PORTLAND, ORE. — Portland-based Harsch Investment Properties has acquired Oceanside Business Center, an 80,494-square-foot industrial building located at 4040 Oceanside Calle Platino within Rancho Del Oro Technology Park in Portland. Fenway Properties sold the property for $9.7 million. Built in 1985 with major renovations in completed in 2007, the center consists of a single-story, multi-tenant commercial office and warehouse building offering 24 units, which range in size from 1,649 to 9,826 square feet. At the time of acquisition, the property was 13 percent occupied by a variety of tenants including My Family Seasonings, San Juan Specialty Woods, Colorado Electric Supply and G. Gene LeBoeuf.
Industrial
VACAVILLE AND STOCKTON, CALIF. — The Buzz Oates Group of Companies (BOGC) has acquired the former Serta facility, a 220,800-square-foot industrial property located at 2050 Cessna Dr. in Vacaville. National Bedding Company sold the property for an undisclosed price. Additionally, BOGC has purchased the former IRIS manufacturing plant in Stockton from IRIS USA for an undisclosed price. The plant includes a 150,000-square-foot facility and 15 acres of additional land for development. Steve Moreno provided in-house representation for BOGC in the Serta acquisition, while Bob Taylor provided in-house representation for BOGC in the IRIS transaction.
CRANBURY, N.J. — Aurobindo USA has signed a 103,350-square-foot lease at Matrix Development’s distribution facility located at 102 Melrich Rd. in Cranbury. The pharmaceutical company will use the space for office, general warehouse space and distribution space. Matrix was represented in-house in the transaction by Patrick Connelly, and Aurobindo was represented by Charles Fern of Jones Lang LaSalle.
ALLENTOWN, PA. — US Realty Capital has arranged $38 million in financing for the acquisition of Cedar Crest Professional Park in Allentown. Bruce Robertson, Jr., of US Realty, arranged the loan for the undisclosed borrower. The first lien mortgage was underwritten at an annual rate of LIBOR plus 200 bps. Amortization was based on a 25-year schedule, and the first 18 months of the loan were on an interest only basis.
VERNON, CALIF. — Newport Beach, Calif.-based Master Development Corp. (MDC) has acquired a 113,500-square-foot industrial building, which is located at 4380 Ayers Ave. in Vernon, from 4380 Ayers Ltd. for $10.4 million. MDC purchased the property through its joint venture with GE Asset Management. The company plans to renovate the property with interior and exterior upgrades. Jeffrey Sanita, John McMillian and Tim Wallace of Cushman & Wakefield represented the buyer.
CRANBURY, N.J. — Aurobindo USA has signed a 103,350-square-foot lease at Matrix Development’s distribution facility located at 102 Melrich Rd. in Cranbury. The pharmaceutical company will use the space for office, general warehouse space and distribution space. Matrix was represented in-house in the transaction by Patrick Connelly, and Aurobindo was represented by Charles Fern of Jones Lang LaSalle.
HOUSTON — NAI Houston has brokered the sale of an office and warehouse facility in Houston on behalf of Restorative Equipment Services. The 12,960-square-foot building is located at 10700 Kinghurst St. Jason Whittington of NAI Houston represented the seller in the transaction, and Yakup Altiniski of Realty Associates represented the buyer, NUR International. The sale price was undisclosed.
HAYWARD, CALIF. — Craig Hagglund of Lee & Associates East Bay Inc. represented the undisclosed buyer in the $9.8 million acquisition of an approximately 101,000-square-foot warehouse facility, which is located at 3528 Arden Rd. in Hayward. Currently leased to Alexander’s Moving & Storage, the property features 28-foot clear ceiling heights, high-density sprinklers and ample truck parking. Tom Gilmer of Lee & Associates represented the undisclosed seller in the transaction.
ROMEOVILLE, ILL. — Denver-based ProLogis has acquired a 650,000-square-foot distribution center located in ProLogis Park 55, a 4.5 million-square-foot, master-planned industrial park located in Romeoville. ProLogis had originally sold the land on which the building is situated to Duke Realty Corp., which developed the facility. ProLogis plans to market the distribution center to consumer products companies, third-party logistics providers and manufacturers with large-scale distribution needs. David Kahnweiler and Charles Canale of Colliers Bennett & Kahnweiler have been appointed marketing agents for the property. The acquisition price was not disclosed.
GATES, N.Y. — The Pepsi Bottling Group has leased the 107,000-square-foot Building 12 in the Rochester Technology Park in Gates. Pepsi plans to use the facility for warehouse, distribution, equipment delivery and repair, and fleet maintenance operations. Owned by the Tryan Group, the Rochester Technology Park totals 5 million square feet of industrial space. Bob Moore and Paul Campbell of Moore Corporate Real Estate brokered the transaction.