DENVER — Denver-based ProLogis has closed on a $120 million, 10-year, secured financing on behalf of the ProLogis California Fund. The financing has a loan-to-value of approximately 50 percent with 11 industrial properties located in the Los Angeles Basin and Inland Empire. The proceeds will be used to partially refinance a $176 million secured debt facility that was set to mature in March 2009, but has been extended to March 2010.
HAYWARD, CALIF. — Santos Spice Agency, a food distributor, has acquired a 26,400-square-foot light industrial building in Hayward. The property is situated on 1.97 acres of land at 26545 Corporate Ave. Jet Stream Inc. sold the facility for $2.64 million. Joe Yamin and Chet Barney of Colliers International represented the buyer; Yamin and Greig Lagomarsino, also at Colliers International, represented the seller in the transaction.
CLEVELAND — Grubb & Ellis has represented Sottile Properties in the acquisition of 100,680 square feet of industrial space on 7 acres at 3636 West 58th St. in Cleveland. Sottile Properties purchased the property on behalf of Cleveland-based National Safety Apparel for $500,000 from Plastech Interior Systems, whose parent company, Plastech Engineered Products, filed for Chapter 11 bankruptcy in February. The existing building, which sold at a deep discount due to the bankruptcy proceedings, will be demolished to make way for a new LEED-certified distribution facility. Terry Coyne of Grubb & Ellis’ global logistics group represented Sottile Properties in the transaction.
BRIDGEVIEW, ILL. —Walter Murphy of Lee & Associates of Illinois has represented Logistics Management in leasing 120,099 square feet of space at 7557 S. 78th St. in the Chicago suburb of Bridgeview. The tenant signed a lease for the warehouse space with landlord Heller VII-VIII Partnership LP, which was represented by Steve Connolly of NAI Hiffman. The value of the lease transaction was not disclosed.
LA PORTE, TEXAS — Two land parcels have been sold within Phase II of Bayport North Industrial Park in La Porte. In the first transaction, SBS Fairmont Parkway Ltd. acquired a 5.52-acre site located in Reserve B at the corner of Fair Drive and Fairmont Parkway. In the second transaction, Bayport North LLC acquired a 5-acre site, also located in Reserve B, on Fair Drive. The buyer in the first transaction was represented by Will Stacy of The Simpkins Group and Larry Gray of The Arledge Group. The buyer in the second transaction was represented by John Clark of NAI Houston. The seller in both transactions, North Bayport Industrial Park II Ltd., was represented by B. Kelley Parker III, John Littman and Coe Parker of Cushman & Wakefield. The acquisition prices, as well as future development plans, were not disclosed.
HOUSTON — Geodis Wilson Projects USA Inc. has leased 61,780 square feet of space in Port One North from Duke Realty Corp. The company will occupy 39 percent of the 158,940-square-foot warehouse/distribution building, which is located at 8210 Humble-Westfield Rd. in Houston. The cross-docked facility features 28-foot clear ceiling heights, 42 dock doors and two drive-in doors. Patrick Rollins of CB Richard Ellis represented Geodis Wilson in the transaction; Cory Driskill providing in-house representation for Duke.
BREA, CALIF. — Brea, Calif.-based Albany Synergistics has acquired a 32,559-square-foot industrial building for $4.5 million. The property is located at 615 and 655 Berry St in Brea. Mike Hefner of Voit Commercial Brokerage’s Anaheim, Calif., office represented the buyer; Louis Tomaselli, also of Voit’s Anaheim office, represented the seller, North Anaheim Associates, in the transaction.
WAUKESHA, WIS. — The Milwaukee office of CB Richard Ellis (CBRE) has brokered the sale of a 14,050-square-foot industrial facility located at 405 Wilmont Dr. in Waukesha. Spanish olive grower Seville Imports acquired the building from former occupant Gray’s Tool and Manufacturing for use as distribution and warehouse space. Karl Wiedenman of CBRE negotiated the disposition on behalf of Gray’s Tool and Manufacturing. The price of the sale was not disclosed.
ELIZABETH, N.J. — Matrix Development Group has completed a 432,140 lease renewal within Bayway Industrial Center in Elizabeth. The space is occupied by Cory Furniture, a Jersey City, N.J.-based furniture warehousing, storage and home delivery provider. Terms of the lease were not disclosed. Bayway Industrial Center, which is owned by Matrix, comprises four standalone warehouse buildings total of more than 1 million square feet. The property is currently undergoing a redevelopment and was 75 percent occupied at the time of closing.
ONTARIO, CALIF. — Sacramento, Calif.-based ProLogis has leased approximately 400,000 square feet of distribution space to Consumer Products Company, a footwear designer, manufacturer and retailer. The space is located at ProLogis Park Ontario Airport, a newly constructed 681,000-square-foot facility located in Ontario.