Monday, April 4, 2011
Jones Lang LaSalle Completes 411,548-SF Industrial Lease with Pacific Coast Warehouse Co. in Ontario, CA
ONTARIO, CA, April 4, 2011 — Jones Lang LaSalle represented Pacific Coast Warehouse Company in a 411,548-square-foot industrial lease at Ontario Distribution Center II (top left photo)) located at 3601 Jurupa Street in Ontario, Calif.
Pacific Coast Warehouse will occupy the entire building after relocating from 5125 Schaefer Ave in Chino, Calif.
Jones Lang LaSalle’s Southern California Industrial Tenant Representation Team of Executive Vice President Tim O’Rourke and Senior Vice President Barry Hill represented Pacific Coast Warehouse in the transaction.
The property owner, Ontario Industrial Partners, was represented by Steve Bellitti and Tom Taylor of Colliers International.
“With our knowledge of the Inland Empire industrial market, Jones Lang LaSalle enabled the tenant to upgrade its facility and amenities by relocating to a Class A facility, while also significantly reducing its overall expenses – this is the quintessential ‘Flight to Quality,’” said O’Rourke.
“This transaction along with other recent deals in the market illustrate that the Inland Empire industrial market is leading the recovery in the U.S. industrial market.”
Located in the Inland Empire industrial market, Ontario Distribution Center II features a clear height of 30+ feet, 58 dock-high loading doors, 76 trailer stalls and a large secured concrete yard area.
Pacific Coast Warehouse Company dates back more than 80 years and has clearly become one of the finest 3rd party distribution organizations in the Western United States by operating as an extension of their customer and focusing on service.
Pacific Coast Warehouse Company is a privately-owned company who understands that quality service, flexibility, technology, and value added services are required for effective supply chain management.
Pacific Coast Warehouse Company currently operates more than 1,000,000 square feet of space in Southern and Northern California.
For further information, please visit our website, http://www.joneslanglasalle.com/.
Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851, email@example.com
DALLAS, TX – HFF announced today that it has closed the sale of Bluffview Towers (top left photo), a two-building, 196,356-square-foot, Class A office complex in Dallas, Texas.
HFF marketed the property on behalf of the seller, Capstar Real Estate Advisors along with an institutional partner. CDI purchased Bluffview Towers for an undisclosed amount.
Bluffview Towers is located at 3860 and 3890 Northwest Highway close to Love Field, the residential neighborhoods of Bluffview, Park Cities and Preston Hollow. The property’s East Tower has 126,132 square feet in seven stories and the West Tower totals 70,224 square feet in four stories.
Renovated in 2009, the property is 96 percent leased to tenants including GSA, Inland American, Sewell, HEB Grocery and Atrium Companies.
Andrew Levy, HFF Senior Managing Director, (214) 265-0880, firstname.lastname@example.org
Todd Savage, HFF Associate Director, (214) 265-0880, email@example.com
Elizabeth Malone, HFF Managing Director, (214) 265-0880, firstname.lastname@example.org
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, email@example.com
MIAMI, FL, April 4, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,000,000 for Melson Corporation, 3A3B, Ltd., and Park 25 Corporation.
Marshall Smith (top right photo), Company Executive Vice President, secured financing for Melson Corporation through Thomas D. Wood and Company's correspondent relationship with The Standard in the amount of $1,000,000.
The fixed-rate, fully-amortizing loan has a term of 15 years, based on an interest rate of 6.375%. The loan-to-value is 50%. The 40,000 square-foot multi-tenant industrial building was built in 1980, and is home to major tenant Rainbow Tile. Melson Corporation is located at 1800 N. Powerline Road, Pembroke Park, Florida.
Smith secured financing for 3A3B, Ltd., in the amount of $1,500,000 through Thomas D. Wood and Company's correspondent relationship with Advantus Capital Management.
The fixed-rate loan has a 10-year term, based on a 20-year amortization and an interest rate of 5.15%. The loan-to-value is 50%. The 68,000 square-foot industrial building was built in 1985, and is located at 3126 Park Road, Pembroke Park, Florida.
