DENVER – A 7,500-square-foot office space located at 1390 Lawrence Street in Denver has sold to Gates Family Foundation for $2.3 million. The space is situated within a 31,912-square-foot building. The seller, Hover Building Partners, LLC, was represented by Tim Finholm and Sam Leger of Unique Properties, LLC – TCN Worldwide.
PHOENIX – K Hovnanian Homes has renewed its lease for 19,892 square feet of space at Desert Ridge Corporate Center II in Phoenix. The homebuilder signed on for an additional eight years. Desert Ridge is located at 20860 N. Tatum Blvd. K Hovnanian was represented by Mark Seale of Cassidy Turley. The landlord, Faison, was represented by Bill Blake, Craig Coppola, Andrew Chene and Colton Trauter of Lee & Associates.
LIMERICK, PA. — MVD Entertainment has purchased a 30,000-square-foot warehouse and office property at 203 Windsor Road in Limerick. The audio visual distribution business is relocating from Oaks, Pa. The property is located inside the Limerick Airport Business Center and offers quick access to Route 422. Neil Shupak and Justin Bell of Newmark Knight Frank Smith Mack represented the buyer in the transaction. MVD plans to move into the space in January.
TULSA, OKLA. — Santa Fe, N.M.-based Rosemont Realty has acquired One Warren Place and Two Warren Place, the two largest suburban office buildings in Oklahoma. The two buildings are 96 percent leased and are located in the 52-acre Warren Place office complex at 6100 S. Yale in Tulsa. The 20-story One Warren Place spans 466,424 square feet, and the 19-story Two Warren Place spans 487,085 square feet. Rosemont purchased the two office towers from Parmenter Realty Partners. Rosemont Realty Services will provide asset management, leasing, sales and property management services for the office towers.
PHOENIX – K Hovnanian Homes has renewed its lease for 19,892 square feet of space at Desert Ridge Corporate Center II in Phoenix. The homebuilder signed on for an additional eight years. Desert Ridge is located at 20860 N. Tatum Blvd. K Hovnanian was represented by Mark Seale of Cassidy Turley. The landlord, Faison, was represented by Bill Blake, Craig Coppola, Andrew Chene and Colton Trauter of Lee & Associates.
CHELMSFORD, MASS. — Kronos Inc. has renewed its lease for 81,760 square feet at 4 Omni Way in Chelmsford for an additional five years. Kronos specializes in workforce management solutions. Completed in 1985, 4 Omni Way is a two-story office and research and development facility on eight acres of land northwest of Boston. Krosno's total square footage of its campus is 322,000 square feet spread across multiple buildings. John Boyle and Michael Dalton of Cassidy Turley FHO represented Kronos in the transaction. The landlord, Direct Invest, was self-represented by Bill Rand and Peter Evans.
LAS VEGAS – A joint venture between Hines and a subsidiary of real estate funds managed by Oaktree Capital Management has acquired a 32-building office portfolio in the Las Vegas submarket of Summerlin. Vegas Inc. reported the sales price to be about $127 million. The portfolio contains 1,110,500 square feet of institutional-quality office space that is spread out among 13 campuses. The acquisition also includes two additional development parcels totaling 19 acres. Some of the properties’ notable tenants include AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide. Hines has assumed property management responsibilities on behalf of the joint venture. The seller, General Growth Properties, was represented by CBRE’s Kevin Shannon, Tom Bohlinger and Charles Moore.
CITY OF INDUSTRY, CALIF. – The Walnut Business Center has sold to Cook Walnut Property LLC for $6.6 million. The 57,412-square-foot center is located at 19555-19575 E. Walnut Drive South. Cook Walnut was represented by Jeff Bethel of Lee & Associates’ City of Industry office and Peter Bacci of the firm’s Los Angeles – Central office. Bethel also represented the seller, Catesgarb Holdings.
WINTER PARK, FLA. — CNL Construction Real Estate has begun construction on an 85,000-square-foot Class A office building in Winter Park. The office building, called Heritage Park, will be home to Brasfield & Gorrie’s regional headquarters in Florida. CNL Bank will also be a tenant. Heritage Park will be completed in late 2013.
LAS VEGAS – A joint venture between Hines and a subsidiary of real estate funds managed by Oaktree Capital Management has acquired a 32-building office portfolio in the Las Vegas submarket of Summerlin. Vegas Inc. reported the sales price to be about $127 million. The portfolio contains 1,110,500 square feet of institutional-quality office space that is spread out among 13 campuses. The acquisition also includes two additional development parcels totaling 19 acres. Some of the properties’ notable tenants include AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide. Hines has assumed property management responsibilities on behalf of the joint venture. The seller, General Growth Properties, was represented by CBRE’s Kevin Shannon, Tom Bohlinger and Charles Moore.