LOUISVILLE, KY. — Construction has begun for a 125,000-square-foot, Class A office building located at 600 North Hurstborne in Louisville. The building is being developed by a joint venture between NTS Development Co. and University of Louisville Development Co. The four-story building was designed by architect KlingStubbins. The construction manager on the project is Messer Construction.
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PARSIPPANY, N.J. — Grosvenor Investment Management has leased a 150,500-square-foot building located at 299 Jefferson Road in Parsippany to Evonik Degussa Corporation. The speciality chemicals manufacturer will use the property as its North American headquarters. Vision Equities represented the landlord in lease negotiations. The building is in the process of a renovation, which includes common area improvements, a new fitness center, a roof replacement and updated building systems.
NEWARK, CALIF. — BioMed Realty Trust has signed a new lease with Logitech for 263,543 square feet of office space through February 2023 at its Pacific Research Center in Newark. Terms of the lease were not disclosed.
GRAND RAPIDS, MICH. — A $4.82 million renovation and mini-perm loan was provided in Grand Rapids for the 31,139-square-foot Flat Iron building. The office building is a four-story property with street-level retail space. The loan was arranged by Colliers International's West Michigan office through Chicago-based Cohen Financial for the borrower, Grand Rapids-based Locus Development. The developer is focused on revitalizing and redeveloping unique urban properties.
MORRIS TOWNSHIP, N.J. — National Business Parks has leased a 189,000-square-foot office building to Atlantic Health System. The property is located within Southgate Corporate Center at 435 South St. in Morris Township. Atlantic Health already occupies a nearby building at 475 South Street. it expects to move in during the fourth quarter following building improvements that include new building systems and finishes, a redesign of the front entrance and the addition of an on-site café.
CARLSBAD, CALIF. — Logan, Utah-based Wasatch Commercial Management Group has purchased the 75,165-square-foot Kelly Corporate Center IV, located at 1000 Aviara Parkway in Carlsbad, for $13.7 million from Dallas-based The Allen Group. The three-story, Class A office building will undergo a complete rebranding and name change in the coming months. Rick Reeder, Justin Halenza and Josh Bernstein of San Diego-based Cassidy Turley BRE Commercial represented both the buyer and the seller in the transaction.
NORTHWEST MESA, ARIZ. — R & R Riverview on Arizona has purchased two buildings totaling 162,000 square feet at Riverview Point Office Park, a multi-tenant office project located in Northwest Mesa for $9.05 million. David Carder, Barry Gabel, Mindy Korth and Luke Walker of CB Richard Ellis' Phoenix office represented the seller, Indianapolis, Ind.-based Lauth Property Group. The buyer was represented by Bryan Taute, also of CB Richard Ellis' Phoenix office.
TOLLESON, ARIZ. — Southern Calif.-based BlackRidge Real Estate Group has acquired the 5-building, 96,050-square-foot Tolleson Commerce Center, located in Tolleson, from Johnson Bank for $4.1 million. Three of the buildings are leased and the two remaining buildings, each with 14,000 square feet, are available. The seller was represented by Kent Baker of Tempe, Ariz.-based The Benjamin Group.
GAHANNA, OHIO — JP Morgan Chase Bank has leased 68,619 square feet of office space at 823 Tech Center Dr. in Gahanna from American Electric Power. Tom McGarity and Brian Douglas of Cassidy Turley's Columbus, Ohio, office were the sole brokers in the transaction.
VAN NUYS, CALIF. — Belmont, Calif.-based Embarcadero Capital Partners has sold the two-building, 267,955-square-foot, Class A office property known as Sherman Plaza East & West for $49.5 million. The building is currently 95 percent leased. The buyer, Calabasas, Calif.-based Majestic Investments, assumed the existing $39 million loan which carries a 5.9 percent interest rate. Bob Safai of Los Angeles-based Madison Partners represented the seller.