Smith also secured financing for Park 25 Corporation through Advantus Capital Management in the amount of $1,500,000. The fixed-rate loan has a 10-year term, based on a 20-year amortization and an interest rate of 5.15%. The loan-to-value is 50%. The 45,000 square-foot industrial building was built in 1985 and is located at 3126 John P. Curci Drive, Pembroke Park, Florida.
Marshall Smith (305) 447-7825 firstname.lastname@example.org
Jessica Kinnee (407) 937-0470 email@example.com
Crossman & Co. negotiates Five Lease agreements totaling 12,000 SF at Orange City Marketplace in Orange City, FL
ORANGE CITY, FL--- Crossman & Company, one of the largest retail leasing, management and development firms in the Southeast, recently negotiated five lease agreements totaling 12,000 square feet at the Orange City Marketplace located on Saxon Blvd. at the corner of Enterprise Rd. in Orange City.
Senior Associate Daniel Germano (top right photo) represented the landlord Orange City Marketplace, LLC in negotiating the transactions, which included
- Renewal and expansion lease by Hong Kong Buffet for a total of 5,600 square feet;
- Renewal lease of 1,200 square feet by Weight Watchers;
- Renewal lease of 2,100 square feet by Saxon Dental;
- New lease of 2,400 square feet by All American Karate and
- Renewal and expansion lease of 700 square feet by Quest Comm Mobile.
For more information please contact:
Daniel Germano, Leasing Associate, Crossman & Company, 407-423-5400 or 407-581-6223
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, firstname.lastname@example.org
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, email@example.com
ORLANDO, FL, April 4, 3011 -- Maury L. Carter & Associates, Inc. represented Branch Banking & Trust Company (BB&T) in the sale of 1,236± acres in Lake County, FL for $4,200,000.
The property consists of a 653± acre parcel on the south side of Schofield Road and a 583± acre parcel on the west side of Five Mile Road.
The parcels are east of Highway 27 and approximately five miles south of Highway 50. South Lake Crossings II, LLC was the Buyer.
Daryl M. Carter (top right photo), Preston Hage, and Patrick Chisholm of Maury L. Carter & Associates, Inc. represented the Seller. Jim Dowd of Dowd Properties, Inc. represented the Buyer.
Joan M. Fisher
Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200
Orlando, FL 32806-8500
(407) 581-6207 direct
(407) 422-3144 office
(407) 422-3155 fax
ONTARIO, CA (April 4, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mark Kegans (middle right photo), SIOR, senior vice president and Gerald Kim (lower left photo), vice president, both members of the company’s Global Logistics practice group, represented Interlog USA Inc. and its wholly owned subsidiary, American West Worldwide Express, Inc. in its five-year lease of 5725 E. Jurupa St., (top left photo) a 285,600 square-foot warehouse/distribution building.
The logistics company, which specializes in full-service international and domestic shipping services for manufacturers and receivers, will take occupancy of the building in May.
Interlog and American West will be relocating and expanding the space for its West Coast distribution, warehouse and LTL operations from the current location in Compton.
Constructed in 1998, the concrete warehouse/distribution building offers a 32’ clear height and is situated on nearly 16 acres of land. The property is located within close proximity to Interstates 15 and 10, as well as California State Route 60.
Kevin McKenna of CB Richard Ellis represented the owner of Ontario Gateway, James Campbell Company LLC, in the transaction.
Contact: Julia McCartney, Phone: 714.975.2230
SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has received an $18 million financing commitment from Colony Capital, LLC, a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies, headquartered in Los Angeles.
In conjunction with this financing, Colony was granted the right to an exclusive 60-day negotiating period during which it can evaluate a potential larger strategic investment with Grubb & Ellis.
“Colony Capital is a premier real estate investment and advisory firm with a strong track record of identifying undervalued real estate and corporate investment opportunities, and we welcome their support and the confidence they have shown in Grubb & Ellis,” said Thomas P. D’Arcy (top right photo), president and chief executive officer.
