MADISON HEIGHTS, MICH. — Royal Oak Recycling has acquired a 21,120-square-foot property, which is located at 31330 Stephenson Highway in Madison Heights. The buyer plans to use the building as a document storage facility. Michael Grammatico and Garry Rogers of L. Mason Capitani represented the undisclosed seller. The acquisition price was not released.
Office
CHICAGO — The law firm of Baker & McKenzie has leased 230,000 square feet of office space at 300 E. Randolph in Chicago. The 16-year lease begins on December 1, 2012. With vertical construction complete, 300 E. Randolph offers 51 floors of office space. Baker & McKenzie plans to occupy approximately seven-and-a-half floors. The building features two cafeterias, pedway-level retail space and lower-level conference and auditorium spaces. Bill Rogers and Steve Steinmeyer of Jones Lang LaSalle represented the tenant. The property is owned by Health Care Service Corp.
TROY, MICH. — Mitchell Lipton of Newmark Knight Frank represented Henry Ford Health Systems in the lease of 41,503 square feet of office space in Troy. The tenant is a Michigan-based non-profit health care system. The property is located at 5600 New King. Terms of the lease were not disclosed.
WEST BLOOMFIELD, MICH. — Ocean Blvd. Investments has completed the disposition of 4,800 square feet of office/industrial space at 5775 W. Maple Road in West Bloomfield. The buyer, Trensend Properties V, plans to use the space for its psychology practice, New Oakland Family Center. Todd Hawley of Friedman Real Estate Group represented both parties in the transaction. The acquisition price was not disclosed.
HOUSTON — Houston-based Situs has completed the sale of a 26,398-square-foot office building located at 8831 Long Point in Houston, directly across from Spring Branch Medical Center. Maury Bronstein of Situs represented the seller, Gusma Properties. The buyer's name and the acquisition price were undisclosed.
MINNEAPOLIS — Wells Fargo & Co. has provided a $125 million senior secured loan to refinance the IDS Center. Located in downtown Minneapolis, the property offers 1.38 million square feet of Class A office space. The borrowers are Inland American Real Estate Trust and its majority owned and consolidated Florida-based Minto Builders subsidiary. Scott Solis and Michael Svets of Real Estate Banking Group’s Chicago office originated the loan.
BEDFORD, MASS. — Newton, Mass.-based Diversified Project Management has been selected by Acme Packet to provide project management services for the build-out of the company's new Bedford headquarters. Acme has signed a lease that will relocate its operations from 75,000 square feet of space in Burlington, Mass., to 123,000 square feet at 100 Crosby Drive in Bedford. As part of the lease, Acme has the option to expand by 20,000 square feet. The interior build-out of the office and engineering space is expected to be complete in March, with occupation expected in June. Dyer Brown Architects is designing the project and Chapman Construction is the general contractor. Bradford Spencer of Grubb & Ellis represented Acme in lease negotiations.
SAN DIEGO — Grubb & Ellis|BRE Commercial has facilitated Grant Thornton LLP’s $4.2 million office lease in Executive Center Del Mar, located at 12220 El Camino Real in the Del Mar Heights submarket of San Diego. The accounting and consulting firm, represented by Cushman & Wakefield’s Mike Macie, signed a 10-year lease for a 10,544-square-foot suite in the building. Grubb & Ellis’ Joe Anderson, Dave Odmark and Rick Reeder represented the lessor, Cognac Del Mar Owner II LLC.
BRANFORD, CONN. — CB Richard Ellis | New England (CBRE) has brokered the sale of a 55,400-square-foot research and development facility located in Branford for $4.1 million. The building is fully occupied by 454 Life Sciences Corp., a division of Roche Diagnostics Operations. CBRE's Pat Mulready, Tim Fegan, Elli Klapper and John McCormick represented the seller, Alliance Commercial Partners, and procured the buyer, New York-based Ash Realty Associates. The current tenant has plans to invest more than $5 million in capital improvements to the property.
PETALUMA, CALIF. — In a joint-venture partnership with Marina Office Park Associates, Basin Street Properties has acquired the 116,000-square-foot, three-building Petaluma Marina Business Center in Petaluma. The Class A office complex in Sonoma County changed hands for an undisclosed amount. Located adjacent to the Petaluma River with access to Highway 101, Petaluma Marina Business Center features suites ranging from 400 to 6,000 square feet.