Industrial News

Hines' affiliate sells 26-property portfolio to Industrial Interests Texas Industrial Real Estate Inc. LLC, an affiliate of Houston-based Hines, has sold a 26-property industrial and commercial portfolio to Industrial Interests LLC, an affiliate of The National Realty Group Inc. The approximately 1.4 million sq. ft. portfolio is primarily located in Houston, with additional properties in Oklahoma City, Okla., and Jacksonville, Fla.

Financing was provided through Charles S. Keever of American Bank. Hines was represented by Holliday, Fenoglio, Dockerty and Gibson, while the buyer was represented by First Houston Properties Inc.

CenterPoint increases industrial portfolio by 1.9 million sq. ft. In May, Chicago-based CenterPoint Properties added 1.9 million sq. ft. of acquisitions, build-to-suits and redevelopments, all located in Illinois, to its industrial portfolio.

The largest addition to the portfolio was an approximately 1 million sq. ft., multitenant distribution complex in Aurora, which was acquired from British Tire and Rubber.

CenterPoint has increased its total industrial portfolio by 15%, or 2.7 million sq. ft., thus far in 1997.

Downtown Los Angeles launches first industrial park Development has begun on the first phase of the 20-acre Alameda Trade Center, downtown Los Angeles' first industrial park and first Foreign Trade Zone. Lowe Enterprises of Los Angeles is the developer and owner of the project.

Prudential sells portfolio to Meridian, invests $140 million In separate agreements, The Prudential Insurance Co. of America, based in Parsippany, N.J., has agreed to sell more than 5 million sq. ft. of industrial properties plus development sites to Meridian Industrial Trust Inc., and it will purchase $140 million of Meridian's common stock.

The stock investment will be made from Prudential's General Account investment portfolio on behalf of its policy holders and its institutional client portfolios managed by Prudential Real Estate Investors. Prudential Securities acted as adviser for the General Account on this transaction.

The portfolio of 57 buildings in seven markets and development sites in Illinois, Michigan and Southern California is expected to be sold to Meridian before the end of the third quarter. The stock purchase will occur at approximately the same time.

Arthur J. Rogers completes three suburban Chicago transactions Arthur J. Rogers & Co., Des Plaines, Ill., represented Crestwood Industries in the purchase of an industrial site at 1339 Wilhelm Drive in Mundelein, Ill. A 14,000 sq. ft. build-to-suit facility will be the new home for the plastic injection molding company.

In Schaumburg, Arthur J. Rogers represented the owners in Meadows Office Supply's purchase of a 5,000 sq. ft. building.

And in Arlington Heights, Arthur J. Rogers represented ARC Communications in a lease for a 2,037 sq. ft. facility.

IDI designs new corporate headquarters, creates a warehouse in the sky Trying to relate the company's business to its new headquarters, Atlanta-based Industrial Development International Inc.'s President and CEO Greg Gregory, with designer Hendrick Associates of Atlanta, transformed a 23,000 sq. ft. space on the 15th floor of Atlanta's Monarch Tower into IDI's "warehouse in the sky."

Gregory wanted to play an important role in designing his company's new headquarters. He told NREI while touring the new office that he had three goals in mind while designing the space: 1) to create better and more open communications, 2) to allow everyone to "share in the light" and 3) to reflect what the company does.

Upon entering the office, it is clear that these goals were achieved. Concrete floors, exposed sprinkler pipes and ductwork and warehouse-sized rolling doors of glass and galvanized steel clearly express the look of an industrial company. And workers on the inside are not left out of the light because the only partitions between the windows and interior desks are made of glass. Workstations include desks in a series of curves, allowing easy communication between neighbors.

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