MECHANICSBURG, PA.; GROVEPORT,OHIO; AND GREENVILLE, S.C. — Orix Real Estate Capital has purchased a portfolio of three net leased properties located in Mechanicsburg, Groveport and Greenville from Lexington Realty Trust. The three properties total 1.1 million square feet of industrial and office space. The Mechanicsburg facility, located at 6350 Brackbill Blvd., is a one-story, 507,634-square-foot industrial building that is leased to Exel Logistics. The Groveport building is a 354,676-sqaure-foot warehouse facility located at 6500 Adelaide Ct. The Greenville property is a three-story, 192,884-square-foot Class A office building located at 701 Brookfield Pkwy. Orix was represented in-house by Eric Wollan and Boris Shraybman. John Huguenard of Colliers Turley Martin represented the seller in the Groveport transaction, Michael Hines of CBRE represented the seller in the Mechanicsburg transaction and Ryan Clutter, also of CBRE, represented the seller in the Greenville transaction. The sale price was undisclosed.
Industrial
AUSTIN, TEXAS — Q10 | Dwyer-Curlett’s Orange County, California office has arranged $11.3 million in financing through GE Real Estate Business Property for an Austin industrial building. The property, which houses a cold storage warehouse and distribution center, is located on 15.41 acres with 131,000 square feet of rentable space. Thomas Kenny of Q10 | Dwyer-Curlett’s Orange County office arranged the loan.
PATTERSON, CALIF. — McShane Corp. and MetLife Real Estate Investments are developing KeyStone West Business Park, a 122-acre industrial park in Patterson. The park will accommodate up to three industrial facilities from 125,000 square feet to 1.5 million square feet. The first phase of development consists of a 530,000-square-foot industrial warehouse that will feature 120 docks, 32-foot clear height, 52-foot by 50-foot bays and parking for 90 truck trailers and 348 vehicles. McShane Construction’s Irvine, Calif., office, along with project architect Ware Malcomb, will provide comprehensive design/build construction services for the project. Groundbreaking is slated for January 2008, with completion scheduled for November 2008.
FRESNO, CALIF. — G3 Development is developing North Pointe Business Park, a 230-acre master-planned industrial park in Fresno. Ware Malcomb Northern California has completed the architectural design services for three industrial buildings for the development. The planned buildings include two 65,454-square-foot facilities, which can be divided into six units, and an 86,000-square-foot property, which can be subdivided into four units. Each unit will feature truck docks and grade-level doors. Completion is slated for this spring. Pleasanton, Calif.-based ExTerra Realty Partners LLC is providing project management services for the project; Madera, Calif.-based Target Constructor Inc. is serving as general contractor.
ELK RIVER, MINN. — River Industrial is developing Elk River Orono Commons, a 60,000-square-foot industrial condominium project in Elk River. The property is located at 12671 Meadowvale Rd. near Highway 10 and Upland, and is slated for completion in February. River Industrial is comprised of Dave Schulte and Gordie Berger. Equity Transwestern, a Minneapolis-based commercial real estate company, is marketing the project.
SAN JOSE, CALIF. — Equity Office Properties has completed the disposition of a 143,000-square-foot industrial facility, which is located at 350 E. Plumeria Dr. in San Jose. Newport Beach, Calif.-based KBS REIT II purchased the property for $35.7 million or $250 per square foot. Constructed in 1986, the 8-acre property underwent a $6 million renovation in 2008. At the time of acquisition, the property was 100 percent leased to NetGear Inc.
ELGIN, ILL. — NorthMarq Capital’s Chicago regional office has arranged $1.93 million in first-mortgage financing for a 62,450-square-foot industrial building located at 885-887 Church Rd. in Elgin. The facility is occupied by Engineered Plastic Systems and Chicago Logistics Services. Financing was based on a 10-year term with a 20-year amortization schedule. Mike Miller and Jeff Cherner of NorthMarq arranged the financing on behalf of the borrower, Shorewood Property Investments, with the lender, Aviva Capital Management.
EDISON, N.J. — Cushman & Wakefield has completed the sale of the former L.A. Dreyfus Co. manufacturing facility in Edison. The facility is situated on 50 acres at 3775 Park Ave. near the intersection of Oak Tree Road. It contains 507,400-square-feet of warehouse manufacturing space and executive offices. The new owners, a partnership between Tulfra and Hampshire Properties, plan to market the building as industrial condominium units. The sale price was undisclosed.
HOUSTON — Cushman & Wakefield of Texas, a real estate services firm, has finalized the sale of a 30,000-square-foot warehouse located on 1.37 acres at 1209 and 1213 Maury St. in Houston. Kelley Parker, John Littman and Jon Farris of Cushman & Wakefield of Texas’ Houston office represented the buyer, Maury Lyons, Ltd. John Ferruzzo and Travis Land of NAI Houston represented the seller, 1209 Maury Street LP and 1213 Maury Street LP.
OKLAHOMA CITY — Big Industrial, a Kansas-based industrial property developer, has purchased the vacant Bridgestone Firestone plant located near the intersection of Interstate 35 and Interstate 40 in Oklahoma City. The company plans to renovate the facility, which closed in December 2006, and lease it out for general warehousing and distribution purposes to another company. The property is 2 million square feet on 310 acres, half of which is available for new construction. Eric Dienstbach of Binswanger represented both the buyer and the seller in the transaction. Terms of the sale were undisclosed.