CHARLOTTE, N.C. — S&F Acquisitions Inc. has acquired the Britax Building, a 478,400-square-foot Class A industrial property in Charlotte, for $25 million. The build-to-suit facility is fully leased. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer and Stewart Calhoun, Jim Carpenter and Mike Davis of Cushman & Wakefield's Industrial Advisory Group represented the the seller, The Keith Corp., in the transaction.
FORT LAUDERDALE, FLA. — Shoreline Aerospace LLC, a global supplier of parts and services to the commercial airline industry and military forces, has signed a lease for 54,500 square feet at 1800 S.W. 34th St. in Fort Lauderdale. The company is expanding its business by establishing an airside parts distribution and maintenance and repair operation at the Fort Lauderdale-Hollywood International Airport. The company plans to employ 30 workers. Built in 1972, the cross-dock industrial facility includes its own airside access and an aircraft parking ramp. Harry Tangalakis, Larry Genet and Tom O'Loughlin of CBRE represented the owner, Airside Fort Lauderdale LLC, in the transaction.
CHICAGO — Cole Real Estate Investments, on behalf of Cole Corporate Income Trust Inc., has acquired the Hillshire Brands Co. headquarters in Chicago’s West Loop for $97.5 million. Sterling Bay Cos. reportedly purchased the empty 233,869-square-foot building in 2012 for $10 million, and spent about $50 million to build-out the property for Hillshire. All of the infrastructure and building components were redone, and windows were added on all four exposures, expanding the amount of natural light. “One of the key factors was the long-term lease — nearly 15 years — with an investment-grade tenant,” says Boyd Messmann, senior vice president of office and industrial acquisitions.
SKOKIE, ILL. — Cohen Financial has arranged a $4.4 million acquisition loan for a mixed-use retail and multifamily property in Skokie, about 15 miles north of Chicago. The 31-unit multifamily property is fully leased. Dan Rosenberg of Cohen Financial secured the fixed-rate, 10-year loan through Greystone & Co., a Fannie Mae DUS lender. The borrower is a local commercial real estate investor.
ST. LOUIS — SoTel Systems has acquired a 63,000-square-foot office/manufacturing facility in the Westport area of St. Louis for $2.4 million. The telecommunications company is currently located at 19 Worthington Access Drive, which is approximately one mile from its new headquarters. SoTel Systems has been in its current 48,000-square-foot space since 2001. The new building is located at 2465 Centerline Industrial Drive and was the previous home of Jerome Group Printing, a printing and direct marketing services firm that leased the space for 20 years until 2006. The building was then briefly leased to another tenant before its recent sale. Hal Ball of Hilliker Corp. represented the seller, Warson Venture, in the transaction. The deal marks the 12th time HIlliker has represented Warson Venture.
ITASCA, ILL. — Boyd Coffee has signed a lease for 14,080 square feet of warehouse space located at 1428 Norwood Ave. in Itasca, about 25 miles west of Chicago. Jeff Janda, Mike Plumb and Jay Farnam of Lee & Associates of Illinois LLC represented building ownership, KTR Capital Partners, in the transaction. Luke Heerema of Cresa Partners represented the tenant. Boyd Coffee is a manufacturer of coffee roasters and processing equipment.
NEW YORK CITY — Meadow Partners has received a $30 million senior loan from PCCP LLC for the recapitalization and conversion of a 98,000-square-foot, nine-story office/retail building into a multifamily/retail project. The building is located at 42-15 Crescent St. in Long Island City in Queens. The ownership plans to convert the property to a Class A multifamily/retail property, which will contain 124 units in the 10-story building. Constructed in 1953, the building is located across the East River from Midtown Manhattan. Meadow acquired the property in December 2012 in an off-market, all-cash transaction and has plans to complete pre-development in the next few months. The project is slated for completion in early 2015. Allen & Overy LLP represented PCCP LLC and Ackman-Ziff Real Estate Group LLC arranged the financing.
NEW YORK CITY — Castellan Real Estate Partners has acquired a four-story, 62-unit multifamily building in the Flatbush section of Brooklyn for $6 million, or $98,000 per unit. The walk-up apartment building was built in 1926 and includes one 47,680-square-foot store. Yosef Katz of GFI Realty Services Inc. represented the seller, a local investor. Josh Orlander, also of GFI Realty Services, represented the buyer in the transaction. The building is located at 1084 New York Ave.
EDISON, N.J. — Gebroe-Hammer Associates has arranged the $2.2 million sale of the 21-unit Winding Woods apartment community in Edison. Joseph Brecher of Gebro-Hammer Associates represented the seller, Winding Woods 1880 LLC, and identified the buyer in the transaction. Located at 1880 Woodbridge Ave., Winding Woods includes one- and two-bedroom units with amenities such as on-site parking and laundry facilities. Rents at the property range from about $725 to $1,375.
COLLEGE STATION, TEXAS — Skanska has completed construction of the Texas A&M University Liberal Arts and Humanities building, a 120,000-square-foot development that will serve as the permanent home for the school's English and Performing Arts departments. The university held a grand opening event for the five-story brick and limestone property. The building is located on the core of campus, next to the Melbern G. Glasscock building, which houses the History department. The structure features an open-air courtyard, new classrooms, a recording studio, black-box theater and outdoor courtyard with electrical capacity for outdoor performances. Skanska broke ground on the structure in 2010.
