SHAKOPEE, MINN. — The Opus Group has started construction on an approximately 200,000-square-foot speculative industrial warehouse and distribution facility in suburban Minneapolis. Located near Highway 169 and Highway 101, the development marks the start of Phase I at the future Valley Park Business Center. The building will feature 32-foot clear ceiling heights, 37 dock doors, two drive-in doors and approximately 160 parking spaces. The facility is slated for completion in spring 2014. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and engineer.
BLUFFTON, IND. — The Boulder Group has arranged the $3.1 million sale of a net-leased CVS/pharmacy property located at 1203 S. Main St. in Bluffton. CVS is the sole occupant of the 10,125-square-foot retail building. The drugstore has approximately seven years of lease term remaining with a rental escalation in 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership, in the transaction. The buyer was a high net-worth individual in a 1031 tax-deferred exchange.
MALVERN, PA. — Liberty Property Trust has completed the operating partnership of Cabot Industrial Value Fund III for $1.5 billion. The transaction has increased Liberty's industrial platform by approximately 23 million square feet and added 177 properties in 24 new and existing Liberty industrial markets. Approximately 58 percent of the total portfolio is located in existing Liberty industrial markets, including Chicago, South Florida, Houston, New Jersey, Maryland and Central Pennsylvania. The remaining approximately 10 million square feet is located in 10 markets in which Liberty does not currently have a presence, including Atlanta, Dallas/Fort Worth and Southern California. The acquisition was funded through a combination of sources including proceeds of $834.1 million from an offering of 24.2 million common shares, $450 million of 4.4 percent senior notes due 2024 and the assumption of $230 million in mortgage debt.
CLIFTON, N.J. — NorthMarq Capital has arranged $3 million in first-mortgage refinancing for Middle Village Apartments, a 160-unit, market-rate multifamily property in Clifton. Financing was based on a 15-year term with a 15-year amortization schedule. Robert Ranieri, senior vice president and managing director at NorthMarq’s Webstchester, N.Y./Conn. regional office, arranged the financing for the borrower, Middle Village Associates LLC, through a regional bank. The apartment community is located at 24 Day St.
WILMINGTON, MASS. —Agfa Graphics, Kapa Biosystems, Security Innovation and Righter Group Inc. have signed long-term leases totaling 74,447 square feet of Class A office space at Ballardvale Office Park in suburban Boston. Agfa will continue to occupy 53,893 square feet on the first floor. Kapa Biosystems, which is relocating from Cunnings Park in Woburn, will occupy 9,203 square feet on the third floor of Building 1. Security Innovation has leased a 7,771-square-foot suite on the second floor of Building 4, and The Righter Group secured a 3,580-square-foot suite on the first floor. In the last six months, approximately 146,000 square feet has been leased at Ballardvale Office Park, bringing the four-building park to 75 percent occupancy. Buildings 3 and 4 are currently 86 percent leased. Matt Daniels, Brian Tisbert, Christopher Lawrence and Christopher Decembrele of Jones Lang LaSalle represented the building’s owners AEW Capital Management and Griffith Properties. Andrew Zezas of Real Estate Strategies Corp. represented Agfa. Decembrele and Daniels represented Kapa Biosystems. James Lipscomb of Richards Barry Joyce & Partners represented Security Innovation in its lease transaction, while Micah Stubblebine of the Stubblebine Co. represented Righter Group. The 550,000-square-foot Ballardvale Office Park is located at the interchange of Interstate …
MANCHESTER, N.H. — NAI Norwood Group has arranged a 7,000-square-foot office lease for Lutheran Social Services (LSS). The nonprofit will move into its new office space in November. LSS is consolidating multiple New Hampshire offices for better coordination between the different divisions. The organization is relocating from Manchester and Concord and will be occupying the third floor at 340 Granite St. in Manchester Jeanne Butler of NAI Norwood Group represented LSS in its search for a new site. Mike Reed of Stebbins represented the landlord. The landlord will deliver a newly renovated space to accommodate the different LSS divisions.
EL PASO, TEXAS — CBRE Capital Markets has brokered the sale of the Walter Jones Logistics Campus, a 497,611-square-foot office/industrial complex within Butterfield Trail Industrial Park in El Paso. Anchorage, Alaska-based Bond Commercial Properties purchased the asset, which consists of four structures: two distribution facilities with cross-dock loading, an office building and a standalone distribution facility. Penske Logistics is a key tenant at the property, which was 71 percent leased at the time of sale. Jack Fraker, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni and Anthony Mash of CBRE represented the seller, Invesco Ltd. Bond selected Mash as the exclusive listing agent for the complex going forward.
HOUSTON — HFF has brokered the sale of Old Farm, a 734-unit Class A multifamily community located at 2500 Old Farm Road in Houston’s Galleria submarket. The property features one-, two- and three-bedroom units averaging 950 square feet each. Amenities include two fitness centers, two swimming pools and a business center. At the time of the sale, Old Farm was 96.2 percent occupied. Todd Marix, Craig LaFollette, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, a client of L&B Realty Advisors. CBRE Global Investors purchased the property free and clear of debt on behalf of the CBRE Strategic Partners Value 6 Fund.
AUSTIN, TEXAS — Weingarten Realty Investors (NYSE: WRI) has acquired the 350,000-square-foot Mueller Regional Retail Center in Austin. Home Depot, Marshalls, Bed Bath & Beyond and PetSmart anchor the power center. Close proximity to Interstate 35 results in traffic counts in excess of 240,000 vehicles per day. The property is part of the larger Mueller Regional Retail District, a 700-acre master planned community that will include a total of 4 million square feet of retail space and 4,600 residential units upon completion.
HOUSTON — Radler Enterprises Inc. has broken ground on Phases III and IV of Beltway Lakes, a 46-acre master-planned office park at the intersection of Beltway 8 and Highway 249 in the Northwest Houston submarket. The new buildings are two nine-story, Class A towers totaling 540,000 square feet. Both are LEED Gold Pre-Certified and will include amenities such as a fitness facility and two on-site dining options. A climate-controlled walkway will connect an adjacent parking garage to both facilities, which were designed by architecture firm Gensler. Radler Enterprises began development of Beltway Lakes in 2008.