Great Point client harvests big industrial crop in Pennsylvania
An undisclosed client of the Boston-based pension fund advisor Great Point Investors has purchased a 14-building, 844,380 sq. ft. portfolio of warehouse and flex space in Reading, Pa., and Harrisburg, Pa., for $24.3 million. A partnership between Chicago-based Heitman Capital Management Corp. and Philadelphia-based Dimeling, Schreiber and Park was the seller.
Robert E. Yoshimura, Joseph B. Hill and Brian P. Fiumara of The Flynn Co., headquartered in Philadelphia, represented the seller, while Great Point Investors represented the buyer. The Flynn Co. has also been hired to oversee the leasing and management of the portfolio.
The Muhlenberg Industrial Mall in Reading, Pa., was one of the properties in the deal. The 621,000 sq. ft. facility, built between 1973 and 1979, features nine buildings. The mall was 92% occupied at the time of the transaction.
The other five buildings included in the deal are part of the Turnpike Industrial Park in Harrisburg, Pa., and are located near the Pennsylvania Turnpike. In all, the five properties feature 223,000 sq. ft. of warehouse and flex space, and were 92% occupied at the time of the transaction. About 22% of the buildings' total size is used for office space.
Turner snags business park amidst usual California activity
Newport Beach, Calif.-based Turner Development Corp. has purchased San Juan Capistrano Business Park, a 16-building, 237,369 sq. ft. complex in San Juan Capistrano, Calif., for $22.7 million. Laguna Niguel, Calif.-based Birtcher Real Estate Group was the seller. Irvine, Calif.-based Voit Commercial Brokerage represented both the seller and the buyer. Each of the 16 buildings is freestanding. Turner is considering selling the individual buildings to the tenants or to investors seeking single-tenant facilities.
Voit Commercial Brokerage has engineered two other recent California industrial deals. In one of the transactions, The Clifford Cos., based in Newport Beach, Calif., purchased a 387,868 sq. ft. industrial park in Fullerton, Calif., for $19.4 million. A fund managed by Los Angeles-based CB Richard Ellis Investors was the seller. Built in 1975, the park features five freestanding buildings and is fully leased.
In the other deal, in which Voit once again represented both parties, Costa Mesa, Calif.-based Frome Development Omega LLC purchased a 218,036 sq. ft., multi-tenant industrial office park in Garden Grove, Calif., for $14.8 million. Newport Beach, Calif.-based Voit Cal Portfolio Partners was the seller.
Also, Target Corp. has signed a 10-year, 1.2 million sq. ft. lease with City of Industry, Calif.-based Majestic Realty Co. for two buildings at Airport Commerce Center in Ontario, Calif. Target, which is based in Minneapolis, will use the properties to store and distribute imported products. The lease is valued at approximately $40 million.
EllisDaws and Principal Capital team up for Atlanta complex
Atlanta-based EllisDaws Properties and Des Moines, Iowa-based Principal Capital Real Estate Investors plan to develop AirLogistics Center @ Hartsfield, a three-building industrial complex totaling 452,040 sq. ft. near Atlanta's Hartsfield International Airport. Dallas-based Trammell Crow Co. secured Principal as EllisDaws' equity partner.
The buildings will be designed for air freight providers and distribution companies that require a site close to the airport. Occupancy of the 171,740 sq. ft. Building 100 will begin in October. Construction of the 161,500 sq. ft. Building 200 will start in May, with occupancy slated to begin in December 2001. Construction of the 118,800 sq. ft. Building 300 will start in first-quarter 2002.
HAS Commercial buys facilities on former brownfield sites
Chicago-based HAS Commercial Acquisitions Inc. has purchased two industrial buildings located on former brownfields in Durham, N.C., for $8.2 million. The Brookhill Group, based in New York, was the seller of 2710 and 2910 Weck Drive, which total 276,000 sq. ft. and are now fully leased. An affiliate of The Brookhill Group purchased the buildings, which IBM once occupied, in 1998 and began to redevelop and clean the properties.
First Industrial readies itself for Texas-sized industrial park
Chicago-based First Industrial Realty Trust has plans to develop First Pinnacle Business Park, a four-building, 862,000 sq. ft. industrial park in Dallas. The company recently purchased 49 acres of land for the complex and will break ground on the project in April. Occupancy is slated to begin in first-quarter 2002.
A touch of Hollywood arrives in the land of Elvis
Camarillo, Calif.-based Technicolor Videocassette of Michigan Inc. has signed a five-year, three-month lease in excess of $19 million for a 650,000 sq. ft. distribution center in Memphis, Tenn. Sacramento, Calif.-based Panattoni Development Co. is the landlord of the facility, which is located in the Southpoint Distribution Park. Technicolor works with such film studios as Disney and 20th Century Fox.
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