YORK, PA. — A joint venture between New York City-based investment firms Ark Investment Partners, Savanna and Belfer Management has disposed of a 383,000-square-foot warehouse and distribution center, located at 2995 E. Market St. in York, for $10.5 million. The joint venture acquired the property in 2003 and leased a significant portion of the formerly vacant building through a multi-million dollar capital improvements plan. It was acquired by Four Concord Partners. Cushman & Wakefield represented the seller in the transaction.
GRAND PRAIRIE AND ARLINGTON, TEXAS — Grubb & Ellis has arranged the sale of a four-building warehouse/distribution portfolio located in metro Dallas. The portfolio totals 325,745 square feet and consists of the three-building Northcourt Center, located in 901-909 Avenue T in Grand Prairie, as well as a building located at 2224 E. Randol Mill Rd. in Arlington. The portfolio is fully leased to 10 tenants. Lizzy Blake of Grubb & Ellis’ Dallas office represented the seller, Morristown, N.J.-based MetLife Real Estate Investments. The portfolio was acquired by Chicago-based Lincoln Advisory Group on behalf of Columbia Industrial Properties. The acquisition price was not disclosed.
HOUSTON — Koll/PER has acquired Park Place 8, four adjacent flex-space buildings located in Houston. The single-story, concrete tilt-up buildings total 250,898 square feet, and are located on 21.74 acres adjacent to the Sam Houston Tollway, between Interstate 10 and Highway 290. The buildings were constructed in two phases from 2005 to 2007. They contain 18 units, and are 92 percent leased to a tenant roster that include Amerisciences, BP Microsystems, Cintas, Morrison Homes, Patterson Dental and Ryland Homes. Koll/PER, which is a limited liability company owned by joint venture between Newport Beach, Calif.-based The Koll Company and Boise, Idaho-based Public Employee Retirement System of Idaho, acquired the property from Plano, Texas-based Granite Properties. Koll/PER provided in-house representation, and Granite was represented by Tom Lynch of CB Richard Ellis. The Koll Company plans to manage the property.
SHEPHERDSVILLE, KY. — Charles DeWeese Construction will being site work this month on the more than 1 million-square-foot ZAP/Integrity Automotive Electric Car plant, located on 267 acres in the North Wilkey Industrial Center in Shepherdsville. The plant, which will initially employ 1,250 people when completed, will begin production of three-wheel electric cars by the middle of next year. The building is being constructed to LEED standards and will feature turbine wind machines, roof ventilation and solar panels used to heat water and generate electricity.
CHESTERFIELD COUNTY, VA. — Virginia T’s has leased 208,000 square feet of industrial space in two buildings, located at 11200 and 11300 Old Stage Rd. in Chesterfield County, from The HNI Corporation. Further details of the lease were not disclosed. Grubb & Ellis|Harrison & Bates’ Stuart Cary and Greg Creswell represented HNI.
JERICHO, N.Y. — The Long Island office of CB Richard Ellis (CBRE) has brokered the sale of a 172,000-square-foot industrial property, located at 200 Robbins Lane in Jericho, for $18 million. The single-story, multi-tenant property features 20-foot clear ceiling heights, drive-in loading docks and 11.76 acres of parking. Philip Heilpern, Richard Karson, Martin Lomazow and David Zelinski of CBRE represented the seller, 200 Rob LLC. The buyer, 200 Robbins Lane LLC, utilized in-house representation.
STEAD, NEV. — DP Partners is developing SL 546, a $15 million industrial facility located in Stead. Designed by BJG|Architecture + Engineering, the 546,000-square-foot property will feature a unique blend of various materials and shapes, including innovative concrete design. Completion is slated for this fall.
JACKSONVILLE, FLA. — Bryan Bartlett of Grubb and Ellis| Phoenix Realty Group has represented the owner in the sale of a 315,000-square-foot industrial building to Amalfi Capital Group for $6.65 million. The property is located at 1507 Industrial Blvd. in Jacksonville.
ARLINGTON HEIGHTS, ILL. — Chicago-based NAI Hiffman has brokered the sale of a flex building located at 545 Algonquin in Arlington Heights. The 111,355-square-foot facility was 80 percent leased at the time of closing, which reflected a recent expansion by anchor tenant Intertek. A private Chicago/Minneapolis-based investor has acquired the industrial property from ACG Management for an undisclosed amount. Art Burrows and John Bullen of NAI Hiffman’s Investment Services Group represented the seller in the transaction. The buyer negotiated the acquisition in-house.
MEMPHIS, TENN. — HSA Commercial Real Estate has acquired a 344,400-square-foot warehouse, located at 5321 Shelby Dr. in Memphis, from Crews Inc. in a sale-leaseback transaction. Since the building’s completion in 1986, Crews Inc. has occupied the property and will continue to operate from the facility. The seller was represented by NAI Saig Co.’s Hank Martin.