ORLANDO AND APOPKA, FLA. — San Antonio-based Noah’s Ark Development has commenced construction of two Noah’s Ark Self Storage stores totaling more than 170,000 square feet. Slated for completion in spring 2009, the 645-unit Noah’s Ark Balboa, located at the intersection of Apopka-Vineland Road and Balboa Drive in Orlando, will span 94,000 square feet. The 556-unit Noah’s Ark Rock Springs, located at 837 N. Park Ave. near Rock Springs Road in Apopka, encompasses more than 79,000 square feet and will deliver in early summer 2009. Both stores will feature climate-controlled units, digital video surveillance and glide roll-up doors.
OSCEOLA COUNTY, FLA. — Realvest Development has completed three buildings — one totaling 49,920 square feet and two smaller ones at 13,600 square feet and 11,600 square feet — at Poinciana CommerCenter West. The facility, located at U.S. 17-92 and Poinciana Parkway in Osceola County, features 20-foot ceilings, energy-efficient lighting and solar windows.
ST. PETERSBURG, FLA. — H.I.P. Paving has purchased a 31,796-square-foot two-building portfolio, located at 800 31st St. S and 650 34th St. S in St. Petersburg, from Cox Lumber Co. for $1.1 million. Scott Clendening of St. Petersburg-based Commercial Partners Realty represented the buyer.
KALAMAZOO AND KENTWOOD, MICH. — Grubb & Ellis|Paramount Commerce has brokered two Michigan industrial transactions totaling more than 187,000 square feet. In Kalamazoo, the brokerage firm arranged the sale of a 164,152-square-foot industrial facility located at 3303 E. Cork. The property, which formerly housed the Fabri-Kal Corp., was acquired by Lewis C. Howard Inc. for an undisclosed amount. Larry Norris of Michigan Real Estate Services represented the buyer; Jodi Milks and Jon Dilworth of Grubb & Ellis|Paramount Commerce represented the seller, Franklin Partners LLC, in the transaction. Additionally, the company’s Duke Suwyn and Steve Marcusse represented Custer Properties in the disposition of a 22,932-square-foot industrial facility located at 3676 Patterson Ave. SE in Kentwood. VanderWeide Properties LLC acquired the facility, which formerly housed Custer Office Environments. The acquisition price was not disclosed.
BLACKWOOD, N.J. — Marcus & Millichap has arranged the sale of South Jersey Storage, a 104-unit self-storage property located in Blackwood. Robert Gentile and Scott Lukash of the firm’s Philadelphia listed the property on behalf of the seller and procured the buyer. The property was more than 95 percent occupied at the time of closing. It traded at a price of $640,000.
HOUSTON — Sacramento, Calif.-based Panattoni Development Co. has broken ground for Phase I of Airtex Industrial Center, a 59.57-acre, Class A industrial park located at the intersection of Airtex Drive and Interstate 45 in Houston. Currently under construction is a 486,720-square-foot, speculative distribution facility. Completion of the shell is expected in April 2009; the project is being designed in anticipation of LEED – Core & Shell certification. Additional construction will include a total of 1 million square feet of industrial space, as well as office and retail pad sites. Airtex Industrial Center is being constructed by Panattoni Construction. Gary Mabray and Walker Barnett of the Houston office of Colliers International are provided leasing services for the project.
ORLANDO, FLA. — Freehold, N.J.-based Monmouth Real Estate Investment Corp. has purchased a 110,638-square-foot industrial building, located at 950 Bennett Rd. in Orlando, from Delaware-based FE Orlando Investment Limited Partnership for $8.3 million. The property is leased to Federal Express Corp. until 2017.
BARTON AND MENOMONEE FALLS, WIS. — Mark Schnoll and Evan Walton of Inland Cos. have brokered the sale of two Wisconsin industrial facilities. In Barton, Inland Cos. has arranged the sale of a 17,000-square-foot industrial property located at 7259 Sleepy Hollow Rd. Leo Otten Properties has acquired the building for $850,000. Additionally, in Menomonee Falls, Schnoll and Walton have brokered the sale of an 8,000-square-foot industrial property located at W146 N5808 Enterprise Ave. MCS Investment Properties LLC has acquired the facility for $610,000.
INDIANAPOLIS — Indianapolis-based Meridian Real Estate has represented the landlord, First Industrial Realty Trust, in leasing 311,000 square feet of industrial space within the Shadeland Commerce Center in Indianapolis. CHEP USA has leased the space at 2900 N. Shadeland Ave. in order to accommodate its expansion. The building, which is now 84 percent occupied, totals 926,000 square feet in size. Brian Seitz and Steve Schwegman of Meridian Real Estate represented the landlord; the Dallas office of UGL Equis represented the lessee in the transaction. Terms of the lease were not disclosed.
SAN DIEGO — Goodwill Industries of San Diego County has purchased a 10,000-square-foot industrial warehouse building in San Diego. Located at 2640-44 Market St., the property sold for $1.34 million. The building is situated on two 7,000-square-foot parcels and offers six offices, mezzanine storage space and 18-foot ceilings. Bryan Cunningham of Flocke & Avoyer represented the buyer; Tim Mills of Cushman & Wakefield represented the seller, Edward Suleiman, in the transaction.