McDonald Development rolls downhill to Florida Two industrial/mixed-use developments will add more than 2 million sq. ft. to central and south Florida's distribution/light-industrial markets over the next year. Atlanta-based McDonald Development Co. has begun Crowne Point Commerce Park, an 824,000 sq. ft. industrial development near Orlando, Fla., while County Lakes, a partnership between Chicago-based Jones Lang LaSalle and Virginia Beach, Va., developers Steven and Art Sandler, plans to build Miramar Centre in Broward County, Fla., near Miami.
With the company's first development outside metro Atlanta, McDonald closed on a 10.38-acre land deal in July and began construction of a 180,000 sq. ft. facility in September with completion scheduled for April 2000. The remaining 30-plus acres for development will be purchased in phases with the next 11 acres closing this fall. The second building will be 220,000 sq. ft. and expandable to 464,000 sq. ft.
A 93-acre, $125 million development, Miramar Centre will consist of three 100,000 sq. ft. office buildings and 1 million sq. ft. covering six service centers and eight flex buildings. The partnership plans to begin construction of one office building and two flex buildings in March, with completion slated for late 2000.
Bigger and bigger in the Inland Empire Newport Beach, Calif.-based Master Development Corp. plans to develop Origen Rail Center, a 900,000 sq. ft. speculative, industrial/distribution facility in Rancho Cucamonga, Calif. Construction will begin in first quarter 2000, and completion is expected in fourth quarter 2000.
The project, located at Arrow Route and I-15, is valued at $32 million.
Flynn Co. brokers Bucks County, Pa., sale The Flynn Co., Philadelphia, has brokered the sale of 3800 Marshall Lane in Bensalem, Pa., on behalf of an undisclosed seller. Des Moines, Iowa-based Principal Life Insurance Co. purchased the property for $14.07 million.
The development totals 465,800 sq. ft. and includes four 115,200 sq. ft. warehouse quadrants with a 5,000 sq. ft. offset office wing. The building was 100% leased at the time of sale.
Voit, Studley make large vacancies disappear Anaheim, Calif.-based Voit Commercial Brokerage and the Los Angeles office of New York-based Julien J. Studley closed the summer negotiating leases totaling more than 780,000 sq. ft. Voit negotiated a 302,525 sq. ft. lease for Schenectady, N.Y.-based GE Plastics in Chino, Calif., and a $10.5 million, 233,791 sq. ft. lease for Houdini Inc.'s headquarters/distribution relocation in Fullerton, Calif. Studley negotiated a 250,306 sq. ft. lease in Chino on behalf of Irvine, Calif.-based Kia Motors America Inc.
GE Plastics' 15-year, $18.5 million lease at Los Angeles-based Majestic Realty Corp.'s Majestic Spectrum will serve as GE Plastics regional manufacturing and distribution headquarters. The facility is expandable to 400,000 sq. ft., and GE expects to take the remaining 97,475 sq. ft. within the next few years. o
Gift-basket maker Houdini's 10-year, $10.5 million lease fully occupies the 429,000 sq. ft. building at 4201 Bonita Place in Fullerton.
Catellus reels in tenants with big Central Valley leases San Francisco-based Catellus Development Corp. has signed two tenants to leases totaling 750,000 sq. ft. in the company's Girbraltar Industrial Park in Stockton, Calif. Ralphs Grocery Co., which is part of Cincinnati-based Kroger Co., has leased 620,000 sq. ft., while 130,000 sq. ft. has been leased by Paxis Inc., a joint venture between Bethesda, Md.-based Lockheed Martin Corp. and El Segundo, Calif.-based GATX. The 15-year Ralphs lease is valued at more than $60 million. Catellus has the capacity for an additional 300,000 sq. ft. at Girbraltar.
Ralphs recently purchased 144 divested Albertson's grocery stores and expanded its Northern California distribution presence to meet increased demand from the new stores. Boise, Idaho-based Albertson's sold the stores to dispel antitrust concerns after the company merged with Salt Lake City-based American Stores Co.
Blake Rasmussen, first vice president in the Stockton office of Los Angeles-based CB Richard Ellis, represented Catellus in both the Paxis and Ralphs transactions. CB Richard Ellis associate David Norrie in the firm's Los Angeles office represented Ralphs.
Voit, Studley close California deals Anaheim, Calif.-based Voit Commercial Brokerage and the Los Angeles office of New York-based Julien J. Studley closed the summer negotiating leases totaling more than 780,000 sq. ft. Voit negotiated a 302,525 sq. ft. lease for Schenectady, N.Y.-based GE Plastics in Chino, Calif., and a 233,791 sq. ft. lease for Houdini Inc.'s headquarters/distribution relocation in Fullerton, Calif. Studley negotiated a 250,306 sq. ft. lease in Chino on behalf of Irvine, Calif.-based Kia Motors America Inc., which is relocating its western region distribution center from Fullerton next month.
GE Plastics' 15-year, $18.5 million lease at Los Angeles-based Majestic Realty Corp.'s Majestic Spectrum will serve as GE Plastics regional manufacturing and distribution headquarters. The facility is expandable to 400,000 sq. ft., and GE expects to take the remaining 97,475 sq. ft. within the next few years.
Gift-basket maker Houdini's 10-year, $10.5 million lease fully occupies the 429,000 sq. ft. building at 4201 Bonita Place in Fullerton.
Barry Co. brokers sale/leaseback The James T. Barry Co., Milwaukee, has brokered a $10.8 million sale/leaseback of a 415,884 sq. ft. industrial and crane facility in Cudahy, Wis. The property is the headquarters of Vilter Manufacturing Corp. and was sold to local Milwaukee-area real estate investors Joe and Ellen Dentice.
Vilter will lease the facility on a long-term basis, controlling the use of the property for 60 years through several options to its lease. Barry Co. brokers Ben Quinette and Steve Traudt negotiated both sides of the transaction.
Opus West eyes Foothill Ranch Phoenix-based Opus West Corp. has acquired 15 acres at Foothill Ranch in Irvine, Calif. from Denver-based ProLogis Trust. With one of the last significant industrial parcels in the area, Opus West plans to begin construction in December on Foothill Business Center, a three-building industrial project totaling 248,000 sq. ft. Completion is scheduled for June 2000.
Opus West already has developed 300,000 sq. ft. of office space for Foothill Corporate Plaza phases I, II and III at Foothill Ranch. The company also has begun construction on the plaza's three-story, 124,000 sq. ft. phase IV office building.