Corfac News

CORFAC Affiliates from around the world have competed some great transactions this year, and we’ve highlighted them in press releases throughout the year.  Take a minute to read about a some of the deals North American deals we completed in 2013.  Read all CORFAC Press Releases on our website: http://www.corfac.com/corfac-advantage-news.cfm?

Cincinnati, OH: Joe Kramer of Henkle Schueler/CORFAC International represented Bunnell Hill Development in the sale of 10.6 acres to Western States. The property sold for $5.5 million and is located on Commerce Center Drive in Fairfield Commerce Center, Fairfield, OH. The seller’s associated company, Bunnell Hill Construction, is building a 76,000-square-foot industrial building for the new owner.

Cleveland, OH: James E. Klements, SIOR, CPA and Denise W. Hahn of Weber Wood Medinger/CORFAC International completed a 46,676-square-foot office lease on behalf of the Revenue Group. Revenue Group nearly tripled their space at 4780 Hinckley Industrial Parkway, Cleveland, Ohio. They signed a 15-year lease of the first and second office floors of the 140,000-square-foot office building.

Dallas, TX: Joe Santaularia and Brock Wilson of Bradford Commercial Real Estate Services/CORFAC International represented Michigan-based Duro-Last Inc. in an 89,430-square-foot distribution center lease in Denton County to serve the Central U.S. Duro-Last, a major commercial roofing manufacturer, selected the North Texas site over competing industrial markets statewide. The company’s new facility is a Duke Realty Corp. property located at 2940 Eisenhower Street in Carrollton.

Ft. Wayne, IN: Zacher Co./CORFAC International represented Costco Wholesale Corp. in the purchase of 15.3 acres on the northwest corner of Lima and Progress roads. Steven Zacher, SIOR, CCIM and Fletcher Moppert of Zacher Co./CORFAC International represented Costco in the purchase from seller Menard Inc.

Irvine, CA: Kevin Turner, Michael Hartel and Angela Watford of Voit Real Estate Services/CORFAC International’s Irvine office successfully directed the sale of seven professional and medical office condominium buildings at Corona Corporate Centre totaling $18.6 million and 127,827 square-feet on behalf of the seller, Optimus Building Corporation. Twenty separate buyers, which included medical, dental and cosmetic specialists and professional office users, purchased the cold-shell units. The property is located at 2045-2097 Compton Avenue in Corona.

Jacksonville, FL: Don Ossey, SIOR and Robbie McEachern of Portland OR-based Capacity Commercial Group/CORFAC International referred their client, Tucker Rocky Distribution, to Jacksonville FL-based Jeff Graham, SIOR, with King Industrial Realty of Florida/CORFAC International, who negotiated a long-term, 190,402-square-foot lease on behalf of Tucker Rocky in an industrial building at 8700 Jesse B. Smith Court, Jacksonville. Patillo Industrial Real Estate owns the property and also provided a 72,691-square-foot temporary expansion space within Westside Industrial Park to accommodate Tucker Rocky’s immediate growth, making the total leased space for the transaction 263,093 square feet. It is the largest industrial lease so far this year in Jacksonsville, according to Graham.

Little Rock, AR: Johnny Mitchum, MBA of Rector Phillips Morse/CORFAC International was the sole broker involved in the sale of East Side Lofts (apartments) located at 1401 Scott Street, Little Rock, Arkansas. Bank of America, which acquired the 41-unit apartment building in a foreclosure action, sold the property to Mark Brown and Jill Judy.

Memphis, TN: One of the country’s biggest third-party logistics companies leased approximately 500,000 square feet of industrial space in Memphis that was valued at more than $6.8 million. The lease was completed by Treat Macdonald, SIOR of Memphis-based Crump Commercial LLC/CORFAC International and referred by Steven Podolsky, SIOR of Podolsky|Circle CORFAC International in Chicago and David Saltzman of Lee & Associates in New Jersey. Since 2005 the two CORFAC firms and Saltzman have completed six transactions totaling 2,310,514 million square feet on this client’s behalf in Tennessee and Mississippi.

Merrimack, NH: James Stubblebine of the Stubblebine Company/CORFAC International based in Boston, MA, completed a 53,000-square-foot lease encompassing office and engineering lab space for DRS Technologies Inc. That transaction was referred by Jeffrey Garibaldi of The Garibaldi Group/CORFAC International based in Chatham, NJ.

Minneapolis, MN: Lou Suski and John Chirhart of Minneapolis-based Gaughan Companies/CORFAC International represented Westmor Fluid Solutions LLC in the purchase of 12.1 acres of land on West Freeway Drive in Columbus, MN. Westmor bought the land for a new 40,000-square-foot build-to-suit, industrial/flex facility from landlord MFC Investments LLC. The deal includes two-acres for outside storage and expansion capacity up to 80,000 square feet in the next five years. Westmor currently occupies approximately 42,240 square feet in Fridley MN and plans to relocate when its new facility is ready next year.

