UPPER MACUNGIE TOWNSHIP, PA. — Keystone Property Group has sold 1035 Mill Rd., a 161,470-square-foot warehouse/production/distribution facility in Upper Macungie Township. Situated on 11 acres within the Iron Run Corporate Center, the building is fully leased to Cherrydale Farms. Michael Hines, Michael Blunt, John Pasquarella and Bill Wolf of CB Richard Ellis represented the seller, Cherrydale Manufacturing, which sold the facility to Equity Industrial Partners for $7.65 million.
Industrial
FLORHAM PARK, N.J. — CB Richard Ellis (CBRE) Capital Markets has secured $6.48 million in financing for the acquisition of the two-story PCS Wireless warehouse in Florham Park. The 83,766-square-foot warehouse, which is located at 11 Vreeland Rd., is situated near several main arterial highways such as I-287, I-280 and I-78. Max Herzog of CBRE arranged the financing for the borrower, Vreeland, LLC, a subsidiary of PCS Wireless.
ROCKWALL, TEXAS — St. Paul, Minn.-based North American Composites Company (NAC) has been selected by The Rockwall Economic Development Corporation (REDC) to construct a new 26,500-square-foot distribution facility in the Rockwall Technology Park in Rockwall. Construction will begin this spring on the building, which is located on approximately 3.63 acres at the intersection of Observation Trail and Technology Way. The project is estimated to cost $2.2 million upon completion.
GRAND PRAIRIE, TEXAS — Dallas-based Henry S. Miller Commercial has brokered a lease on behalf of Louisville Ladder for an industrial space located at 823 Heinz Way in Grand Prairie. Louisville Ladder plans to use the 65,522-square-foot facility, owned by First Industrial and located in the Parkway Distribution Center, as a new regional distribution center. Brett Owens of Henry S. Miller Commercial represented the tenant in the transaction, and Brock Wilson, also of Henry S. Miller Commercial, represented the landlord.
ORANGEBURG, S.C. —Miller-Valentine Group’s Columbia office broke ground on a Class A, 150,000-square-foot industrial building in the Orangeburg County/City Industrial Park, located at the intersection of Interstate 26 and Highway 301. The facility is expandable up to 300,000 square feet and can accommodate distribution and manufacturing needs. Construction is expected to complete in August.
LEXINGTON, N.C. — Boston-based Stag Capital Partners has acquired a 201,800-square-foot warehouse and distribution facility in Lexington from Lexington Associates and 800 East Washington LLC, for an undisclosed amount. The building is situated on 10 acres at 200 Woodside Dr., and is fully leased to Kimberly-Clark Corp. Ken Butler of NAI Avant and Dick Merritt of Merritt & Co. represented the seller. Michael Chase represented the buyer in-house.
MONROE COUNTY, GA. — Atlanta-based IDI has purchased a 257-acre land parcel from the Monroe County Development Authority for the construction of Meridian 75 Logistics Center in unincorporated Monroe County, for an undisclosed price. The project, valued at $125 million, will consist of four distribution facilities totaling 3 million square feet. Spaces options range from 100,000 square feet to more than 1.2 million square feet for build-to-suit and inventory space customers. Pad-ready sites for buildings, ranging from 200,000 square feet to more than 1.2 million square feet, will be ready for occupancy in third quarter 2008, at which time IDI will consider constructing its initial 500,000-square-foot building. The project is located at the intersection of Interstate 75 and Rumble Rd. Tommy Arnold of RT Realty’s Atlanta office represented the buyer in the land transaction.
SARPY COUNTY, NEB. — Ford Storage & Moving Co. has selected Darling Construction to provide design/build services for a 120,000-square-foot, build-to-suit warehouse facility located in Hilltop Industrial Park in Sarpy County. The building is situated on 12 acres, and features 28-foot clear ceiling heights, ESFR sprinkler systems, outside storage for 70 trailers and two floors of office space totaling 16,000 square feet. Construction is set to begin this spring, with completion in September. Ford will be relocating its corporate offices to the building from its current location at 78th and L streets in Omaha, Neb.
YORK, PA. — CB Richard Ellis has brokered the sale of York Business Center, a 1.5 million-square-foot warehouse/distribution and light industrial complex in York. Situated on 101 acres at 601 Memory Ln., the property contains three buildings as well as 20 acres for future retail development. Michael Hines, Michael Blunt and Bo Cashman of CB Richard Ellis represented the seller, a joint venture partnership between Brasler Properties and New Boston Fund. The center was sold for an undisclosed price to Needham, Mass.-based Equity Industrial Partners.
ROCKY HILL, CONN. — Winstanley Enterprises has sold a portion of WinBrook Business Park to Burris Logistics for $14.65 million. Located on the west end of Brook Street near Interstate 91, the 92-acre parcel will be used for the development of a 500,000-square-foot refrigerated warehouse and distribution center in Rocky Hill. Phase I of the construction, which will include 250,000 square feet of the facility, is slated for completion in September 2008. The second phase, which will feature a 250,000-square-foot expansion, is scheduled to begin within 2 to 3 years. The facility will serve as the warehouse and distribution center for BJ’s Wholesale Club in the Northeast. Jay Morris and Phil Gagnon of O, R&L Commercial co-brokered the transaction with Pat Mulready of CB Richard Ellis. Sandra Johnson of Metro Hartford Alliance assisted in the sale as well.