AUBURN HILLS, MICH. — Colliers International has negotiated a 137,560-square-foot industrial lease at 50 Continental Drive in Auburn Hills for Samsung SDI America Inc. Magnum Industrial Building Co. will complete a $62.7 million high-volume battery pack manufacturing facility on behalf of the tenant. The facility will serve as the center of Samsung’s automotive battery operations, as well as its North American headquarters, research and development tech center and manufacturing operations. Samsung is expected to occupy the space this spring. Peter E. Kepic and Peter J. Kepic of Colliers International represented the landlord, Joel Nosanchuk, in the lease transaction.
REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of an industrial property located at 875 N.E. Kingwood Ave. in Redmond. Redmond Premium Properties sold the asset to an undisclosed buyer for $3.8 million. Situated on 4.5 acres, the property features 25,115 square feet of industrial space. Russell Huntamer and Dan Kemp of Compass Commercial Real Estate Services represented the seller in the deal.
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Alliant: Communication is a Commodity in Today’s Lending Environment
Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.
PHOENIX — Industrial Logistics Properties has agreed to acquire 18 industrial properties for a total of $625.3 million. Wholly owned subsidiaries of Cole Corporate Income Operating Partnership LP, of which Cole Office & Industrial REIT (CCIT II) is the sole general partner, have agreed to sell the assets for $568.3 million in cash and the assumption of a $57 million loan by the buyer. The 18 properties are 100 percent leased and encompass approximately 8.7 million gross rentable square feet across 12 states. Notable tenants include UPS, Procter & Gamble and Subaru. The transaction is anticipated to close within 60 days, subject to due diligence and the satisfaction of closing conditions. CCIT II plans to use sale proceeds for the repayment of debt and the acquisition of long-dated net-lease properties in furtherance of the company’s investment objectives. Eastdil Secured is represented CCIT II in the transaction.
CHANDLER, ARIZ. — Z Modular, a division of Zekelman Industries, has signed a 10-year lease for industrial space at 6205 S. Arizona Ave. in Chandler. The manufacturer of prefabricated steel structures for commercial buildings will occupy 222,000 square feet at the property. The modular structures are constructed in-house with final assembly occurring on-site, where the steel modules are stacked and connected together. The company plans to hire approximately 150 new employees to the region and will invest $17 million in tenant improvements and equipment, including a significant amount of robotic machinery. Stein Koss and Tom Louer of Lee & Associates, along with Kristina Hayes with KW Commercial, handled the deal.
HOUSTON AND WEBSTER, TEXAS — NAI Partners’ Investment Fund II has acquired two commercial assets totaling 215,835 square feet in the Houston area, bringing the fund to full deployment. Leghorn Service Center is a 66,530-square-foot industrial building in northwest Houston, and Clear Lake Business Center is a 149,305-square-foot flex property in the southeastern suburb of Webster. Andrew Pappas, Adam Hawkins, and John Nolan of NAI Partners’ negotiated and closed the deals. The seller was Berkeley Properties.
FRISCO, TEXAS — Orlando-based Simply Self Storage has opened a 733-unit facility at 4740 4th Army Drive in the northern Dallas suburb of Frisco. The Class A property, construction of which began in August 2017 and lasted about a year, offers 82,850 square feet of net rentable space. The facility offers a mix of climate-controlled and interior storage units, as well as exterior, drive-up units.
NORTH BRUNSWICK, N.J. — CBRE has secured a 300,000-square-foot lease for logistics and fulfillment solutions company Capacity LLC at 1601 Livingston Ave. in North Brunswick. The built-to-suit facility is currently under construction and is slated for occupancy in February 2020. The property will include 40-foot clear heights as well as 10,000 square feet of office space, which will serve as the new headquarters for Capacity LLC. John Maloney of CBRE represented Capacity LLC in the transaction. The property owner, 1600 Building C LLC, was represented in-house during negotiations.
OLD BRIDGE, N.J. — Sheldon Gross Realty has brokered the sale of a 30,000-square-foot warehouse in Old Bridge. The sales price was undisclosed. Located at 395 Route 34, the property was formerly a site for the production of steel building materials. Glen Jaffe, Matthew Leonelli Jr. and Jonathan Glick of Sheldon Gross Realty represented the seller, OEG Building Materials, in the transaction. The buyer was V&S Brothers Inc., which will utilize the facility to transition its auction and dealer purchases for shipment overseas.
APPLING, GA. — FCL Builders has delivered a 556,000-square-foot industrial building in Appling for Club Car. Prologis is the developer of the build-to-suit for Club Car, which manufactures golf carts for golf courses and individuals. The new warehouse will include 25,000 square feet of office space, 3,500 golf cart stalls and 36-foot clear height ceilings. The building is situated about 22 miles west of downtown Augusta. Prologis has chosen FCL to deliver other build-to-suit projects throughout the eastern half of the United States in the past, including projects for Sephora, Procter & Gamble, Kellogg’s and Kraft Foods.