Howard Logistics signs one of the year's biggest leases in Denver area Howard Logistics, a major general warehousing and transportation company, just leased 120,000 sq. ft. in the Tower Road Distribution Center in Aurora, Colo. The three-year lease, valued at $934,125, will allow Howard to significantly expand its operations. Alan Seiver and Mark Schuster of Grubb & Ellis Co.'s Denver office, represented landlord Ingram Micro Inc. Grubb & Ellis says the transaction is one of the largest industrial leases, based on square footage, in the Denver area this year.
Raytheon Co. selects team for disposition of California property Los Angeles-based Cushman Realty Corp. and Matlow-Kennedy Commercial have formed an alliance to serve as the exclusive subleasing agent for the disposition of Raytheon Co.'s building at 1665 Hughes Way in Long Beach, Calif. The two-story, 200,541 sq. ft. building, being vacated as part of Raytheon's real estate consolidation plan, provides office, research-and-development and flex space. The concrete tilt-up facility features high-load floors and dock-high and ground-level loading capabilities.
First Industrial sells properties in Chicago and Denver Chicago-based First Industrial Realty Trust recently sold two facilities totaling 124,120 sq. ft. for a total price of $4.4 million. The properties are located at 3740 W. 74th St. in Chicago and at 7103 E. 47th Ave. in Denver. The dispositions are part of First Industrial's ongoing sales initiative, COO Michael W. Brennan says.
V.I.P. Structures lands huge industrial lease in Atlanta area Amware Distribution Warehouses Inc., a public warehousing company based in Atlanta, has leased a 415,676 sq. ft. building at 3107 Sylvan Road, just south of Atlanta. The company will consolidate operations from four locations into the building. Amware leased the space from V.I.P. Structures, an architectural firm based in Syracuse, N.Y., that specializes in building industrial and commercial facilities. Philadelphia-based Binswanger represented V.I.P. in the transaction.
Meanwhile in Blairs Va., East Bowles Corp. has selected Binswanger to market the sale of a 438,500 sq. ft. building located on 41 acres in East Bowles Industrial Park. The facility is owned by the Bowles family of Martinsville, Va.
AMB Property Corp. closes major transactions during its 3rd quarter San Francisco-based REIT AMB Property Corp. closed five acquisitions with an investment value of $259 million during the past three months. The transactions total 5.1 million sq. ft. and include AMB's acquisition of a 10-building industrial park in Memphis, Tenn., that was constructed by Trammell Crow Co. The transaction expands AMB's relationship with Trammell Crow, which is part of AMB's Strategic Alliance Partner program. Trammell Crow will manage the Memphis park for AMB.
Walsh, Higgins and Chrysler team up for another center DETROIT - Chicago-based Walsh, Higgins & Co. and Chrysler Corp./Mopar Parts Division have broken ground on a 378,550 sq. ft. build-to-suit distribution center in Huron Township, southwest of Detroit. The $19.5 million distribution center, which marks the seventh project built by the team, is scheduled to be completed in the summer of 1999.
The new Parts Distribution Center (below) will be more than 100,000 sq. ft. bigger than the facility it will replace. "We wanted a new location which would allow us to put up a state-of-the-art facility," Chrysler's Norm Hamway says. "This represented that type of place."