HORSHAM, PA. — Align Precision has signed an 85,396-square-foot industrial lease at 425 Privet Road in Horsham, a northern suburb of Philadelphia. The defense and aerospace contractor is relocating from nearby Huntingdon Valley and essentially doubling its footprint. Tim Morris, Mike Maloney and Brian Smyth of CBRE represented the landlord, a partnership between Griffith Properties and DRA Advisors, in the lease negotiations. Mike Cohen of Situs Properties represented Align Precision.
TUCSON, ARIZ. — Bridge Investment Group and an undisclosed separate buyer have purchased Tucson Commerce Center, a collection of three Class A industrial/logistics buildings on 47.5 acres in Tucson. The total price was $118.6 million. Owned and developed by Flint Development, Tucson Commerce Center features 806,606 square feet of space. At the time of sale, the asset was 91 percent leased to five tenants, including prominent global and regional brands. Bridge Investment Group purchased Building II, a 259,274-square-foot, multi-tenant building, and Building III, a 244,889-square-foot, multi-tenant building, totaling a combined 504,163 square feet on 30.2 acres for $79 million. Building II is fully leased to two tenants and Building III is approximately 70.5 percent leased to two tenants, with a vacant 72,169-square-foot suite. Flint Development will stay involved in the project with Bridge as a joint venture partner. The separate buyer acquired Building I, a full leased, 302,443-square-foot, single-tenant building on 17.3 acres, for approximately $39.6 million. Located 3610 E. Valencia Road, Tucson Commerce Center features modern design and functionality including 32-foot clear heights, abundant dock and grade loading, ample car and trailer parking, exterior LED lighting and ESFR sprinklers. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley …
LYNDHURST, N.J. — Locally based developer Woodmont Properties has completed the renovation of a 30,000-square-foot industrial building in the Northern New Jersey community of Lyndhurst. The building at 2 Terminal Road is used for both storage and distribution purposes. Specific improvements included the installation of a new roof and front entrance; fresh painting of the building’s interior and exterior; new paving and landscaping; and the addition of built-out office space and additional loading doors.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the acquisition of an industrial property at 3120 E. Medina Road in Tucson. Block “C” Properties LLC purchased the asset from GLRT Partners LLC for $3.8 million. Horizon Spa & Pool Parts occupies the 24,920-square-foot space. Stephen Cohen of Cushman & Wakefield | PICOR represented the buyer, while Gary Emerson of GRE Partners represented the seller in the deal.
CAROL STREAM, ILL. — Brown Commercial Group has arranged the sale of a 42,525-square-foot industrial flex building in the Chicago suburb of Carol Stream for $3.1 million. The fully leased property is located at 135 E. St. Charles Road. Matt Hanson of Brown represented the buyer and seller, both of which were private investors.
LOCUST GROVE, GA. — Cushman & Wakefield has arranged financing for the construction of a 500,220-square-foot speculative industrial building in Locust Grove, roughly 40 miles southeast of Atlanta. Dubbed Building C, the property will be situated at 600 Price Drive within The Cubes at Locust Grove, a master-planned industrial park. The building will feature 40-foot clear heights, 156 trailer parking spaces and 120 docks. John Alascio, Walker Brown, T.J. Sullivan, Claire Oster, Stewart Calhoun, Casey Masters and Ryan Bellows of Cushman & Wakefield secured the financing through Bank OZK on behalf of the borrower. A construction timeline for Building C at The Cubes at Locust Grove was not disclosed.
PHOENIX — Baker Development has received zoning approval for AZUL, a 72-acre project on the former ON Semiconductor site at 52nd Street and Loop 202 in Phoenix. The site is now zoned for a wide variety of commercial and industrial uses, including corporate headquarters, advanced manufacturing, logistics, hospitals, hyperscales and other quantum computing users. Demolition of the former semiconductor factory is underway and scheduled for completion by fourth-quarter 2024. AZUL plans to develop up to 2 million square feet of corporate campus space on the site.
VERNON, CALIF. — ARCO National Construction’s Pacific Coast division is providing design-build services for a 116,766-square-foot cold storage facility renovation project for Alpine Food Distributing. The site is located in Vernon, a first-ring suburb of Los Angeles. The project includes more than 40,000 square feet of freezer/cooler space, including nearly 10,000 square feet of convertible space capable of accommodating temperatures ranging from negative 10 degrees Fahrenheit to 40 degrees Fahrenheit. There are also 2,455 square feet of production cooler available for produce processing, as well as more than 50,000 square feet of ambient storage. Additional construction details will include a carbon-dioxide refrigeration system, 15 dock positions, 26.5-foot clear heights and nearly 10,000 square feet of office space and break rooms. Alpine Foods plans to begin operations within the facility before the end of this year.
DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 10,143-square-foot industrial lease in northeast Dallas. According to LoopNet Inc., the property at 10451 Brockwood Road was built in 1984 and totals 58,758 square feet. Josh Barnes, Blake Troiani and Mitch Cantwell of Holt Lunsford represented the owner, Boston-based Taurus Investment Holdings, in the lease negotiations. Landon Brune of CBRE represented the tenant, Digi Security Systems.
NEW YORK CITY — Locally based investment and development firm Innovo Property Group is underway on construction of a 736,000-square-foot industrial project located at 28-90 Review Ave. in the Long Island City area of Queens. The six-story building, which is designed to accommodate two tenants per floor, will feature a clear height of 32 feet and parking for 166 cars and 118 trailers. Last summer, Innovo received $354 million in construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. JLL arranged the financing, although details about the amount of each component within the capital stack were not disclosed. The topping out of the complex is slated for later this year. Full completion is scheduled for 2025.