Oklahoma jumps into two years of spec construction Constructing a million sq. ft. of shell building space over the next two years, the state of Oklahoma is diving into its statewide initiative called the Oklahoma Quality Building Program. Under this program, structures will be constructed, ranging in size from 25,000 to 100,000 sq. ft., in the larger cities and small towns throughout the state.
Oklahoma's economy, though badly hurt by the bust following the '80s' oil boom, is now showing a 3.6% unemployment rate, with a 2.8% rate in Oklahoma City. And several blue-chip companies such as Boeing, Whirlpool, Southwest Airlines and America Online have established new corporate facilities in the area over the last two years.
For more information, call the Oklahoma Quality Building Program at 1-800-588-5959 or visit the website at www.odoc.state.ok.us.
Insignia/FC&S enters secondary market, arranges two sales
Expanding into secondary Midwestern markets, Chicago-based Insignia/Frain Camins & Swartchild has arranged the sale of a 450,000 sq. ft. industrial warehouse in Wyoming, Mich., to Shoemaker Properties, Chicago. The asking price for the property was $8.6 million.
Insignia/FC&S also represented Linvatec, a division of Bristol-Myers Squibb of New York, in the recent sale of a 21,000 sq. ft. industrial property, 5654 North Ravenswood Avenue, located on Chicago's north side. Ravenswood Studio purchased the property to house its manufacturing plant.
Greystone Realty purchases two Midwestern industrial facilities
Greenwich, Conn.-based Greystone Realty Corp. has purchased two warehouse/distribution facilities for $13.5 million from Covington Capital. One of the facilities is located in Columbus, Ohio, and the other is in Indianapolis.
The Columbus facility, 4531 Industrial Center Drive, is a one-story, 213,486 sq. ft. warehouse/distribution facility, which is entirely leased by NIBCO, an Elkhart, Ind.-based pipe and valve manufacturer. Greystone's other purchase was the 251,160 sq. ft. 1201 Perry Road in Indianapolis, a warehouse/distribution facility entirely leased by Transportation Inc.
Colliers Pinkard sells more than 1 million sq. ft. in two portfolios
Colliers Pinkard of Baltimore, Md., has sold 813,122 sq. ft. of industrial space in Howard County, Md., to AMB Institutional Realty Advisors for $31.8 million and 299,498 sq. ft. of space in Marlton, N.J., to Liberty Limited Partnership for a price in excess of $10.6 million.
The Maryland transaction included a six-property portfolio, with three buildings in Meadowridge Business Park and three in the Corridor Industrial Park.
The New Jersey portfolio included five buildings: 3000 Lincoln Drive East in Evesham, N.J., and 6000, 7000, 8000 and 9000 Commerce Parkway in Mt. Laurel, N.J.
Alliance development chosen by General Mills, Tucker Rocky Alliance Development Co., Fort Worth, Texas, has announced that both General Mills and Tucker Rocky Distributing Inc. have chosen the 8,300-acre masterplanned Alliance development as the site for new distribution centers.
Excel Logistics has leased Westport 3, a 367,858 sq. ft. building located in the Westport at the Alliance development sector, establishing General Mills' distribution facility. Excel was represented by Cushman & Wakefield of Texas in the transaction.
Meanwhile, Tucker Rocky is relocating its operations from Irving, Texas, with its lease of 176,000 sq. ft. in Alliance Gateway 14, a 256,000 sq. ft. building inside the development. Colliers Baldwin Inc., Dallas, and Colliers Tucker Inc., Indianapolis, represented Tucker Rocky in the lease.
Security Capital announces California development project Denver-based Security Capital Industrial Trust is to develop a 200,992 sq. ft. build-to-suit assembly and distribution facility for IPC Communications Services in Security Capital's Foothill Business Center, Foothill Ranch, Calif. The facility will provide for IPC's expansion of CD-ROM replication, and it will increase assembly and distribution capacity by 70%.
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