BOCA RATON, FLA. — Schmier & Feurring Properties of Boca Raton has broken ground on a 32,000-square-foot office at 2220 Butts Road in Boca Raton. The building, which was designed to achieve LEED Platinum certification, will serve as the corporate headquarters for Schmier and the regional headquarters for Victory Wholesale Group. Green features include two underground cisterns to store rainwater, a solar hot water collector, thermal-insulated impact glass and efficient fixtures. Delivery is scheduled for fall 2010.
OLATHE, KAN. — Lenexa, Kansas-based B. Dalke Custom Design has selected Rose Construction Co. to design and build an office/manufacturing facility at Parkside Business Center in Olathe. The custom interior design/build company plans to use the 9,000-square-foot facility as a showroom and a custom fabrication shop. Russell Pearson and Nathan Anderson of Harbinger Property Group represented Rose Construction in the deal.
ST. CHARLES, ILL. — Inland Real Estate Brokerage has completed the sale of an office property, which is located at 4N645 School Road within Fox Mill office complex in St. Charles. A local business owner acquired the 5,000-square-foot property from an undisclosed seller for $750,000. Additionally, the property features an 800-square-foot basement and onsite parking. The buyer plans to use the space as a sales headquarters. Inland’s Paul Montes and Eric Spiess represented both parties in the transaction.
HOUSTON — Houston-based Transwestern has arranged the sale of Northwest One, a 126,802-square-foot office building located on Highway 290 in Houston's Northwest submarket. Approximately $1 million has been spent on capital improvements to the building in the past 5 years. Occupancy was 44 percent at the time of the sale. Transwestern's Rudy Hubbard and Leah Gallagher negotiated the deal between the buyer, FN Northwest One, and the undisclosed seller.
SANTA MONICA, CALIF. — Houston-based The Lionstone Group has purchased the 463,000-square-foot Lantana Entertainment Media Campus in Santa Monica from Maguire Properties. The landmark, four-building studio production and creative office property is currently home to IMAX Corporation, NBC Universal Television, Dick Clark Productions and Revolution Studios. Lee & AssociatesWest Los Angeles assisted Lionstone, founded by Tom Bacon, in the transaction; Lee’s Jim Jacobsen will oversee management of the Lantana campus.
ORANGEBURG, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of a three-story, 50,408-square-foot office building located at 100 Dutch Hill Road in Orangeburg. The Class A facility is situated on approximately 3.75 acres. It was occupied by the seller, KeyBank, which used the building as its Hudson Valley/Metro New York district headquarters. The bank plans to relocate its offices but will temporarily lease 15,000 square feet of space at the building. The only other tenant currently is a law firm that occupies 5,000 square feet. The buyer, Dutchill Partners LLC, plans to launch a leasing campaign for the remainder of the building. The CBRE team that represented the seller included Kevin Langtry and William Cuddy of the firm's Stamford, Conn., office; Al Mirin of the firm's Private Client Group; and James Tully of the firm's Saddle Brook, N.J., office.
THE WOODLANDS, TEXAS — An affiliate of W.P. Carey & Co. has acquired a 204,000-square-foot, Class A office building located in The Woodlands for $45 million. The building is currently occupied by US Oncology, which leases the building on a long-term basis as its corporate headquarters. The purchase was made by CPA:17 – Global, a publicly held, non-traded REIT controlled by W.P. Carey. The seller was not disclosed.
SAN DIEGO — Cushman & Wakefield has presided over Private Asset Management’s $3.4 million purchase of an 18,000-square-foot office building located at 5348 Carroll Canyon Rd. in San Diego. Located in the Sorrento Mesa submarket with easy access to the 805 freeway, the building is currently undergoing renovations. Cushman & Wakefield’s Deborah Hunkeler and Jay Arnett represented Private Asset Management, and Jed Stirnkorb of CB Richard Ellis represented the seller, Laboratory Building Designers. The new owner, a wealth management company, plans to occupy half of the building.
VIRGINIA BEACH, VA. — South University, a subsidiary of Educational Management Corp., has leased 32,606 square feet of office space from an undisclosed landlord. The space is located in Convergence Center IV on Bonney Road in Virginia Beach. South University, a private, 4-year institution, offers business, criminal justice, accounting and information technology programs. Thalhimer's John Duffy represented the tenant.
EDISON, N.J. — Onyx Equities has completed five transactions totaling 109,107 square feet at Edison Square Office Park, the company's three-building, 230,969-square-foot office property located in Edison. Most significantly, The Conti Group purchased the 67,000-square-foot 2045 Lincoln Highway building for use as its new headquarters. Paul Giannone, Kevin Carton, Paul Hindes, Dan DePalma and Todd Elfand of Jones Lang LaSalle represented both parties in the transaction. In addition, Onyx completed four leases at the same building. L&T Infotech renewed and expanded its existing lease to 31,303 square feet in a deal that was arranged by Carton and Elfand. Birlasoft Inc. renewed its lease for 5,854 square feet in a deal brokered by Sean Brady of Cushman & Wakefield. Janney Montgomery Scott LLC renewed its lease for 4,170 square feet. Finally, Kale USA signed a new lease for 870 square feet. Elfand brokered the deal.