WOODRIDGE, ILL. — Conor Commercial Real Estate is developing a 347,400-square-foot build-to-suit at the Union Pointe Business Park in Woodridge for the Orbus Exhibit and Display Group. Orbus is a privately owned group of companies that specializes in the manufacturing of display products, graphics and solutions. The company will be consolidating its Bolingbrook and Niles facilities and relocating to the new property in Woodridge upon completion in 2014. With this build-to-suit, Orbus will triple its leased space from 128,000 square feet to 347,400 square feet. McShane Construction Co. will construct the new facility. Ware Malcomb Architects will serve as the architect for the project.
LYONS, ILL. — American Blue Ribbon Holdings has signed a 52,678-square-foot lease at 8424 W. 47th St. in Lyons. The space is located in a 312,896-square-foot cold storage facility that currently includes 125,000 square feet available for lease. American Blue Ribbon Holdings, a food service company, will use the space for the storage of raw materials and finished products. Steve Connolly and Larry Much of NAI Hiffman represented the landlord, Bridge Development Partners, in the transaction. Chris Gray, also of NAI Hiffman, represented American Blue Ribbon Holdings.
NORTHBROOK, ILL. — The Boulder Group has arranged the sale of a single-tenant ground lease located at 240 Skokie Blvd in Northbrook, about 25 miles north of Chicago. Fifth Third Bank is the sole occupant of the 4,100-square-foot retail building that was developed in 2004. The property is located on a 1.1 acres. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, an East Coast-based, 1031 tax-deferred exchange investor, and the seller, a Midwest-based private partnership.
BLUE BELL, PA. — A fund sponsored by Keystone Property Group has acquired 16 and 18 Sentry Park West office properties in Blue Bell, for $19.3 million from Mack-Cali Realty Corp. The first property, 16 Sentry Park West, includes 93,093 square feet of space spanning four stories, while 18 Sentry Park West includes 95,010 square feet and also spans four floors. Mack-Cali retains a carried passive economic interest in the two properties subject to future performance. This transaction is Keystone Property Group’s second Mack-Cali property acquisition and follows the acquisition of Moorestown Corporate Center in Moorestown, N.J. in 2012.
CARLSTADT, N.J. — Marcus & Millichap has arranged the sale of Carlstadt Gardens, a 16,844-square-foot retail property located in Carlstadt, for $5.4 million, or $320 per square foot. Michael Lombardi and Preet Sabharwal of Marcus & Millichap marketed the property on behalf of the seller. Lombardi and Sabharwal generated 22 offers on the center during the listing process, resulting in a sale $100,000 over asking price, according to Marcus & Millichap. The buyer was an overseas investor. “Well located, multi-tenant retail investments in New Jersey are quite sought after, especially newer developed buildings with national tenants,” says Lombardi.
FRANKLIN, MASS. — Campanelli has sold 15 Liberty Way in the Franklin Industrial Park in Franklin, located about 35 miles south of Boston, for $4.3 million. KWL Inc./Champagne Logistics, an international shipping company, purchased the 92,490-square-foot industrial building. The new location will serve as the company’s corporate headquarters and principal distribution facility. Campanelli Construction originally built 15 Liberty Way in 1996 for FedEx. John Lashar and Chris Skeffington of Richards Barry Joyce & Partners LLC represented Campanelli in the transaction. Paul Leone, also of Richards Barry Joyce & Partners, represented KWL Inc./Champagne Logistics.
TOTOWA, N.J. — NAI James E. Hanson has completed the sale of a 27,120-square-foot, bank-owned property at 31 Vreeland Avenue in Totowa, for nearly $2 million. Russell Verducci of NAI James E. Hanson represented the seller, Boiling Springs Savings Bank. The new owner, DNG RE USA Corp., intends to use the site for the distribution of balsamic vinaigrette, with a possibility of manufacturing on the site in the future. Built in 2008, the single-tenant, two-story site is on a 1.3-acre tract of land and includes 21,000 square feet on the ground floor and 6,000 square feet on the mezzanine level. Features and amenities include ceiling heights ranging from 20 to 30 feet, 58 surface parking spaces, three exterior loading docks and one drive-in.
HOUSTON — Stream Realty Partners has closed on The Offices at Greenhouse, an upcoming 203,000-square-foot office development in Houston’s Energy Corridor. The new office building is Phase I of Greenhouse, a 12-acre mixed-use project, located at the southeast corner of Katy Freeway and Greenhouse Road. The project will ultimately be comprised of 405,000 square feet of office space and 30,000 square feet of retail space with a large outdoor plaza area that includes walking trails and outside seating. The Offices at Greenhouse will be built to LEED Silver standards and will feature a structured parking garage. The project is 65 percent pre-leased to an investment grade tenant. There remains roughly 70,000 square feet of contiguous office space available on two floors. The project is set to break ground this summer and will wrap up construction by July 2014. Construction has already begun on a 14,500-square-foot retail component, which will feature high-end retail space, and will house tenants including Starbucks and Potbelly. From Stream Realty, Paul Coonrod and Adam Jackson will be in charge of development, Brad Fricks and Stewart Lyman will head up the leasing efforts and Kyle Roberson and Scott Thetford will be in charge of construction. Matt Kafka …
SAN ANTONIO — Pace-Spectrum Associates, an affiliate of St. Louis-based Pace Properties, has purchased The Spectrum Building, a 177,000-square-foot office building located at 613 N.W. Loop 410 in San Antonio’s North Central submarket. Pace will perform a $3 million renovation on the property. This is Pace’s first commercial real estate purchase in the San Antonio market. Pace has selected Peloton Commercial Real Estate to lease the building. Christi Griggs and Scott Boynton of Peloton will handle the leasing assignment.
FORT WORTH, TEXAS — Marcus & Millichap has announced the sale of Veranda Court Apartments, a 48-unit apartment complex located at 8037 Elizabeth Lane in Fort Worth. Boyan Radic and Mason Green of Marcus & Millichap represented both the seller, Leipnik-Fort Worth Holdings LLC, and the buyer, a Dallas-based limited liability company, in the deal.