Industrial news

Duke announces trio of Ohio/northern Kentucky deals Indianapolis-based Duke Realty Investments has closed a trio of deals in Ohio and northern Kentucky. The company secured Commodity Logistics as a tenant in the 6600 Port Road building near the Rickenbacker International Airport in Columbus. The deal allows Duke to fill space recently vacated by Sun Television & Appliances when the company closed its warehouse operations. Commodity Logistics specializes in logistics for commercial and industrial paper markets, and will occupy 415,878 sq. ft. Commodity Logistics joins Techneglas as a tenant in the building.

Near Cincinnati, Standard Textile Co., a Cincinnati-based healthcare textiles manufacturer and distributor, will occupy 153,600 sq. ft. in Duke's 453,000 sq. ft. SkyPort 275 Business Park Building 2 in Hebron, Ky.

In the third deal, Duke acquired a 200,000 sq. ft. industrial building on 12.5 acres in Solon, Ohio, from B-Way, which has moved out of the Cleveland area. Duke identified and closed on the acquisition in 30 days.

Reckson leases up New Jersey building with Vestcom lease Melville, N.Y.-based Reckson Associates Realty Corp. has signed Vestcom Mid-Atlantic Inc. to a 210,530 sq. ft. industrial lease at 5 Henderson Drive in West Caldwell, N.J.

Located in northern New Jersey, 5 Henderson Drive was acquired by Reckson Associates last year from Deluxe Corp. The development is home to other companies such as 3M, Toyota and Ricoh Corp.

Hillwood closes out Gateway 50 with John Deere lease Fort Worth, Texas-based Hillwood has leased 287,240 sq. ft to John Deere at the developer's Gateway 50 industrial park.

The lease is for the remaining space in the 1.26 million sq. ft. Gateway 50 building in the Gateway section of Alliance, which is north of Fort Worth. The site will be one of three distribution centers for John Deere Consumer Products, part of the Worldwide Commercial & Consumer Equipment Division of Deere & Co. Hillwood purchased Gateway 50 in December and immediately leased 976,471 sq. ft. to Randalls Food Markets Inc.

HSA represents Catellus in Chicago area GATX deal Chicago-based Hiffman Shaffer Associates Inc. (HSA) recently represented San Francisco-based Catellus Development Corp. in the lease of a 20-acre site at its Internationale Centre West in Romeoville, Ill.

Logistics company GATX Corp. will build a 400,000 sq. ft. build-to-suit on the site, which should be occupied by the end of this year. The new GATX building will be adjacent to Gillette Co.'s new 532,000 sq. ft. build-to-suit, leaving only a 14-acre site available in the 110-acre business park.

Binswanger negotiates sale of Connecticut structure As exclusive agent for National Patent Development, Philadelphia-based Binswanger recently negotiated the $5 million sale of the 212,000 sq. ft. former American White Cross headquarters/manufacturing building in Dayville, Conn., to Coz Plastics Inc.

A manufacturer of custom compounding for the plastic industry, Coz Plastics is relocating from its New Jersey and Northbridge, Mass., facilities to the single-story development.

AP-Adler continues Florida acquisitions AP-Adler Investment Fund L.P., the commercial real estate investment fund formed by Miami-based Adler Group and New York-based Apollo Real Estate Advisors, has acquired Eastgate Business Center in Tampa. The 240,000 sq. ft. industrial property is more than 95% occupied and consists of three single-story buildings. Formed in January 1998 to acquire, develop and manage industrial and flex office properties in Florida, AP-Adler Investment Fund now owns 3.35 million sq. ft. of property.

Podolsky Northstar negotiates lease for Hunter Panels Represented by Westchester, Ill.-based Podolsky Northstar Realty Partners LLC, insulation panel manufacturer Hunter Panels LLC of Portland, Maine, has signed an $11.8 million long-term lease with Coolidge-Chicago Equities LLC.

In Hunter Panels' initial move into the Midwest, the company will lease 225,000 sq. ft. at 9201 Belmont in Franklin Park, Ill. Hunter Panels manufactures rigid foam insulating panels for commercial roofing.

Newport Beach, Calif.-based Cornerstone Ventures Inc. through its Koll Cornerstone II joint venture has acquired the La Palma Corporate Park in Anaheim, Calif., for $15.8 million. The 280,059 sq. ft., 20-year-old business park has 18 buildings ranging in size from 997 sq. ft. to 29,107 sq. ft. and is 94% leased. According James Camp, Koll Cornerstone II's managing partner, the long-term strategy for LaPalma is to sell the larger buildings within the park to small businesses.

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