DALLAS — Lee & Associates has negotiated the sale of a 10,500-square-foot office/retail building located at 1528 Slocum St. in Dallas. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Tatum Brown Custom Homes. Doug Molny with Jim Lake Cos. represented the seller, Mark Modares.
STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a seven-year office lease in Sterling Heights, approximately 25 miles north of Detroit, for CoreSource, a third-party administrator of employee benefits programs. CoreSource will occupy space at the 24,700-square-foot Liberty Professional Center, located at 35601 Mound Road. Al Iafrate of L. Mason Capitani represented the landlord in the transaction.
NORWOOD, MASS. — Hilco Global has acquired an office building located at 825 University Ave. in Norwood from KBS Realty Advisors/KBS Capital Markets Group for $26 million. The 169,000-square-foot Class A building is fully occupied by Xcerra and operates as Illinois Tool Works’ R&D production space. Camille Renshaw of Stan Johnson Co. brokered the transaction.
NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.
SAN DIEGO — The San Diego Port Authority Commission has selected a $1.2 billion project proposal to transform 70 acres of downtown San Diego’s waterfront. ThrillCorp Inc. will develop a 480-foot observation tower, to be known as SkySpire, which will anchor the development. ThrillCorp is a partner in a consortium called 1HWY1, which is led by Protea Waterfront Development. In addition to the SkySpire, the $1.2 billion redevelopment proposal includes the 178,500-square-foot OdySea aquarium, bayfront beaches, three hotels totaling 1,077 rooms, marinas, more than 388,000 square feet of retail, 19,100 square feet of offices, dining and other entertainment. The winning proposal was one of 11 submitted for the site. The Port Authority and Protea Waterfront Development are expected to complete final review of the proposal by October, beginning the development process immediately afterward. “I believe this site is unquestionably one of the best waterfront sites in the United States,” says Yehudi Gaffen, spokesman for Protea Waterfront Development. “When completed, this will redefine experiential urban, mixed-use development and make San Diego a truly world class city.” The San Diego Unified Port District approved the development following a 6-1 vote. Construction is scheduled to begin in 2020 for completion in 2023, according to BisNow. …
CAMDEN, N.J. — Liberty Property Trust has signed an agreement with American Water to develop the company’s new corporate headquarters at One Water Street in Camden. The project is the inaugural commercial development at Liberty’s The Camden Waterfront, a 20-acre, $1 billion mixed-use development master planned by Robert A.M. Stern Architects. Designed to achieve LEED Platinum certification, the five-story One Water Street will feature 222,376 square feet of office space. Construction of the building and an adjacent parking garage is slated to begin this fall subject to the completion of Liberty’s due diligence, and acquisition of the site. The new building is expected to be completed in the second half of 2018.
WHITE PLAINS, N.Y. — Rand Commercial has arranged the sale of an office building located at 10 County Center in White Plains. Ascot Properties NYC sold the 208,000-square-foot building to Bajraktari Realty Management Corp. for $9.2 million. Paul Adler, Ann Silver and Nick Spano of Rand Commercial represented the seller and buyer in the deal.
PEABODY, MASS. — Fantini & Gorga has arranged $7.5 million in permanent financing for two office buildings located at 100 and 200 Corporate Place in Peabody. Derek Coulombe and Jason Cunnane of Fantini & Gorga secured the financing for the undisclosed borrower through a regional bank. Built in 1984, the five-story building at 100 Corporate Place features 46,000 square feet, and the 48,000-square-foot building at 200 Corporate Place was built in 1983.
HOUSTON — A year after first announcing long-term plans for the redevelopment of the former ExxonMobil Chemical headquarters campus in Houston, Third Palm Capital is repurposing existing buildings on the 35-acre energy corridor site. The planned mixed-use district is located at 13501 Katy Freeway and is being renamed Republic Square. Houston-based Boxer Property has been awarded the leasing and management assignment. Preparations are underway to open Republic Square’s grounds with a central lake. Existing amenities include The Event Center at Republic Square, a 20,000-square-foot event and conference facility, plus Republic Square I, a three-story, 320,000-square-foot office building. Improvements include increasing visibility and accessibility off I-10 and Memorial Drive, adding a surface parking lot along Memorial and landscaping.
ORLANDO, FLA. — CBRE has brokered the $49.8 million sale of a three-property portfolio totaling 271,192 square feet of office space within Central Florida Research Park in Orlando. City Office REIT purchased the assets from DRA Advisors. Situated adjacent to the University of Central Florida, the properties include Research Commons at 12249 Science Drive; Technology Park I and II at 3045-3051 Technology Parkway; and University Tech Center at 12501-12565 Research Parkway. The 1,027-acre Central Florida Research Park is the largest research and technology development park in Florida and the fourth largest in the nation. Ron Rogg and Chip Wooten of CBRE brokered the transaction.