Lend Lease nets 30 properties after big-time shopping spree
New York-based Lend Lease Real Estate Investments Inc. has purchased a 30-property portfolio from Irving, Texas-based American Industrial Properties for $292.2 million, including assumed debt. The 2.8 million sq. ft. portfolio includes industrial, office and R&D properties in Colorado, Texas, Arizona, Florida, Virginia and California. Lend Lease purchased the properties on behalf of its Value Enhancement Fund IV and two undisclosed institutional investor client accounts.
Build it and hope they come: IDI starts new Florida project
Atlanta-based IDI has begun construction of Miramar Business Center, a two-building, 476,100 sq. ft. speculative industrial complex in Miramar, Fla. The 289,300 sq. ft. Building B is scheduled for completion in August and will have a 30 ft. clear ceiling height. The building will service tenants requiring a minimum of 60,000 sq. ft.
Completion of the 186,000 sq. ft. Building A is slated for September. The facility will feature a 26 ft. clear ceiling height and will serve tenants requiring a minimum of 33,000 sq. ft. IDI also has plans to build a third, 436,000 sq. ft. building at Miramar Business Center.
Happy to be in the Midwest: American Bottling inks renewal
The American Bottling Co., Oklahoma City, has signed a 911,000 sq. ft. lease renewal and expansion for an industrial facility in Northlake, Ill. The terms of the lease were not disclosed. CenterPoint Properties Trust, based in Oak Brook, Ill., is the owner of the property, of which American Bottling is the sole tenant. American Bottling previously occupied 879,000 sq. ft. and completed a 32,000 sq. ft. addition in June.
In other Midwest industrial, The Hollingsworth Cos., a Dearborn, Mich.-based logistics provider, has purchased a 445,854 sq. ft. warehouse in Detroit for an undisclosed amount from Dallas-based Hallwood Real Estate Investors Fund. The Detroit office of New York-based Cushman & Wakefield represented Hollingsworth in the sale, while Hallwood represented itself. Hollingsworth has begun occupancy of the building.
The warehouse features 18 ft. clear ceiling heights and 54 loading docks. Hollingsworth has another warehouse facility located within a mile of the newly purchased building.
PacTen Partners get moving on 13-building California park
Los Angeles-based PacTen Partners has begun construction of Commerce Pointe, a 13-building, 540,000 sq. ft. speculative industrial park in Valencia, Calif. Construction of the eight-building, 234,000 sq. ft. first phase began in May. Construction on the additional five buildings will begin in January 2002.
The buildings will range in size from 11,000 sq. ft. to 114,000 sq. ft. and will feature 24 ft. to 30 ft. clear ceiling heights. Some of the facilities will have early suppression fast response (ESFR) sprinkler systems.
In other California news, Boulder, Colo.-based Schwinn/GT has signed a five-year, $6 million lease for a new 323,660 sq. ft. distribution center at Jasmine Distribution Center in Fontana, Calif. Adaya Asset Corp. and Investment Development Services Inc., both of Los Angeles, are the owner and developer, respectively, of both the facility and Jasmine Distribution Center. Schwinn/GT began occupancy in June and has used the building to consolidate warehousing and distribution operations previously located in Santa Ana, Calif. The San Gabriel Valley/Inland Empire office of New York-based Insignia/ESG represented Schwinn/GT. IDS and the Ontario, Calif., office of New York-based Cushman & Wakefield represented Adaya.
The facility features 32 ft. clear ceiling heights, an early suppression fast response (ESFR) system and 65 dock-high doors. The property also features 324 parking spaces.
Also, Rockleigh, N.J.-based Volvo Cars of North America Inc. has signed a lease for a 203,370 sq. ft. distribution center in Ontario, Calif. Panattoni Development Co., Sacramento, Calif., is the developer and owner of the complex, which is scheduled for completion in August. Volvo will move its South Bay, Calif., operations into the new facility. CB Richard Ellis/Inland Valley Partners represented Panattoni in the transaction, and Northbrook, Ill.-based Grubb & Ellis represented Volvo.
Come one, come all to NAIOP's annual conference in Chicago
The National Association of Industrial and Office Properties (NAIOP), Herndon, Va., will hold its annual conference at the Sheraton Hotel & Towers in Chicago on Oct. 24-26. Complete registration information is available at www.naiop.org. Registrations are not accepted over the phone. Those who register by Sept. 28 will be able to take advantage of various “early-bird” .
The registration fee includes access to exhibits, education sessions, Developer of the Year dinner, receptions, Thursday's keynote breakfast, Thursday's lunch and Friday's keynote breakfast. The registration fee does not include hotel accommodations, the industrial tour, the specialty tour, the architectural tour or the “Chicago night out” event.
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