SUGAR LAND, TEXAS — Planned Community Developers has acquired a five-acre lakefront site in Sugar Land for the development of a Class A office building with structured parking and a planned 134-room hotel. The site is within walking distance of dining, shopping, residential and medical properties, including Whole Foods Market, 14 restaurants, Lifetime Fitness and 320 town homes, patio homes and lifestyle garden homes.
COCONUT GROVE, FLA. — Marcus & Millichap has brokered the sale of two office buildings in Coconut Grove: Bayview Executive Plaza and Continental Plaza. The total sales price for the two assets is $42 million. Located at 3225 Aviation Ave., the 57,155-square-foot Bayview Executive Plaza has a tenant roster including Femwell Group Health Inc., Wolfberg Alvarez & Partners and Pinchasik Yelen Muskat Stein LLC. Located at 3250 Mary St., the 80,380-square-foot Continental Plaza is leased to tenants such as The Downs Law Group and HealthSun Health Plans Inc. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the undisclosed seller and procured the buyer, Allegra Holding.
ANDOVER, MASS. — Vantage Builders Inc. has completed a 23,000-square-foot renovation for Casa Systems Inc.’s headquarters at 100 Old River Road in Andover. The renovation project include the redevelopment of the second and third floors of the building to allow Casa to expand its footprint from the first floor. Designed by McGuinness Group, the new space features 22 offices, room for 97 workstations, four conference rooms, a 16-person boardroom and a 60-person presentation room that doubles as a lunchroom. The building now features an open area, high-end millwork, translucent partitions and a glass staircase connecting the second and third floors. Union Office Interiors furnished the finished space.
LOS ANGELES – Getty Images has renewed its lease for 22,557 square feet of office space in Los Angeles. The space is located at 6300 Wilshire Blvd. The still imagery, footage and music provider has leased this Class A space since 2005. Getty was represented by Josh Gorin of Savills Studley. The landlord, Legacy Partners, was represented by CBRE’s Joel Frank.
DALLAS — Law firm Strasburger & Price LLP will renew its lease at the Bank of America Plaza in downtown Dallas. Jim Graham and Travis Ewert of Colliers International represented Strasburger in the transaction, while Joel Pustmueller and Sarah Hinkley of Peloton Commercial Real Estate were the landlord representatives. Strasburger was one of the original tenants in the Bank of America Tower when it opened in 1985. Strasburger will move from floors 43, 44 and 45 and will now occupy roughly 66,000 square feet on floors 60 and 61 along with a portion of floor 62. Strasburger is expecting to move into its new space in 2016. Noel Ragin and Carolyn Norman of Colliers affiliate Charter Acquisitions will be handling the project management for the company’s office renovation.
BRIDGEWATER, N.J. — Hollister Construction Services has completed the interior fit-out of a 38,000-square-foot medical office facility, located at 10 Finderne Ave. in Bridgewater, for Insmed Inc. The project involved the renovation of the existing office space, including the full interior demolition and re-construction of three floors, as well as the construction of 3,700 square feet of laboratory space on the third floor and a two-story, standalone mezzanine through the center of the building. The lower section of the mezzanine now features a meeting room with a flat-screen television and game center, including a shuffleboard table, and the middle level features a Tiki hut with a kitchenette, a peanut-shaped island and sitting areas. The project team included Alliances Architecture and AKF Engineers.
TORRANCE, CALIF. — Stream Realty Acquisition has purchased Pacific Center, a 291,711-square-foot office building in Torrance, for $68.5 million. The eight-story building is located at 21250 Hawthorne Blvd. Pacific Center is currently 80 percent leased. Notable tenants include All Nippon Airways, Living Social, Morgan Stanley, Bank of America and Wells Fargo Insurance. The seller, Bixby Land Company, purchased the asset in July 2012 for $52 million. At that time, the building – formerly known as South Bay Tower – was only 63 percent occupied. The building underwent significant renovations and a rebranding. Stream Realty represented itself in this transaction, while Bixby was represented by CBRE’s Kevin Shannon.
BEAVERCREEK, OHIO — Thorofare Capital has funded a $6.5 million floating rate commercial mortgage loan for the acquisition of the Apple Valley Office Campus, a 130,440-square-foot, three-building office campus in Beavercreek. The properties are located near the intersection of Research Boulevard and Grange Hall Road near Wright Patterson Air Force Base. The borrower is a partnership between two Southern California-based, privately held investment firms. The borrower purchased the portfolio in an off-market transaction. The non-recourse financing structure included an initial term of three years with extensions, and was sized to 70 percent of the total project capitalization. Apple Valley Office Center’s anchor tenants include Northrop Grumman Systems Corp., a global defense and technology company, and MacAulay-Brown, a Dayton-based engineering company. The campus includes more than 500 parking spaces and is accessible via Interstates 675, 75 and 70, as well as State Route 35.
PARAMUS, N.J. — Valley Hospital has signed a 10-year lease for 73,978 square feet of space at Mack-Cali Centre III in Paramus. Located at 140 East Ridgewood Ave., the property features two towers joined by a seven-story atrium, an on-site café with outdoor seating and advanced building systems. Robert Rudin of Cushman & Wakefield represented the tenant, while Chris DeLorenz of Mack-Cali represented the landlord. Additional terms of the transaction were not disclosed.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of 9,234 square feet of office space in Troy. The International Academy of Design & Technology Detroit, a private college, will occupy space at the property within the Troy Officentre Building A located at 300 E Big Beaver Road. Glenn DesRosiers of Friedman represented the landlord, Osprey-Troy Officentre LLC.