BOSTON — Providence, R.I.-based Citizens Bank and Charlotte, N.C.-based Bank of America are providing $80 million to Boston-based STAG Capital Partners to finance the company’s acquisition of its fourth real estate investment fund. The fund comprises manufacturing, warehouse, flex and office building properties. Citizens Bank is serving as agent for the financing, with Bank of America serving as co-agent. STAG acquires single-tenant, net-leased real estate assets through purchase and sale-leaseback transactions, and subsequently managed the properties. The company also provides liquidity to corporate real estate owners through sale-leasebacks. STAG has most recently acquired properties in New York, Pennsylvania, North Carolina, Tennessee, Georgia, Texas, Minnesota, Ohio and Wisconsin.
Industrial
BRIDGEWATER, N.J. — Bedminster, N.J.-based Advance Realty has completed the sale of 16E Chimney Rock Road, a 222,200-square-foot industrial building located within the Middlebrook Crossroads industrial park in Bridgewater. The building was acquired by UPS, which plans to use it as a distribution center. Additionally, Advance Realty also negotiated UPS’s renewal of 11E Chimney Rock Road, also located within Middlebrook Crossroads. The 33,600-square-foot building serves as a distribution support and sales office for UPS. Middlebrook Crossroads consists of 20, single-story industrial buildings that total approximately 800,000 square feet.
SHREWSBURY, MASS. — Integrated Builders has completed the tenant build-out for the Shrewsbury office of Valeritas. The Parsippany, N.J.-based medical technologies company will be occupying 20,679 square feet of a 50,000-square-foot building located at 800 Boston Turnpike. The tenant build-out consisted of the construction of a modular Class 10,000 clean room, a 200-square-foot Class 100 clean room, lab space, offices, research and development areas, and a cafeteria. Integrated also completed improvements to the exterior of the building, including renovations to the façade, a new entrance, new landscaping and stone walls. The building’s landlord, Vinco Properties, hired Integrated to complete the build-out. Helicon Design Group Boston served as project architect.
HUTCHINS, TEXAS — A joint venture between Los Angeles-based CB Richard Ellis Realty Trust (CBRE) and Indianapolis-based Duke Realty Corp. has acquired an 822,550-square-foot warehouse/distribution facility located on East Pleasant Road Run in the Dallas suburb of Hutchins. The Class A, build-to-suit facility is fully occupied by Unilever. It is part of a four-property, $139.1 million acquisition by the joint venture. The other properties are located in Indianapolis; Jacksonville, Fla.; and Nashville, Tenn. The portfolio totals approximately 2.23 million square feet. CBRE and Duke formed the joint venture in May of this year with the intent to acquire up to $800 million in newly developed, build-to-suit properties over the next 3 years.
STAFFORD, TEXAS — Houston-based AVERA has broken ground for the development of Parker Corporation Energy Products Division Headquarters in Stafford. Situated on 5.4 acres at the intersection of Cash Road and Dublin Court, the 60,000-square-foot facility will serve as the head office for Parker Corp.’s Energy Product Line, and will serve as the center of operations for assembly, testing and warehousing for the product line. The Class A structure will be built with tilt walls, and will have the capacity for future expansion. AVERA sold the site to Parker in 2008, and will be serving as developer for the project. San Marcos, Texas-based K-W Construction will provide general contracting services, and Boston-based Three Square Design will serve as project architect. The construction timetable was not released.
ORANGE, CALIF. — Fisher Printing Inc. has acquired an industrial building, which is located at 2341 N. Pacific St. in Orange, for $6.75 million. Situated on 2.3 acres, the property comprises a 54,000-square-foot freestanding building and two fenced yard areas. The building features 6,094 square feet of office space, 10 dock-high loading doors, one ground-level loading door, warehouse restrooms and a lunchroom. The seller was Vanderplow Properties. Mitch Zehner and Louis Tomaselli of Voit Commercial Brokerage represented both parties in the transaction.
POMONA, CALIF. — The American subsidiary of China National Aero-Technology Import and Export Corp. (CATIC USA) has purchased a 22,234-square-foot industrial building, which is located within Mission-71 Business Park in Pomona. Long Beach, Calif.-based Seventh Street Development sold the property for $3.3 million. The building offers 2,301 square feet of two-story office space, dock high loading and a private fenced yard. Barbara Emmons, Lynn Know, John Privett and Lyn Eisenhower of CB Richard Ellis represented both parties in the transaction.
DURHAM, N.C. — Lee Holder of Raleigh, N.C.-based Anthony & Co. has leased 168,295 square feet of space at a building in Research Triangle Park to Global Electric Electronics. Further details of the lease were not announced. The property, located at 2910 Weck Dr. in Durham, will serve as a recycling space for electronics.
OAKDALE, MINN. — NAI Welsh has represented both parties in the $11 million sale of two industrial buildings located within the Oakdale Interstate Center II and the Hadley Avenue Business Center in Oakdale. The Oakdale Interstate Center II is located at 559 Hale Ave. N. and the Hadley Avenue Business Center is located at 7013 6th St. N. The facilities total 166,396 square feet of industrial space. GFI Investments has acquired the properties from Welsh subsidiaries, Welsh Oakdale III and Oakcreek Industrial Partners. Bob Pounds and Tim Prinsen of NAI Welsh represented the seller; Peter Mork, Steven Nilsson and Jason Simek, also of NAI Welsh, represented the buyer in the transaction.
INDIANAPOLIS — Patrick Lindley and Bob Dugger of Colliers Turley Martin Tucker-Indianapolis’ construction services group are representing Monarch Beverage Co. in a build-to-suit project located at 9347 Pendleton Pike in Indianapolis. The 534,469-square-foot facility will be Monarch’s corporate headquarters, as well as a state-of-the-art distribution center for the company. Lindley also represented Monarch in the acquisition of the 93-acre development site. The estimated cost of completion was not disclosed.