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.
Industrial
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.
ST. LOUIS — St. Louis-based NAI has brokered the acquisition of a 38,440-square-foot industrial building located at 10800 Midwest Industrial Blvd. in St. Louis. Floyd Sweeney of NAI represented the buyer, Mead/Mor Investments. The building was acquired from Alan A. Hamilton, Kathleen Hamilton Spouses Trust, and Stephen J. & Lecils Saller. The acquisition price was not disclosed.
MILPITAS, CALIF. — Westcore Properties LLC, doing business as Westcore Milpitas LLC, has acquired a nine-building industrial portfolio, which is located along Gibralter Drive in Milpitas, from Flextronics International USA Inc. for an undisclosed price. Situated on a 33.5-arce site, the portfolio offers 499,206 square feet of manufacturing space. Flextronics International USA will continue to occupy the buildings under a 10-year lease. Dan Hollingsworth of CPS/CORFAC International represented both parties in the transaction.
MORENO VALLEY, CALIF. — Greg Gill and John Bowman of Charles Dunn Company, a partner of GVA Worldwide, has negotiated a 10-year lease for March Commerce Center, a 613,174-square-foot industrial center located at 22150 Goldencrest Dr. in Moreno Valley, for Dayville, Conn.-based United Natural Foods Inc. (UNFI). UNFI plans to occupy the entire building, which was built in 2006 and never occupied. Gus Andros and John Murphy of Collins Commercial, along with Bruce Springer of Grubb & Ellis, represented the landlord, Cactus Commerce LLC, in the transaction, which was valued at $28.5 million.
DORAL, FLA. — The Easton Group has completed Phase I of International Corporate Park Center, a $30 million, 14-acre industrial condominium project in Doral. Phase I consists of three buildings totaling 112,000 square feet. When completed, The Business Center at International Corporate Park will have eight buildings totaling 220,000 square feet.