NEW CASTLE, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged a lease for a 10,800-square-foot warehouse, located at 4060 N. DuPont Highway in New Castle. The building will be occupied by Thunder Stix Baseball & Softball Academy, which plans to operate it as a baseball and softball training facility. It will feature four automated batting cages and four training tunnels. Greg Ellis of Patterson-Woods represented the tenant in lease negotiations. Paul Bryant and Tripp Way of Emory Hill Real Estate Services represented the undisclosed landlord.
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NEW GALILEE, PA. — Grubb & Ellis Company has negotiated a 120,800-square-foot, long-term lease at Turnpike Distribution Center located at 1750 Shenango Rd. in New Galilee. The space was leased by YRC Logistics. The building features concrete panel construction, ESFR sprinkler system and fire-rated demising walls. Louis Oliva, of Grubb & Ellis’ Global Logistics Group, facilitated the transaction on behalf of the lessor, Turnpike Distribution LP. Turnpike Distribution LP is a joint venture of Pittsburgh-based developer Castlebrook Development, Cincinnati-based general contractor Al Neyer Inc. and Pittsburgh-based The Erect Fund, an investment fund that invests on behalf of local pension funds.
MENOMONEE FALLS, WIS. — Adam Matson and Stephen Provancher of NAI MLG have represented Oldcastle Glass Inc. in its disposition of a 29,000-square-foot industrial building located at N48 W 13334 Hampton Rd. in Menomonee Falls. ADE Electronics made an offer for the property within 3 days of it being listed and acquired the building in order to relocate its contract electronics manufacturing business into a new space.
MENOMONEE FALLS, WIS. — Milwaukee-based Colliers Barry has completed the purchase of a 29,000-square-foot industrial facility located on Hampton Road in Menomonee Falls. James Young of Colliers Barry represented the buyer, John Lin et al. The facility will be occupied by ADE Electronics. The seller was Oldcastle Glass. The purchase price was not disclosed.
While the meltdown of the housing market originally benefited the multifamily sector — as more homeowners transitioned to renters — the current recession and its rising unemployment has started to affect activity. “Right now, it is all about the economy,” says Kevin Wolfgang, president of New Castle-based Evergreen Realty and recently elected president of the Delaware Apartment Association. “Our industry is directly affected by the job market, so the increased amount of unemployment has created significant operation challenges.” Multifamily owners in Delaware are weathering the storm by focusing on the operation of the properties — trying to find ways to make them as efficient as possible. This has slowed down sales considerably. Owners who are still receiving a steady cash flow are seeing no reason to sell for less money. “Most investors are very cautious right now,” Wolfgang says. “No one is chasing deals, and there is nothing that I have seen as having a major impact on the market right now.” Evergreen Realty’s main activity has been its purchase and upcoming redevelopment of Hampston Walk Apartments, a 370-unit community located in New Castle. The company purchased the blighted property in mid-2008 and is repositioning it with renovations to unit …
WASHINGTON, D.C. — Washington, D.C.-based ICG Properties and Castleton Holdings are slated to redevelop the 50,000-square-foot office building at 1050 31st St. in Washington. The five-story building was previously occupied by the American Trial Lawyers Association. The companies are considering turning the property into a hotel or leasing the space to office users or high-end retail tenants.
AUSTIN, TEXAS —An agreement has been reach between Thomas Properties Group, Lehman Brothers and California State Teachers’ Retirement System (CalSTRS) for the refinancing of the Austin Portfolio, a 10-property, 3.5 million-square-foot office portfolio located in Austin. The portfolio’s $292.5 million credit facility was replaced by an unfunded $100 million commitment from Lehman Brothers, with $60 million of new senior secured priority financing contributed by the partners. Proceeds from the recapitalization are being used to acquire and retire $80 million in third-party term loan debt. As part of the transaction, all pending motions brought on behalf of the ownership group in Lehman Brothers’ bankruptcy case were resolved. Lehman Brothers will retain a 50 percent interest in the portfolio, while Thomas Properties Group holds a 6.25 percent interest indirectly through its joint venture with CalSTRS. Douglas Snyder of California-based Cox Castle & Nicholson LLP assisted in the debt restructuring.
DALLAS — Coppell Beer & Wine Inc. has acquired a 1.45-acre land parcel, located at 3203 Kirnwood St. in Dallas, for the construction of a new Sleep Inn & Suites hotel. The site is situated near a Walmart Supercenter and Wheatland Marketplace, a fully occupied retail center. Randall Chrisman of The Chrisman Company represented the buyer. Thad Beckner of locally based Henry S. Miller Brokerage represented the seller, Newcastle Plaza Associates LP. The construction timetable was not released.
MISSION VIEJO, CALIF. — Trabuco Hills Pads LLC has acquired a 24,250-square-foot portion of Trabuco Hills Shopping Center, which is located on Santa Margarita Parkway in Mission Viejo. The $14.4 million sale included Walgreens, Claim Jumper and Ramona Tire, which are located at 27785, 27845 and 27865 Santa Margarita Parkway, respectively. Dennis Vaccaro and Richard Walter of Faris Lee Investments represented the seller, Pacific Castle Props I LLC, in the transaction.
LA MIRADA, CALIF. — Voit Commercial Brokerage has completed three transactions totaling $14.7 million in La Mirada. In the first transaction, Faro Services signed a 5-year lease for a 210,300-square-foot industrial building. The property is located at 15910 Valley View Ave. Cameron Driscoll and Luke McDaniel of Voit’s Anaheim, Calif., office represented the lessee in the $5.9 million transaction. The landlord, Warehouse Investment Partners, was self-represented. In the second transaction, DAUM Commercial Real Estate Services represented George Yao in the $5.5 million acquisition of a 59,000-square-foot building located at 15905 Canary. Peter Castleton of Voit’s Anaheim office represented the seller, RGB Partners. In the final transaction, Champion Exposition Services Inc. signed a 5-year lease for a 76,244-square-foot industrial building, which is located at 14701 Industry Circle. The transaction was valued at $3.3 million. Driscoll and McDaniel represented the lessee; Steve Sprenger and Shawn Kelter of Grubb & Ellis represented the landlord, Berns & Sanderson LP, in the transaction.