PHOENIX — Lincoln Property Co. (LPC) has purchased a 104,618-square-foot office building in Phoenix for $24.6 million. The Class A building is located at 2777 E. Camelback Road in the Camelback Corridor. LPC plans to reposition the asset with lobby and common area renovations, an indoor tenant lounge and conference facility, a new outdoor lounge area, improved signage, and upgraded landscape and hardscape. Notable tenants at the property include UMB Bank, WFG National Title, The Lavidge Company, Hill International and Avison Young. Chris Toci of Cushman & Wakefield executed the sale. JLL’s John Bonnell and Chris Latvaaho serve as the building’s exclusive leasing brokers.
STOCKTON, CALIF. — Sean Pathiratne, owner of Buzz Oates’ subsidiary CVICH Stockton LLC, has purchased a 256,671-square-foot industrial building in Stockton for $18 million. The building is located at 2845 Boeing Way. The facility is situated near BNSF & Union Pacific Railroad Intermodal facilities. The building joins two other properties owned by Pathiratne, which are used for warehousing and distribution. Greig Lagomarsino and Michael Goldstein of Colliers International executed the transaction.
MANTECA, CALIF. — CenterPoint Properties plans to develop a 404,600-square-foot industrial facility at CenterPoint Intermodal Center in Manteca, just south of Stockton. The build-to-suit project will be situated on 25 acres adjacent to the domestic Union Pacific Intermodal. CenterPoint is building the facility for 5.11 Tactical, a brand of tactical apparel and gear.
HOUSTON — Colliers International Group Inc. has closed the sale of 5722 Fairdale, a 5,000-square-foot, freestanding flex building in the Woodlake/Briar Meadow neighborhood in west Houston. Jason Scholtz of Colliers represented the seller, Birmingham Rail & Locomotive Co. Inc. The name and representative of the buyer, a private investor, were not released.
PLANO, TEXAS — EDGE Realty Capital Markets has arranged the sale of 5212 Village Creek, a 7,979-square-foot office property located at the corner of Preston Road and President George Bush Turnpike in Plano. Brandon Crow of EDGE represented the undisclosed seller in the transaction, and Matt Fulgham represented the buyer, Wynmark Commercial, a brokerage firm specializing in healthcare and medical office properties.
TOPEKA, KAN. — Simmons Pet Foods has signed a 42,960-square-foot industrial lease in the Forbes Industrial Park in Topeka. The building is located at 7215 SW Topeka Blvd. Jerry Fogel of Kessinger/Hunter negotiated the lease transaction. The Arkansas-based pet food manufacturer also maintains an operations plant in Emporia, Kan.
MILWAUKEE — MPI Corporate Holdings Inc. has entered into a 6,500-square-foot office lease in Milwaukee. The investment holding company will occupy space at 1123 N. Water St. Matt Fahey and Ben Anderson of Colliers International brokered the lease transaction. MPI currently maintains an office in Indianapolis.
SWEDESBORO, N.J. — NAI Mertz has secured a sale-leaseback transaction at 509 Heron Drive, a 55,000-square-foot industrial building in Swedesboro. A subsidiary of Burton Real Estate purchased the building. NAI Mertz’s Jonathan Klear and Fred Meyer were the sole brokers in the transaction. Located within Pureland Industrial Complex, 509 Heron Drive features a crane-served warehouse and an existing two-story office, as well as a computer room, and reception and kitchen areas. Situated on a 14.7-acre lot, the building features two drive-in doors, five loading docks and one drive-thru service bay. The warehouse includes 22-foot clear ceiling heights and 40-foot by 40-foot column spacing. The warehouse area also includes five cranes. Offering access to Exit 10 of I-295, Pureland Industrial Complex is home to tenants such as Amazon, Home Depot and Mitsubishi.
SPRINGFIELD, PA. — Colliers International has arranged the $7.4 million sale of a multi-building, 5.5-acre retail parcel located at 5202 Baltimore Pike in Springfield. BET Investments bought the property, which is situated on a signalized corner at Baltimore Pike and Oak Avenue. Burlington Stores Inc. was the seller. Plans call for the site to be redeveloped for retail uses. The Colliers retail team of Todd Sussman and Josh Goldfine represented Burlington Stores. Colliers’ Rich Weitzman represented BET Investments.
EATONTOWN, N.J. — Ray Smith of Stafford Smith Realty has arranged the $5.5 million sale of 40 Christopher Way, Block 3901, Lot 46 in Eatontown to Victory International. The building formerly served as the headquarters of DSCI, a government defense contractor. Victory International is a distributor of cosmetics and perfumes and is relocating from Edison, N.J. Stafford Smith Realty was the broker for both the seller and the buyer. Stafford Smith marketed the property with Keen Associates for Bank of America. The building sits on seven acres and consists of 45,000 square feet of offices and 30,000 square feet of warehouse space.