-story facility includes 18-foot clear ceiling heights, two loading docks and more than 30 parking spaces. The buyer, R.N. Foster Associates, was represented by NAI’s Joshua Levering, Robert Borny and Gregory Reid. The buyer plans to complete a full interior renovation of the building and take occupancy this summer. The seller, Interstate Realty, was represented by Scott Deutchman of Hasbrouck Heights, N.J.-based SBWE Inc. The acquisition price was not disclosed.
SAN ANTONIO — A joint venture between Chicago-based First Industrial Realty Trust and San Antonio-based 4M Properties has completed a $120 million Rail Intermodal Terminal for the Union Pacific Railroad in San Antonio. The facility is located on Interstate 35 and has access to the Union Pacific’s East-West and North-South lines. It is capable of handling up to 250,000 container lifts annually. Future plans call for the construction of a business park adjacent to the terminal.