CB Richard Ellis gets ball rolling on Houston industrial park
CB Richard Ellis Strategic Partners LP, an investment program sponsored by Los Angeles-based CB Richard Ellis Investors LLC, has begun construction on Alamo Crossing Commerce Center, a five-building, 1.3 million sq. ft. speculative industrial park in Houston.
WM Dillard Associates, a Houston developer, will build the park, which will feature distribution and flex buildings. Ground has been broken on four of the five buildings, and they will be ready for occupancy as early as secondquarter 2001. Building A will feature 644,000 sq. ft., while buildings B, C and D will range in size from 120,000 sq. ft. to 160,000 sq. ft. Building E will contain 300,000 sq. ft.
In other industrial news from the Western states, Newport Beach, Calif.-based Koll Development Co. has sold Koll Peoria Center, a 423,200 sq. ft. industrial park in Denver, to Los Angeles-based Lowe Enterprises Investment Management, which purchased the property on behalf of a pension fund client. Terms of the transaction were not disclosed. Koll Peoria Center is 89% leased.
Jonathan Bush and Rob Leach, who serve as executive vice president and vice president of Lowe Enterprises Colorado, respectively, led Lowe's acquisition team. Northbrook, Ill.-based Grubb & Ellis represented Lowe, which developed the property. Grubb & Ellis also handled the leasing of the park and assisted Lowe in the purchase of the site for development.
Koll Peoria Center consists of two buildings — one 285,600 sq. ft., the other 137,600 sq. ft. — that were completed in 1999. The purchase also included a 9.5-acre site on which Lowe plans to build a 169,200 sq. ft. distribution building. Completion of that project is slated for fall 2001.
Procter & Gamble inks a pair of huge build-to-suit leases
Procter & Gamble Paper Products Co. has signed a 1.7 million sq. ft. lease valued at more than $50 million for a build-to-suit warehouse in Mehoopany, Pa. The company is a subsidiary of The Procter & Gamble Co., which is based in Cincinnati.
The property, which will be used to house and distribute paper products, will be completed in mid-2001. New York-based Cushman & Wakefield represented Procter & Gamble in the deal, while Chicago-based First Industrial Realty Trust, the owner and developer of the property, represented itself.
The Procter & Gamble Co. also has signed an 806,400 sq. ft. lease for another build-to-suit warehouse property, which will be located in Gateway Commerce Center in Edwardsville, Ill., approximately 20 miles east of St. Louis. Completion of the property, which Procter & Gamble will use to store soap products, is slated for August 2001.
The warehouse will have 28 ft. high ceilings and 450 trailer slots, and will contain 20,000 sq. ft. of office space. Once again, Cushman & Wakefield represented Procter & Gamble during the negotiations, while the landlord, Tri-Star Development/Gateway DC-II, represented itself.
The Midwest crackles with hearty-sized deals
Compton, Calif.-based Belkin Components has signed a 10-year lease for a 798,096 sq. ft. big-box distribution center in Planfield, Ind., a suburb of Indianapolis. Keystone Property Trust, based in West Conshohocken, Pa., is the landlord of the property, which the company built in a joint venture with Indianapolis-based Browning Investments Inc. The building, which was completed at the end of 2000, features 36 ft. ceiling heights, cross-docked doors and access to interstates 70, 74, 65 and 69.
Also, Itasca, Ill.-based FCL Builders Inc. has completed a 715,000 sq. ft. distribution center for in Batavia, Ill., for locally based Suncast Corp., a producer of home and garden products. The facility features 72 exterior truck doors, four drive-in doors and 116 trailer stalls. Approximately 5,000 sq. ft. of the building is office space.
Overton Moore plans galaxy-sized park for star-struck L.A.
Los Angeles-based Overton Moore Properties' has plans to develop The CommerceCentre @ Buena Park, a 1.4 million sq. ft. industrial park in the Los Angeles basin that will contain distribution centers and cold storage buildings. Occupancy of the first buildings will begin in the summer. Three existing buildings, which range in size from 90,000 sq. ft. to more than 700,000 sq. ft., will be renovated, while five speculative facilities, ranging from 35,700 sq. ft. to 90,000 sq. ft., will be built.
Also in Southern California, Newport Beach, Calif.-based PM Realty Advisors has purchased two Inland Empire industrial buildings that total 670,000 sq. ft. for $23 million. The seller of the properties, which are known as the Fontana Industrial Portfolio, was San Francisco-based AMB Property LP. Dallas-based Trammell Crow Co. represented AMB Property in the deal.
Also, the Carson, Calif.-based Carson Estate Trust has purchased two buildings totaling more than 465,000 sq. ft. in the Jurupa Industrial Center in Fontana, Calif. Newport Beach-based Western Realco was the seller. Houston-based L.J. Melody & Co. represented Western Realco, while Carson Estate Trust represented itself.
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The following was cut from the very end of the “Midwest crackles” brief:
In other Illinois news, Hilltop Road LLC, an investment entity headed by Gary L. Granger, president and CEO of The Granger Group of Cos., based in Lansing, Mich., has purchased a 532,000 sq. ft. industrial facility in St. Joseph, Minn., for $5 million. Billerica, Mass.-based Bull Data Systems was the seller of the building and was represented in the deal by Oakbrook Terrace, Ill.-based NAI Hiffman and Grand Rapids, Mich.-based NAI Realvesco. Greg L. Markvluwer, director of development in The Granger Group's Grand Rapids, Mich., office, represented the buyer. The building has an occupancy rate of 66%.
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Also, Houston-based Weingarten Realty Investors has purchased a 368,310 sq. ft. portfolio of San Antonio industrial properties. The sale includes the 218,219 sq. ft. Interwest Business Park and the 150,091 sq. ft. O'Connor Road Business Park. Transwestern Interwest Business Park LP and Transwestern O'Connor Road Business Park LP were the sellers, and they were represented by Chicago-based Transwestern Commercial Services.
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In the City of Industry, Calif., Worcester, Mass.-based APW Enclosure Systems Inc. has signed an $11 million, 321,600 sq. ft. lease for a warehouse in the Plantation mixed-use development. Los Angeles-based Colliers Seeley International represented the landlord, Plantation Portfolio LLC, the principals of which are Irvine, Calif.-based Sares Regis Group and Boston-based Great Point Investors. Northbrook, Ill.-based Grubb & Ellis represented APW. The warehouse has 44 dockage-height doors and interior ceiling heights of 30 ft.