SOUTHFIELD, MICH. — An undisclosed information technology company has leased 28,000 square feet of office space in Southfield. Located at 300 Galleria Officentre, the property is owned by Nemer Property Group. John Khami of Lee & Associates Michigan represented the tenant. Terms of the lease were not released.
ANAHEIM, CALIF. — Lee & Associates-Orange Inc. has negotiated the $6.5 million purchase of a 39,747-square-foot office building located at 525 N. Muller St. within Crescent Corporate Center in Anaheim. Lee & Associates’ Erik Thompson represented the buyer, CIT College of InfoMedical Technology, in the transaction; the seller, Anaheim Union High School District, represented itself. The buyer plans to occupy the property, which was built in 1986, and operate its school there.
WHITE PLAINS, N.Y. — Q10 | New York Realty Advisors has secured $13.75 million in first-mortgage financing for a White Plains office building. The property contains 135,000 square feet of Class A space and is located at 4 W. Red Oak Lane. The owners are principals of Houlihan-Parnes/GHP Office Realty. The lender was a New York-based bank. Terms of the non-recourse financing include a 10-year term with a 6.25 percent interest rate for the first 5 years and a rate reset at year six, along with a 30-year amortization schedule.
DALLAS — Brookfield Asset Management has purchased the 200,000-square-foot Two Addison Circle office building from an undisclosed lender for $16 million. The price represents a 50 percent discount to replacement costs. The company made the acquisition through its Real Estate Opportunity Fund. Two Addison Circle is currently vacant.
IRVING — Ricochet has leased 52,000 square feet of office space in the 316,500-square-foot Twinrose Regent from an undisclosed landlord. The property is located in International Commerce Park in Irving. The tenant will move into the space in October. Hudson Peters Commercial's Michelle Hudson and Cincha Kostman represented the landlord. Michael Swaldi and Forshey Hoobler of Jones Lang LaSalle represented Ricochet.
FREDERICKSBURG, VA. — A-T Solutions has leased 40,000 square feet of office space from an undisclosed landlord in the Lee Hill II Building in Fredericksburg. The property is located at 10304 Spotsylvania Ave. Thalhimer's Mary Katherine Greenlaw and Wilson H. Greenlaw represented the tenant.
PITTSBURGH — McKnight Realty Partners and Trammell Crow Co. have signed an agreement to purchase a 17-acre land parcel within Pittsburgh's Cranberry Woods Office Park. The partnership plans to develop a four-story, 185,000-square-foot, speculative office building on the site, which is at 400 Cranberry Woods Drive. McKnight will own the property upon completion, and both companies will co-develop it. CB Richard Ellis is currently marketing the project for pre-leasing. Completion is slated for the second quarter of 2012.
LIVINGSTON, TEXAS — Cadence McShane Construction Co. is developing the 50,793-square-foot, build-to-suit office headquarters for Sam Houston Electric Cooperative. The single-story property will be located at 1157 East Church St. in Livingston. Delivery is slated for April 2011. The building includes 30 private offices, three meeting rooms, seven conference rooms, a wellness center and a kitchen.
PARSIPPANY, N.J. — Watson Pharmaceuticals has signed a lease for 147,000 square feet at Morris Corporate Center III in Parsippany. The space, which is located within the Morris Corporate Center office park at 400 Interpace Parkway, will serve as the company's administrative headquarters. The Jones Lang LaSalle team of Susan Mason, Ken Flynn and Fred Hyatt represented the tenant in lease negotiations. The landlord, TIAA-CREF, was represented by the Cushman & Wakefield team of John Minervini, Tom Giannone, Mitti Liebersohn, Bill Brown and Josh Cohen.
BANNOCKBURN, ILL. — LOGS, a network of law firms and title agencies that specialize in handling foreclosure litigation for lenders, has leased 50,000 square feet of office space at 2121 Waukegan Road in Bannockburn. LOGS occupies the second and third floors of the 103,500-square-foot Class A property, which was formerly occupied by Kraft. The organization is relocating from 4201 Lake Cook Road in Northbrook, Ill. Kevin McLennan of Studley represented the tenant; Steve King and Chris Cummins of Colliers International represented the landlord, Colony Realty Partners. Terms of the lease were not released.