Office

M&M Brokers $8.6M Sale of Crown Corporate Center in Gurnee, Ill.

by Danielle Everson April 21, 2015

GURNEE, ILL. — Marcus & Millichap has brokered the $8.6 million sale of Crown Corporate Center, a four-building, single-story office portfolio in Gurnee. The property is located at 1275-1425 Tri State Parkway. The properties were built between 1989-1998 and total 156,765 rentable square feet. The asset is 51 percent leased to six tenants. The portfolio is located immediately off of I-94 across from Gurnee Mills Shopping Outlet Mall. Stephen Lieberman of Marcus & Millichap represented the seller, New York-based Crown Properties. Bridgeview, IIl.-based Costa Construction purchased the property in a 1031 exchange.

April 21, 2015

Florida Office Southeast

Stiles Realty Brokers $21M Sale of Fort Lauderdale Office Building

by John Nelson April 21, 2015

FORT LAUDERDALE, FLA. — Stiles Realty, a division of Stiles, has brokered the $21 million sale of a vacant Class A office property located at 2100 W. Cypress Creek Road in Fort Lauderdale. The 185,000-square-foot building, which was the former headquarters of BankAtlantic, was the largest single-tenant building sold in the Cypress Creek submarket in the past five years, according to Stiles Realty. Kimberly Barbar of Stiles Realty represented the seller, BB&T, in the transaction. Barbar will also lease the office building on behalf of the new owner, Integra Investments LLC. The office building was designed to serve a single tenant and features on-site amenities such as a fitness center with showers, 250-seat cafeteria and a wellness center.

April 21, 2015

California Office Retail

U.S. Government Renews Office Space in Brentwood

by Nellie Day April 21, 2015

LOS ANGELES – The Government of the United States (GSA) has renewed its lease for 21,961 square feet of office space in the Los Angeles submarket of Brentwood. The GSA leases the entire fourth floor of a Class A building at 12121 Wilshire Blvd. The space is situated on the northwest corner of Wilshire Boulevard and Bundy Drive. The GSA has occupied the building for 10 years. It has now signed on for an additional 10 years. The landlord, Douglas Emmett, was represented by Mitchell Stokes and Bob Safai of Madison Partners.

April 21, 2015

Kentucky Office Southeast

Commercial Kentucky Brokers $14.3M Sale of 14-Story Office Tower in Louisville

by John Nelson April 20, 2015

LOUISVILLE, KY. — Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, has brokered the $14.3 million sale of the historic Starks Building in downtown Louisville’s central business district. The 14-story, 395,505-square-foot office tower was originally constructed in 1913. Delray Beach, Fla.-based Hudson Holdings purchased the office tower from the Hertz Organization and plans to reposition the building into a mixed-use property featuring 100 apartments units and a 200-room upscale hotel. The property will also feature a coffee shop and full-service health club. Craig Collins and Sam English of Commercial Kentucky represented the Hertz Organization in the sale.

April 20, 2015

Industrial North Carolina Office Southeast

Adler Kawa Buys 422,400 SF Business Park in Charlotte

by John Nelson April 20, 2015

CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors (AKREA) has purchased Shopton Ridge Business Park, a 422,400-square-foot office and industrial park in southwest Charlotte. The park was 90.8 percent leased at the time of sale to tenants such as PinPoint, Scent Air, Cardinal Health, Linde Gas and Rent-A-Center, among others. AKREA purchased the property for an undisclosed price through the Adler Kawa Real Estate Fund II. AKREA has tapped Bill Wood of Trinity Partners to lease the asset. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the seller in the transaction. Charles Foschini and Christopher Apone of CBRE’s Miami office arranged acquisition financing on behalf of AKREA.

April 20, 2015

California Office Western

Lincoln Owner LLC Buys Silicon Beach Office Building

by Nellie Day April 20, 2015

SANTA MONICA, CALIF. – Lincoln Owner LLC has acquired a 23,557-square-foot office building in the Silicon Beach region of Santa Monica for $23.6 million. The building is located at 1315 Lincoln Blvd., just blocks from the Third Street Promenade and Santa Monica Place. The property was built in 2005. It was fully occupied at the time of sale. The seller, a partnership between Lincoln Property Company, Linwood Ventures and ASB Real Estate Investments, was represented by Bob Safai, Matt Case and Brad Schlaak of Madison Partners.

April 20, 2015

Office Texas

New Office Building to be Built in Dallas’ Uptown Financial District

by Haisten Willis April 17, 2015

DALLAS — A new, 14-story office building is planned for Uptown Dallas’ financial district. The all-glass, 125,000-square-foot building will be adjacent to Crescent at Maple Avenue and Mahon on a one-acre site that includes the Old Warsaw restaurant. Investors Mike Terry and Holt Lunsford plan to break ground on the project during the first quarter of 2016. The partners will move their companies, M. Terry Enterprises and Holt Lunsford Holdings, into the building upon completion. Gensler designed the building. Lunsford and Terry purchased the property from former owner Al Heidari. The three-building site includes two vacant buildings and the Old Warsaw restaurant, which will continue operating for the duration of its current lease through 2015. Holt Lunsford Commercial will handle the development, leasing and on-site property management. Newt Walker served as the broker for the land transaction. When completed, 2620 Maple Ave. will offer access to retailers and restaurants, the McKinney Avenue Trolley line and Dallas’ Katy Trail.

April 17, 2015

Illinois Midwest Office

Podolsky|Circle CORFAC International Arranges Lease for Law Firm in Oak Brook, Ill.

by Danielle Everson April 17, 2015

OAK BROOK, ILL. — Podolsky|Circle CORFAC International has arranged the lease of a 3,191-square-foot office within The Drake Oak Brook Office Plaza in Oak Brook. The law offices of Engler, Baasten & Sraga will occupy the space located at 2215 York Road. The office space will serve as the firm’s corporate headquarters. Built in 1981, The Drake Oak Brook Office Plaza is a 252,000-square-foot building situated on more than nine acres. The property includes a 388-space parking garage. Corey Chase and Kyle McKechnie of Podolsky|Circle CORFAC International represented the tenant. Steve Flashbart of Jones Lang LaSalle represented building ownership, OB I LLC, in the transaction.

April 17, 2015

Midwest Minnesota Office

Ecolab to Acquire Travelers North Tower in St. Paul, Minn.

by Danielle Everson April 17, 2015

ST. PAUL, MINN. — Ecolab Inc., a provider of water, hygiene and energy technologies and services, has signed a purchase agreement to acquire the 17-story North Tower from Travelers in downtown St. Paul. The transaction is expected to close in the third quarter. By the end of 2018, Ecolab will relocate its associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Ecolab will begin the process of relocating associates to the North Tower in the latter part of this year. Built in 1999, the North Tower includes 882,000 square feet of space, of which 484,500 square feet comprises office space, a data center and building common areas.

April 17, 2015

New York Northeast Office

Marcus & Millichap Brokers $14.8M Sale of Vacant Office Building in Queens

by Amy Works April 17, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 90-75 Sutphin Blvd. in the Jamaica neighborhood of Queens. Arbern Sutphin Properties Corp. sold the 80,400-square-foot six-story property for $14.8 million, or $185 per square foot, to Flushing, N.Y.-based Ampiera Group. The property features three elevators, a 13,000-square-foot basement and a 70-car, 10,000-square-foot underground parking garage. Scott Plasky of Marcus & Millichap negotiated the transaction.

April 17, 2015

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