BROOKLYN PARK, MINN. — Minneapolis-based NothMarq Capital has arranged $7.5 million in first-mortgage financing for the 610 Business Park located in Brooklyn Park. Financing for the 78,190-square-foot industrial property was based on a 10-year term, with a 30-year amortization schedule. Patrick Minea of NorthMarq’s Minneapolis office arranged the loan for the borrower, through NorthMarq’s relationship with a pension fund advised by Grosvenor Investment Management US.
SAN LEANDRO, CALIF. — Broadreach Capital Partners has completed a multi-million dollar renovation of the former Kellogg’s cereal production facility in San Leandro. The company has repositioned the property as Williams Street Industrial Park, a 484,727-square-foot industrial park. Broadreach acquired the property in April 2007 for $21.5 million and undertook a 1-year redevelopment plan that included new mechanical, electrical and plumbing systems, seismic and structural upgrades, improved loading facilities, enhanced landscaping, building façades and interiors. Additionally, the company also razed 24,160 square feet of existing structures to develop a new central main entrance and truck court. Located at 2010 and 2020 Williams Street, the property features a 186,000-square-foot manufacturing and warehouse building with 19-pneumatic-fed silos; a 278,727-square-foot warehouse building with 20,000 square feet of office space, and a separate 3.6-acre industrial-zoned land parcel, which is connected to the rest of the property by a pedestrian bridge. The property is also served by two active and independent Union Pacific rail spurs. Current tenants include Meto Poly Company and Zim Diversified.
ATLANTA — Roswell-based designer Randall-Paulson Architects has recently completed the 109,845-square-foot Building 100, the first phase of the 327,000-square-foot industrial project, Hartsfield East, located on Wilson Road near Hartsfield-Jackson Atlanta International Airport. Building 100 is 80 percent leased to global integrated logistics manager UTi. Construction on the 108,475-square-foot Building 200 will commence in the fall with the 109,000-square-foot Building 300 to follow.
ST. LOUIS — Ashley Furniture Home Store is relocating its headquarters to a 118,800-square-foot distribution and office facility currently under construction within Green Park Commerce Center in South St. Louis County. ARCO Construction Co. is building the $7.6 million structure, which is slated for completion this winter. Situated on a 5.5-acre site, the single-story, steel-framed building will feature a 100,800-square-foot warehouse zone, as well as 18,000 square feet of office space. The warehouse will have 38-foot clear-height ceilings, 19 dock doors, a covered customer pick-up zone and energy efficient lighting. Parking will be available for 118 vehicles.
WHEELING, ILL. — David Tropp, Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CB Richard Ellis have represented Pactiv Corp. in the sale of an industrial building located at 1500 S. Wolf Rd. in Wheeling. The 219,732-square-foot facility was acquired by CenterPoint Properties, and features approximately 15,500 square feet of office space and 24-foot clear-height ceilings. This fall, CenterPoint Properties will begin a general renovation of the one-story building. The asking price was $9.5 million.
LIVONIA, MICH. — Lee & Associates of Michigan has brokered the sale of a 60,800-square-foot industrial facility located at 35455 Veronica St. in Livonia. Celani Family LP sold the building for an undisclosed amount. Jon Savoy and Jim Roberts of Lee & Associates represented the buyer, Henrob Corp., in the transaction.
SAN FRANCISCO — San Francisco-based Shorenstein Properties LLC has partnered with San Francisco-based SKS Investments to purchase Oyster Point Business Park and Oyster Cove Marina, a six-building flex/industrial property with adjacent 235-berth marina in South San Francisco. Currently 88 percent leased, the business park consists of six single-story buildings totaling 404,215 square feet. The 34.34-acre property is located on Oyster Point Boulevard and is 1 mile east of Highway 101 and 1.5 miles north of San Francisco International Airport. Shorenstein Properties made the acquisition on behalf of its ninth investment fund, Shorenstein Realty Investors Nine LP, a $2.062 billion private commingled fund formed in spring 2007. NAI BT Commercial Investment Services Group represented the seller, Shelton Corp., in the transaction. Terms of the transaction were not disclosed.
RANCHO DOMINGUEZ, CALIF. — First Industrial Realty Trust Inc. has leased its First Dominguez Gateway Center, a 214,000-square-foot distribution center in Rancho Dominguez, to DHL Excel Supply Chain, a major international third-party logistics provider and subsidiary of Deutsche Post. Located at 3015 E. Ana, the property offers several features that are unique to the South Bay submarket, such as a secured yard for trailer storage and two rail spurs. Ryan McClean and Jackie Baker led the First Industrial team on the lease transaction. Todd Taugner, Frank Schulz and David Bales of The Klabin Company also assisted with the transaction.
DUNCAN, S.C. — Plymouth Meeting, Pa.-based Exeter Property Group has purchased a 96,000-square-foot industrial building, located at 260 Parkway East in Duncan, from Two Sixty Properties for an undisclosed amount. The seller was represented by Brian Young, a member of the Industrial Group in Grubb & Ellis|The Furhman Co.’s Greenville office.
LOWELL, KALAMAZOO AND ALLEGAN, MICH. — Michigan Governor Jennifer Granholm has announced that three West Michigan companies will invest $39.3 million to expand their operations in the state as a result of the Michigan Economic Development Corp. Attwood Corp., a marine parts and accessories supplier, will consolidate its Lancaster, Texas, manufacturing operations into its existing facility located in Lowell. The $1.8 million project is expected to create 87 new jobs in the community. The company has received a $452,000 state tax credit over 7 years, and the city of Lowell has approved a 12-year property tax abatement worth more than $1 million to support the expansion. In Kalamazoo, Graphic Packaging International Inc. has announced plans to invest $27 million to expand its existing folding carton plant. The project, which is expected to create 377 new jobs, will receive a $2.96 million state tax credit over 12 years. To support the expansion, the city of Kalamazoo is also recommending 12-year real and personal property abatements worth approximately $1.5 million. Additionally, Michigan-based Perrigo Co. has plans to invest $10.5 million in operating and training facilities at its global headquarters in Allegan. The project, which is expected to create 1,039 new jobs, has …