NEW YORK CITY — Dmitri Gourianov of Kalmon Dolgin Affiliates has completed the $1.9 million sale of an industrial facility in the Queens Village neighborhood of Queens, New York City. The 15,000-square-foot property is located at 212-20/24 99th Ave. The property features a 10,000-square-foot industrial building and a 5,000-square-foot lot that contains a single-family home. The building features multiple drive-in doors, high ceilings and offices on the second floor. Gourianov represented the buyer, Public Utilities Maintenance, and George Kines of Kaplon-Belo represented the seller, Albert Abney, in the transaction.
Industrial
IRVINE, CALIF. — The Koll Company has completed Koll Center III, a 188,374-square-foot business park located in Irvine. The park consists of 11 one- and two-story industrial/research and development buildings offering 56 units that range in size from 1,100 to 29,000 square feet. LPA Architects provided architectural services for the project. Michael Hartel, Kevin Turner, Joe Winkelmann and Travis Haining of Voit Commercial Brokerage are marketing the project.
INDIANAPOLIS AND PRINCETON, N.J. — Indianapolis-based Duke Realty Corp. and Princeton-based CB Richard Ellis Realty Trust have entered into a joint venture that will acquire up to $800 million in industrial properties over the next 3 years. The joint venture will focus on newly developed, build-to-suit, bulk industrial projects. It has targeted six properties, totaling 5.2 million square feet and valued at approximately $250 million, for acquisition this year. The venture will acquire additional Duke build-to-suit, bulk industrial properties over the next 3 years as the projects are completed. Duke will receive asset management, property management, construction management, development and leasing fees in connection with services provided. The venture plans to hold onto the properties as long-term investments.
CHICAGO — Rosemont, Ill.-based Epic Realty Partners/TCN Worldwide has completed a 260,000-square-foot industrial lease in Chicago. Rapid Displays will occupy 260,000 square feet at 4100 W. 76th St., consolidating all of its Chicago distribution facilities into a single facility that will be known as Rapid Logistics. Phil Rosenberg and Ed Brandt of Epic represented Rapid Displays in the lease; the landlord, Insite Real Estate Development, was represented in-house by Ted Praspolous and Dan Kostelny.
ST. LOUIS — St. Louis-based Lawrence Group has completed the redevelopment of Kirberg Co.’s 44,000-square-foot headquarters and distribution facility located at 1400 S. 3rd Street in St. Louis. Lawrence Group provided design/build services for the redevelopment of the historic property, which contains office and warehouse space. The two-story building achieved LEED certification with sustainable features such as bamboo flooring, motion-sensor lighting, maximized natural light, the use of recycled materials, a green roof, increased water efficiency and the installation of a shower for employees to promote alternative transportation.
DALLAS/FORT WORTH, TEXAS — GE Real Estate has provided a $21 million loan to Dana Point, Calif.-based Optivest Properties for the acquisition of five self-storage facilities in the Dallas/Fort Worth Metroplex. The Class A and B properties comprise 2,663 units in the cities of Allen, Murphy, Forney, Terrell and Grand Prairie. Chuck Mills of CEM Capital was the mortgage banker for the transaction, which was the first between GE and Optivest Properties.
EL SEGUNDO, CALIF. — Peter Yousefi and Jeremy Jurow of NAI Capital represented the For Stars Catering Inc. in the disposition of a 12,319-square-foot industrial building, which is located at 215-233 California St. in El Segundo. CRS LLC and Stuart Sackley purchased the property for $3.55 million. The buyers plan to redevelop the property into eight to 10 loft-style units with creative office space and garages for sale. Bill Ruane and Matt Crabb of RE/MAX Beach Cities represented the buyers in the transaction.
HOUSTON — First Industrial Realty Trust has sold a 191,537-square-foot industrial building to TA Associates Realty. The facility is located at 8705 City Park Loop East in Houston. Doug Nicholson and John Nicholson of Grubb & Ellis Co. represented the seller.
CORPUS CHRISTI, TEXAS — Josh Gaines of NAI Cravey Real Estate Services has represented both the buyer and the seller in a two-building transaction in Corpus Christi. The sale included a 12,500-square-foot office/warehouse building and a 10,250-square-foot retail building located on 5.35 acres at 585 South Padre Island Dr. RSC Equipment Rentals currently occupies the space. Both the buyer and the seller were private investors.
DALLAS — Trammell Crow Company (TCC) has broken ground on an 887,810-square-foot speculative industrial facility in Dallas. Located at the crossroads of Interstates 20 and 35, the building is expected to be complete by the fourth quarter of this year. The facility, which is Phase II of a 100-acre distribution park, sits on 55 acres. CB Richard Ellis is handling the leasing and marketing of the property.