CEDAR RAPIDS, IOWA — Diamond V has announced plans to construction a $12 million yeast culture manufacturing facility, located at 3750 10th St. in Cedar Rapids. The 28,000-square-foot facility will be the company’s second yeast culture facility. The project is scheduled to begin in the summer, pending construction and environmental approvals. Completion is expected in 2009.
Industrial
POWAY, CALIF. — Brian Cox Mechanical Inc. has purchased a 29,122-square-foot industrial building, which is located at 12155 Kirkham Rd. in Poway, for approximately $4.78 million. Formerly the headquarters/warehouse of San Diego-based Maredy Candy Company, the property features approximately 9,000 square feet of office space and 19,500 square feet of warehouse/production space, including a 7,500-square-foot cooler. Dan Brennan of CB Richard Ellis represented the seller, the Maire-Huddy Family Trust, in the transaction; Glenn Arnold of Grubb & Ellis represented the buyer.
COLUMBIA, S.C. — Jeremy Wilson and Ted Pitts of Grubb & Ellis Wilson Kibler represented Angora Columbia Enterprises, Inc. in the sale of six buildings totaling 222,100 square-feet. Located on I-26 at Greystone Boulevard, the property was subdivided and sold to Riverbank Zoo, Spectra True Colors and Rivermont Drive Properties for a total of $6 million.
WARREN, MICH. — L. Mason Capitani/TCN Worldwide (LMC) has brokered the sale of a 100,000-square-foot industrial facility, located at 5775 Ten Mile Rd. in Warren, in a sale/leaseback transaction. AIC Ventures acquired the property from Paragon Technologies, which entered into a long-term lease of the facility. Thomas Jablonski of LMC represented both parties in the transaction. The acquisition price was undisclosed.
SAN MARCOS, TEXAS — Hapes Properties, a subsidiary of California-based Kotel Investments, has finalized the purchase of an industrial building located at 1942 Interstate Highway 35 in San Marcos. The Interstate Business Park, which is a one story, 122,000-square-foot building, is built on 8.2 acres. Austin, Texas-based Southwest-Hawaii Partners was the seller. Lynn Taylor of Republic of Texas Real Estate represented the buyer, and Butch and Rhonda West of West Commercial represented the seller in the transaction.
BELLEVUE, WASH. — Michal Makar and Jack Standeford of CB Richard Ellis Capital Markets’ Seattle office have secured $185 million in construction/permanent debt loan financing for Bellevue Place LP. Bellevue Place plans to use the loan to refinance the existing Hyatt Regency Hotel and construct a new hotel tower. Built in 1989, the Hyatt Regency Bellevue consists of a 24-story tower offering 382 rooms; the new tower will add 351 rooms and 36,000 square feet of meeting space to the hotel, which is located in downtown Bellevue. Construction of the new tower is slated for completion in mid-2009. Pacific Life Insurance Co provided the financing.
RENO, NEV. — 800 Stillwell Partners LLC has purchased a 119,300-square-foot industrial building, which is located at 800 Stillwell Rd. in Reno. Bender Warehouse Company sold the property, which was built in 1958, for $3 million. Paul Perkins, Dave Simonsen, J. Michael Hoeck and Dan Oster of NAI Alliance negotiated the transaction. The property is being managed by AMH Properties.
FT. LAUDERDALE, FLA. – Berger Commercial Realty Corp. has negotiated the sale of an industrial facility located at 820-880 NW 5th Ave. in Ft. Lauderdale for $3.6 million. Lloyd Berger of Berger Commercial represented the sellers, M. Austin Forman, Trustee and Northwest 5th Avenue Inc. in the sale. Berger Commercial had previously leased and managed the property and was retained to provide the same services for the new owner, Northwest Fifth Avenue LLC. Pat Montalbano of Montalbano Commercial Realty represented the buyer.
INDIANAPOLIS — A partnership between The Paul Kite Company and KS Hendricks Partners is developing 70 West Commerce Park, a 1,000-acre build-to-suit industrial park located at the interchange of Interstate 70 and State Road 39 in Indianapolis. The new park will be able to accommodate industrial buildings from 20,000 to 2 million square feet, and can be designed for high-tech manufacturing, air cargo, transportation, distribution and light assembly uses. Opportunities will also exist on select sites for specialized uses such as retail, medical and general office, and life science.
GLENDALE, ARIZ. — BRON-AZ Business Properties LLC has selected McShane Construction Corp. to provide design/build services for Glen Harbor Commerce Park, a master-planned commerce park located at the intersection of North Glen Harbor Boulevard and Northern Avenue in Glendale. The first phase of the project consists of four buildings totaling 86,968 square feet. The buildings will range in size from 14,105 to 37,067 square feet, and will be available to multiple tenants for lease and sale. More than 7.5 acres within the 14.1-arce park will be developed as part of the first phase. Construction has commenced and completion is slated for July. Dickinson Architects is providing architectural services for the project.