MORRISVILLE, PA. — Jackson Cross Partners (JCP) has arranged the sale of a 35-acre industrial complex located at 21 S. Steel Rd. in Morrisville. The property contains six buildings totaling more than 110,000 square feet. It is rail served, and is located adjacent to the Keystone Industrial Port Complex, which provides barge service on the Delaware River. Jim Scott and Lou Battagliese of JCP represented the buyer, Liberty Coating Company, a tenant of the property. The seller was United States Steel Corp., which was represented by Rick Leighton of NAI. The acquisition price was not disclosed.
YORK COUNTY, PA. — NorthMarq Capital has arranged $10.67 million in first-mortgage financing for a 452,000-square-foot, single-tenant manufacturing facility located in York County. The non-recourse loan includes a 70 percent loan-to-value ratio, and was originated by Greg Nalbandian of NorthMarq’s New Jersey office and Stephen Bye of the firm’s Denver office. The borrower was an undisclosed REIT and the lender was a regional bank.
RICHARDSON AND CARROLLTON, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has brokered the sale of a four-property Texas industrial portfolio. The properties total 248,279 square feet, and they are located in the Dallas suburbs of Richardson and Carrollton. They include: 400 Industrial Drive North and South, two buildings in Richardson that total 77,790 and 62,181 square feet, respectively; a 61,998-square-foot building located at 1030 Trend Dr. in Carrollton; and a 46,310-square-foot building located at 1101 Venture Ct., also in Carrollton. HFF’s Jud Clements and Robby Rieke represented the seller, RREEF Real Estate. The portfolio was acquired by a Dallas-based investment partnership for an undisclosed amount.
OLATHE, KAN. — The United States division of Sun Life Financial has purchased 200 acres of land located at the southwest corner of 151st Street and Old 56 Highway in Olathe. The property was acquired for the phased development of bulk industrial buildings totaling approximately 2.9 million square feet. The purchase is part of Sun Life Financial’s approximately $1.28 billion U.S. real estate investment portfolio totaling 130 properties. Deborah Tirone of Sun Life Financial represented the company in-house in the acquisition. Financial terms of the deal were not disclosed.
KENTWOOD AND GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has brokered the sale of a 101,475-square-foot industrial facility located at 4949 W. Greenbrooke Dr. SE in Kentwood. JLJK LLC has purchased the building from Greenbrooke Properties for an undisclosed amount. Joel Langlois of Delta Properties represented the buyer; Derek Hunderman and Duke Suwyn of Grubb & Ellis|Paramount Commerce represented the seller in the transaction. Additionally, the company has arranged the sale of an 18,000-square-foot industrial facility located at 4515 Patterson Ave. SE in Kentwood. ClearKut has acquired the building from Macatawa Bank for an undisclosed amount. ClearKut plans to relocate its water jet cutting business to the building, as well as lease part of the building to various users. Steve Marcusse of Grubb & Ellis|Paramount Commerce represented the buyer; Marcusse, in conjunction with Hunderman, also represented the seller in the transaction. In Grand Rapids, Marcusse brokered the acquisition of an industrial building located at 4600 Danvers Dr. SE. P&L Commercial Properties purchased the 19,311-square-foot building from John Wagner Associates for an undisclosed amount. Marcusse and John Kuiper of Grubb & Ellis|Paramount Commerce represented the seller in the transaction.
HOUSTON — Houston-based Transwestern has completed a lease for 122,634 square feet of industrial space at Port 225, a bulk distribution center located on Highway 225 in Houston’s East submarket. Darryl Noon and Jude Filippone of Transwestern represented the landlord, ING Investment Management. Trace Elrod of Jackson & Cooksey represented the tenant, Charleston, S.C.-based Hagemeyer North America. Hagemeyer will occupy part of Phase I of the multi-phase project. Completed in April 2008, Phase I comprises 697,000 square feet of space in three buildings. Current tenants include Bethel Logistics, Dixie Box & Crating, BKW Environmental Services and Bigler LP. Phase II of the project will consist of three additional buildings totaling 564,060 square feet. Plans for Phase II are complete and pre-leasing has begun.
MODESTO, CALIF. — Save-Most Alicia Hills Ltd. and Foremost MacArthur Park LLC have completed the disposition of a seven-building industrial portfolio in Modesto. Totaling 884,754 square feet, the portfolio sold for $27.3 million. The portfolio consists of 214 Wieland Avenue, a 154,818-square-foot building that was purchased by Amir Development; 601 Riverside Avenue, a 231,101-square-foot building that was acquired by Amir Development; 427 Doherty Avenue, a 67,500-square-foot facility that was purchased by Benjamin Steele; 501 and 533 Doherty Avenue, a 51,676-square-foot building and an 82,500-square-foot building that were acquired by SaveMart Supermarkets; 2336 Doherty Avenue, a 171,250-square-foot facility that was purchased by Amir Development; and 2105 Nathan Avenue, a 126,000-square-foot building that was acquired by Dr. Stephen Endsley. Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage’s Irvine, Calif., office, along with Mark Reckers of Lee & Associates, represented the sellers in the transaction.
ONTARIO, CALIF. — Safelite AutoGlass has signed a lease for 282,000 square feet of industrial space at ProLogis Park Ontario Airport in Ontario. ProLogis recently completed the 681,000-square-foot complex, which is located of Interstate 15 between Interstate 10 and Pomona Freeway. Safelite AutoGlass is the nation’s leading provider of vehicle glass repair and replacement services.
GAINESVILLE, FLA. — Longwood, Fla.-based Bentley Architects + Engineers has entered the design phase for the 177,317-square-foot Eastside Operations Center for Gainesville Regional Utilities. The $50 million Gainesville property, which is slated for completion in December 2010, will house some of the utility company’s administration and maintenance operations. The property will be built to Silver LEED standards by Orlando, Fla.-based Skanska.
WOODRIDGE, ILL. — Chicago-based HSA Commercial Real Estate has leased more than 72,000 square feet of industrial space within its recently developed Park 355 facility, which is located at 2145 Internationale Pkwy. in Woodridge. Trenton, N.J.-based Highway Distribution Systems has leased 57,525 square feet of space for warehousing and distribution. The tenant was represented by Ben Cremer and Michael Robbins of NAI Hiffman. Additionally, The Village of Woodridge has taken 14,480 square feet, which will be used as a warehouse for village equipment and maintenance operations. J.D. Salazar of Champion Realty Advisors represented the village in lease negotiations. The 254,000-square-foot building, which is now 80 percent occupied, is the first phase of the Park 355 development. Situated on a 33-acre site, the park will include another spec building or build-to-suit facility that will measure as much as 350,000 square feet in size. Chuck Canale of Colliers Bennett & Kahnweiler is the project’s leasing agent, and worked with Tim Thompson of HSA in negotiating the terms of the two leases.