SMYRNA, GA. —Panattoni Development has acquired a 103,000-square-foot business/distribution facility at the Highlands Ridge Business Park in Smyrna, from California-based Kelley Capital, for an undisclosed amount. National Services Industries will continue to occupy the property, which is located at 1325 Highland Ridge. Bob Burdell of Atlanta-based NAI Brannen Goddard represented the buyer in the transaction.
MEDLEY, FLA. — PriceSmart has leased 127,000 square feet at Flagler Station in Medley. The company is relocating its distribution center from a smaller location within Flagler for a 40 percent increase in space. Walter Byrd, Ben Eisenberg and Thomas Kresse of Transwestern’s Miami office represented the lessee in the transaction, and the landlord was represented in-house.
ZION, ILL. — Sacramento, Calif.-based Panattoni Development Co. will break ground this month for Phase II development of the $170 million Trumpet Park, a master-planned industrial park located in Zion. New development will consist of a 1-mile roadway running through the park, as well as a 150,000-square-foot, multi-tenant industrial building. The first phase, which was completed in 2007, includes the 25-acre FedEx Distribution Center. Upon completion in 2012, the park will span 217 acres; 58 acres near the development have also been designated a wetland preservation. Mike Prost of Lee & Associates of Illinois is serving as exclusive leasing agent for the park.
MINNEAPOLIS AND BLOOMINGTON, MINN. — The Minneapolis/St. Paul office of Colliers Turley Martin Tucker (CTMT) has arranged the sales of part of Chicago-based First Industrial Realty Trust’s portfolio for more than $19 million. The properties were part of the company’s First Industrial Portfolio, and were sold in two transactions to separate locally based investment partnerships. The first sale involved two buildings totaling 318,006 square feet that are located at 770 and 800 Kasota Ave. in Minneapolis. The second sale involved two properties totaling 161,368 square feet that are located within Normandale Tech Center at 6403 and 6507 Cecilia Dr. in Bloomington. Mark Kolsrud, Matthew Klein, Shawn Moore and Pia Robertson represented First Industrial in the sale.
MARINETTE, WIS. — Meridian Capital Group has secured $4.5 million in financing for a 250,000-square-foot, owner-occupied industrial facility located at 3100 Woleske Rd. in Marinette. Financing consists of a 15-year, self-liquidating loan with a 6.375 percent interest rate. Jim Bologno of Meridian’s New Jersey office represented the undisclosed borrower.
PENNSYLVANIA AND NEVADA — Allstate Real Estate Investment Group has provided an $80 million fixed-rate loan to ProLogis North American Industrial Fund III for a portfolio of industrial properties in Reno and Las Vegas, Nev., and Harrisburg, Pa. The portfolio, totaling more than 3.8 million square feet, consists of 13 warehouse and distribution buildings. Dave Tomfohrde of Draper and Kramer arranged the financing on Allstate’s behalf.
WACO, TEXAS — Caterpillar Inc. will break ground this month on a more than 500,000-square-foot facility in Waco. Located at 2901 Gateway Blvd., the distribution center will employ between 140 and 180 people upon completion and will provide primary aftermarket parts support to six Caterpillar dealers in North America.
DETROIT — Signature Associates has arranged the sale of a 65,000-square-foot industrial property located at 1221 Rosa Parks Blvd. in Detroit. Chris Monsour of Signature represented the seller, Service Tire Co., as well as the buyer, Fort Rosa LLC. The acquisition price was not disclosed.
ST. CHARLES, ILL. — Colliers Bennett & Kahnweiler (CBK) has brokered the sale of two industrial buildings within The Legacy Business Center, a master-planned industrial park being developed in St. Charles. Carter Andrus and Brian Kling of CBK represented the developer, Paul Hemmer Cos., in the disposition of both properties. The first property is a 27,900-square-foot building located at 902 Equity Dr. It features 24-foot clear ceiling heights, two exterior docks and one drive-in door. The property was acquired by Corrosion Monitoring Services. The second property is a 15,626-square-foot building located at 882 Equity Dr. It features 18-foot clear ceiling heights, one exterior dock and one drive-in door. The property was acquired by Turbo Jet Partners, which was also represented by Andrus and Kling. Three of the four buildings developed in the initial phase of The Legacy Business Center have now been sold. Phase II construction is currently underway, consisting of two new speculative buildings totaling 18,000 and 22,000 square feet. The business park will ultimately contain 13 buildings.
ALLENDALE, FRANKLIN TOWNSHIP AND EDISON, N.J. — Cushman & Wakefield have brokered the sale of an 11-building industrial portfolio in Allendale, Franklin Township and Edison. The portfolio includes seven buildings totaling 368,863 square feet in Allendale, two buildings totaling 176,459 square feet in Franklin Township and one building in Edison totaling 204,440 square feet. The portfolio was purchased by High Street Equity Advisors for an undisclosed price from an undisclosed seller.
