VALLEY VIEW, OHIO — A partnership has acquired a 17,500-square-foot mixed-use property located at 5345 Canal Road in Valley View, a suburb of Cleveland. A financial institution sold the asset for $610,000. At the time of closing, the property was more than 90 percent occupied. James McHale of Marcus & Millichap’s Cleveland office represented both parties in the transaction.
COLUMBUS, GA. — Blue Cross and Blue Shield of Georgia (BCBSGa), Georgia’s largest health solutions company, has opened its new office building in the Muscogee Technology Park in Columbus. The new 235,000-square-foot facility will house approximately 1,500 employees and will be BCBSGa’s main hub for servicing its nearly 3 million members. The new three-story facility will replace an existing property that BCBSGa has owned since 1958 and a smaller leased facility in the Muscogee Technology Park. The new property brings together the largest collection of BCBSGa employees of any single location in Georgia. The building has two wings connected by an atrium and features an outdoor patio, fitness center and a 1.2-mile walking path. Public partners on this project included Columbus Consolidated Government, the Development Authority of Columbus and the Greater Columbus Chamber of Commerce. The development team includes developer The Molasky Group, general contractor Batson-Cook Construction and architect Hecht Burdeshaw Architects. More than 150 construction workers were employed at the peak of construction, the vast majority of which through subcontractors from the Columbus area and the state of Georgia.
THE WOODLANDS, TEXAS — NorthStar Midstream, a midstream crude and natural gas service, storage and transportation company, has relocated its corporate headquarters from Minneapolis to The Woodlands, a northern suburb of Houston. The new office occupies 7,500 square feet on the top floor of Parkwood I, an office complex at 10077 Grogan’s Mill Road. Terms of the lease were not disclosed. Rob Banzhaf, managing principal of Newcor Commercial Real Estate, represented NorthStar in the office lease transaction. Lisa Hughes with The J Beard Company represented the landlord, Parkwood Holdings.
LOS ANGELES — The Herald Examiner Building in downtown Los Angeles will soon undergo redevelopment. to turn the historic space into a mix of creative office space, retail and restaurants. The Herald Examiner Building was originally constructed in 1914 between South Park and the Broadway Corridor. The two-story lobby will also undergo a restoration as part of the renovation. The Georgetown Company has partnered with the Hearst Corporation on this project. The Herald Examiner Building was initially designed by Julia Morgan, the same architect who designed Hearst Castle. Carl Muhlstein of Jones Lang LaSalle will lead the leasing efforts.
LOS ANGELES — Newmark Grubb Knight Frank has arranged a $27 million loan for a 151,013-square-foot office building in downtown Los Angeles. The Class A building is located at 626 Wilshire Blvd. The property features ground-floor retail atop two below-grade parking levels. It was originally built in 1966 as the headquarters for State Mutual Savings & Loan, one of Southern California’s leading financial institutions at the time. The borrowers, Barker Pacific Group and Golden Boy Enterprises, will use these funds to retire existing debt. The financing will also be used for property upgrades. Jordan Roeschlaub, Daniel Fromm and Scott Selke of NGKF Capital Markets team arranged and restructured the loan.
DENVER — Laramie Energy Company has subleased 19,592 square feet of office space in downtown Denver. The space is located at the former offices of Pioneer Natural Resources Company in the Lower Downtown (LoDo) district. The address is 1401 17th St. Laramie Energy has outgrown its space at nearby Writer Square. CBRE’s Greg Holm represented the natural gas exploration and production company.
HAMILTON, N.J. — Colliers International has arranged the sale of a property located at 1670 White Horse-Mercerville Road in Hamilton to Babe Ruth League Inc., a non-profit educational, baseball organization. The stand-alone property features 8,500 square feet of office space, including a showroom of Babe Ruth memorabilia, and a 1,500-square-foot warehouse. The national organization plans to relocate its headquarters to the property from its former location at 1770 Brunswick Pike in Lawrence, N.J. Vinny Di Meglio and Thomas Romano of Colliers represented Babe Ruth League in the $712,000 transaction. The seller was Hamilton Park Associates LP.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a former urgent care facility, located at 5378 Plainfield Ave. in Grand Rapids. Dr. Russ Curtis acquired the 5,000-square-foot facility from Spectrum Health for an undisclosed price. A portion of the facility has been renovated to serve as Northview Eye Care, while the remainder is available for lease. Doug Taatjes and Hillary Taatjes-Woznick represented the seller and buyer in the transaction.
TAMPA, FLA. — CBRE has arranged the $111 million sale of a portfolio of five Class A office properties within Highland Oaks office park in Tampa. The properties total 575,852 square feet and include Highland Oaks I, Highland Oaks II, Highland Oaks III, Highland Oaks IV and Highland Oaks V. Located off of I-75 one exit south of the I-4 interchange, Highland Oaks comprises eight office buildings totaling 1 million square feet and a 150-room Hilton Garden Inn hotel. The other three office properties in Highland Oaks are owned by J.P. Morgan Chase. Originally developed by Duke Realty between 1999 and 2008, the portfolio was 96 percent leased at the time of sale to 46 tenants, including Cognizant, McDonald’s, Mosaic, ConAgra, J.M. Smucker Co., First American Title and John Deere. Dale Peterson, Christian Lee, Amy Julian, Charles Foschini, Jose Lobon and Chris Apone of CBRE represented the undisclosed seller in the transaction. The buyer was undisclosed, but industry sources are saying Prudential Real Estate Investors acquired the portfolio.
WASHINGTON, D.C. — HFF has arranged a $66.8 million acquisition loan for 11 Dupont Circle, a 155,713-square-foot office building located in Washington, D.C.’s Dupont Circle neighborhood. Sue Carras and Dan McIntyre of HFF led the debt placement team in securing the 15-year, fixed-rate loan on behalf of the borrower, First Potomac Realty Trust. The loan was placed through an insurance company advised by an affiliate of Walton Street Real Estate Debt in conjunction with KeyBank Real Estate Capital. Renovated in 2004, 11 Dupont Circle was 96 percent leased at the time of financing.
