Duke Realty Investments comes to a favorable crossroads The Chicago office of Duke Realty Investments Inc. has purchased the newly named Crossroads Business Park located within the Chicago area villages of Bolingbrook and Romeoville in Will County. The park consists of 137 acres of undeveloped land.
Duke envisions a masterplanned development featuring 11 buildings totaling up to 3 million sq. ft. A 290,000 sq. ft. speculative office-distribution center is already under development.
One of the most visible business parks in the submarket, Crossroads has over a mile of frontage along I-55, which intersects with another major thoroughfare to make a combined traffic count of more than 98,400 cars each day.
Northwestern Mutual Life lends $50 million to new joint venture Milwaukee-based Northwestern Mutual Life Insurance Co. has entered into a joint venture with Majestic CCC IV Partners and will loan more than $50 million to the new partnership. At the masterplanned California Commerce Center in Ontario, Calif., the joint venture acquired a 145-acre parcel and plans a three-phase buildout of 10 buildings totaling more than 3.2 million sq. ft. More than 2.2 million sq. ft. of the development will be served by rail.
The first phase of the development will be located on 42 acres and will comprise three buildings containing 450,000 sq. ft., 350,000 sq. ft. and 150,000 sq. ft.
Majestic CCC IV Partners is an entity controlled by Majestic Realty Co., a Southern California-based national industrial real estate developer.
Voit Commercialcompletes $13 million sale The Anaheim, Calif., office of Voit Commercial Brokerage has finalized the acquisition of the largest user building to be sold in Orange County, Calif., since 1978. The $13 million transaction was made on behalf of MetLife/The Muller Co.
Located at 1500 South Anaheim Blvd., the 565,000 sq. ft. building will undergo both interior and exterior improvements to meet the demands and requirements of new distribution users. Due to creative original design and construction, the building will retain its unique, two-section layout. All improvements are scheduled for completion in January 1999.
CB Commercial closes sale of 31 assets for Borden Inc. Houston-based CB Commercial Portfolio Services arranged for and closed on the sale of a 31-asset, 21-property industrial portfolio for Borden Inc. of Columbia, Ohio. The assets, valued at an estimated $19 million, were purchased by an undisclosed buyer.
The more than 870-acre portfolio is comprised of environmentally challenged industrial properties in 11 states throughout the United States, including a proposed stadium site. The portfolio also includes two Houston locations and approximately 403,000 sq. ft. of improvements.
Weichert completes two PiscatawayWeichert Commercial's Central Jersey Regional Center has completed two building sales in Piscataway, N.J., totaling more than $13 million and 215,000 sq. ft.
In the first transaction, Aaron Brothers Plumbing Supplies bought a 121,000 sq. ft. distribution center at 30 Turner Place. The structure was part of a two-building complex owned by plastics manufacturer All American Poly.
The second, more recent transaction was the sale of a 94,000 sq. ft. facility located at 180 Continental Avenue. Occupied by AT&T for the past 15 years, the facility was purchased by ADI Inc. to provide a location for ADI's New Jersey headquarters. Weichert Commercial was selected as the broker to lease approximately 40,000 sq. ft. of office space at a below-market rent.
Massachusetts industrial/office site negotiated for $9.4 million Fallon Hines & O'Connor Inc. of Boston facilitated the $9.4 million sale of 60-90 Glacier Drive to Carruth Capital Corp. The 13-year-old, single-story, two-building structure rests on 11.79 acres in Westwood, Mass. Dean Witter Realty Inc. was the seller of the 121,569 sq. ft. complex.