CHICAGO — Cook Financial has acquired the former RC Cola Bottling Plant, located at 2801 W. 47th St. and California Avenue in the Brighton Park neighborhood of Chicago, for redevelopment. The property comprises three buildings totaling 364,000 square feet and is situated on 13.6 acres. The main building, which totals 327,000 square feet, will be redeveloped for industrial users ranging from 25,000 to 150,000 square feet. The two smaller buildings, which total 20,000 and 17,000 square feet, will accommodate a variety of uses. The vacant land and outlot parcels on the property will be developed as potential build-to-suits or mixed-use space. The acquisition price, as well as the seller, was undisclosed.
Industrial
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has arranged the sale of a 178,820-square-foot distribution center located at 4333 W. 71st St. in Indianapolis. Chris Ayers of NAI represented the seller, China Lodge; the property was acquired by Century Properties XV LP for an undisclosed amount.
CORONA, CALIF. — Master Development Corp. (MDC) has begun construction for the development of West Corona Commerce Center, a 321,700-square-foot, state-of-the-art manufacturing/distribution/corporate headquarters building located at 1350 Railroad St. in Corona. In March 2007, MDC acquired the property, which had an existing 100,000-square-foot industrial building situated on 15 acres. The company demolished the existing building. Completion of the new development is slated for first quarter 2009. Walter Frome and Bill Livesay of Voit Commercial Brokerage’s Irvine, Calif., office brokered the sale of the site.
REDLANDS, CALIF. — Atlanta-based Oakmont Industrial Group is developing Alabama Street Logistics Center, an industrial warehousing facility located at 9090 N. Alabama St. in Redlands. Designed by RGA Office of Architectural Design, the center is being built to achieve LEED certification. Additionally, the 225,078-square-foot facility will feature an ESFR fire suppression system, on-site parking for 45 trailers, a full concrete truck court, 32-foot minimum clear ceiling heights, 36 dock-high positions and on-site parking for 124 cars. Whittier, Calif.-based Oltmans Construction Co. is serving as general contractor for the project, which is slated for completion in September.
MEMPHIS, TENN., AND GASTONIA, N.C. — Calif.-based Crown Realty has separately acquired single-tenant occupied warehouse facilities located in Tennessee and North Carolina for a total of $30 million. The Meritex Logistics Distribution Center, a 646,160-square-foot warehouse/industrial space, is located at 4836 Hickory Hill Rd., in Memphis. Johnny Lamberson and Frank Quinn of CB Richard Ellis brokered the deal. The Wix Master Distribution Center, a 541,609-square-foot warehouse/storage facility, is situated on 37 acres at 1551 Mount Olive Church Rd., in Gastonia. Jeffrey Shell and John Ecclestone of Cushman & Wakefield’s Michigan office brokered the sale.
NORTHBOROUGH, MASS. — Campanelli Cos. has acquired the Peterson Spring Regional Manufacturing Facility in Northborough in a $4 million sale/leaseback transaction from Peterson American Corp. The 62,500-square-foot property is located at 40 Bearfoot Rd. near Route 290. Robert Cronin of Colliers Meredith & Grew represented the seller in the transaction, and the buyer was represented in-house by Stephen Murphy.
CORONA, CALIF. — Fleetwood Aluminum Products Inc. has acquired a 207,400-square-foot industrial building in Corona for $21.5 million. The buyer plans to use the building, which is located at 395 Smitty Way, for corporate office and the manufacturing of aluminum products. The buyer was formerly located in four separate buildings in Corona. Walter Frome and Bill Livesay of Voit Commercial Brokerage’s Irvine, Calif., office represented the buyer; Paul Earnhardt of Lee & Associates represented the seller, Cusumano Smitty Way LLC, in the transaction.
NILES, ILL. — CB Richard Ellis (CBRE) has arranged the acquisition of a 150,197-square-foot industrial building located at 7555 N. Caldwell Ave. in Niles. The facility features 18,000 square feet of office space and 20- to 24-foot clear ceiling heights. It was acquired by Jinny Beauty Supply Corp., which plans to use the property as its distribution and corporate headquarters. Brett Kroner and Keith Puritz of CBRE represented Jinny in the transaction. Denise Chamovitz, Joel Friedland and Adam Schneiderman of Epic Realty Partners represented the undisclosed seller. The acquisition price was not disclosed, but the asking price was $7.8 million.
BRISTOL, CONN. — Savanna Investment Management and Hudson Realty Capital have sold the Bristol Business Center for $60.5 million to Bristol Center LLC. The 1.2 million-square-foot industrial warehouse/distribution facility is located at 780 James P. Casey Rd. in Bristol. The transaction was brokered by Jeff Fishman of Robert K. Futterman & Associates.
CRANBURY, N.J. — Cushman & Wakefield has brokered the sale of 324 Half Acre Road, a 680,000-square-foot distribution facility in Cranbury. The newly constructed Class A property was sold by Rockefeller Group Development Corp. and IDI to US Industrial REIT II. The building features cross docking and 36-foot clear ceilings. Stan Danzig and Jules Nissim of Cushman & Wakefield brokered the sale for an undisclosed price. Kuehne & Nagel is currently leasing 443,803 square feet at the facility.