PLANO, TEXAS — NewGate Development plans to open CityCentral, a coworking and executive office space in Plano, a northern suburb of Dallas. Located on Spring Creek Parkway west of the Dallas North Tollway, CityCentral totals 36,000 square feet of workspace, including a 12,000-square-foot creative collaboration center. The property is scheduled to open March 1.
LOS ANGELES — 4M Investment Corp. has purchased a 103,154-square-foot office building in the Los Angeles submarket of Universal City for an undisclosed sum. The Class A building is located at 3330 Cahuenga Blvd. The asset is 98 percent leased to tenants like Extreme Reach, Panasonic, EPS-Cineworks and Abominable Pictures. It was built in 1988. NGKF Capital Markets’ Kevin Shannon, Rob Hannan and Michael Moll represented the seller, Blackstone, in this transaction. The local market leasing team of Rob Erickson and Trevor Belden from Industry Partners also assisted in the deal.
FLOWER MOUND, TEXAS — Yeager Properties has been approved by The Town of Flower Mound to bring new office suites to the town, which is situated on the outskirts of Dallas. The designated location at 3611 Cross Timbers Road will feature roughly 40,000 square feet of office space capable of accommodating as many as 400 people. An additional plot of 8,665 square feet has been reserved as add-on space for two unnamed restaurants. Yeager, which already has a presence in Plano, Frisco and Allen, plans to deliver the new office space this November
PHILADELPHIA — Harrison Street Real Estate Capital has purchased two medical office buildings, located at 8001 and 8040 Roosevelt Blvd. in Philadelphia. An affiliate of George Comfort & Sons sold the properties, which total 86,000 square feet, for $17 million. The properties recently underwent renovations and were 94.7 percent leased at the time of sale. Thomas Jefferson University Hospital anchors the facilities. Ben Appel, Philip Mahler, Evan Kovac and Eric Anton of HFF represented the seller in the transaction.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.
ONTARIO, CALIF. — MGR Services has acquired Empire Towers I through IV, a four-building, 400,976-square-foot office campus in Ontario, for $78.5 million. The Class A campus is located at 3633 and 4141 Inland Empire Blvd. and 3800 and 4200 Concours St. The property is 88 percent leased to Liberty Mutual, Wells Fargo, City National Bank, Merrill Lynch and Allstate, among others. The property was built between 1991 and 2005. The common areas underwent a renovation between 2014 and 2016. David Milestone and Brett Green of NGKF Capital Markets secured acquisition financing on behalf of MGR Services, which represented itself in the transaction. The firm’s Kevin Shannon, Ken White, Michael Moore and Brunson Howard represented the seller, a joint venture between CIP Real Estate and Guggenheim Partners.
LISLE, ILL. — National Express has signed a new long-term lease for 54,000 square feet of office space at Navistar Headquarters Campus in Lisle, approximately 25 miles west of Chicago. The campus is located at 2601 Navistar Drive. National Express previously occupied office space at 4300 Weaver Parkway, and is expected to move into the new office in the second quarter of this year. Jon Springer and Gary Fazzio of CBRE represented the tenant in the transaction. John Musgjerd of Jones Lang LaSalle represented the landlord.
AURORA, ILL. — INEOS Styrolution has signed a long-term lease renewal for 22,000 square feet of office space at 4245 Meridian Parkway in Aurora. The global manufacturer of petrochemicals, specialty chemicals and oil products has occupied the first floor of the building since 2012. The Class A office property consists of 140,000 square feet and is owned by a private account advised by UBS Realty Investors LLC. Ryan Moen of Bradford Allen arranged the lease transaction on behalf of ownership. Hartford Fire Insurance Co. and Sedgwick Claims Management Service also maintain leases within the building.
ALEXANDRIA AND FAIRFAX, VA. — Bethesda, Md.-based First Potomac Realty Trust has sold Plaza 500, a 502,830-square-foot industrial property located at 6295 Edsall Road in Alexandria. Matan Cos. purchased the asset, which was 90.5 percent leased as of Sept. 30, 2016, for $75 million. First Potomac has also sold One Fair Oaks, a 214,214-square-foot office building located at 4114 Legato Road in Fairfax, for $13.7 million. CACI International, an information technology firm, fully occupied the property through the end of 2016. The buyer was an affiliate of Beacon Capital Partners, according to the Washington Business Journal.
FALLS CHURCH, VA. — Corporate Office Properties Trust (COPT), a publicly traded office REIT, has sold $53 million of suburban assets in Northern Virginia. The REIT sold a 190,500-square-foot office building located at 3120 Fairview Park Drive in Falls Church’s Merrifield submarket for $39 million. The asset was 87 percent leased as of Dec. 31, 2016. The company also sold 5.3 acres of land in northern Virginia for $14 million. COPT has an additional $10 million of asset sales under contract and between $37 million to $47 million in contract negotiations, all of which are expected to close during 2017.