GRIMES, IOWA — R&R Realty Group has completed a 300,000-square-foot speculative warehouse in Grimes, 16 miles northwest of Des Moines. Known as Prairie III, the building is the most recent addition to Prairie Business Park, an 800,000-square-foot development located near the intersection of Highway 141 and I-80. Two other warehouses have been completed and a fourth is planned. Each building has a clear height of 32 feet and an ESFR system.
NEW BERLIN, WIS. — Founders 3 Real Estate Services has arranged the sale of a 21,761-square-foot industrial building in New Berlin for $1.8 million. The property is located at 5462-5482 S. Westridge Drive. Brett Deter of Founders 3 represented the buyer, Olive Square Realty LLC. WLC Properties LLC was the seller.
NEWARK, N.J. — Strategic Storage Trust IV Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 1,900-unit self-storage facility in Newark. The sales price was undisclosed. The facility consists of approximately 100,000 net rentable square feet, as well as 58,000 net rentable square feet of warehouse space, and is situated on 6.25 acres of land. The seller was undisclosed. Strategic Storage Trust currently owns 16 self storage facilities comprising approximately 11,000 self storage units and 1.3 million net rentable square feet of storage space, as well as two parcels of land under development.
Kellogg to Sell Cookie and Snack Businesses for $1.3B, Including Seven Food Manufacturing Facilities
BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. Ferrero and its affiliated companies will acquire Kellogg brands such as Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, as well as cookies manufactured for Girl Scouts of the U.S.A. by Little Brownie Bakers. The sale also includes Kellogg’s fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses. In 2018, these combined businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million, according to Kellogg. The Battle Creek-based food manufacturer will retain the rest of its North American snacking businesses, including its crackers, salty snacks, healthy snacks and toaster pastries brands such as Pop-Tarts, Eggo, Cheez-It and Pringles. Kellogg and Ferrero expect the transaction to close in July. Evercore was lead advisor to Kellogg on the transaction, …
FORT WORTH, TEXAS — Stream Realty Partners has negotiated a 57,996-square-foot industrial lease at Parc North, a 31-acre industrial development in Fort Worth. Seth Koschak and Forrest Cook of Stream Realty Partners represented the landlord, EastGroup Properties, in the lease negotiations. Brice Wells of CBRE represented the tenant, plumbing supplier Ferguson.
O’FALLON, MO. — Cosmos Corp., a pet care manufacturing company, has unveiled plans to expand its presence in Missouri with a $25.7 million new headquarters in O’Fallon, about 17 miles east of St. Louis. The 240,000-square-foot property will serve as the site for all administration, manufacturing and distribution operations. The new facility will create approximately 60 full-time jobs. Wentzville-based Cosmos provides a variety of pet grooming, dental and natural flea and tick products under its TropiClean and Naturel Promise brand lines. The company currently employs more than 100 people locally and has outgrown its existing facility. Its nonprofit organization, Gifts of Love, will be co-located at the new O’Fallon headquarters. Completion of the new facility is slated for early 2020.
ELK GROVE VILLAGE, ILL. — ML Realty Partners has acquired a 218,000-square-foot industrial building located at 701 Devon Ave. in Elk Grove Village for an undisclosed price. The property features a clear height of 24 feet and 16 exterior docks. Steve Stone of Cushman & Wakefield represented ML Realty in the sale. The seller was not disclosed.
CAVE CREEK, ARIZ. — Scottsdale, Ariz.-based 1784 Capital Holdings has purchased a five-acre land parcel, located at 4725 E. Dynamite Blvd. in Cave Creek. P&G Properties LLC and Arizona LLC sold the property for an undisclosed price. The buyer plans to develop Tatum Self-Storage, a 120,182-square-foot self-storage property, on the site. The Class A, climate-controlled development will include two stories of above-ground storage and one below-ground level. Completion is slated for first-quarter 2020.
ROGERS, ARK. — Transplace, a Texas-based provider of transportation management services and logistics technology solutions, will occupy a new operations center in Rogers. Transplace will expand its existing operations center from 80,000 square feet to 150,000 square feet and add hundreds of new employees over the next several years, according to a press release. Construction of the new industrial complex will begin immediately, and Transplace is expected to move in by early 2021. HCH Consulting is developing the project and will serve as landlord. Corgan is the interior architect. Robbie Baty, Bill McClung and Marshall Saviers of Cushman & Wakefield represented Transplace in the lease transaction. Betty McIntosh and Carol Henderson, also of Cushman & Wakefield, provided business incentives services, and Kyle Bramlett of Cushman & Wakefield will help oversee construction management.
FREDERICKSBURG, VA. — New Home Media has acquired a 39,000-square-foot warehouse located at 50 Joseph Mills Drive in Fredericksburg, for $2.6 million. Mid-Atlantic Associates LLC sold the property, which is situated on 2.5 acres. Virgil Nelson of Cushman & Wakefield | Thalhimer represented the seller in the transaction.