BOWLING GREEN, OHIO — The Boulder Group has completed a sale of a 4,495-square-foot, single-tenant property located at 745 Innovation Drive in Bowling Green for $1.2 million. The Social Security Administration fully occupies the property and has more than nine years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a 1031 tax-deferred exchange partnership based in Colorado. The seller was an individual based in Michigan.
BERNARDS TOWNSHIP, N.J. — Mack-Cali Realty Corp. has sold its four-story, 133,684-square-foot office building in Bernards Township for $18 million to The Silverman Group. The property, which is 54 percent leased, is located at 106 Allen Road in the Liberty Corner Corporate Center. The sale price represents a capitalization rate of approximately 3.8 percent.
PROVIDENCE, R.I. — CBRE/ New England’s Capital Markets team has arranged the sale of Gateway Center, an 117,981-square-foot, Class A office building, for $13.2 million. Located at 15 Park Row W. in Providence, the property’s tenants include TIAA-CREF, The American Athletic Conference, Admirals Bank and Andera. Alden Anderson and Bill Moylan of CBRE/ New England’s office represented the seller, 15 Park Row West Holdings LLC, and procured the buyer, Albany Road Real Estate Partners, in the transaction. The building was 87 percent leased at the time of sale.
IRVING, TEXAS — Colliers International has arranged the sale of Allstate’s Irving campus, a three-building office community comprising 458,338 square feet. The buildings are located at 8701-8711 and 8675 Freeport Parkway and 8901 Esters Blvd. in Irving. Cole Real Estate purchased the property from Allstate Insurance Co. in a sale-leaseback transaction. Creighton Stark and Ben Lurie of Colliers’ Dallas office, along with Bill Fausone of Colliers’ Chicago office, represented the seller. The buyer did not have a representative. Allstate has committed to a new, long-term lease at its Irving campus as part of the transaction.
MCALLEN, TEXAS — HFF has closed the sale of Neuhaus Tower, a 17-story, 242,693-square-foot office tower located at 200 S. 10th St. in McAllen. HFF represented the seller, an affiliate of Brookfield Asset Management Inc. HFF also arranged acquisition financing on behalf of the buyer, Cielo Realty Partners. The property is leased to multiple tenants, with JPMorgan Chase Bank anchoring the property.
DALLAS — Fortis Property Group LLC has plans to renovate and update The Colonnade, a 1 million-square-foot office campus located in Dallas. New leases from RMG Networks at 32,000 square feet, alongside leases totaling 28,000 square feet bring the property to 92 percent occupancy. During the first phase of the property enhancement program, Fortis plans to renovate and remodel the west side of the main atrium with new finishes, as well as create new, ready-to-lease spaces on various floors featuring first class finishes and updated common areas and restrooms. Staffelbach Design Associates is the architect for the planned improvements, which are slated for completion in October. The three towers creating The Colonnade are connected via a five-story, barrel-vaulted glass atrium featuring restaurants, convenience amenities, seating areas, landscaping and water features. Tenants enjoy access to a customer service center, The Colonnade Club, fitness center, video conferencing center, an eatery, a convenience store and 24/7-onsite security. The Colonnade has been recognized in the region by the Building Owners & Managers Association’s Outstanding Building of the Year program and is LEED Silver certified. Cushman & Wakefield handles The Colonnade’s leasing responsibilities.
SEATTLE — The Central Building, a 191,784-square-foot office building in Seattle, has sold to KBS Strategic Opportunity REIT for $34.5 million. The Class B+ building is located at 810 3rd Ave. in the city’s Central Business District. It was originally built in 1907 and received its historic landmark designation in 2008 after a five-year renovation period. KBS Strategic Opportunity REIT also owns the nearby 326,384-square-foot Bellevue Technology Center. The REIT is sponsored indirectly by Charles J. Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III. It is advised by KBS Capital Advisors LLC, an affiliated entity that is indirectly owned and controlled by KBS Strategic Opportunity REIT’s sponsors.
MIAMI — Swire Properties has acquired the Florida headquarters of Northern Trust Bank, located at 700 Brickell Ave. in Miami, for approximately $64 million. The developer plans to incorporate the 1.55-acre site into Brickell CityCentre, its $1 billion mixed-use development, which is under construction adjacent to the property. Phase I of Brickell CityCentre will include a luxury shopping center, two residential towers, a hotel, a wellness center and Class A office space. Northern Trust Bank plans to relocate its headquarters to 600 Brickell Ave., where it will be the anchor tenant and operate a branch on the ground floor. Steelbridge Real Estate Services and CB Richard Ellis represented the sellers, The Northern Trust Company and the Co-Trustees of the Marjorie O. Brickell Revocable Trust, in the deal.
ALLEN, TEXAS — Gladstone Commercial Corp., a publicly traded REIT, has acquired a two-story, 115,200-square-foot office building in Allen for $15.1 million. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE brokered the transaction. Synovus Bank provided acquisition financing. The purchase of the two-tenant, fully leased property is in line with the company's strategy to expand beyond acquiring single-tenant properties, according to Buzz Cooper, senior managing director of Gladstone Commercial Corp.
RICHMOND, VA. — Select Income REIT has purchased the global headquarters of MeadWestvaco from NewMarket Corp. for $143.6 million. Constructed in 2009 as a build-to-suit for the global packing and packaging solutions firm, the nine-story building is located at 501 S. 5th St. in Richmond’s River District. It totals 310,950 square feet and contains a conference and training center, cafeteria, coffee shop and fitness center. It holds a Four Globes rating from the Green Building Initiative. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Jess Dickinson, all of Holliday Fenoglio Fowler, represented NewMarket Corp. in the deal.
