LAS VEGAS — The City of Las Vegas has acquired The Atrium, a nine-story, 139,110-square-foot building in Las Vegas. McHenry Commons Partners LLC sold the property, which is located at 333 N. Rancho Dr., for $26.5 million. Charles Moore and Christina Roush of CB Richard Ellis represented the seller in the transaction.
Industrial
DENVER — Baxter Fain and Eric Tupler of CB Richard Ellis|Melody have arranged $4.93 million in owner-occupied permanent financing for the acquisition of a newly constructed industrial property in Denver. The 66,008-square-foot property, which is 100 percent leased to Pella Windows, features a large portion of office finish, 30-foot clear height in the warehouse, an ESFR sprinkler system and 200 dock-high doors. A portfolio lender provided the financing on behalf of Bevis Investment Company LLC, an entity related to the tenant. Terms of the financing include 85 percent loan-to-purchase price, 10-year loan term with a 30-year amortization at a fixed-rate of 7.25 percent.
CLEVELAND — Grubb & Ellis has brokered the sale of 10 industrial properties within Geis Development’s Northeast Ohio industrial portfolio for $50.95 million. The properties are located in Parma, Valley View, Oakwood Village, Twinsburg and Streetsboro, and total 815,315 square feet. The properties were acquired The Harbour Group. Terry Coyne of Grubb & Ellis’ Cleveland office, along with John Huguenard of Colliers Turley Martin Tucker, represented Geis.
CHICAGO — Chicago-based Paine/Wetzel • ONCOR International has completed three Chicago industrial sales. Matt Rogatz and Michael Nelson of the firm represented John Clarkson in the sale of a 30,000-square-foot industrial building located at 2229 S. Michigan Ave. within the Motor Row District of Chicago’s South Side. The undisclosed buyer plans to redevelop the property into first-floor restaurant space, with loft offices on the second and third floors. Also in the Motor Row District, Albert Shulman of Paine/Wetzel represented Costello Glass in the sale of a 21,500-square-foot building located at 2232 S. Wabash Ave. The property was acquired by Snappy Auto Co. Finally, Nelson represented Maxi Windows in the sale of an 18,755-square-foot building located at 7437 S. Vincennes Ave. The property was acquired by CCC Brands. The acquisition prices in all three transactions were undisclosed.
CARTERET, N.J. — P/A Associates of New York City and Panattoni Development have completed iPort 12, a 1.1 million-square-foot trade and logistics center in Carteret. The 132-acre campus features two buildings, 36-foot ceilings, ESFR sprinklers, dock and grade-level doors, and 80-foot by 72-foot bays. Tenant space is available from 150,000 square feet to 1.1 million square feet. iPort 12 is located off the New Jersey Turnpike. Mindy Lissner, Lou Belfer, Scott Belfer, Stacey Weinberg and Susan Strauss of CB Richard Ellis will serve as leasing agents for the property.
FORT WORTH, TEXAS — National Oilwell Varco, an oil field services component manufacturer, has completed the purchase of 340,000 square feet of industrial space located at 1010-1100 Everman Pkwy. in Fort Worth. The multiple buildings, which were sold by Raleigh, NC-based Cherokee Fund, are located on 25 acres. Walter Floyd of NAI Huff Partners represented the buyer, and John Brewer and Greg Trout of Henry S. Miller Commercial represented the seller.
MORENO VALLEY, CALIF. — Dayville, Conn.-based United Natural Foods plans to lease a new 613,200-square-foot state-of-the-art distribution center in Moreno Valley. The company has signed a 10-year lease, featuring two additional 5-year options, for the distribution center. Located in Southern California’s Inland Empire, the property features 27,900 square feet of refrigerated storage, which is expandable to 49,700 square feet; 48,100 square feet of frozen storage, expandable to 75,300 square feet; a 32,800-square-foot refrigerated receiving/shipping dock; and 22,700 square feet of warehouse mezzanine space. Operations at the facility are slated to commence this summer. Blackrock is managing the property, which was developed by Overton Moore Properties.
DES PLAINES, ILL. — A joint venture between the Skokie, Ill.-based Missner Group and AMB Property Corp. has completed a 253,400-square-foot build-to-suit industrial facility for Coaster Company of America. The building, which is located at 255 Wille Rd., features an 18,000 square foot office and showroom, 30-foot clear ceiling heights and 55 dock positions. Coaster is relocating from its previous facility at 560 Supreme Dr. in Bensenville, Ill.
SEVILLE, OHIO — Boston-based STAG Capital Partners has acquired two warehouse facilities, located at 5160 and 5180 Greenwich Rd. in Seville, as part of a 15-year sale/leaseback transaction with Ohio Wholesale. The adjacent buildings, which are located on 27 acres and total 345,000 square feet, are fully occupied by Ohio Wholesale. Martin Rizzo of Cohen Capital Advisors represented the seller, an affiliate of Ohio Wholesale. The acquisition price was not disclosed.
CHICAGO — Chicago-based Paine/Wetzel • ONCOR International has brokered the sale of a 41,640-square-foot industrial facility located at 3388 North Avondale in Chicago. The property was subsequently leased to AAA Bag and Tag. Curt Stanton, Ryan Bertin and Kevin Riley of Paine/Wetzel represented the seller, Ken Way Associates. The buyer, Novak Construction, was represented by Christopher Neavolls of Crescendo Realty. The sale price was undisclosed.