WAWAYANDA, N.Y. — Sacramento, Calif.-based Panattoni Development Co. has acquired an approximately 100-acre land parcel located in Wawayanda. The site will be the home of Pine Lane Business Center; Panattoni has already received approvals for the construction of 505,000- and 241,000-square-foot buildings. The buildings will have space to accommodate a single or multiple users, and can be delivered for occupancy within 1 year of groundbreaking. Frank Tomasulo of CB Richard Ellis represented Panattoni in the land transaction.
NEW YORK CITY — Yonkers, N.Y.-based NAI Friedland has brokered the $14 million sale of a 193,000-square-foot industrial property, located at 2338 Hermany Ave. in the Parkchester neighborhood of the Bronx, New York City. The site formerly served as a milk depot, and contains antiquated tanks and building. The buyer, Clarendon Holdings, plans to convert the property into a parking lot for school buses and other vehicles. Peter Cokin of NAI Friedland represented the seller, Atlantic Development. The buyer was represented by Queens, New York City-based Crosstown Realty. Acquisition financing was provided by Citigroup.
BOSTON — Boston-based Cabot Properties has secured a $65 million loan for the acquisition of a 2.4 million-square-foot industrial portfolio. The portfolio comprises 14 buildings located in major metropolitan markets across the country. Steve Roth and Steve Kundert of Chicago-based Cohen Financial arranged the financing, which includes a 70 percent loan-to-value ration and a fixed interest rate priced off of the 7-year U.S. Treasury. The lender was a national life insurance company. Details about the portfolio were not disclosed.
ARLINGTON, TEXAS — Houston-based Weingarten Realty Investors has leased 39,100 square feet within Midpoint I-20 Distribution Center, located just north of Interstate 20 on New York Avenue in Arlington, to Greenwood Village, Colo.-based American Medical Response. The company expects to open the facility in the second quarter of 2009. George Curry of the Dallas office of Jones Lang LaSalle represented American Medical Response in lease negotiations. Michael Stanzl and Robert Reese of Dallas-based NAI Robert Lynn represented Weingarten. Terms of the lease were not disclosed. Built in 2001, Midpoint I-20 Distribution Center is a two-building complex that is designed tenants with office/showroom and warehouse/distribution needs. The facility offers spaces from 16,000 to 68,000 square feet with dock-high rear loading capability.
PHOENIX — AIC Investment Co. has purchased a 4.03-acre land parcel in Phoenix’s Estrella Commerce Park II for $1.31 million or $7.50 per square foot. The company plans to develop a 60,000-square-foot build-to-suit industrial property on the site, which is located at the southwest corner of 72nd Avenue and Sherman Street. Sun State Builders is serving as general contractor for the project, which is slated for completion in June 2009. Gulf Arizona Packaging is contracted to occupy 30,000 square feet of the property. The seller was Tempe, Ariz.-based Chamberlain Development LLC. Payson MacWilliam and Don MacWilliam of Colliers International represented both parties in the transaction.
WEST CHESTER, OHIO — Louisville, Ky.-based Humana Inc. has leased 140,795 square feet of space at Park 75, which is located within Opus North Corp.’s Union Centre II industrial development in West Chester. The building will house Humana’s first office and dispensing site in the Midwest. In order to accommodate the tenant, Rosemont, Ill.-based Opus North reconfigured Park 75’s layout to offer more parking spaces and a larger office build out. Humana’s new space includes 80,000 square feet for a call center and 60,000 square feet for drug fulfillment. Dell occupies the other building within the park. Dave Noonan and Norm Khoury of Colliers Turley Martin Tucker brokered the long-term lease on behalf of Opus North; Bob Ryan, also of Colliers Turley Martin Tucker, represented Humana in negotiations.
FREDERICK, MD. — Bechtel Corp. has renewed 10-year leases for 325,879 square feet of space in multiple buildings in its Frederick campus. Further details of the leases were not released. CB Richard Ellis’ Meredith LaPier and Andy Cole represented Bechtel in the transaction. The property’s owner, California-based Gateway Franklin, was represented by TA Associates.
VIRGINIA BEACH, VA. — Virginia Beach-based ADS has purchased 81,000 square feet of warehouse space on Aviator Drive in Virginia Beach from an undisclosed seller for an undisclosed price. The warehouse will serve as the firm’s primary kitting, assembly and storage operations center. ADS has also acquired 13 acres adjacent to the property for a 160,000-square-foot expansion and plans on hiring up to 15 more employees. Finally, the company will invest $26 million to buy land, buildings, equipment and inventory in the city.
HOUSTON — Grubb & Ellis has brokered the sale of a 34,286-square-foot industrial building, located at 10010 Gulf Freeway in Houston. Rob Stillwell and Jay Jenckes of Grubb & Ellis’ Houston office represented the buyer, PEJ Real Estate Interests LP. The property was sold by Ruhrpumpen for $2.2 million.
NILES, ILL. — Chicago-based Epic Realty Partners/TCN Worldwide has brokered the sale and acquisition of a 27,214-square-foot manufacturing facility located at 7530 N. Natchez in Niles. Talk-A-Phone, which is relocating its headquarters to the Niles property from Chicago, purchased the building from Cook Financial. The sale was valued at approximately $2.38 million. Joel Friedland and Denise Stein Chaimovitz of Epic Realty Partners represented the buyer; Stein Chaimovitz and David Mitidiero, also of Epic Realty Partners, represented the seller in the transaction.