GLENDALE AND SUN VALLEY, CALIF. — Palatine Capital Partners has acquired two industrial parks in the San Fernando Valley. A private investor sold the multi-tenant assets for $30.6 million. The properties are a 46,335-square-foot building on 1.9 acres at 820 Thompson Ave. in Glendale and a 98,295-square-foot facility on 2.8 acres at 7764-7766 San Fernando Road in Sun Valley. Both industrial parks are currently 100 percent occupied, with some rents below market. The buyer plans to add value during future lease-ups as new tenants come in. Kelly Betpolice of Kidder Mathews represented the buyer in the transaction.
RENTON, WASH. — Marcus & Millichap has arranged the sale of a 12,000-square-foot industrial building at 61 Shattuck Ave. South in Renton, a suburb southeast of Seattle. A limited liability company sold the asset to an undisclosed buyer for $2.3 million. Anne Goldman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the deal. According to the firm, the transaction represents a record price per square foot for 1970s vintage construction in the submarket.
EL PASO, TEXAS — Dallas-based developer Provident Realty Advisors has delivered Gateway Logistics Park, a 308,270-square-foot industrial project in El Paso. The site is located 13.5 miles from El Paso International Airport and 7.5 miles from the Ysleta-Zaragoza port of entry. Building features include 32-foot clear heights, 190-foot truck court depths, 67 dock-high doors, two drive-in ramps, 93 trailer parking spaces and 2,500 square feet of office space. CBRE is the leasing agent for Gateway Logistics Park.
LINCOLNTON, N.C. — Crescent Communities is underway on the construction of AXIAL Midway 321, a new industrial project situated within Lincoln County Industrial Park in Lincolnton, approximately 35 miles northwest of Charlotte. Upon completion, the development will comprise a 175,000-square-foot rear-load building, as well as 133 car parking spaces and 17 trailer parking spaces on a 25-acre lot. The building will feature 32-foot clear heights, 50 dock-high doors, 2,800 square feet of speculative office space, LED warehouse lighting and multiple pit levelers. The project team includes general contractor Myers & Chapman, DMA Architecture, engineer Thomas & Hutton and Carter Bank. Matt Treble and Fermin Deoca of Cushman & Wakefield will manage leasing at the property. A timeline for construction was not disclosed.
HOUSTON — Landtech Inc. has signed a 24,249-square-foot industrial lease in West Houston. The provider of surveying services is relocating from its current space in the Timbergrove area to the building at 1315 W. Sam Houston Parkway N. Dan Boyles and Brent Bishop of Partners Real Estate represented the tenant in the lease negotiations. Andy Havel of Metroway Commercial Realty represented the undisclosed landlord.
DENVER — Malman Commercial Real Estate has arranged the sale of a 6,272-square-foot industrial property located at 4940 E. 39th Ave. in Denver. American Financial Group Corp. sold the asset to James R. Jones for $1.1 million. Jake Malman of Malman Commercial Real Estate represented the seller in the deal.
MEQUON, WIS. — Kleen Test Products Corp. has signed a 30,000-square-foot industrial lease at 1000 W. Donges Bay in Mequon, a northern suburb of Milwaukee. Paul McBride and John Davis of Founders 3 Real Estate Services represented the owner, Stern Real Estate LLC. The tenant develops, manufactures and packages items such as wet wipes and dryer sheets.
Baker Completes First Phase at 72-Acre Redevelopment of Former Motorola Manufacturing Facility in Phoenix
PHOENIX — Baker Development has started the final phase of demolition on a 72-acre industrial site in Phoenix, as part of a redevelopment of the property. Beginning in the 1960s, the site housed a Motorola semiconductor manufacturing campus. Work has been underway at the site for three years, and Baker has delivered one of four parcels to a data center user. Daniel J. Slack, president and COO of Baker, says that the developer is also “in discussions with other well-known companies attracted to the site’s substation-level power, its Foreign Trade Zone potential, as well as access to nearby housing, diverse labor pool and recreational amenities.”
EL PASO, TEXAS — St. Louis-based Sansone Group and its equity partner Raith Capital Partners will develop Rancho del Rey Logistics Park, an industrial development in El Paso that will ultimately comprise more than 3.7 million square feet. The 235-acre site at the junction of at I-10 and Loop 375 features proximity to the Ysleta-Zaragoza port of entry. Rancho del Rey Logistics Park will be developed in three phases via a ground lease with an undisclosed local family that has owned the land for multiple generations. A groundbreaking ceremony for Phase I, which will encompass three buildings totaling roughly 1.4 million square feet, will take place in mid-March. The first of those three buildings, a 413,035-square-foot structure, is slated for a fourth-quarter delivery and is fully preleased to Fortune 100 company Bosch. Bob Feinberg and Tom Jones of Colliers represented the landowner and developers in structuring the ground lease and in negotiating the lease for Building 1. Brett Preston and David Hingst of Cushman & Wakefield represented Bosch.
AURORA, COLO. — JLL Capital Markets has negotiated the sale of Commerce Square, an industrial property in the Denver suburb of Aurora that totals 145,242 square feet across two buildings. Situated on nine acres, the buildings feature rear-loading configurations, 18-foot clear heights, 38 docks, 11 drive-in doors and 265 parking spaces. Larry Thiel, Ryan Sitov and Rob Key of JLL represented the seller, Graham Street Realty, in the transaction. Midtown National Group acquired the property, which was leased to 12 tenants at the time of sale, for an undisclosed price. The leasing team for Commerce Square included Carmon Hicks and Jason White of JLL.