CHANDLER, ARIZ. — CSW Land Co Riggs has purchased a 25,234-square-foot office and warehouse property in Chandler for $3.1 million. The asset is located at 11237 E. Riggs Road. It was formerly home to telecommunications contractor Stewart Electric & Communications. CSW Contractors plans to relocate to the space. CBRE’s John Werstler represented the buyer. Gail Brown of GPE represented Stewart Electric.
STAFFORD, TEXAS — Dallas-based StreetLevel Investments and joint venture partner Provident Realty Advisors have purchased 192 acres in Stafford, including the former Texas Instruments (TI) campus. The firms plan to create a mixed-use development at the site that will feature 350,000 square feet of destination retail space, 2,400 residential units, Class A office space, two hotels, a health club, entertainment and green space in a walkable urban center. The finished product will include parking garages as well as street parking. Portions of the original TI buildings will be preserved and repurposed. Houston-based Gensler and TBG are project consultants. The first phase of the $500 million, multi-phase project is slated to open summer 2017.
IRVING, TEXAS — Transwestern has represented MultiView Inc. in a 109,610-square-foot lease renewal for the digital marketing company’s corporate headquarters at One Panorama Center, located at 7701 Las Colinas Ridge in Irving. Transwestern’s John Fulton represented MultiView in the transaction, while Duane Henley and Nathan Durham, also of Transwestern, represented the building owner, Regent Properties. One Panorama Center is an eight-story, Class A office tower. The property is 10 minutes from Dallas/Fort Worth International Airport and near MacArthur Boulevard. Regent acquired the property in October 2014 and has implemented interior and exterior improvements since the purchase.
CHARLOTTE, N.C. — TIER REIT, a Dallas-based REIT, has invested $20 million to renovate Bank of America Plaza, a 40-story, Class A office tower located at the intersection of Trade and Tryon streets in Charlotte. The 891,000-square-foot tower is 92 percent leased to tenants such as Bank of America, Alston & Bird, Shumaker Loop & Kendrick and SCOR Global Life Americas. The renovation includes expanding and renovating the main building lobby and adding close to 20,000 square feet of street-level retail space. The design team includes Charlotte-based architect Redline Design Group, project manager Tracy Haynie of Trinity Partners and general contractor Rodgers Builders. Rhea Greene of Trinity Partners handles leasing for the office tower, and Mike Lucier of CBRE handles leasing for the tower’s retail portion.
CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $7.4 million sale of the Accenture Credit Services Building, a 60,447-square-foot, single-tenant office building in Charlotte. The single-story office building is located at 8336 Forest Point Blvd. within the Forest Park mixed-use development. Rob Cochran and Jared Londry of Cushman & Wakefield’s Charlotte-based capital markets group represented the undisclosed seller in the transaction. The buyer was a private investor.
MIDDLETON, WIS. — Walker & Dunlop Inc. has completed a $32.3 million refinancing loan for an office property in Middleton, approximately six miles west of Madison. Spectrum Brands, a global consumer products company that includes brands such as George Foreman and Black + Decker, is using the capital to refinance the construction loan for its headquarters, which was built in 2013. The 222,000-square-foot building is four stories. The loan was structured with a five-year term, a 79 percent loan-to-value and a debt service coverage ratio of 1.44.
NORTHBROOK, ILL. — Foresite Realty Partners LLC has brokered the sale of a six-building office complex in Northbrook, approximately 25 miles northwest of Chicago, for an undisclosed price. Northbrook Court Professional Plaza, located at 1535 Lake Cook Road, totals 74,040 square feet and was constructed between 1979 and 1981. A mix of medical and professional office tenants occupy the buildings. The buyer was a Midwest value-add office investment company, and the seller was undisclosed. Ryan Nelson and Greg Nieder of Forsite Realty represented the seller in the transaction.
HOUSTON — Houston Medical Records has renewed 8,742 square feet of office space at the Norfolk Tower building located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, The Realty Associates Fund IX. Travis Taylor with Lee & Associates represented the tenant in negotiations.
MIAMI — Burger King will move its corporate headquarters to a new build-to-suit office project in Miami. The fast-food giant will be the sole occupant of a 150,000-square-foot, Class A office building located on a five-acre lot at 5707 Blue Lagoon Drive in Miami’s Airport West office submarket. The building will be situated within the Waterford at Blue Lagoon office park. The Hogan Group will develop the standalone office building to include panoramic views and several employee amenities. The five-story office building will also feature a parking deck for employee parking. The Tampa-based developer expects to wrap up construction by the third quarter of 2018. Patrick Duffy and Jon Bourbeau of Newmark Grubb Knight Frank represented Burger King in the build-to-suit lease deal. Duffy and Bourbeau negotiated lease terms with Stephen Smith of The Hogan Group.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an office building located at 9 DeKalb Ave. in downtown Brooklyn. JDS Development and The Chetrit Group acquired the 70,000-square-foot landmark property, which was delivered vacant, for $90 million in an all-cash transaction. The five-story property, which previously operated as a bank with offices on the upper floors, features 315,000 square feet of transferrable development rights. The air rights can be put to use at a neighboring development site or used to build out the maximum envelope of the property to 450,000 square feet. Bob Knakal, James Nelson and Stephen Palmese of Cushman & Wakefield handled the transaction. The name of the seller was not released.
