GLENDALE, CALIF. — Los Angeles-based Rexford Industrial has purchased a freestanding industrial building in Glendale for $6.2 million. Located at 700 Allen Ave., the 57,117-square-foot property offers 3,840 square feet of office space. The property is currently occupied by Grant Industries on a 21-year lease, with approximately 1 year remaining. The tenant has the option to renew its lease for an 18-month extension. Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented the buyer and the seller, the Peterson Family Trust, in the transaction.
BOONE COUNTY, KY. — In early 2009, the United States Playing Card Co. will move from its long-time headquarters in Norwood, Ohio, to a 40-acre, 570,000-square-foot facility, which will be developed within Boone County in the Greater Cincinnati area. The company will invest $30 million during the next 2 years to establish a new manufacturing and distribution space, which will also serve as the headquarters for the arts and crafts supply company Loew-Cornell.
COLUMBUS, OHIO — Chicago-based Beacon Realty Capital has arranged $15 million in variable-rate acquisition financing for seven Storage Inn self-storage facilities in the Columbus area. The 412,000-square-foot portfolio, which contains 3,400 storage units, was acquired by The Sterling Group of Mishawaka, Ind. Beacon secured a 3-year, interest-only variable-rate loan using private money execution.
CHERRY HILL, N.J. — CB Richard Ellis (CBRE) has brokered the sale of the Cherry Hill Business Park portfolio in Cherry Hill. The portfolio contains 15 properties located along Springdale Road within Cherry Hill Business Park that total 737,392 square feet of warehouse, flex and retail/showroom space, as well as two land parcels totaling 25 acres. The park’s tenants include B. Braun Medical, Avalon Carpet & Tile, Commerce Bank, Dal-Tile Corp., Cooper Lighting, International Paper and Aquahab. The undisclosed seller was represented by Michael Hines and Michael Blunt of CBRE’s Philadelphia office. The buyer was a partnership between Bala-Cynwynd, Pa.-based Endurance RE Group and Assurant. The acquisition price was undisclosed.
TEJON RANCH, CALIF. — Clayco Inc. is developing a 350,000-square-foot build-to-suit distribution center for Famous Footwear, a retail division of Brown Shoe Company, in Tejon Ranch. Located within Tejon Industrial Complex, the 23.75-acre development parcel is situated within the recently approved Foreign Trade Zone. The trade zone was set up by a joint venture between Tejon Ranch Company and The Rockfeller Group Development Corp. The initial plans for the project call for a 350,000-square-foot distribution center with ample land remaining for future developments.
TAMPA, FLA. — Upon completion in the second quarter of 2009, IDI’s 146,825-square-foot Madison Business Center Building D will be Tampa’s first Class A industrial property built to LEED certification standards. The building, located in the Madison Business Center off U.S. Highway 41 in Hillsborough County, will feature an irrigation design to reduce water consumption, among other sustainable elements. Also, recycling efforts will be enforced during construction, which is expected to begin in September.
DORAL, FLA. — Gateway Warehouse & Consolidators has sold a 17,000-square-foot, Class A warehouse, located in the Beacon Industrial Park at 10850 NW 30th St. in Doral, for $2.6 million. Servicios Agecom purchased the building. Edward J. Redlich of ComReal Miami represented the seller.
WHITESTOWN, IND. — Verus Partners has leased 182,000 square feet of distribution space located at 5100 Indianapolis Blvd. in Whitestown to Pitney Bowes. As the world’s largest provider of mailstream solutions, Pitney Bowes will generate 150 new employment opportunities in the area. The facility, which is situated within Verus Partners’ 624,000-square-foot industrial park, will host Pitney Bowes’ main supply and return hub for postage meter equipment. Features of the property include 36-foot clear ceiling height, cross-dock loading and abundant trailer parking.
PISCATAWAY, N.J. — Trammell Crow Co. has received approval from the township of Piscataway for the construction of Piscataway Business Center, two-building industrial development located in Piscataway. Situated on 44 acres at the intersection of South Washington Avenue and Centennial Avenue, the industrial project will contain two buildings totaling 538,800 square feet. Piscataway Business Center 1 will contain 307,800 square feet and Piscataway Business Center 2 will contain 231,000 square feet. Each building will feature 36-foot clear ceiling heights, ESFR sprinkler systems, wide truck courts with trailer storage and more than 550 parking spaces. Construction is expected to begin in spring 2009. Mindy Lissner, Lou Belfer and Stacey Weinberg of CB Richard Ellis’ New Jersey office will handle leasing for the park.
LA PORTE, TEXAS — A partnership between Colorado-based Mountain West Industrial Properties and Galveston, Texas-based American National Insurance Co. has acquired Bayport N. Distribution Center II, a two-building industrial property located in La Porte. The recently constructed project is situated at the intersection of Fairmont Parkway and Underwood Drive, and includes two cross-docked facilities measuring 600,000 and 172,500 square feet. The recently constructed property was 17 percent pre-leased at the time of closing. It was acquired from the developer, Vantage Cos., which has been retained to manage and lease the property. The acquisition price was undisclosed.