Office

PETEC SELLS 8,223 SF OFFICE BUILDING IN ROXBURY, N.J.

by admin August 9, 2013

ROXBURY, N.J. — NAI James E. Hanson has arranged the $790,000 sale of an 8,223-square-foot office building at 195 Route 206 South in Roxbury. Joseph Vindigni of NAI James E. Hanson represented the seller, PETEC, and secured the buyer, KCKJ EAST, in the transaction. The space is partially occupied by the sales and administrative offices of Delta Cooling Towers. NAI Hanson has been retained as the leasing agent for the remaining space. Located on 1.4 acres, the two-story building features basement space, alarm and in-ground sprinkler systems, a two-bay garage and 37 parking spaces.

August 9, 2013

AEW BUYS 350,000 SF OFFICE PROPERTY IN HOUSTON’S ENERGY CORRIDOR

by admin August 9, 2013

HOUSTON — AEW Capital Management, a Boston-based real estate investment firm, has purchased Eldridge Oaks, a 350,000-square foot office building and an adjacent seven-acre lot in Houston’s Energy Corridor. The 14-story, Class A facility was 100 percent leased at time of sale. A second building of similar size is under consideration for the currently empty parcel, but no construction plans have yet been released. The seller is a joint venture that includes Hartford, Conn.-based Cornerstone Real Estate Advisers LLC acting on behalf of an institutional client.

August 9, 2013

Office Western

MEDICAL, PROFESSIONAL OFFICE BUILDING IN LAS VEGAS CHANGES HANDS

by admin August 8, 2013

LAS VEGAS – A 47,501-square-foot medical and professional office building in Las Vegas has sold to MVP REIT Inc. $15 million. The building is part of a five-property portfolio that was recently acquired by the firm for $48.6 million. The Las Vegas asset is located at 8930 W. Sunset Road. It was built in 2008 and is 90 percent occupied by a mix of medical and professional tenants. Each tenant is bound by a triple-net lease that includes a five- to 10-year remaining term.

August 8, 2013

Office Western

XEBEC REALTY TO DEVELOP $33M INDUSTRIAL BUSINESS PARK IN AZUSA

by admin August 8, 2013

AZUSA, CALIF. — Xebec Realty Partnershas announced its plans to develop a $33-million, 330,000-square-foot industrial business park in Azusa. The park will be located at 1001 N. Todd Ave. It will be referred to as 10th Street Center. Construction on the Class A office park is set to commence in the fourth quarter of 2013. It is scheduled for completion in the fourth quarter of 2014. Leasing efforts are being handled by Peter McWilliams,Paul SablockandNicole Pageof Jones Lang LaSalle Los Angeles.

August 8, 2013

Office Southeast

JOINT VENTURE BUYS CLASS A OFFICE BUILDING FOR $20M

by admin August 8, 2013

ST. PETERSBURG, FLA. — A joint venture between affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners, has acquired a 17-story, 187,000-square-foot office building in downtown St. Petersburg for $20 million. The Class A office building, formerly known as Wells Fargo Plaza, is located at 150 Second Ave. North. In June, Wells Fargo vacated its 22,000-square-foot office at the property, dropping the building's occupancy to 65 percent. Larry Feldman of Feldman Equities will spearhead leasing and redevelopment efforts at the property, and Tower Realty Partners will handle management responsibilities. Dale Peterson of CBRE's Tampa office arranged the deal. This is the second acquisition in downtown St. Petersburg for the joint venture. About two years ago, the joint venture bought the 242,000-square-foot City Center office building. The property, which was 44 percent occupied at the time of purchase, is now 94 percent occupied.

August 8, 2013

Office Southeast

MCKINLEY SELLS LAKE EMMA CORPORATE PARK IN CENTRAL FLORIDA

by admin August 8, 2013

LAKE MARY, FLA. — McKinley, an Ann Arbor, Mich.-based real estate owner and operator, has sold Lake Emma Corporate Park, a 245,000-square-foot office complex in Lake Mary, approximately 20 miles north of Orlando. McKinley was appointed as receiver in August 2011 and was subsequently retained as property manager. During its time as manager, McKinley successfully negotiated a tax appeal, completed an extensive HVAC replacement, increased occupancy, reduced operating costs and enhanced the overall property appearance.

August 8, 2013

Northeast Office

MERIDIAN CAPITAL ARRANGES $10.7M LOAN FOR FLEX PROPERTY

by admin August 8, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $10.7 million loan for the purchase of an office and industrial property in Brooklyn. The four-story, 90,000-square-foot building is located at 168 Seventh St. The seven-year loan features a fixed interest rate of 3.9 percent. A regional balance sheet lender provided the loan. Shamir Seidman of Meridian Capital arranged the loan. Tenants at the building include the Mac Support Store and Aqua Design Group.

August 8, 2013

Northeast Office

PACIFIC COLLEGE SIGNS 42,000 SF LEASE IN NYC

by admin August 8, 2013

NEW YORK CITY — Pacific College of Oriental Medicine has signed a 42,000-square-foot, 15-year office lease at 110 William St. in Brooklyn. The educational institution for East Asian medicine will occupy the entire 19th floor, plus a portion of the ground floor. Jonathan Dean, senior vice president and director of commercial leasing for Swig Equities, represented the landlord in the transaction. Mark Weiss, Robert Eisenberg and Nick Berger from Newmark Grubb Knight Frank represented the tenant. The 32-story office building spans 900,000 square feet and was 99 percent leased at the time of sale.

August 8, 2013

Office Texas

BILLIONAIRE WILKS BROTHERS BUY 122 ACRES IN SOUTHLAKE

by admin August 8, 2013

SOUTHLAKE, TEXAS — A holding company and development subsidiary of billionaire brothers Farris and Dan Wilks has purchased an undeveloped property in the Solana Business Park of Southlake, north of Fort Worth. The 122-acre lot was part of a larger 900-acre development that Wells Fargo & Co. foreclosed on in November 2011. Redus Texas Land, a subsidiary of Wells Fargo & Co., sold the land to the brothers, who made their fortunes of $1.4 billion each through hydraulic fracturing and oil field services, according to Forbes magazine.

August 8, 2013

Office Western

MEDICAL, PROFESSIONAL OFFICE BUILDING IN LAS VEGAS CHANGES HANDS

by admin August 8, 2013

August 8, 2013

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