HOUSTON — Liberty Development Partners, a joint venture between locally based firms Connor Investment Real Estate and Logistics & Development Resources, has purchased Gulf Inland Logistics Park, a 1,158-acre industrial development site in Houston. The shovel-ready site is located at the intersection of the Grand Parkway and U.S. Highway 90 on the city’s east side. Liberty Development Partners also acquired CMC Railroad, a freight provider and service network within Gulf Inland Logistics Park that connects to the BNSF Railway and the Union Pacific Railroad. Prior to this deal, the joint venture acquired a 200-acre adjacent parcel to allow for expansion of the site. Construction plans and timelines for the existing Gulf Inland Logistics Park site and the adjacent tract have not yet been finalized. Trez Capital provided $66.5 million in acquisition financing for the joint venture’s purchase of CMC Railroad and an undisclosed portion of the land that will house the first phase of industrial development.
FRANKLIN PARK, ILL. — Cresa has brokered the sale-leaseback of a 58,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 11058 Addison Ave. features a clear height of 20 feet, five docks and parking for 50 cars. Ed Lowenbaum of Cresa represented the seller, ConCan II, an affiliated party to the tenant, Alliance Paper and Foodservice Equipment. Clear Height Properties was the buyer. Alliance Paper, which has occupied the building since 2002, signed a lease for roughly 55 percent of the building. The remainder of the facility will become vacant effective Monday, Aug. 1.
SHREWSBURY, MASS. — SGPS Showrig, a provider of entertainment equipment, has signed a 49,524-square-foot industrial lease in Shrewsbury, located outside of Worcester in the central part of the state. The space is located within Centech Park North, a 310,000 square-foot campus that is set to be delivered at the end of the year. Kevin Brawley, Stephen Woelfel, P.J. Foster, Kevin Hanna, Ovar Osvold and Wayne Spiegel of Colliers represented the landlord, Northbridge Partners, in the lease negotiations. Rhett Delk and Nate Heilbron of Cresa represented the tenant.
MONTEZUMA, IOWA — Stan Johnson Co. has brokered the $8.3 million sale of a 194,267-square-foot manufacturing facility in Montezuma, a city in Iowa located about midway between Des Moines and Iowa City. The single-tenant building is leased to Dieomatic Inc., a subsidiary of Magna International, which is a global automotive supplier. Rob Gemerchak of Stan Johnson represented the seller, a New York-based private investment firm. An individual investor based in Des Moines was the buyer.
HOUSTON — Commercial finance and advisory firm Axiom Capital Corp. has arranged a permanent loan of an undisclosed amount for the acquisition of a 131,250-square-foot flex property in Houston. The property, which sits on a 12.1-acre site roughly four miles from William P. Hobby Airport, consists of two industrial buildings and one office building. The lender was an unspecified credit union, and the borrower was undisclosed.
GRAND PRAIRIE, TEXAS — A joint venture between two investment firms, Fort Worth-based PHP Capital and Southern California-based CapRock Partners, has purchased a 95,250-square-foot industrial property in the central metroplex city of Grand Prairie. The four-building complex sits on five acres and was roughly 90 percent leased at the time of sale. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
ARVADA, COLO. — Marcus & Millichap has arranged the sale of a single-tenant industrial facility at 5861 Tennyson St. in Arvada. The property traded for an undisclosed price. Priority Plastics occupies the 80,640-square-foot industrial manufacturing facility, which was built in 2000 on 5.3 acres. Alyssa Tomback of Marcus & Millichap’s Denver office represented the private investor seller in the deal. The name of the buyer was not released.
DAVIE, FLA. — Levy Realty Advisors has arranged the $50 million sale of Pelican Bays, an eight-building warehouse complex located on SW 52nd Street in Davie, a city in South Florida’s Broward County. Situated near I-595 and the Florida Turnpike, the property spans 197,000 square feet of flex industrial and office space. The buyer, an entity doing business as Pelican Bays LLC, purchased the campus from the original developer, Charles Rowar. Alan Levy and Josh Levy of Levy Realty represented the buyer in the transaction. The firm will also oversee leasing and management at Pelican Bays, which currently houses about 120 tenants. Norman Matus of Red Rock Realty represented the seller.
LIBERTY, MO. — Contegra Construction Co. is nearing completion of a 1 million-square-foot distribution center at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Dubbed Project Luna, the facility will feature a clear height of 40 feet, 112 dock doors, two drive-through doors and 20,000 square feet of office space. Completion is slated for this fall. NorthPoint Development is the developer. Upon full buildout, Liberty Commerce Center will comprise 3.4 million square feet of industrial space.
SPANISH FORK, UTAH — Salt Lake City-based Vesta Realty Partners has purchased Western Distribution Center, located at 4000 E. Highway 6 in Spanish Fork. A pair of Knoxville, Tenn.-based investors sold the asset for an undisclosed price. Jarrod Hunt of Colliers International represented the seller and buyer in the deal. Initially built by Fingerhut Corp., the facility features 1.1 million square feet of warehouse and distribution space.