Northern NJ: In another transaction involving The Garibaldi Group/CORFAC International, Howard E. Greenberg, SIOR of Howard Properties, Ltd./CORFAC International based in White Plains, NY, co-represented his client, Cervalis LLC with Jim Garibaldi and Mike Witko of The Garibaldi Group. They represented the data center operator in the lease of 28,130 square feet of office/flex space in a building owned by Mack-Cali Realty Corp.

Phoenix, AZ: Commercial Properties Inc./CORFAC International represented Westwind Holdings, LLC in the $7.1 million sale of a 53,823-square-foot office building to Tierra Properties, LLC. The building is located at 6402 E. Superstition Springs Blvd. in Mesa, AZ. Ken Elmer represented the seller and has been retained by the new owner to market available space in the building and manage leasing.

Phoenix, AZ: Josh Gosnell and Trent Rustan of Tempe-based Commercial Properties/CORFAC International represented Scale Racing Sports LLC in a 94,500-square-foot lease in the former Big K-Mart at the Greenway Shopping Center in northwest Phoenix. In January next year Scale Racing Sports plans to open a HobbyTown USA flagship store at 3401 W. Greenway Road. The entertainment business features indoor electric kart racing and remote control track racing plus a retail store within the facility. With over 150 franchised stores throughout the United States, HobbyTown USA is known as the world’s largest retail hobby chain. Gosnell and Rustan represent the company in Arizona, Nevada, Colorado and Texas as HobbyTown looks to expand into new markets.

Richmond, VA: Cliff Porter, SIOR, CCIM of Richmond-based Porter Realty Company/CORFAC International represented Foribus LLC in the $2,476,750 acquisition of an 181,000-square-foot industrial building located at 5640 Lewis Road in Henrico County. The seller was Rock-Tenn CP LLC.

Sacramento, CA: John Gallagher, CCIM, CPM of TRI Commercial/CORFAC International represented both the seller and the buyer in the sale of Austin Creek Apartments at 55 Valle Vista Avenue, Vallejo, California.  Austin Creek Apartments L.P. sold the 156 unit building for $15.35 million at a capitalization rate of 6.5% to DE Village Austin Creek, LLC.

Seattle, WA: Brian Bruininks, CCIM and Jeff Crane of The Andover Co./CORFAC International represented building owners Clarion Partners/LIT Industrial LP in a long-term lease of 93,974 square feet of industrial/distribution space to truck design and manufacturing company Paccar Inc. at 650 Milwaukee Avenue North in Algona, WA.

St. Louis, MO: Vince Bajardi, CCIM, and Jake Corrigan of St. Louis-based Sansone Group/CORFAC International completed the investment sale of 13333 Lakefront, an 189,555-square-foot flagship industrial building in Earth City, MO. They represented TA Associates Realty in the disposition of this Class A asset to private investor Big Sky Properties. The building was 78 percent leased at the time of sale and sold at a 6.15 percent Cap Rate on existing income.

Torrance, CA: Courtney Bell and Matt Stringfellow of The Klabin Company/CORFAC International represented property owner L&B Realty Advisors, LLP in a lease renewal and extension.  MK Diamond Products, Inc., a worldwide leader in the manufacturing of precision diamond blades, signed an 82-month lease extension for 51,286 square feet and valued at $2.8 million. The property is located in a two-building industrial complex at 1315 Storm Parkway and 22815 Frampton Ave in Torrance, CA.

Washington, DC: Bryan Gray, with Donohoe Real Estate Services/CORFAC International co-represented the investment trading platform, Scottrade, in a 1,945-square-foot retail lease in Woodbridge VA, a Washington suburb that is approximately 20 miles south of the capital. The deal was referred by Scott Savacool, SIOR, CCIM, with Sansone Group/CORFAC International based in St. Louis, MO. In 2013, Savacool has completed 12 Scottrade leases in multiple U.S. cities with other CORFAC brokers.

Wilmington, DE: J. Gregory Ellis, CCIM and Rich Dudek of Patterson-Woods Commercial Properties/CORFAC International were the only brokers involved in the sale of 913 North Market Street in Wilmington, a 12-story, downtown Wilmington office building for slightly more than $1.7 million that was co-listed nationally with Auction.com. The building has approximately 72,000 rentable square feet and was 60 percent occupied at the time of sale. The seller was Delaware Offices, a Wilmington-based property investment and management firm. The buyer was 913 Market LLC, an entity of Sky Management Services, LLC.