NORFOLK, VA. — CB Richard Ellis has represented an undisclosed owner in Norandex Building Materials Distributions’ 44,000-square-foot lease renewal at the Progress Road Industrial Building. Norandex has leased space in the 66,000-square-foot industrial building for 21 years. The property is located in the Norfolk Industrial Park in Norfolk. R. Worth Remick of CB Richard Ellis’ Norfolk office represented the landlord.
Industrial
CINCINNATI — Strategic Storage Trust Inc. has acquired three Best Self-Storage properties located in northern Kentucky within the greater metro area of Cincinnati. The 211,000-square-foot portfolio, which was purchased for $9.9 million, houses 1,295 storage units. The three properties include: • A 72,000-square-foot, 434-unit property, which is situated on an approximately 7.5-acre site in Walton, Ky. Occupancy is currently at 81 percent. • A 57,200-square-foot, 344-unit property, which is situated on a 2.6-acre site in Crescent Springs, Ky. Occupancy is at 87 percent. • An 81,800-square-foot, 517-unit property, which is situated on approximately 7 acres in Florence, Ky. Occupancy is at 93 percent. The portfolio purchase was funded in part by two seller-financed promissory notes. The notes bear a fixed interest rate of 5 percent per annum during the initial 3 years of their 5-year terms, and 6 percent per annum during the final 2 years.
FOUNTAIN VALLEY, CALIF. — Mitsubishi Materials U.S.A. is breaking ground on a 52,840-square-foot headquarters facility, which will be located in Southpark Business Center in Fountain Valley. The company, which is currently headquartered in Irvine, Calif., has signed a 10-year lease with Southpark Business Center to occupy the building. Dave Desper and Chip Wright of CB Richard Ellis represented Mitsubishi Materials U.S.A. in the lease transaction.
REDLANDS, CALIF. — Kenco Logistic Services LLC has signed a 60-month lease for 517,346 square feet of space within Watson Commerce Center Redlands in Redlands. The lease is valued at more than $11 million. Kenco will use the LEED-certified facility as a cross-dock operation for all order fulfillment, shipping, receiving and inventory management of Ralston Foods’ Post brand cereal business. The facility is located at 26875 Pioneer Ave. Kenco is a third-party logistics solutions company. Ron Washle and Mark Kegans of Grubb & Ellis represented Kenco Logistic Services; Tom Taylor, Steve Bellitti and Josh Hayes of Commercial International represented the landlord, Watson Land Company, in the transaction.
NASHVILLE, TENN. — 3258 Ezell Partners has sold 150,000 square feet of industrial space to FR/CAL Ezell Pike for $3.8 million. The space is located at 3258 Ezell Pike in Nashville. Colliers Turley Martin Tucker — Nashville’s David McGahren, Doug Howard and John Ward represented the seller.
BOLINGBROOK, ILL. — Principle Construction Corp. has completed the build-out for a 130,000-square-foot industrial facility located at 380 Veterans Pkwy. in Bolingbrook. The building, which was developed by Seefried Properties, includes 34-foot ceilings, 18 loading docks and a 23,789-square-foot office component. Orbus Inc., which has relocated to the facility from Chicago, is using the building for manufacturing and streamlined distribution. As part of the custom build-out, power distribution for process work and large bump doors were installed in the building. Interwork Architects provided design services for the project. The cost of completion was not disclosed.
MINNEAPOLIS — Colliers Turley Martin Tucker has arranged the sale of 48,025 square feet of industrial space located at 101000 Crosstown Circle in Minneapolis. Edina Couriers Inc. has acquired the space from Stone Fabrics Inc. for an undisclosed amount. Ronald Scholder in the Minneapolis office of Colliers Turley Martin Tucker represented the seller in the transaction.
WEST WARREN, MASS. — CB Richard Ellis – New England (CBRE) has brokered the sale of a 15-building, 600,000-square-foot industrial property located in West Warren for $2.2 million. The complex is situated on approximately 105 acres at 85 South St. The property was constructed in the late 1800s and has served as the headquarters for Wrights Inc. for the past 50 years. CBRE’s Mark Reardon and David Corkery represented Wrights in the sale. The buyer, New Hampshire-based MDP Development, was represented by Carl Burwick of Katz Real Estate.
HOUSTON — CB Richard Ellis (CBRE) has completed the sale of a 13,500-square-foot industrial property located at 2701 Appelt Dr. in Houston. Glynn Mireles and Billy Gold of CBRE represented the seller, Rolling Creek Ltd., while Michael Palmer and John Simons, also of CBRE, represented the buyer, STL Interest. The acquisition price was not disclosed.
LA MIRADA, CALIF. — Voit Commercial Brokerage has completed three transactions totaling $14.7 million in La Mirada. In the first transaction, Faro Services signed a 5-year lease for a 210,300-square-foot industrial building. The property is located at 15910 Valley View Ave. Cameron Driscoll and Luke McDaniel of Voit’s Anaheim, Calif., office represented the lessee in the $5.9 million transaction. The landlord, Warehouse Investment Partners, was self-represented. In the second transaction, DAUM Commercial Real Estate Services represented George Yao in the $5.5 million acquisition of a 59,000-square-foot building located at 15905 Canary. Peter Castleton of Voit’s Anaheim office represented the seller, RGB Partners. In the final transaction, Champion Exposition Services Inc. signed a 5-year lease for a 76,244-square-foot industrial building, which is located at 14701 Industry Circle. The transaction was valued at $3.3 million. Driscoll and McDaniel represented the lessee; Steve Sprenger and Shawn Kelter of Grubb & Ellis represented the landlord, Berns & Sanderson LP, in the transaction.