LEWIS CENTER, OHIO — An affiliate of Covington Group Inc. has purchased a 583,000-square-foot warehouse and distribution center located at 8355 Highfield Drive in Lewis Center, about 20 miles north of Columbus. The purchase price was undisclosed. Located on a 31-acre site, the property features a clear height of 24 feet and 32 dock doors. It is fully occupied by Volvo Group North America, which uses the building for its slow-moving parts division for trucks and heavy equipment. Dallas-based Covington owns and manages approximately 5.5 million square feet of industrial assets nationwide.
BEDFORD, IND. — The capital services division of Ariel Property Advisors has arranged a $19.9 million loan for the acquisition of a 384,000-square-foot industrial facility in Bedford, about 75 miles south of Indianapolis. A West Coast-based lender provided the loan, which features a 10-year, fixed-rate term and a 30-year amortization schedule. The property is home to defense contractors SAIC and Raytheon, as well as other tenants.
MAPLEWOOD, MINN. — Ackerberg has acquired a 75,480-square-foot industrial building located at 1140 Gervais Ave. in Maplewood, just east of St. Paul. The purchase price was undisclosed. The property features a clear height of 22 feet and 19 dock doors. It is fully leased to Minneapolis food bank Second Harvest Heartland. This summer, the food bank plans to relocate some of its operations to Brooklyn Center, thereby creating approximately 50,000 square feet of available space within the building. Dave Stokes and Chris Weirens of Cushman & Wakefield will market the space for lease on behalf of Ackerberg. Tim Carlson and Jim Vos of Cresa Partners represented the seller, Second Harvest Heartland.
HOLMES AND BROOMALL, PA. — The Flynn Co. has brokered the $12.2 million sale of a five-building industrial portfolio in Pennsylvania. Velocity Venture Partners, a Philadelphia-based industrial developer, acquired the properties, which are all located in Delaware County, directly southwest of Philadelphia. Four of the buildings are situated within the Ridley Business Center at 500 Pine St. in Holmes. The other building is located at 620 Parkway in Broomhall. All of the buildings were fully leased at the time of sale. Colin Flynn and Ben Conway of The Flynn Co. represented Velocity Venture Partners in the transaction. Holmes Partners LP was the seller of the Ridley Business Center buildings and 620 Parkway Partners LLC was the seller of the building at 620 Parkway.
NORTH LAS VEGAS — Portland, Ore.-based Harsch Investment Properties has completed the development of Speedway Commerce Center IV, a 168,000-square-foot industrial building located at 6101 N. Hollywood Blvd. in North Las Vegas. The facility is the latest addition to the existing 2.6 million-square-foot Speedway Commerce Center. This development brings Harsch’s holdings in North Las Vegas to 4 million square feet. Speedway Commerce Center IV features office build-outs in each unit, 32-foot minimum warehouse clear heights, 1.4/1,000-square-foot parking ratio, 50-foot concrete aprons and LED warehouse and office lighting. The property also offers ample dock-high and grade-level loading, ESFR sprinklers with K17 rating, 60-foot speed bays and energy-efficient evaporative coolers. Jason Simon, Rob Lujan and Xavier Wasiak of JLL negotiated three leases, totaling 76,926 square feet, for the property, bringing it to 46 percent occupancy. Q Corp. will occupy 37,918 square feet, Proslat will utilize 15,738 square feet and Vogue Tyres will take 23,270 square feet at the facility.
DEERFIELD BEACH, FLA. — Elion Partners has acquired a 158,000-square-foot last-mile distribution warehouse in Deerfield Beach for $22 million. Local vitamin maker Rexall Sundown sold the South Florida facility. The property is situated at 1111 SW 30th Road, 16 miles north of downtown Fort Lauderdale, two miles from Interstate 95 and two miles from the Florida Turnpike. The facility offers 600 parking spaces and expansion options, including up to 50,000 square feet and additional parking.
TEXAS CITY, TEXAS — Lee & Associates has negotiated a 50,000-square-foot industrial lease at 10000 Emmett F. Lowry Expressway in Texas City, located southeast of Houston near Galveston. Frank Blackwood and John Gazzola of Lee & Associates represented the tenant, Odyssey 2020 Academy Inc., in the lease negotiations. The name and representative of the landlord were not disclosed.
NORTHLAKE, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 14,023-square-foot office and warehouse property located at 4325 Dale Earnhardt Way in Northlake, a suburb of Fort Worth. The property was built on four acres in 2016. Chad Montgomery and Dan Spika of Henry S. Miller represented the buyer, investor Bruce Long, in the transaction. Chuck Horton of The Michael Group Real Estate represented the seller, 13415 Cleveland Gibbs LLC.
NEW YORK CITY — Barone Management has completed development of The Woodworks, an 89,024-square-foot industrial property in the Long Island City neighborhood of Queens. The Woodworks is comprised of 44,950 square feet of office space and 44,391 square feet of warehouse space with 21-foot ceilings. The location offers convenient access to Long Island Expressway and Interstate 278. The property was constructed on a speculative basis and can be leased by one or multiple tenants. Cushman & Wakefield is leading the leasing effort.
RANCHO CUCAMONGA, CALIF. — Chavez & Associates has arranged the sale of Cartilla Avenue, an industrial/flex building located at 7945 Cartilla Ave. in Rancho Cucamonga. Amir Jacoby acquired the property from West Covina, Calif.-based TDS Kids for a total consideration of $4.7 million, or $197.92 per square foot. Built in 1973 and upgraded in 2016, the property features 24,000 square feet of medical, retail, service, office and R&D space. Zoned industrial park, the building is designed to allow for single or multi-tenant use. The property features 18-foot ceilings, four drive-in doors and abundant parking. At the time of sale, two tenants fully occupied the property. Jumping Jacks occupies 20,000 square feet, and Lexxiom Inc. occupies 4,000 square feet. Eric Chavez of Chavez & Associates REBF represented the seller, while Spectrum Commercial Real Estate represented the buyer in the deal.