SAN JOSE, CALIF. — Panattoni Development Co. has completed the disposition of an industrial property located at 2144 Oakland Road in San Jose. TA Realty acquired the asset for $26.6 million. The County of Santa Clara occupies the 82,900-square-foot building, which was recently constructed. Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darran Hollak and Jack Phipps of Newmark represented the seller in the transaction.
BOSTON — A partnership between locally based investment firm Oliver Street Capital and Bain Capital Real Estate has purchased a 113,000-square-foot industrial building located at 44-48 Garden St. near downtown Boston. The sales price was $15 million. The property is situated on 3.4 acres near Encore Casino and Boston-Logan International Airport and contains both warehousing and light industrial space. The seller was not disclosed.
CARLSTADT, N.J. — Sitex Group, an investment and development firm focused on the Tri-State area, has acquired a 30,000-square-foot warehouse in the Northern New Jersey city of Carlstadt. The property, which is currently vacant, features 20-foot clear heights, two loading docks and 3,000 square feet of office space. Jeff Chaus of Chaus Realty brokered the deal and has been retained to lease the building.
WETUMPKA, ALA. — Russell Brands LLC has sold its former manufacturing facility in Wetumpka. An affiliate of Phoenix Investors acquired the 891,000-square-foot building for an undisclosed price. Prior to closing the plant in 2013, Russell Brands manufactured sports equipment and clothing at the site, marketing its products under many brands and subsidiaries, including Russell Athletic and Spalding. The property spans 102 acres and features 41-foot clear heights, 100 slots for trailer storage, 29 loading docks and five drive-in doors. Built between 1995 and 1997, the asset is situated at 3145 Elmore Road, 18 miles north of downtown Montgomery. Philip Yost of CBRE brokered the transaction of the vacant property.
AURORA, COLO. — San Francisco-based Graham Street Realty has purchased Commerce Square, an industrial asset located in the Interstate 70 East Industrial submarket of the Denver-Aurora metro. First Industrial Realty Trust sold the property for $16 million. Commerce Square features 144,464 rentable square feet of shallow-bay, light industrial space across two Class B buildings, which were built in 1984. The single-story buildings offer above-standard loading capabilities and storefronts. At the time of sale, Commerce Square was fully leased. Oakland, Calif.-based Paramount Property Co. will provide property management services for the asset. This deal brings Graham Street Realty’s Colorado portfolio to nine properties and marks the firm’s first industrial acquisition.
RENO, NEV. — GPR Ventures has acquired an industrial warehouse property located at 4910 Longley Lane in Reno. Details of the transaction were not released. The purchase is GPR’s first acquisition in the Reno market. Situated near Reno-Tahoe International Airport, the 331,632-square-foot facility features dedicated office space; 21 dock-high doors, with potential for 16 more; two grade-level doors illuminated with T5 high-output fluorescent lamps for increased visibility; and new roofing that represented a $1.5 million investment. At the time of acquisition, the property was 80 percent occupied by two tenants: Hamilton Co., a global manufacturer of precision measurement devices, and Powertrain Industries, which offers a line of unique products used by mechanics to repair vehicle driveshafts.
GILBERTS, ILL. — Methods Machine Tools Inc. has signed a 36,000-square-foot industrial lease at 70 Prairie Parkway in Gilberts, a northwest suburb of Chicago. The tenant, which is relocating from 2400 Vantage Drive in Elgin, will more than double its space. Dan Brown of Brown Commercial Group represented both the tenant and the landlord, Cratos LLC. Methods is a North American supplier of precision machine tools and automation. The company maintains 10 showrooms and technical centers across the U.S. and expects to take occupancy of the Gilberts facility in March.
MUNDELEIN, ILL. — Entre Commercial Realty has brokered the sale of a 21,460-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Located at 300 Townline Road, the property features a clear height of 18 feet, one exterior dock, two drive-in doors and parking for 100 cars. Brian Bocci of Entre represented the buyer, a private investor that plans to convert the building into a baseball training facility. John Coleman of MK Asset Brokerage represented the undisclosed seller.
DALLAS — ML Realty Partners has acquired a 56,520-square-foot industrial building located at 3942 Irving Blvd. in the South Stemmons submarket of Dallas. According to LoopNet Inc., the property was built in 1968, renovated in 2000 and features 20- to 24-foot clear heights. Jeremy Mercer and Jeff Turner of Mercer Co. represented the seller and will also be responsible for leasing the building on behalf of ML Realty Partners.
MISSOURI CITY, TEXAS — Trammell Crow Co. has broken ground on Phase V of Park 8Ninety, a project that will add 676,860 square feet of Class A industrial space across three buildings in Missouri City, a southwestern suburb of Houston. Trammell Crow is co-developing the fifth and final phase of the 129-acre project with Canada-based Artis REIT. Designed by Powers Brown Architecture, the Phase V buildings will offer 28- to 36-foot clear heights, ESFR sprinkler systems and ample car and trailer parking. Burton Construction is the general contractor for the project, and Boyd Commercial is the leasing agent. Completion is slated for the third quarter of 2021.
