Holidays bring flurry of activity in New Jersey and New York The Fairfield, N.J., office of Northbrook, Ill.-based Grubb & Ellis Co. has arranged the lease of a 296,044 sq. ft. distribution facility to Anixter, a distributor of cabling and associated devices for digital networks. Grubb & Ellis represented Anixter, while Denver-based ProLogis represented ProLogis Development Services Inc., the lessor and developer of the property. Construction of the facility was scheduled to be complete in December, with occupancy slated to begin this month. Anixter is relocating from a 163,648 sq. ft. distribution facility in South Brunswick, N.J.
In other New Jersey news, New York-based Lend Lease Real Estate Investments Inc., acting on behalf of a pension fund, has purchased a 217,047 sq. ft. warehouse/distribution facility in Logan Township. The seller, represented in the deal by Cushman & Wakefield of Pennsylvania Inc., was an institutional advisor based in Parsippany, N.J. Terms of the transaction were not disclosed. The facility is 100% leased to John Sexton & Co., which is currently merging with Columbia, Md.-based U.S. Food Service Inc., a food distribution company.
In Village of Chester, N.Y., Clayco Construction Co. of St. Louis has begun construction of a 526,566 sq. ft. flagship distribution center/warehouse for Elmsford, N.Y.-based AMSCAM, a national party good supplier. Completion of the facility is slated for September 2001. St. Louis-based Mitchell and Hugeback Architects Inc. designed the single-story building, which will have 18,000 sq. ft. reserved for offices, a cafeteria and locker rooms.
Lend Lease finds appealing buys in AIP's portfolio New York-based Lend Lease Real Estate Investments Inc. has entered into an agreement with Irving, Texas-based American Industrial Properties (AIP) to purchase a 30-property portfolio for approximately $292.5 million, including assumed debt.
The portfolio, which is being purchased on behalf of Lend Lease's Value Enhancement Fund IV and two institutional investor client accounts, consists of industrial, office and R&D facilities in Colorado, Texas, Arizona, Florida, Virginia and California.
AIP's Board of Trust Managers has approved the sale, which is scheduled to close in the first quarter of 2001 after AIP shareholders approve the sale.
OMP nets first tenant for Port Los Angeles facility Los Angeles-based Overton Moore Properties (OMP) has signed the first tenant for its 1.9 million sq. ft., $90 million Port Los Angeles Distribution Center in San Pedro, Calif. Compton, Calif.-based Gale Triangle and its sister company, Performance Team Freight Systems (PTFS), have signed an 11-year lease valued at more than $36 million.
The companies will occupy two buildings that total approximately 547,000 sq. ft. and were scheduled to move in by the new year. Los Angeles-based CB Richard Ellis represented all the parties involved in the transaction.
Both buildings will have 30 ft. high clear bays, early suppression fire prevention systems and large truck courts. One of the buildings is 340,567 sq. ft., and the other is 207,000 sq. ft. Construction of the second phase of the Port Los Angeles Distribution Center, which will feature two buildings totaling 1.3 million sq. ft., is scheduled to begin this month.
From implosion comes a new St. Louis distribution center St. Louis-based Balke Brown Associates has begun development of a $10 million, 336,000 sq. ft. distribution center located in the St. Louis Commerce Center, a multi-tenant business park. The facility will be on the former site of the nine-story Lambert Pharmacal building, where Listerine mouthwash was once made. The building was imploded in early November to make way for the new facility.
GPX Inc., a consumer audio electronics company and a subsidiary of Hagemeyer N.V., which is based in The Netherlands, has pre-leased 186,000 sq. ft. of the new facility. Occupancy is slated for summer 2001.
In other St. Louis news, Boston-based TA Associates has purchased the $10 million, 250,000 sq. ft. former Borden Pasta Building, which was vacant at the time of the transaction. St. Louis-based Sansone Group is the leasing agent and manager of the property. The bulk-loading facility features 39 loading docks, one drive-in door and 28 ft. ceiling clearances.
North Carolina: basketball, beaches and Walnut Creek Duke-Weeks Realty Corp., based in Indianapolis, has begun development of Walnut Creek Business Park, a 13-building community in Raleigh, N.C. Ultimately, the 92-acre park will consist of nearly 1.3 million sq. ft. of distribution, office and light manufacturing space.
The nine distribution buildings slated for the park will total more than 1 million sq. ft., and the four service center facilities will provide approximately 255,000 sq. ft.
In January, Duke-Weeks will start construction of the park's first two buildings, which will be speculative facilities. One of the buildings will be a 65,000 sq. ft. service center building, and the other building will be a 100,000 sq. ft. distribution facility.