WAWAYANDA, N.Y. — CB Richard Ellis (CBRE) has completed the sale of an approximately 62-acre, shovel-ready development site located at Pine Lane Business Center in Wawayanda. The parcel was acquired by Medline Industries, a medical supplies manufacturer, which plans to develop an approximately 500,000-square-foot building at the site. Frank Tomasulo of CBRE’s Stamford, Conn., office represented the seller, Sacramento, Calif.-based Panattoni Development. Tomasulo is also the exclusive sales agent for the remaining parcel at Pine Lane Business Center, which can accommodate a second building of up to 241,000 square feet.
HOUSTON — Houston-based Live Oak Capital has arranged $7 million in fixed-rate, permanent financing for Office Pavilion – Houston, a 108,048-square-foot flex property located in Houston. Situated on 8.52 acres, the property comprises a single-story, 83,200-square-foot distribution building and a two-story, 24,848-square-foot office building. The property was completed this month; it is presently configured as a single-tenant furniture warehouse, showroom and distribution facility, and provides space for the Houston area distributor of Herman Miller office furniture. John Fenoglio of Live Oak Capital secured the financing on behalf of the borrower, locally based SASL LLC, with the lender, National Integrity Life Insurance Co. (Eagle Realty). It was recently announced that Charlotte, N.C.-based Grandbridge Real Estate Capital has made plans to acquire Live Oak Capital.
TUCSON, ARIZ. — Boston-based Intercontinental Real Estate Corp. has acquired a six-building industrial/research and development portfolio in Tucson for $46.3 million or $73.40 per square foot. Situated on 50.92 acres adjacent to the Tucson International Airport, the 606,027-square-foot portfolio consists of Tucson Technology and Commerce Center I, II, III, IV and Medina Business Center I & II. At the time of acquisition, the asset was 95 percent occupied by a variety of tenants, including Ferguson Enterprises, UPS, Solon AG and United Collections Bureau. A joint venture of the Muller Company and GE Real Estate sold the portfolio. Ryan Gallagher and Kelly Rohfeld with Grubb & Ellis, along with Russ Hall and Steven Cohen of Picor Commercial, brokered the transaction.
FITZGERALD, GA. — Albany, Ga.-based Interstate Warehouse Services has sold its 210,000-square-foot distribution facility to Appleton, Wis.-based FPC Southern Properties for an undisclosed amount. Located at 176 Rip Wiley Rd. in Fitzgerald, the 17.34-acre property originally housed a Miller Beer canning operation. FPC will use the warehouse as a paper distribution facility expected to generate 50 jobs in the next few years. Arthur P. Barry, III, of Macon, Ga.-based Coldwell Banker Commercial Eberhardt & Barry brokered the transaction.
DAYTON, OHIO — Springfield, Mass.-based Northstar Recycling Group has signed a lease for 93,000 square feet of space within the Dayton Distribution Center, which is located on Rosedale Drive in Dayton. The company will occupy the floor space by the end of the year. The building features rail access and a generous outside truck and trailer staging area. Tim Echemann of Sidney, Ohio-based Industrial Property Brokers negotiated the deal. Additional terms of the lease were not disclosed.
AYER, MASS. — Integrated Builders has completed interior improvements for a 200,000-square-foot flex facility for L-3 Communications, located at 2 Nemco Way in Ayer. Construction consisted of the conversion of the warehouse building into 135,000 square feet of manufacturing space and 65,000 square feet of office space. In addition to the build-out, Integrated Builders installed new mechanical and electrical systems, as well as a new compressed air and vacuum system. L-3 will consolidate several of its locations into the new facility. The project architect was Harvard, Mass.-based Maugel Architects.
HOUSTON — Banta Corp., a subsidiary of Chicago-based RR Donnelley, has renewed its lease for 259,200 square feet within the West by Northwest Business Park, located at 6315 West by Northwest Blvd. in Houston. Micheal Palmer, John Simons and Susana Rosas of CB Richard Ellis’ Houston office represented Banta in the transaction. The landlord, locally based Claymoore Northwest, was represented by Brian Gammil of the Houston office of Transwestern. Terms of the lease were not released.
COPPELL, TEXAS — The Dallas office of Grubb & Ellis has negotiated the sale of a 66,619-square-foot industrial property located at 505 Airline Dr. in Coppell. Gary Lindsey of Grubb & Ellis represented the undisclosed seller. The property was acquired by Houston-based DAC Realty Group for an undisclosed amount.
CHINO, CALIF. — AEP Industries Inc. has leased 143,877 square feet of industrial space within Watson Commerce Center Chino, which is located at 6949 Bickmore Ave. in Chino. The company signed an 88-month lease beginning January 15, 2009, for a total consideration of $7 million. AEP manufactures more than 15,000 types of multi-purpose and flexible packaging films. Chuck Belden of Cushman & Wakefield represented the lessee; Tom Taylor, Steve Bellitti and Josh Hayes of Colliers International represented the landlord, Watson Land Co.
ST. PAUL, MINN. — Bloomington, Minn.-based Paramount Real Estate Corp./TCN Worldwide has arranged the acquisition of a 312,800-square-foot distribution/warehouse facility located at 1700 Wynne Ave. in St. Paul. The building will be occupied by a group of companies associated with the ownership of 3PL Holdings LLP. Companies occupying the facility in the first quarter of 2009 will include Superior Third Party Logistics, Superior Brokerage Services, SBS Transportation Services, SBS Specialized Transportation Inc. and SBS International. Additionally, the seller, Minnesota Diversified Industries, will lease back a small portion of the building for its St. Paul operations. The acquisition price was not disclosed.