DALLAS — ProLogis has acquired 88 acres of land for a new industrial park in East Dallas. The first phase of the park, to be located near Interstate 30 at the northeast corner of South Buckner Boulevard and Eastpoint Drive, is slated to begin construction in the first half 2008. Phase I will comprise the construction of a 390,000-square-foot distribution facility. Upon completion, the park will consist of six buildings totaling 1.6 million square feet of distribution space. ProLogis acquired the land from Buckner International for an undisclosed amount. Pax Glenn of Glenn Commercial Real Estate represented the buyer in the transaction, and Mike Wagner of the Baptist Foundation of Texas represented the seller.
Industrial
SAN DIEGO — San Diego-based Sudberry Properties Inc. has completed the third phase of Ocean View Hills Corporate Center, a 663,000-square-foot industrial complex located on Otay Mesa Road in San Diego. The $65 million development consists of six one-story, tilt-up concrete buildings, ranging in size from 56,000 to 183,000 square feet and divisible into units ranging from 7,900 to 50,700 square feet. Each rentable space has dock- and grade-level loading, and eight units feature a mezzanine space. San Diego-based Smith Consulting Architects provided architectural services for the project; Reno Contracting served as general contractor.
TEMPE, ARIZ. — A joint venture, including Baseline Industrial Tempe LP and MES-19 LLC, has acquired Baseline Industrial Center, a 109,650-square-foot industrial complex located at the intersection of West Baseline and South Kyrene roads in Tempe, from BICAZ LLC for $9.54 million. Situated on a 5.24-acre site, the property consists of 106 individual units in five buildings, which range in size from 9,000 to 40,000 square feet. Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage’s Irvine, Calif., office represented both parties in the transaction.
BOYNTON BEACH, FLA. — Christian Lee, Charles Foschini, Christopher Apone, Jeff Kelly and Robert Smith of CB Richard Ellis have represented Dalfen America in the $37.7 million sale of Boynton Commerce Center, a four-building, 295,571-square-foot Class A industrial park located in the TriCounty industrial market in Boynton Beach. Des Moines, Iowa-based Principal Real Estate acquired the property, which 95 percent leased to 28 tenants.
SAVANNAH, GA. — San Francisco-based AMB Property Corp. has broken ground on its first speculative building in the Savannah market, a 343,000-square-foot distribution facility that is designed to accommodate distribution companies with warehousing needs from 60,000 to 343,000 square feet. The property will be a rear-loading, tilt-wall, institutional grade facility with a 30-foot ceiling height. AMB has acquired 249 acres of land outside of Savannah for further industrial development.
BUFFALO GROVE, ILL. — Des Plaines, Ill.-based Premier Design + Build Group has broken ground for the development of Aptakisic Creek Corporate Park, a 29-acre industrial park located at the corner of Aptakisic Road and Industrial Drive in Buffalo Grove. The project, which is being developed by Bridge Development Partners and McMorgan & Co. Investment Management, will consist of two speculative warehouse facilities. Building 1 will total 188,215 square feet and Building 2 will total 146,850 square feet. Both facilities will feature 30-foot clear ceiling heights, 16 exterior truck docks per facility, four drive-in doors per facility and ESFR sprinkler systems. Cornerstone Architects is serving as project architect. Completion is scheduled for next summer.
BROWNSTOWN, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $10.5 million in financing for Brownstown IV and V, respective 220,000-square-foot and 60,000-square-foot industrial facilities located in Brownstown. The borrower is Ashley Brownstown North IV & V LLC, and the lender is TIAA CREF.
HOUSTON — PinPoint Commercial, a Houston-based development partnership, is developing Hobby Business Center, a 350-acre logistics and industrial park in Houston. The multi-modal distribution complex will handle rail and truck cargo. Southeastern Freight Lines and FedEx Ground have committed to the park, which is scheduled to complete the infrastructure by first quarter 2008. Build-to-suit and design build opportunities will be available from 20,000 square feet to 1 million square feet, but in general the buildings will feature tilt-wall construction with extended clear heights and truck aprons. Hobby Business Center will be located between Interstate 45, Beltway 8, Interstate 610, Highway 288 and Telephone Road. Amegy Bank is providing financing for the project.
DALLAS — Stamford, Conn.-based GE Real Estate has provided $49.7 million in financing to Addison, Texas-based Holt Lunsford Commercial for the acquisition of a 21-building industrial portfolio in Dallas. Located across four submarkets including northeast Dallas, Freeport, Highway 30 and Interstate 35, the portfolio consists of 1.15 million square feet. It is 85 percent leased to approximately 70 tenants. James Tramuto of CB Richard Ellis/Melody raised the capital, and Jack Fraker with CB Richard Ellis’ Dallas office represented the seller.
HAWTHORNE, CALIF. — Rexford Industrial LLC has acquired Yukon Industrial Center, a 123,174-square-foot, multi-tenant industrial property located at 13020 Yukon Ave. in Hawthorne, from 13020 Yukon LLC for $10.45 million. The property features two single-tenant buildings comprising 41,175 and 22,258 square feet, respectively, and a 59,741-square-foot multi-tenant building. Currently, the property is 100 percent occupied by Gentle Giant Moving Company, Ryan’s Express, Seatmax and Southern California Cuisine. ANR Asset Management represented both parties in the transaction.