Jupiter buys an industrial quartet in South Carolina
Chicago-based Jupiter Realty Corp. has purchased a portfolio of four Spartanburg, S.C., warehouses totaling 510,400 sq. ft. for $15.7 million. Indianapolis-based Duke Realty Corp. was the seller. Bob Barrineau, a broker in the Charleston, S.C., office of Los Angeles-based CB Richard Ellis, represented Jupiter. Kevin Markwordt, managing director of the Atlanta office of New York-based Insignia/ESG, represented Duke Realty.
The portfolio includes the 197,200 sq. ft. 285 Parkway East, the 124,800 sq. ft. 265 Parkway East, the 96,000 sq. ft. 170 Parkway West and the 92,400 sq. ft. 190 Parkway West. The properties, built between 1996 and 1999, are 92% occupied.
Clayco to build a lot for Save-A-Lot
St. Louis-based Clayco Construction Co. has begun construction of a 325,035 sq. ft. distribution center in Plant City, Fla., for Save-A-Lot Ltd., a grocery store chain also based in St. Louis. Completion of the $15.8 million facility is slated for December 2001.
The distribution center will feature a 103,000 sq. ft. refrigerated area with a 32 ft. clear ceiling height and 23 dock doors. Dry goods will be stored in a 210,000 sq. ft. area with a 28 ft. clear ceiling height and 36 dock doors. The building will also feature 11,800 sq. ft. of office space, an Early Suppression Fast Response sprinkler system, 59 trailer stalls and 50 trailer parking spaces.
Taking care of business: IDI signs Office Depot to lease
Atlanta-based IDI has leased a 550,000 sq. ft. industrial facility at Hamilton Mill Business Center in Atlanta to Delray Beach, Fla.-based Office Depot. The tenant plans to use the building, completion of which is slated for March 2002, as a distribution center. IDI was represented in-house during the transaction, and Dallas-based Lincoln Property Co. represented Office Depot.
In other IDI news, the company has begun construction on Montebello Metro Center, a three-building, 400,000 sq. ft. distribution complex in Los Angeles. Completion is slated for first-quarter 2002. The development is IDI's 11th industrial project in Southern California, but its first in the Central Los Angeles submarket. Los Angeles-based Colliers Seeley represented IDI in the acquisition of the land and is the exclusive marketer of the complex.
Bombardier purchases buildings in the heartland
Bombardier Motor Corp. of America has acquired two buildings totaling nearly 500,000 sq. ft. in Sturtevant, Wis., for more than $20 million. Chicago-based First Industrial Realty Trust was the seller of the properties, which are located on a 64-acre plot. The buildings include a 400,000 sq. ft. manufacturing facility and a 65,000 sq. ft., two-story office building. Keith Puritz and Brett Kroner in the Rosemont, Ill., office of New York-based Cushman & Wakefield represented Montreal-based Bombardier. First Industrial was represented internally by Mark Saturno.
Bombardier, a manufacturer of regional aircraft, business jets, rail transportation equipment and motorized recreational products, will use the manufacturing plant for the production of Evinrude and Johnson outboard engines.
In other Midwest industrial news, Chicago-based RREEF has purchased a portfolio of four warehouse and distribution buildings totaling 291,196 sq. ft. in suburban Chicago. The State Teachers Retirement System of Ohio was the seller. Terms of the deal were not disclosed. The properties are located in Itasca, Ill.; Hodgkins, Ill.; and Naperville, Ill. All of the buildings were fully leased at the time of the sale.
Also, Roseville, Minn.-based Meritex Enterprises has purchased a 430,000 sq. ft. former Johnson & Johnson industrial facility in Wilmington, Ill. New Brunswick, N.J.-based Johnson & Johnson was the seller. Terms of the transaction were not disclosed. James B. Planey and James F. Pater of Rosemont, Ill.-based Colliers Bennett & Kahnweiler Inc., and David Houston of Parsippany, N.J.-based Colliers Houston represented Johnson & Johnson in the sale. Keith S. Stauber of Colliers Bennett & Kahnweiler represented Meritex.
Sitting on 79 acres, the facility features 200,000 sq. ft. of air-conditioned warehouse space, 30,000 sq. ft. of office space, 24 ft. clear ceiling heights, and parking for 400 automobiles and 115 trailer trucks.
RMB acquires portfolio deep in the heart of Texas
Dallas-based RMB Investments has purchased a six-building, 355,000 sq. ft. portfolio of suburban Dallas industrial properties. Boston-based Beacon Capital Partners was the seller. Terms of the deal were not disclosed. Chicago-based Transwestern Commercial Services represented the seller. The portfolio includes Brandywine Place, a 68,000 sq. ft. facility in Plano, Texas; Park North Business Center, a 37,000 sq. ft. property in Richardson, Texas; Sherman Tech Center, a 16,000 sq. ft. facility in Richardson; TI Business Park, a 100,000 sq. ft. property in Richardson; Richardson Commerce Centre, a 67,000 sq. ft. facility in Dallas; and Richardson Business Park, a 66,000 sq. ft. property in Richardson.
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