LOS ANGELES — Stephen Grossman of Lee & Associates-Newport Beach Inc. has brokered the sale of 210 Self Storage, a 720-unit, 60,000-square-foot rentable self-storage facility in Los Angeles. Extra Space Storage Inc. purchased the property from Morelli Brothers Enterprises LLC for $7.5 million. The building was originally an industrial warehouse and was converted to a self-storage facility by the seller.
ROCHELLE, ILL. — ProLogis has signed a build-to-suit agreement with Westchester, Ill.-based Bay Valley Foods to develop a 600,000-square-foot distribution center for the company within the 300-acre ProLogis Park in Rochelle. Bay Valley Foods will use the LEED-certified building primarily as a warehouse and distribution center. Construction of the facility, which is located approximately 75 miles west of Chicago, is scheduled to begin this summer. At full build out, ProLogis Park will comprise approximately 4 million square feet of industrial space in 10 distribution facilities.
CAROL STREAM, ILL. — On behalf of Atlanta-based Seefried Properties, Krusinski Construction Co. has completed construction of an 112,000-square-foot speculative warehouse within the Kehoe Business Center in Carol Stream. The facility, which is located on a 6.2-acre site at 250 Kehoe Blvd., features 133 parking spaces, 18 exterior docks and two drive-in doors. Michael Metz, Stephen Moeller and Jeff Lycan of Krusinski were part of the project team.
WOODRIDGE, ILL. — Bill Waliewski of Morgan Realty Partners has completed two leases within Woodridge Commerce Centre, a three-building, 147,000-square-foot incubator complex located within Internationale Centre at 10204 Werch Dr. in Woodridge. The buildings, which contain spaces ranging from 2,400 square feet to 10,000 square feet in size, feature 18- to 20-foot clear ceiling heights, complete sprinkler systems, and individual truck docks or grade-level drive-in doors. The complex is owned by Principal Realty Investors; Morgan Realty Partners provides leasing and management. Charlotte, N.C.-based Etak Systems has leased 5,062 square feet of space for its expansion to the Chicago marketplace. Waliewsky represented the owner, Woodridge Commerce Centre LLC. Tim O’Leary of O’Leary Realty represented Etak Systems. Additionally, Exhibit Development Group has leased 2,991 square feet of space. Exhibit Development Group negotiated the lease transaction in-house.
MILFORD, MICH. — Lee & Associates of Michigan has represented both parties in the sale of 14,800 square feet of industrial space located at 4999 McCarthy Dr. in Milford. Barry Landau represented the buyer, Parita Michigan Ventures LLC, which has acquired the facility for the expansion of its Michigan operations; Jon Savoy and Joseph Pellerito represented the seller. The price of acquisition was not disclosed.
BAYPORT, N.Y. — The Long Island, New York, office of CB Richard Ellis (CBRE) has brokered the sale of a 23,000-square-foot industrial facility, located at 500 Church St. in Bayport, for approximately $2 million. The single-story structure features 24-foot clear ceiling heights, and 3,050 square feet of finished office and showroom space. Robert Godfrey and David Godfrey of CBRE represented the buyer, Winona Realty Ventures, as well as the seller, Pedrini International. Winona subsequently signed CBRE as the exclusive leasing agent for the property.
HOUSTON — Houston-based PinPoint Commercial has commenced development of Phase II of Satsuma Station Industrial Park, a 115-acre, master-planned industrial project located near the intersection of Highway 290 and FM 1960 in Houston. Phase II will consist of the construction of Satsuma Distribution Center, a 315,000-square-foot speculative facility. It will feature 30-foot clear ceiling heights, approximately 70 doors and will be divisible from 30,000 square feet. The project also is applying for LEED-Silver certification from the U.S. Green Building Council. Construction will commence in August, with completion scheduled for the first quarter of 2009. Additionally, PinPoint has partnered with Dallas-based Phoenix Capital to master-plan the remaining acreage of the park. At full build-out, Satsuma Station Industrial Park will contain 1 million square feet of industrial development. CB Richard Ellis will market the property.
HOUSTON — NAI Houston has brokered the purchase of a newly constructed, 35,200-square-foot warehouse/office building located at 7108 and 7100 West Little York in Houston. Travis Land and John Ferruzzo of NAI Houston represented the buyer, ABCO Subsea Associates. The seller, 168 Coreig I, was represented by Stephen Schneidau, Beau Kaleel and Jim Foreman of Cushman & Wakefield. The purchase price was not disclosed.
PHOENIX — CB Richard Ellis Realty Trust and Duke Realty Corp., under a joint venture agreement, have acquired a 604,678-square-foot distribution center in Phoenix, for an undisclosed price. The property is fully leased to Amazon.com on a long-term basis. Located at 6835 W. Buckeye Rd., the property features 88 dock doors, three drive-in doors, a clear height of 30 feet and 14,000 square feet of office space. This acquisition is the first property purchased as part of a joint venture between the two companies. The partnership plans to acquire up to $800 million of newly developed bulk industrial build-to-suit projects from Duke during the next 3 years.
CERRITOS, CALIF. — Piuma Properties has leased 605 Cerritos Distribution Center in Cerritos for $15.3 million. United Kingdom-based Bunzl leased the 178,454-square-foot industrial property, which is located at 15959 Piuma. Bunzl plans to house its distribution and storage operation of paper, plastic and containerized consumer projects in the facility. The building features concrete tilt-up construction, high-image architecture, 28 dock-high doors and a 32-foot minimum clear height. Clyde Stauff, David Prior and Todd Taugner of The Klabin Company represented the lessor, Piuma Properties, in the transaction; Mark Sonnenberg of Colliers International, along with Tom Cronin and Jed Zaun of Lee & Associates, represented Bunzl.