Larger Lease Inked After $32M Sale

ONTARIO, CA—3M Co. has sold a 270,890-square-foot industrial building and 42 acres of land here to an unnamed buyer for $31.9 million. As part of the transaction, the firm signed a 10-year lease on a 454,877-square-foot distribution facility soon to be constructed on a nearby vacant parcel. 3M’s Doyle Shea led the project team for the sale and subsequent lease, represented by Cresa Phoenix advisors Gary Gregg, Mike Gordon, Ashley Snyder and Eric Walker. Sam Foster of JLL also participated in the transaction, and David Nazaryk of the Trammell Crow Co. will handle development of the new distribution facility, which breaks ground July 22 and is expected to be delivered on May 1, 2015.

SAN DIEGO—Locally based Trigild, as court-appointed liquidating trustee, has completed the sales of 37 strip centers and two single-story offices totaling 600,000 square feet for more than $42 million. The properties—located in 33 cities in states including Iowa, Colorado, Illinois, Michigan, Louisiana, Wisconsin and Indiana—were owned by developer Coldwater Portfolio Partners LLC. Trigild took the portfolio to market in February 2014. Five buyers were involved in five separate transactions, with the overall sales prices representing a 21% improvement over the initial bid considered in the borrower’s proposed bankruptcy plan. The firm worked with Houston -based brokerage firm Allied Advisors on the dispositions. The buyers included Michigan-based Schostak Brothers, a retail-focused investment/development group which acquired 23 properties in 16 states; Indiana-based Great Lakes Capital, which acquired 11 properties across Indiana and Michigan; and Jared Enterprises, which acquired two properties in Missouri. At the time of the sale the portfolio, with properties ranging from 9,000 to 37,000 square feet, was 75% leased. Most are shadow anchored by a Walmart Super Store and include such tenants as Dollar Tree, GameStop and Radio Shack.  Coldwater had tapped Trigild to take over day-to-day operations—including lease administration and maintenanc eoperations—in June of 2013.