PLAINFIELD, ILL. — CB Richard Ellis has represented Meritor Heavy Vehicle Systems in signing a lease to occupy 275,327 square feet of industrial space located at 849 Whitaker Rd. in Plainfield. The property was leased by KPJV 849 Whitaker Road LP. Meritor Heavy Vehicle Systems will use its new space for remanufacturing. Mark Collins and Jamie Dingeman in the Detroit office of CB Richard Ellis represented the tenant in the transaction. Additional terms of the lease were not disclosed.
NEW BEDFORD, MASS. — Philadelphia-based Binswanger has negotiated the long-term lease of a 257,066-square-foot manufacturing facility, located at 100 Duchaine Blvd. within the former Polaroid complex in New Bedford. The space will be occupied by Lowell, Mass.-based Konarka Technologies, which signed a deal worth more than $10 million. The photovoltaics company plans to operate the facility as the world’s largest roll-to-roll thin film solar manufacturing plant. The landlord in the transaction was Watermill Ventures, whose subsidiary, MultiLayer Coating Technologies, ceased its operations at the facility in 2007.
PHOENIX — Newport Beach, Calif.-based LNR Property Corp.’s Commercial Property Group has completed the disposition of 74,268 square feet of industrial space at Washington Airport Center, a 244,768-square-foot, cross-docked distribution facility in central Phoenix. Denver-based WT Cobblehill LLC acquired the space for $8.9 million. The space is currently occupied by Sara Lee Bakery Group, which operates a just-in-time distribution facility for its baked goods. The center is located at 3425 E. Van Buren St. Mark Krison of CB Richard Ellis’ Phoenix office represented the seller; Tom Louer of Lee & Associates’ Phoenix office represented the buyer in the transaction.
SANTA ROSA, CALIF. — NorthMarq Capital has arranged a $19 million first mortgage for North Bay Industrial Portfolio, which is located in Airport Corporate Center in Santa Rosa. The portfolio offers 275,000 square feet of warehouse and light manufacturing space. 40/86 Mortgage Capital Inc. provided the financing, which was based on a 10-year term with a 30-year amortization schedule. Jeffrey Haskell of NorthMarq Capital’s San Francisco regional office arranged the financing.
MARYLAND HEIGHTS, MO. — Duke Realty Corp. (NYSE: DRE) has announced plans to develop the final building within its 100-acre Lakeside Crossing Business Park located in Maryland Heights. The 116,000-square-foot build-to-suit office will be constructed for Monsanto. Monsanto’s new facility will be located next to the company’s existing 127,778-square-foot building, which was completed last summer. Upon completion of Lakeside Crossing Two, Duke will have completed 14 projects totaling 916,551 square feet at the park. Duke has invested more than $55 million to develop the park, which houses Class A office space, a service center and warehouse space. Tenants at Lakeside Crossing Business Park include State Farm Mutual Automobile Insurance, Johnson Controls, Shaughnessy and TALX. Duke broke ground on Monsanto’s building in November, with completion and occupation slated for December 2009. Duke Realty Corp. was represented in-house by Whitaker Varley in negotiations.
LAKE ZURICH, ILL. — Arthur J. Rogers & Co. has arranged the acquisition of an industrial facility located at 635 Oakwood Dr. in Lake Zurich. The 85,263-square-foot building features six interior docks, 21-foot clear-height ceilings and a quality control lab. Cabot Properties purchased the facility, which is fully occupied by Insight Beverages. The sales transaction is valued at approximately $4.8 million. The seller, a private investment group negotiated the deal in-house; Nicholas Esposito of Arthur J. Rogers & Co. represented the buyer in the transaction.
SAN FRANCISCO — The San Francisco regional office of NorthMarq Capital Inc. has secured a $115 million first mortgage for Mission West Portfolio in Silicon Valley. Owned by Mission West Properties, the portfolio consists of approximately 1.62 million square feet of office and research and development space. The properties are located in San Jose, Cupertino, Sunnyvale, Santa Clara, Milpitas and Fremont, Calif. Major tenants include Fujitsu, Intevac, Solopower, Flextronics, BAE Systems and Loral. Terms of the 10-year loan include a 20-year amortization schedule. The loan was provided by Hartford Life Insurance Company and its affiliates. Dennis Sidbury of NorthMarq Capital arranged the financing.
POWAY, CALIF. — Centerline Industrial has purchased an 11,422-square-foot industrial building in Poway for $1.9 million. The building is located within South Poway Business Park at 12580 Stowe Dr. The buyer plans to relocate to the facility in early 2009. Built in 1990, the property features 2,117 square feet of office space and 9,245 square feet of warehouse space with dock- and grade-level loading. James Duncan of Cushman & Wakefield represented the buyer; Richard Murdock of Commercial Realty Advisers represented the seller, Poway I LLC, in the transaction.
MIAMI — Flagler Development Group has leased 240,000 square feet of space in its Flagler Station industrial park to a Fortune 500 company. The firm signed a 10-year lease for the space, which is located at 10505 N.W. 112th Ave. in Miami. Current tenants in the park include FedEx Ground Package System, Makita Latin America, Kuehne & Nagel and Entenmann’s Sales. Rafael Romero and Stuart Gordon represented Flagler in-house, and the tenant was represented by Trevor Ragsdale, Michael Burns, Ed Lyden and Wayne Schuchts of Jones Lang LaSalle. The tenant wishes to remain unidentified.
CHICAGO — Kimberly-Clark Corp. has agreed to lease approximately 750,500 square feet within ProLogis Park 55, which is located southwest of Chicago in Romeoville. The transaction represents the largest industrial lease in the Chicago area so far this year. This is the third lease agreement between Denver-based ProLogis and Dallas-based Kimberly-Clark, which now occupies approximately 1.6 million square feet within various ProLogis sites across America. The six-building ProLogis 55 industrial park consists of more than 3.1 million square feet of Class A distribution space. Sustainable features at the development include an energy-efficient lighting system with motion sensors, T5 lights and clerestory lighting. Additional terms of the lease were not disclosed.