“We will work with Colony over the next 60 days as they focus on a possible larger strategic transaction. With this show of support by Colony, our clients and partners should feel confident that our experienced team of professionals will continue to provide the same outstanding service that they have come to expect from us.”
Should the company and Colony enter into a definitive agreement for a strategic transaction, Grubb & Ellis retains the right to solicit competing strategic transactions for a period of 25 business days.
JMP Securities served as financial advisor to Grubb & Ellis in connection with this financing.
Contact: Janice McDill, Phone: 312.698.6707
Colliers International Negotiates Three Industrial Leases Equaling 101,010 SF Totaling $3.151 million in Orange County, CA
ORANGE COUNTY, CA, April 4, 2011 – Colliers International, the second largest global real estate services organization, recently negotiated three leases with the combined transactions values equaling $3.151 million.
Chuck Wilson, senior vice president, based in Colliers International’s Irvine office, negotiated all three leases.
The first transaction was for a 66,510-square-foot industrial property located at 7101 Cate Drive (top left photo) in Buena Park, Calif. The transaction is valued at $1.7 million.
The property is a free standing building, completely refurbished by the ownership. Wilson represented the tenant, Adams and Sons Transportation, a La Mirada-based warehouse company. He has represented this tenant in five separate transactions in the past. The landlord, a Whittier-based company, Oltmans, was represented by Joe Milo from Inco Commercial Brokerage.
Next transaction was for a 10,500-square-foot industrial property located at 525 Shepard (middle right photo), Anaheim, Calif. The transaction is valued at $700,000. The property offers outstanding frontage on the 91 freeway.
The landlord was represented by Scott Seal of Lee & Associates. The tenant, The Bug Man, a pest control company, was represented by Wilson.
“The Bug Man is relocating its corporate office from Fullerton to Anaheim for 91 freeway frontage exposure,” said Wilson. “The Bug Man has been in business in Orange County since 1958 and was voted People’s Choice for ‘Best of Orange County’ for both residential and commercial pest control.”
The property located at 11042 Forest Place (lower left photo), Santa Fe Springs, Calif, is a freestanding, 24,000-square-foot industrial building, and this transaction is valued at $751,000.
The landlord, represented by Wilson, is Polley Real Estate Rental, and the tenant, a Pittsburg-based refractories company, Harbison-Walker, relocated from Pico Riviera, Calif., was represented by Clif Fincher of Lee & Associates.
Built in 1982, it will be used as a warehouse and distribution center by the new tenant.
Contact: Angela S. Hwang
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
Colliers International Negotiates a Three-Year Lease for 113,500-SF Industrial Building in Pacoima, CA
The landlord, a private investor, Michael Lichstein, was represented by David Hoffberg, SIOR and Jerry Scullin of Delphi Business Properties.
The tenant was represented by John DeGrinis (top right photo), SIOR, senior executive vice president based in Colliers International’s Encino office, Patrick DuRoss (middle left photo), associate vice president, and Jeff Abraham (lower right photo), senior associate.
“The 4th quarter 2010 and the beginning of 2011 witnessed some larger transactions in our region,” said DeGrinis.
“This is one of five larger transactions (80,000 sf +) just completed in the last four months. Despite a smaller inventory of available larger buildings, we are still seeing ongoing erosion in lease rates.
“Rents for all five of these transactions are in the $0.40s per square foot range, which evidences the continuing slide we have seen in average rental rates over the past few years. We expect that as supply and demand forces get closer to equilibrium, we will see some firming in rates.”
“We have been working with Natural Balance for many years,” added DuRoss. “Their business has been experiencing significant growth, and current market conditions led them to consider their multiple facility options. In the end, Natural Balance was able to secure a good distribution facility that will accommodate their immediate growth at very low rents relative to prior years.”
For more information, visit www.colliers.com/markets/greater_los_angeles/degrinis
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Contact: Angela S. Hwang
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258