Corfac News

CORFAC International 2014 President Robert Tillsley, SIOR, announced seven of the commercial real estate network’s top transactions that closed prior to the end of 2013.

Detroit, MI: Jason Capitani, SIOR, CCIM and Garry Rogers of Troy-based L. Mason Capitani/CORFAC International represented the buyer of a 438,860-square-foot free-standing industrial building in Warren, MI. In a major expansion, Isabella Ventures LLC purchased the property, located at 21439-21445 Hoover Road, from AIC Ventures LP for an undisclosed price. Isabella Ventures had previously occupied approximately 130,000 square feet in Auburn Hills and Pontiac, MI.

Seattle, WA: Brian Bruininks, CCIM, and Dave Baumer of Seattle-based The Andover Co./CORFAC International represented building owner Morgan Stanley Real Estate in the lease of 135,300 square feet to Coast Aluminum and Architectural, Inc. The industrial building is located at 18805 80th Place South, Kent, WA.

Atlanta, GA: Alan Joel, CCIM and Dan Granot, SIOR, of Atlanta-based Joel and Granot Real Estate/CORFAC International represented the buyer, SCP Acquisitions, LLC, D/B/A South City Partners in the acquisition of 5.17 acres of land from City Shopping Center, Inc. for $5 million. The property is located at the corner of 10th Avenue and 15th St., Tuscaloosa, AL. South City Partners plans to build student housing on the site.

Chicago, IL: In a two-state transaction between a private equity fund and a private investment LLC that involved three properties, Steve Podolsky, SIOR, Randy Podolsky, SIOR, Alissa Adler and Adam Tarantur, CCIM, of Chicago-based Podolsky|Circle CORFAC International were the only brokers/advisors involved in an investment sale and leaseback of the properties. The assets, which total approximately 243,000 square feet of industrial facilities, are located in Bensenville IL and Valparaiso and Elkhart IN.

Milwaukee, WI: Samuel M. Dickman Jr. and Samuel D. Dickman of Milwaukee-based The Dickman Company/CORFAC International represented building owner CJF2 LLC in a 58,500-square-foot lease to FedEx Ground Package System Inc. The industrial property is located at 5110 S. 6th Street in Milwaukee.

London, England: Julian Hind with London, U.K.-based Farebrother/CORFAC International represented building owner Rockspring UK Value Southwark Street (Jersey) Ltd. in a 14,591-square-foot office lease to Zoopla, a U.K. residential property-search company. Zoopla leased the second and third floors of The Harlequin Building located at 65 Southwark Street in London’s South Bank area near Blackfriars Bridge and Tate Modern Gallery. South Bank is one of the top performing submarkets in London and an area that 20 years ago was mostly older Victorian warehouses, under-utilized wharfs and desolate walkways. The submarket has since been brought back to life and noted for its mixed use of occupants, including commercial, residential, retail and shops. Monthly rent is £41.00 per-square-foot (approximately $67.24 USD), making the total lease consideration for the 10-year deal slightly more than $9.8 million USD, or £5.98 million in local currency.

Roseville, CA: Bob King, CCIM, with TRI Commercial/CORFAC International was the only broker involved in the sale of an El Dorado Hills, (Sacramento) corporate, absolute triple-net leased Jack-in-the-Box (at 1023 Saratoga Way) for nearly the asking price of $2.4 million. The Tse Trusts acquired the property from The Crisp Trust.