RIVIERA BEACH, FLA. — NAI Rauch, Weaver, Norfleet, Kurtz & Co. (NAI) has brokered the subleasing of 76,000 square feet of office and warehouse space, located at 1371 SW 8th St. in Riviera Beach. Palm Beach County will be subleasing the space for a 5-year term for the Supervisor of Elections. The sublease is valued at $1.52 million. The sublessor, Huttig Building Products, will continue to run its South Florida business operations out of a portion of the building. Randy Rauch of NAI represented Huttig; Bob Goldstein of Hospitality Consultants represented the County.
Industrial
BELLINGHAM, MASS. — CB Richard Ellis Realty Trust has purchased a 238,370-square-foot newly completed warehouse/distribution building in Bellingham. The distribution center, which is located at 140 Depot St., is situated between Boston and Providence off I-495 and provides excellent access to I-95, I-93, and I-90. It is expandable and features pre-cast concrete construction, cross-docking, a 36-foot clear height, ESFR sprinklers and excess trailer parking. The Class A build-to-suit facility is fully leased to Best Buy Stores on a long-term lease. The retailer will use this facility primarily as a regional distribution center for home delivery of large items, as well as hosting a small service/repair center and providing dispatching and scheduling. The purchase price was undisclosed.
LAREDO, TEXAS — Lee & Associates has arranged the $500,000 sale of an 11,000-square-foot industrial property located at 514 Enterprise St. in Laredo. Evan McDonald and Steve Malley of Lee’s San Diego office represented the seller, U.S. Bank National Associates. The buyer, Property Management Group, utilized in-house representation. The acquisition price was not disclosed.
MOORPARK, CALIF. — George Eales of Daum Commercial Real Estate Services represented a family trust in the acquisition of a 32,233-square-foot industrial building, which is located at 5156 Commerce Ave. in Moorpark. The buyer’s family business, Pindler & Pindler Inc., currently occupies the property. York Moorpark Industrial sold the facility, which features dock-high and ground-level loading with 20-foot clearance, for $4 million. Mike Tingus and Scott Linklater of Lee & Associates represented the seller in the transaction.
POMONA, CALIF. — Andy Hu of Daum Commercial Real Estate Services represented both parties in the disposition and acquisition of a 12,524-square-foot industrial building in Pomona. Perfect Design Inc. sold the property to Kimberly Xu for $1.43 million. The property is located at 1928 W. Holt Ave.
HANOVER, MD. — Scheer Partners Inc. has negotiated a multi-year lease in Hanover for Eaton Corp., a Cleveland, Ohio-based diversified power management company. Eaton will consolidate their two Maryland locations at 9204 Berger Road in Columbia, Md., and 6671 Santa Barbara Road in Elkridge, Md., to occupy the new 50,850-square-foot distribution building at 7451 Coca Cola Drive. Custom build-out for Eaton’s new facility is slated for spring 2010, and is part of a three-building, 725,000-square-foot industrial park. Mike Norris of Scheer Partners’ Tyson Corner, Va., office represented Eaton in the lease transaction. Lincoln Property Co. negotiated on behalf of the landlord, a joint venture of Lincoln, Invesco and NYSTERS.
ROANOKE, VA. — Coca-Cola Bottling Co. has signed a long-term lease on a 75,000-square-foot industrial warehouse in Roanoke. Located in Valley Gateway Business Park, the expansion and investment is valued at $9 million. Doug Wright and Dennis Cronk of Roanoke, Va.-based Poe & Cronk Real Estate Group represented the owner, Roanoke Gateway.
EAST MOLINE, ILL. — Douglas Longyear of NAI BT Commercial’s San Francisco office represented both undisclosed parties in the disposition and acquisition of a FedEx Freight warehouse/distribution facility, which is located at 5005 Morton Dr. in East Moline. The 211,832-square-foot property sold for $19.25 million or $91 per square foot.
ROSENBERG, TEXAS — Biotics Research Corp. has announced plans to complete a $2 million expansion of its 42,000-square-foot facility located in Rosenberg. The addition will total 35,000 square feet and will expand the company’s existing manufacturing and warehouse operations at the site. The City of Rosenberg and the Fort Bend County Commissioners’ Court also approved tax abatements for the project. The construction timetable was not disclosed.
STOCKTON, CALIF., AND LAS VEGAS — Orange County, Calif.-based Bixby Land Co. has completed its $400 million portfolio repositioning with the acquisition of two properties in California and Nevada. In California, the company purchased a 264,000-square-foot industrial building, which is located at 4114 S. Airport Way and 1425 Industrial Dr. in Stockton, for an undisclosed price. Current tenants include Dana Structural Products, Technical Consumer Products and Mike Campbell & Associates. In Nevada, Bixby acquired a 130,000-square-foot industrial property, which is located at 4875 E. Cheyenne Ave. in Las Vegas, from Panattoni Development for an undisclosed amount. The property is currently 100 percent leased through 2017 to Johnston Supply, a wholesale distributor in HVAC/R equipment. Starting in 2006, Bixby began restructuring its portfolio by selling off non-strategic assets and using 1031-exchange funds to assemble an institutional quality, industrial and R&D portfolio.