United Trust Fund completes $15 million sale-leaseback In a transaction valued at approximately $15 million, Miami-based United Trust Fund Limited Partnership has purchased the 270,000 sq. ft. Corporate Express facility in Miami, Fla. At closing, Corporate Express signed a 15-year absolute net lease at the facility.
MEPC begins work on Fitz and Floyd distribution facility Despite the fact that the company is up for sale, Dallas-based MEPC American Properties continues developing and, in fact, has begun construction on a 159,000 sq. ft. facility at Waters Ridge, Lewisville, Texas, which will serve as Fitz and Floyd's national headquarters and national distribution facility. The building sits on an approximately 10-acre site and is scheduled for completion by early spring 1998.
Trammell Crow sells $25 million industrial portfolio Representing approximately 1.23 million sq. ft., Trammell Crow Co.'s Investment Services Group has sold Dorn Associates Ltd.'s five-building industrial portfolio to The Realty Associates Fund IV for $25 million. Located in Atlanta's Fulton Industrial submarket, the properties are institutional-grade high-cube distribution facilities.
Centre Development finishes speculative distribution center Development has been completed on a 177,000 sq. ft. speculative distribution center in Grand Prairie, Texas, by Dallas-based Centre Development Co. Inc. The building has a visible location along State Highway 360.
Insignia Commercial Group to develop Mira Loma building In one of the region's largest spec industrial announcements, Greenville, S.C.-based Insignia Commercial Group's West Division, based in Irvine, Calif., has announced plans to develop a 606,925 sq. ft. industrial building in Mira Loma, Calif. Being developed for lease on behalf of Meridian Industrial Trust, the project is set for completion in March 1998.
Hunt Realty breaks ground on 900-acre business park On land purchased by Colorado-based Security Capital Industrial Trust, Hunt Realty Corp., the owner and developer of the project, has broken ground on Sharyland Business Park, a 900-acre, masterplanned business park located in McAllen and Mission, Texas, just minutes from the Mexico border city of Reynosa. Security Capital will construct a 210,000 sq. ft. building on the site, in which 187,500 sq. ft. has been preleased to Stuart Entertainment Inc.
Catellus Development builds up West Coast's industrial In six different projects, San Francisco-based Catellus Development Corp. has approximately 1.15 million sq. ft. either in planning, under construction or completed in California. It has recently completed the 376,000 sq. ft. Office Depot Business Services Division facility in Fremont, Calif. Catellus also has begun work on the 100,280 sq. ft. Pacific Business Center Phase III in North Fremont, the 277,000 sq. ft. first phase of Enterprise Airport Center in Oakland, Calif., and a 239,000 sq. ft. build-to-suit in La Mirada for Champion/Nationwide Papers. It also plans to develop a 109,450 sq. ft. build-to-suit for Playhut Inc. and a 46,630 sq. ft. build-to-sell for Formosa Textiles.
Julien J. Studley Inc. launches new industrial division In establishing a new industrial division, New York-based Julien J. Studley Inc. will apply its user advocacy approach to the industrial real estate market. Geoffrey Kasselman, former vice president at Insignia/Frain Camins & Swartchild, established the division and is acting as its senior managing director.
Studley's efforts will be focused on the local and regional markets in the beginning, with plans to open regional industrial offices in New Jersey, Atlanta and Orange County, Calif. However, the firm intends to offer national and international representation by 1998, according to Greg Gerber, senior managing director in the firm's Chicago office.
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