NAPLES, FLA. — Naples-based Lund Capital Group has sold a 252,422-square-foot industrial portfolio, located across from the Naples Municipal Airport in Naples, to Miami-based The Adler Group for $31 million. The portfolio consists of the seven-building, 189,523-square-foot Collier Park of Commerce and the four-building, 62,899-square-foot Commerce Center. Sale of the property, which is 96 percent occupied, was brokered by Mike Davis, Rick Brugge, Gary Tasman and Brandon Stoneburner of Cushman & Wakefield.
ADDISON, TEXAS — Lee & Associates has completed the sale of an 11,900-square-foot industrial building located at 15481 Addison Rd. in Addison. Nathan Denton and Hanes Chatham of Lee & Associates’ Dallas/Fort Worth office negotiated the transaction between the seller, Wagley Trust, and the buyer, Victory Jet Assignment. The buyer plans to operate the building as a hangar for personal and business aircraft. The purchase price was not disclosed.
VIRGINIA BEACH AND NORFOLK, VA. — Burnette Development recently sold two Class A self-storage properties, totaling 170,000 square feet and encompassing 1,438 units, to an undisclosed buyer for $14 million. Sale of the properties, which are located in Virginia Beach and Norfolk, was arranged by Michael Howard, Steve Hryszko and Hal Yuill of CB Richard Ellis’ Self Storage Advisory Group.
WOODRIDGE ILL. — Chicago-based Bridge Development Partners, in partnership with Globe Corp., has begun developing two warehouse/distribution facilities located at the corner of Davey and Lemont roads in Woodridge. Bridge Point Woodridge will be situated on a 19-acre site approximately 1 mile south of Interstate 55. The first 264,183-square-foot building will feature 24 exterior docks (expandable to 48) and eight drive-in doors. The second 119,122-square-foot facility will include 16 exterior docks (expandable to 26) and eight drive-in doors. Both multi-tenant facilities will have 30-foot clear-height ceilings. Construction, which began in June, is slated for completion in the first quarter of 2009. Itasca, Ill.-based Cornerstone Architects designed the buildings; Des Plaines, Ill.-based Premier Design + Build Group is serving as general contractor.
WAUKEGAN, ILL. — Chicago-based Paine/Wetzel • ONCOR International has completed two industrial leases in Waukegan totaling more than 270,000 square feet. U-Line Corp. has signed a long-term lease renewal for its 167,719-square-foot industrial product located at 3540-3630 Burwood Dr. The packaging company has occupied the facility within the Amhurst Lake Business Park since 1998. Whit Heitman of Paine/Wetzel • ONCOR International represented the landlord, Prudential Insurance Co., and the tenant in negotiations. Additionally, Visual Pak has signed a 111,182-square-foot industrial lease within the Amhurst Industrial Center, which is located at 1817 Waukegan Rd. The property, which Visual Pak will use for additional warehouse distribution space, is situated adjacent to the company’s existing warehouse facility. Features of the 287,000-square-foot building include 28-foot clear ceiling heights and ample loading dock capabilities. Heitman and Samuel Badger Jr. of Paine/Wetzel • ONCOR International represented the landlord, Prudential Insurance Co., and the tenant in negotiations.
ADDISON, TEXAS — The Addison office of ML Realty Partners has purchased a 1.34 million-square-foot industrial portfolio from RREEF. The portfolio consist of eight Class A distribution buildings located within the Dallas/Fort Worth submarkets of Centreport and Valwood. The properties boast easy interstate access and close proximity to DFW International Airport. Cary Krier, Jack Crews and Seth Barne of Jones Lang LaSalle Americas represented RREEF in the transaction. The acquisition price was not disclosed.
ROSENBERG, TEXAS — Construction will begin this month for a new 60,000-square-foot service center for National Oilwell Varco. Situated on approximately 11 acres on Reese Road in Rosenberg, the facility will be used to service drilling equipment. Completion is scheduled for mid-2009. Denver-based Site West Development is developing the project in partnership with National Oilwell. The project is estimated to cost $12 million. The company’s current facility is located just outside of Rosenberg; 50 jobs will be retained from that facility, and 100 more will relocate from other regional facilities.
NORTH LAS VEGAS, NEV. — Las Vegas-based LM Construction Co. has completed a two-story, approximately 14,000-square-foot showroom for American Stone at 3741 Civic Center Dr. in North Las Vegas. The $2.5 million project features tilt-up concrete walls, with inlaid stone panels, as well as a hand-laid stone showroom floor. It was designed by Lynn Center & Associates.
CHARLOTTE, N.C. — A. Scott Hensley and Lester Osborn of Piedmont Properties/CORFAC International represented Trimming Associates in its sale of a 73,800-square-foot warehouse, located at 900 Pressley Rd. in Charlotte, to TPM Properties for $2 million. TPM will fill 25,000 square feet of space with company offices, and Trimming will continue to operate its manufacturing business from the warehouse. Tom Auer of Cornelius, N.C.-based Centdev Properties represented TPM in the transaction.
PETERSBURG, VA. — H. Merrill Plaisted, III, of Thalhimer’s Richmond, Va., office brokered a build-to-suit transaction between Lynwood, Calif.-based Earle M. Jorgensen Co. and Clinton, Tenn.-based The Hollingsworth Cos. for its 68,000-square-foot distribution facility development. Located on 9.15 acres at the intersection of Simpson and Weakley roads in Petersburg, the $3.97 million facility will be completed by the end of this year.