At the Crossroads: RREEF buys Southern California park
Chicago-based RREEF has purchased Fullerton Crossroads, a nine building, 1.3 million sq. ft. industrial park in Fullerton, Calif., for approximately $67 million. Foster City, Calif.-based Legacy Partners Commercial was the seller. Shawn Kelter and Mike Merk of the Anaheim, Calif., office of Northbrook, Ill.-based Grubb & Ellis, and Jay Borzi and Steve Silk of Los Angeles-based Secured Capital Corp. represented both the buyer and the seller in the transaction. The park, whose tenants include Con Agra Foods Inc., Cargill Inc. and T-Shirt City, was 97% occupied at the time of the deal.
First Industrial welcomes Atlanta facility to the family
First Industrial Realty Trust, Chicago, has purchased Oakbrook Technology Campus, an 11-building, 512,540 sq. ft. business park in metropolitan Atlanta, for $26.2 million. Des Moines, Iowa-based Principal Capital Real Estate Investors was the seller. Chris Riley, Hal Breedlove and Brad Rogers of Dallas-based Trammell Crow Co. represented Principal Capital in the transaction, while First Industrial represented itself. Located north of downtown Atlanta in Gwinnett County near Interstate 85, Oakbrook contains both office and light-industrial facilities. The park was 99% leased at the time of the sale and features 32 tenants.
SSR makes bold commitment to distribution center in L.A.
On behalf of an undisclosed client, San Francisco-based SSR Realty Advisors Inc. has purchased the first phase of Port Los Angeles Distribution Center and has made a forward commitment to purchase the second phase of the project upon completion.
Phase I, which was completed in early 2001 and is fully leased to a single tenant, contains two buildings totaling 547,811 sq. ft. Phase II, scheduled for completion in December, will feature two buildings totaling 1.3 million sq. ft. The Class-A industrial property is adjacent to Interstate 110.
In other California industrial news, Los Angeles-based Sport Chalet, a sporting goods store chain, has signed a 10-year, $12 million lease for a 326,000 sq. ft. distribution center in Haven Gateway Centre, a $55 million industrial park in Ontario. Kent Stalwick of New York-based Insignia/ESG represented Sport Chalet in the transaction, and Chuck Belden of New York-based Cushman & Wakefield and Rob Fuelling of Los Angeles-based Investment Development Services Inc. represented Haven Gateway LLC. Sport Chalet will begin occupancy at the end of the year following building improvements. Approximately 125 people will be employed at the site.
Also, Carlsbad, Calif.-based Invitrogen Corp. has signed a 10-year, $24 million lease for a 320,025 sq. ft. light industrial/R&D facility in San Diego County. CalWest Industrial Properties, a joint venture of Chicago-based RREEF and Sacramento, Calif.-based California Public Employees' Retirement System (CalPERS), is the owner of the property, and RREEF is the manager. Tom Blackmore of San Diego Commercial Real Estate Services represented Invitrogen, a manufacturer of molecular biology tools, while Matt Strockis, Larry Jackel and Rob Gunness of Los Angeles-based CB Richard Ellis represented RREEF in the transaction.
In another deal, Westport, Conn.-based Allianz of America Inc. has purchased a 755,137 sq. ft. warehouse and distribution center in Mira Loma for an undisclosed sum. Irvine, Calif.-based Pacific Newport Properties Inc. was the seller of the facility, which is fully occupied by Bentonville, Ark.-based Wal-Mart. Kent Hindes, Heidi Phillips and David Hasbrouck of New York-based Cushman & Wakefield represented Pacific Newport in the deal, while Allianz represented itself.
Procter & Gamble puts down roots in metropolitan St. Louis
Cincinnati-based Procter & Gamble has moved into a $23 million, 806,000 sq. ft. distribution facility at Gateway Commerce Center in Madison County, Ill., in suburban St. Louis. Earth City, Mo.-based TRiSTAR Business Communities is the developer of Gateway, a 2,300-acre business park located at the intersection of interstates 270 and 255. St. Louis-based Clayco Construction Co. was the designer and builder of the distribution facility.
In consolidating its regional operations, Procter & Gamble will employ approximately 130 people at the distribution center, which features the floor space of 17 football fields, a 28 ft. clear ceiling height and 80 loading docks. Gateway is served by Norfolk Southern Railroad and is adjacent to an intermodal terminal that can service up to 250 tractor-trailers at one time. Other tenants at Gateway include Dr. Pepper/Seven Up Inc., Ford Motor Co. and Dial Corp.