The Pizzuti Cos. gets cracking on Ohio build-to-suit project
The Pizzuti Cos., Columbus, Ohio, has broken ground on a $21 million, 766,395 sq. ft. build-to-suit distribution center in Obetz, Ohio, for Charlotte, N.C.-based Continental General Tire. Terms of the lease were not disclosed. Completion of the facility is slated for March 2002.
The Walker Cos., Atlanta, represented Continental General Tire in the lease negotiations and provided location analysis and site-selection services. Continental manufactures tires for automobiles, motorcycles, tractors, construction equipment and tractor-trailers.
The center, which will sit on a 44-acre plot of land in the CreekSide Industrial Center, will feature a 30 ft. clear ceiling height, 64 truck docks, 10 rail docks and will include 7,274 sq. ft. of office space. The facility also will accommodate 230,000 sq. ft. of expansion and contain parking for 75 tractor trailers and 115 automobiles.
G.E. Financial Assistance buys Nashville distribution center
Seattle-based G.E. Financial Assistance has purchased a 403,750 sq. ft. distribution center in Nashville, Tenn., for $12.6 million. Chicago-based First Industrial Realty Trust was the seller. Whitfield Hamilton, Ronnie Wenzler and Charley Hankla of the Nashville office of St. Louis-based Colliers Turley Martin Tucker represented both the seller and the buyer in the transaction.
RREEF welcomes New England industrial park to the fold
Chicago-based RREEF has purchased I-290 Industrial Park, a 566,535 sq. ft. complex in Northborough, Mass. The State Teachers Retirement System of Ohio was the seller. Terms of the transaction were not disclosed.
Steve Centrella, Scott Jamieson and Michael Smith of Boston-based Colliers Spaulding & Slye represented RREEF in the sale. A broker also represented the State Teachers Retirement System, but the organization declined to identify the name of the firm.
The industrial park, located about 40 miles west of Boston, features six warehouse, distribution and light manufacturing buildings.
Making plastic: Centex to build Texas manufacturing plant
Dallas-based Centex Investment Co. has purchased 20.3 acres in Tolleson, Ariz., for $1.2 million and will build a 285,000 sq. ft. build-to-suit manufacturing plant on the site for Midland, Texas-based Western Container. Phoenix-based Tolleson Investment Properties LP was the seller of the land. Pat Feeney, Joe Porter and Dan Calihan of the Phoenix office of Los Angeles-based CB Richard Ellis represented Centex, and Don MacWilliam and Payson MacWilliam of the Phoenix office of New York-based Insignia/ESG represented Tolleson.
Western Container signed a 10-year lease for the plant, and will begin occupancy of the facility in June 2002. The plant, which will eventually house 150 employees, will be used to manufacture recyclable plastic bottles for Coca-Cola products.
L&B Realty snags two Anaheim buildings for a pretty penny
On behalf of the Nevada Public Employees' Retirement System, Dallas-based L&B Realty Advisors has purchased two industrial buildings totaling 245,503 sq. ft. in Anaheim, Calif., for $16.5 million. A limited liability company formed by New York-based AG Real Estate Funds and Newport Beach, Calif.-based Touchstone Investments was the seller. Lars P. Platt, Jeff Chiate and Rick Ellison of New York-based Cushman & Wakefield represented both the buyer and the seller in the transaction.
The two adjacent 132,672 sq. ft. and 112,831 sq. ft. buildings are located near the intersection of Ball Road and State College Boulevard. Both buildings are fully leased to tenants such as The Walt Disney Co., L-3 Communications, Orange Broadcasting and M-Doc.
In other California industrial news, Commerce, Calif.-based Gilbert Service Corp. has signed a five-year, $5.3 million lease for 288,000 sq. ft. of industrial space in the Hathaway I Business Park in Santa Fe Springs, Calif. The Shidler Group, San Diego, is the landlord. Rick McGeagh of Los Angeles-based CB Richard Ellis represented The Shidler Group, and Gilbert Service Corp., a third-party logistics provider, represented itself.
Hillside peddles South Carolina warehouse to Jupiter Realty
Chicago-based Jupiter Realty Corp. has purchased a 308,000 sq. ft. warehouse in Duncan, S.C., for $8.3 million. Hillside Properties, Columbia, S.C., LLC was the seller.
Robert H. Barrineau Jr. of the Charleston, S.C., office of CB Richard Ellis, Los Angeles, represented Jupiter in the transaction, and John K. Porter of CB Richard Ellis' Atlanta office represented Hillside.
The cross-dock facility, which sits on a 15.7-acre plot of land, is located 14 miles east of Greenville, S.C., and 10 miles west of Spartanburg, S.C.
The facility, which was completed in 2000, is fully occupied by Columbia-based Standard Corp., a third-party logistics provider that owns 11 million sq. ft. of warehouse space nationwide. The center features 47 truck docks, and parking for 120 trucks and 100 cars.
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