Office

LINGERFELT ACQUIRES BANK OF AMERICA PLAZA TOWER FOR $41.8M

by admin July 22, 2013

NASHVILLE, TENN. — Richmond, Va.-based Lingerfelt Companies has purchased Nashville’s Bank of America Plaza Tower from Parkway Properties for $41.8 million. Located at 414 Union St. in the downtown submarket, the 21-story office tower contains 435,525 square feet of Class A space. Its anchor tenants, Bank of America and Louisiana Pacific Corp., occupy more than 50 percent of the tower. Total occupancy will be 70 percent by the end of the year. In the near term, Lingerfelt plans to complete capital improvements to the lobby and common areas as well as maintenance upgrades. Commonwealth Commercial Partners will manage the building, and CB Richard Ellis will handle leasing. This purchase more than double’s Lingerfelt’s Tennessee office portfolio, bringing it to 919,672 square feet.

July 22, 2013

OPUS GROUP COMPLETES FREIGHTQUOTE HEADQUARTERS

by admin July 22, 2013

KANSAS CITY, MO. — The Opus Group has completed construction on the 208,000-square-foot headquarters for Freightquote in Kansas City. The new building accommodates the freight shipping provider’s current workforce of 1,100 employees and includes space for its growing operations with capacity for 1,800 employees on the 30-acre site. Located on Carondelet Drive just east of State Line Road with easy access to I-435, the four-story headquarters is steel frame and features architectural precast concrete with glass curtain wall. Construction began in August 2012 and was completed in early June. Opus Design Build LLC served as the design-builder, and Opus AE Group LLC served as the architect and engineer. VanTrust Real Estate provided development services, and RED Brokerage LLC was the brokerage firm representing Freightquote.

July 22, 2013

Midwest Office

SPECTRA SIGNS 250,000 SF IN SUBURBAN INDIANAPOLIS

by admin July 22, 2013

GREENFIELD, IND. — Spectra Premium Industries, a manufacturer and distributor of automotive parts, has signed a lease for 250,000 square feet at Axcess70 in Greenfield, about 25 miles east of Indianapolis. Axcess70 is a two-building, 673,000-square-foot industrial development and is fully occupied following Spectra’s lease. Completed in 2009, the development is a joint venture between Browning Investments and Real Estate Capital Partners.

July 22, 2013

Northeast Office

MACK-CALI TO SELL OFFICE, LAND PORTFOLIO FOR $233M

by admin July 22, 2013

PHILADELPHIA — Mack-Cali Realty Corp. (NYSE: CLI) has entered into agreements to form various joint ventures with a fund sponsored by Keystone Property Group to sell 15 office properties and three parcels located in suburban Philadelphia. The portfolio will be sold for approximately $233 million — $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting and subordinated interests in the portfolio with capital accounts totaling $22 million. Mack-Cali will participate in management fees and 50 percent of value creation above certain hurdle rates. The portfolio of assets includes approximately 1.6 million square feet of existing office properties and land that can accommodate future development of approximately 162,000 square feet. Mack-Cali will also receive majority interest in a parcel in Bala Cynwyd, Penn., for multifamily residential development.

July 22, 2013

Office Texas

BROOKWOOD ACQUIRES INTERCHANGE OFFICE CENTER IN DALLAS

by admin July 22, 2013

DALLAS — Brookwood Financial Partners LLC, a real estate investment and asset management firm, has acquired Interchange Office Center, a three-story, Class A office building in Dallas. The 150,596-square-foot office building is located at the intersection of the Dallas North Tollway and the George Bush Turnpike. The property was 88 percent leased at the time of sale. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction. Brookfield was self-represented.

July 22, 2013

Office Texas

FLEX OFFICE BUILDING IN HOUSTON SELLS

by admin July 22, 2013

HOUSTON — Moody Rambin has arranged the sale of a 8,354-square-foot office/industrial building, located at 6807 Wynnwood Lane in Houston. Christopher Dray of Moody Rambin represented the seller, The Daily Court Review, in the transaction. Steven O'Connor of Southwest Realty represented the buyer, Matex Property Group LLC. The property served as The Daily Court Review's corporate headquarters until last year when it moved to 8 Greenway Plaza.

July 22, 2013

Office Western

LOS ANGELES BROADCASTING FACILITY RECEIVES $20M IN ACQUISITION FINANCING

by admin July 19, 2013

LOS ANGELES – A 109,000-square-foot broadcast and post production facility in Los Angeles has received $20 million in acquisition financing. The facility is located at 3030 Andrita Street. It was built in 1925 as an office and industrial complex before being converted into a “plug and play,” high-definition media facility in 2002. The facility is now referred to as Andrita Studios. It is fully occupied by Encompass Digital Media Inc. Financing was provided by Karlin Real Estate Lending.

July 19, 2013

Office Western

COLONIAL PLAZA IN LAS VEGAS SELLS FOR $13M

by admin July 19, 2013

LAS VEGAS —Colonial Plaza, a 110,738-square-foot office complex in Las Vegas, has sold to MIG Real Estate for $13 million. The complex is located at 4670 & 4730 South Fort Apache Road near the 215 Beltway. MIG was represented by Colonial Plaza in this transaction. It is the firm’s sixth investment in Las Vegas commercial properties.

July 19, 2013

Midwest Office

BAUM REALTY ARRANGES SALE OF RANDALL CROSSING

by admin July 19, 2013

ALGONQUIN, ILL. — Baum Realty Group LLC has arranged the sale of Randall Crossing, a two-building retail property in the Chicago suburb of Algonquin. The 27,521-square-foot building is located at 2503 – 2535 N. County Line Road and was 67 percent occupied at the time of sale. Greg Dietz, Danny Spitz and Ben Brichta of Baum’s investment sales team represented the seller. Baum also procured the buyer, an out-of-state investor, in the transaction. Tenants at the property include Men’s Wearhouse, Eye Boutique, T-Mobile and Great Clips.

July 19, 2013

Midwest Office

FEDERAL SIGNAL RENEWS 17,282 SF AT OAK BROOK REGENCY TOWERS

by admin July 19, 2013

OAK BROOK, ILL. — Federal Signal has signed a lease renewal for its 17,282-square-foot office in Oak Brook Regency Towers in Oak Brook, a suburb of Chicago. Federal Signal is a designer and manufacturer of products and solutions that serve municipal, government, industrial and institutional customers and has been headquartered at the property for more than 25 years. Patrick Kiefer, executive director with NAI Hiffman’s office services group, represented the landlord, American Realty Advisors, in the transaction. Jeff Liljeberg of Jones Lang LaSalle represented Federal Signal.

July 19, 2013

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