LEWISVILLE AND PROSPER, TEXAS — Bright Realty has brokered land sales in the Dallas suburbs of Prosper and Lewisville. Tim McNutt and Britton Lankford of Bright Realty brokered the sale of one acre near Nebraska Furniture Mart at State Highway 121 and West Essex in Lewisville. McNutt and Lankford represented the seller, CHPC Commercial Ltd., in the transaction. Tom Paredes of John T. Evans Co. Inc. represented the buyer, TRD Enterprise LLC. In Prosper, Blake Davis and McNutt of Bright Realty represented a local investor in the purchase of .689 acres on Coit Road.
DALLAS — CBRE Capital Markets has arranged the sale and financing for AT&T Pinnacle Park, a 206,040-square-foot office building in Dallas. The Aztec Fund purchased the asset from American Realty Capital Properties Inc. for an undisclosed price. The four-story office building is fully leased to AT&T Services Inc., a wholly owned subsidiary of AT&T Inc. Operations housed at AT&T Pinnacle Park include a customer service center for U-verse, the company’s three-pronged suite of broadband Internet, voice-over-Internet protocol telephone and Internet protocol television services. AT&T is headquartered in nearby downtown Dallas. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Jack Fraker of CBRE represented the seller. Greg Greene, Scott Lewis and Matt Ballard, also of CBRE, arranged financing on behalf of the borrower. Pinnacle Business Park is an 880-acre, master-planned business park located along the south side of I-30 at Cockrell Hill Road, five miles west of downtown Dallas.
DORAL, FLA. — Norwegian Cruise Line has signed a long-term lease renewal and expansion at Airport Corporate Center, the 1 million-square foot, 11-building office park located in the Miami submarket of Doral. The company extended its existing lease on 206,078 square feet and added an additional 70,296 square feet, for a combined 276,364 square feet. The company, which now occupies The 7650 Building and The 7665 Building, will expand to the new space at The 7300 Building beginning in the fall of 2015 Diana Parker, Richard Bamonte and Janette Driggers of CBRE represented the landlord, CBRE Global Investors, which acquired the property in October 2014. Stuart Gordon of Flagler Brokerage and Management Services LLC, along with Jim Travers and Stewart Niles of Travers Cresa, represented Norwegian Cruise Line. According to CBRE Research, Norwegian Cruise Line’s lease renewal/expansion is the largest office lease signed in South Florida in the past five years.
Here’s the Chicago commercial real estate market’s big secret: the suburbs never went away. While it’s true that office vacancy rates hit the high 20s in 2008, the truth is that suburban absorption never faltered. In early 2014, Savills Studley reviewed all office leasing transactions from 2010 to 2013, a recessionary period for the sector. The analysis revealed that of the nearly 7.4 million square feet of deals tracked, nearly three-quarters of the moves (5 million square feet) involved tenants moving from one suburb to another. Compare that trend to the relocations from the suburbs to the city, which totaled approximately 1.8 million square feet during the same period. The exodus of companies like Hillshire Brands and Motorola Mobility from the suburbs made it seem like the city was the only place to be for high-growth firms. The analysis also showed that firms moving from out of town to the area went to the suburbs rather than the city by a factor of more than 2 to 1: 385,000 square feet versus 160,000 square feet. So, it’s no surprise that the suburban Chicago office market ended 2014 with the lowest vacancy rate since 2008. The 22.6 percent vacancy rate in …
GRAND PRAIRIE, TEXAS — Lee & Associates has arranged the lease of five industrial properties in OakRidge Business Center in Grand Prairie. Mark Graybill of Lee & Associates’ Dallas/Fort Worth office represented the landlord, IndCor Properties, on the leases. The arrangements include renewal and expansion of Lennox Industries’ lease of 9,674 square feet at 1201 WN Carrier Parkway. New leases include Elegant Accents’ 6,000-square-foot flex space located at 1201 WN Carrier Parkway; Easy Sale’s lease of 5,000 square feet; and Veteran Garage Door’s lease of 2,500 square feet located at 1209 WN Carrier Parkway. NAWF will expand to 14,400 square feet at 1213 WN Carrier Parkway. OakRidge Business Center has recently undergone remodeling with new construction and make-ready suites.
ATLANTA — Mercedes-Benz USA (MBUSA) has announced the permanent and interim locations for its new corporate headquarters in Atlanta. MBUSA, which is currently headquartered in Montvale, N.J., will construct a new headquarters facility on a 12-acre greenfield site located at the corner of Abernathy and Barfield roads in Sandy Springs, expected to be completed in early 2018. As part of the relocation, the automaker plans to hire hundreds of new employees from the Atlanta area at its new headquarters, which is set near the intersection of Georgia 400 and I-285. Beginning July 2015, the company will move into temporary office space at Sterling Pointe II, a 186,000-square-foot, Class A office building at the Perimeter Center complex in the neighboring city of Dunwoody.
FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.
BRANFORD, CONN. — Brady Corp. has completed the disposition of an 85,000-square-foot light industrial/flex facility in Branford. Situated on 11.2 acres at 20 Thompson Road, the facility sold for $4 million. Brady Corp. plans to lease back 20,000 square feet of the building’s Class B office space. The Geenty Group and Cresa represented the seller, while The Geenty Group represented the undisclosed buyer in the transaction.
GLEN MILLS, PA. — KarMar Realty Group has brokered the sale of an office building located at 1788 Wilmington Pike in Glen Mills. GHS Summit LLC purchased the two-story, 14,500-square-foot office building from Crawford Leasing LLC for $1.45 million. Justin Soss and Donald Grimes of KarMar Realty represented the seller in the transaction.
SUNNYVALE, CALIF. — Westcore Properties has acquired a 165,497-square-foot property in Sunnyvale for $52.7 million. The property is located at 1390 and 1400 Kifer Road. The acquisition includes a three-story office building and a single-story data center. The vacant office building will undergo a major renovation, including a new outdoor tenant area, refreshed landscaping, and new finishes to the lobby and interior. The data center is occupied by CenturyLink. The property is less than a mile from CalTrain. The seller, WTA Development, was represented by DTZ’s Steve Horton and Kelly Yoder, and by CBRE’s Joe Moriarty and Brad Zampa. DTZ will also handle the leasing assignment.