DURHAM, N.C. — Fidelity Investments has purchased Nortel's former Research Triangle Park campus, the 676,000-square-foot Network Center, located at 4004 Nelson Chapel Hill Hwy. in Durham, for $34.3 million. Andrew Kelton and Ed Pulliam of CB Richard Ellis' Raleigh, N.C., office represented the seller, and John Linderman of Grubb & Ellis/Thomas Linderman Graham represented the buyer. Fidelity plans to consolidate its Research Triangle Park and Raleigh operations into one campus.
CARY, N.C. — NorthMarq Capital has arranged $36.5 million in financing for the 254,874-square-foot Crescent Lakeside I and II, an office development in Cary. Todd Crouse of NorthMarq's Raleigh, N.C., office arranged the financing through John Hancock and Principal Financial Group. Cary-based Capital Associates developed the two buildings, which are currently 91 percent leased.
CHICAGO — Bell Acquisition has added two tenants totaling 39,008 square feet to the 200,000-square-foot Bell Federal Building, located at 79 W. Monroe in Chicago. Matt Carolan and Kurt Kittner of Jones Lang LaSalle's Chicago office represented Columbia Insurance in its 24,181-square-foot lease. Joe Storiz of Chicago-based Marc Realty represented S&R Media in its 14,827-square-foot lease. Jeffrey Bernstein and Andy DeMoss of Chicago-based Bradford Allen Realty Services represented the landlord in both transactions.
SANTA MONICA, CALIF. – CB Richard Ellis has sold a39,128-square-foot office building in Santa Monicathat used to serve as the headquarters of The Recording Academy for an undisclosed sum. The Recording Academy is the institution responsible for the GRAMMY Awards. Also included in this sale were two adjacent residential parcels. One parcel is vacant, the other contains unoccupied apartment buildings. The buildings were sold to TC Pico Development, LLC from NARAS Properties, Inc., an affiliated entity of The Recording Academy. CBRE’s Ron Wade, Stan Gerlach, Blake Mirkin, Mark Perry, Laurie Lustig Bower and Kadie Presley represented both the buyer and the seller in this transaction.
MARIETTA, GA. — ADEVCO Corp. has finished a $2 million, 16,500-square-foot expansion for EBRE, USA, located on Northwest Parkway in Marietta. The project included the addition of a second story and warehouse space to bring the building's total size to 35,260 square feet. ADEVCO was the project manager for the development, Integra Construction was the construction firm and Rule Joy Trammel+Rubio was the architectural firm.
MINNETONKA, MINN. — Liberty Property Trust has acquired three office properties totaling 231,383 square feet, located at the Minnetonka Corporate Campus in Minnetonka, for $11 million. The buildings include the 91,761-square-foot 6000 Clearwater Drive, the 66,222-square-foot 12900 Whitewater Drive and the 73,400-square-foot 12800 Whitewater Drive.
DALLAS — KBS Realty Advisors has commenced a $2 million enhancement program for the 515,372-square-foot Providence Towers, located at 5001 Spring Valley Rd. in Dallas. Renovations include lobby upgrades, vestibules in the parking structure and signage enhancements. Tenants include Time Warner Cable, Morgan Stanley, Transwestern, U.S. Senator John Cornyn's offices and Degolyer & MacNaughton. Entos Design designed the renovations and Turner Construction is handling the development. Completion is slated for January 2012.
RIVERSIDE, CALIF. — CT Realty Investors has sold two office buildings at Citrus Park West business park in Riverside to the County of Riverside for $6.6 million. The two office buildings are located at 3125 and 3075 Myers Street. They total 78,116 square feet and used to serve as the national headquarters for Fleetwood Enterprises. CT Realty was represented by Dave Mudge and Tom Pierik of Lee & Associates’ Downtown Riverside office.
FORT LAUDERDALE, FLA. — Ivy Realty has acquired the majority stake interest in the 340,000-square-foot One East Broward Boulevard, located in Fort Lauderdale, from a 32-member TIC for $42 million. The buyer is undertaking a strategic capital improvement program to enhance the building's lobby and common areas, upgrade its building systems and re-tenant the building, which is 50 percent leased.
CHICAGO —Multi-Employer Property Trust has purchased the 928,040-square-foot 200 West Madison, an office building located at the intersection of Madison and Wells streets in Chicago, from a joint venture between Tishman Speyer, Pearlmark Real Estate Advisors and a major U.S. pension plan in an all-cash transaction for $217.5 million. Paul Barile and Janice Sellis of Transwestern's Chicago office represented the buyer in the transaction.