Big relocation deals are always tricky. For Stream Realty Partners, winning a manufacturing, distribution, and headquarters project for Farmer Bros. Co. came with plenty of complications.
Stream first bid on the deal in 2014. At the time, it had 60 acres under contract for a spec industrial park in Northlake. Farmer Bros., a coffee manufacturer based in Torrance, Calif., went quiet for several months, so Stream moved forward with its spec development plans.
Then the opportunity resurfaced. Stream was able to lock down another 30 acres nearby and win the project, but there was a catch: Farmer Bros. wanted to sell its property in California and use the proceeds to acquire its new home through a 1031-exchange. So, Stream had to bring in a third-party financial intermediary to fund development.
The project will create up to 400 jobs in Northlake. Gary Lindsey and Terry Reitz of Newmark Grubb Knight Frank represented Farmer Bros. in its search. Cannon Green, Bob Hagewood, and Albert Jarrell are leading the development team for Stream.
Shippers Warehouse, for its 589,362-square-foot facility in Hutchins. One of the largest build-to-suits in the region this year, it was brokered by Al Leon and Larry Leon of Logistics Realty, and developed by Duke Realty on a site it acquired from Prime Rail Interests.
Southport Logistics Park, for its new industrial development in Wilmer. A joint venture between Port Logistics Realty and Diamond Realty Investments, the two-building first phase of this park totals 1.5 million square feet.
By: Christine Perez
SOURCE: D Real Estate Daily
Photo Credit: DCEO