MIAMI — Flagler Development Group has leased 240,000 square feet of space in its Flagler Station industrial park to a Fortune 500 company. The firm signed a 10-year lease for the space, which is located at 10505 N.W. 112th Ave. in Miami. Current tenants in the park include FedEx Ground Package System, Makita Latin America, Kuehne & Nagel and Entenmann’s Sales. Rafael Romero and Stuart Gordon represented Flagler in-house, and the tenant was represented by Trevor Ragsdale, Michael Burns, Ed Lyden and Wayne Schuchts of Jones Lang LaSalle. The tenant wishes to remain unidentified.
Industrial
CHICAGO — Kimberly-Clark Corp. has agreed to lease approximately 750,500 square feet within ProLogis Park 55, which is located southwest of Chicago in Romeoville. The transaction represents the largest industrial lease in the Chicago area so far this year. This is the third lease agreement between Denver-based ProLogis and Dallas-based Kimberly-Clark, which now occupies approximately 1.6 million square feet within various ProLogis sites across America. The six-building ProLogis 55 industrial park consists of more than 3.1 million square feet of Class A distribution space. Sustainable features at the development include an energy-efficient lighting system with motion sensors, T5 lights and clerestory lighting. Additional terms of the lease were not disclosed.
HOUSTON — The Houston office of Marcus & Millichap has brokered the sales of two Houston flex properties. The first property, Hempstead Industrial Plaza, is located at 14620 Hempstead Rd. and contains 42,510 square feet of office and warehouse space. The second property, McAllister Industrial Park, is located at 2441 McAllister Rd. and contains 26,652 square feet of office and warehouse space. Justin Miller and Jerry Goldstein represented both locally based sellers. The buyers, also based in Houston, were both secured by Joshua Lass-Sughrue, also of Marcus & Millichap’s Houston office. The acquisition prices were not disclosed.
DENVER — Denver-based ProLogis, the world’s largest owner, manager and developer of distribution facilities, has unveiled major strategic initiatives in an effort to address market conditions. While the company will complete any projects that are currently underway, ProLogis does not expect any new development activity for the foreseeable future and will not pursue entry into any new markets until conditions improve and liquidity returns. In addition to the development freeze, the company is revising its dividend rates for 2009, which were released earlier this year as $2.28 per share. The new rate reflects an annualized dividend of $1.00 per common share for 2009, subject to market conditions and REIT distribution requirements. The company will also reduce its G&A spending by 20 to 25 percent through a combination of workforce and business spending reductions. Additionally, Jeffrey Schwartz has resigned as the company’s chairman and chief executive officer. Walter Rakowich has been named chief executive officer and Stephen Feinberg will assume the role of chairman.
SPARKS, NEV. — Fuchs Investments LLC has acquired a 152,800-square-foot industrial building in Sparks for an undisclosed price. Located at 1555-1645 Crane Way, the building is part of a 565,180-square-foot portfolio of industrial properties in Sparks and Reno, Nev. The seller was Irvine, Calif.-based The Passco Companies. Paul Perkins of NAI Alliance represented the seller in the transaction.
AKRON, OHIO — Bob Raskow and Harry Stewart of NAI Cummins Real Estate have represented both parties in the sale of a manufacturing facility located at 1246 Princeton St. in Akron. Baton Rouge, La.-based American Utility Metals has purchased the 54,000-square-foot building from Canada-based Vasilev Holdings. For the past 5 years, the property has been leased to American Utility Metals by its subsidiary, American Utility Processing. The acquisition price was not disclosed.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has completed the sale of Southpark 3 and Southpark 4, two Austin industrial properties totaling 176,000 square feet. Located at 4209 and 4129 S. Industrial Dr., the properties are a combined 89 percent leased by a tenant roster that includes The Whitley Printing Company, BlueLinx Corp., Crawford Electric Supply and Austin Tele-Services. An adjacent 4.2-acre land parcel was included in the sale. Jud Clemens and Robby Rieke of HFF represented the seller, an affiliate of General Electric Pension Trust that was advised by Stamford, Conn.-based GE Asset Management. The buyer was Boston-based AEW, which made the purchase on behalf of AEW Value Investors II, the company’s value-added real estate fund. The acquisition price was not disclosed.
RANCHO DOMINGUEZ, CALIF. — First Industrial Realty Trust Inc. has acquired two industrial facilities in Rancho Dominguez. In the first transaction, First Industrial purchased a 122,000-square-foot bulk distribution center, which is located at 2960 E. Victoria St., through a sale-leaseback transaction. The property was acquired through First Industrial’s Development and Repositioning joint venture with the California State Teachers’ Retirement System (CalSTRS). In the second transaction, the company acquired a 23,000-square-foot truck terminal, which is located at 19021 S. Reyes Ave. First Industrial plans to redevelop the property by expanding the building and adding more than 20 dock-high doors. Additional details about the transactions were not disclosed. Steve Sprenger of Grubb & Ellis and Mike Gibbs of Burr & Temkin assisted in the acquisition of 2960 East Victoria; Jeff Smart and Blake Tippett of Grubb & Ellis assisted in the acquisition of 19021 South Reyes.
ORANGE COUNTY, CALIF. — Voit Commercial Brokerage has completed four industrial sale transactions in Orange County. In the first transaction, Anaheim, Calif.-based TC Specialties purchased a 12,000-square-foot industrial building, which is located at 460 Industrial Way in Placentia, Calif., for $2 million. Dennis Demeis of Southwest Commercial represented the buyer; Mike Hefner of Voit’s Anaheim office represented the seller, The Prount Family Trust, in the transaction. In the second transaction, Ageel Mohammad has acquired a 9,685-square-foot industrial property for $1.8 million. The project is located at 3010 Miraloma Ave. in Anaheim. Larry Lawrence of Lee & Associates represented the buyer; Rob Socci and Hayden Socci of Voit’s Anaheim office represented the seller, Franklin Dennis Hirt, in the transaction. In the third transaction, Brian Williams of Voit’s Anaheim office represented Joseph Hoang in the acquisition of a 6,868-square-foot industrial building., which is located at 11264 Monarch St., Suite B in Garden Grove, Calif. Brian Burke sold the property for $1.4 million. Gary Marquis of Collins Commercial represented the seller. In the final transaction, Le Court Family Trust has purchased a 4,176-square-foot industrial property, which is located at 27176 Burbank Ave. in Foothill Ranch, Calif., for $1 million. Scott Kelley of The …
ROSEVILLE, MICH. — L. Mason Capitani has brokered the acquisition of a 36,374-square-foot industrial facility located at 15890 Sturgeon in Roseville. Palmer Distributors has purchased the property from an undisclosed seller in order to expand its current operations. The asking price for the facility was approximately $1.3 million. Tom Jablonski of L. Mason Capitani represented the buyer in the transaction.