JENKINTOWN, PA. — Philadelphia-based Binswanger has negotiated the sale of a 5,016-square-foot office building located at 726 Old York Rd. in Jenkintown. The buyer, Aranda Group, plans to utilize the space as offices for its financial services business. Binswanger represented the seller, 726 Old York Road LP, in this transaction as well as the seller's original purchase of the property in December 2008.
HOUSTON — King & Spalding has renewed its lease for 116,732 square feet of space at 1100 Louisiana, a 55-story office building in downtown Houston. Hines is the landlord of the 98 percent-leased property. Tim Relyea of Cushman & Wakefield of Texas represented the law firm, which has been a tenant in the building since 1995. Additionally, oil and gas energy company Vitol Inc. has renewed and expanded its lease at the building. The company, which has been a tenant since 1997, now will occupy 43,000 square feet. Trey Strake and Chris Oliver of Cushman & Wakefield of Texas, Inc. represented Vitol in lease negotiations. Chrissy Wilson, Paula Bruns and Mark Janssen of Hines represented the landlord in both transactions.
TEMPLE TERRACE, FLA. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the Telecom Technology Center, a 133,919-square-foot, three-building, single-story office park in Temple Terrace, in a 1031 exchange. The Telecom Technology Center sold for $10.9 million and traded at a cap rate of 10.65 percent. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, FOA Tampa LLC. Nathan Wood of the firm's Jacksonville, Fla., office represented the buyer, Lepanto Realty Corp.
DALLAS — Parkland Health & Hospital Systems has signed a lease for 67,000 square feet at 8435 Stemmons, an 11-story, Class A office building located in Dallas. The company is using the space as a temporary location while its new campus is under construction. The transaction was negotiated by Red River Asset Management. Parkland is the second tenant at the 229,605-square-foot office building. Earlier this year, Telx signed a lease for 25,000 square feet. The two leases bring occupancy to 45 percent. Red River's leasing plan for the property, which is owned by Lakewood, N.J.-based Diversified Capital, is to reposition the fourth floor as ready-to-occupy office suites and land a two-floor anchor tenant, which will have the option of naming rights to the building.
VAN BUREN TOWNSHIP, MICH. — CB Richard Ellis (CBRE) has arranged a long-term lease for General Electric Co. (GE) that will create a new office/R&D center in the Detroit suburb of Van Buren Township. GE's new operations will consist of approximately 200,000 square feet of office space and a newly constructed, 100,000-square-foot research and development facility. The new facilities will be located within the newly named GE Advanced Manufacturing & Software Technology Center and will commence operation in October. Brent Woodruff of CBRE's Atlanta office and Jeffrey Bell of the firm's Detroit office represented GE. The landlord, Visteon Corp., will maintain its corporate offices and innovation center at the site. Terms of the lease were not disclosed.
SAN DIEGO — Eastman Kodak Co. has signed a lease for 65,755 square feet of industrial and research & development space at 16275 Technology Dr. in San Diego. The lease carries an 18-month term at a cost of $1.37 million. Chris Pascale of CB Richard Ellis represented Eastman Kodak in lease negotiations. Mickey Morera of Cushman & Wakefield represented the landlord, First Industrial LP.
KANSAS CITY, MO. — Colliers Turley Martin Tucker (CTMT) has arranged the purchase of the Broadway Summit Building, a 130,000-square-foot office building located at 3101 Broadway in midtown Kansas City. The property was acquired by The Children's Mercy Hospital, which plans to use the building for expansion space. CTMT's Mike Posten and Suzanne Dimmel represented the hospital in the purchase. The seller was not disclosed.
DALLAS — The Weitzman Group has brokered the sale of the Inwood Plaza office building, located in Dallas. Situated at 12240 Inwood Rd., the property totals five stories and 34,663 square feet. The building has been recently renovated. Bill Knoprick and Jonathan Diamond of Weitzman represented the seller, a limited partnership. The buyer was locally based Lutador LLC. Weitzman will continue to serve as leasing agent for the building.
ALISO VIEJO, CALIF. — Quest Software has secured a $34 million loan for a cash-out refinance of its two-building headquarters. Located in Aliso Viejo, the buildings total 168,703 square feet. Two lenders — a Midwest-based bank and a California-based bank — funded the fixed-rate loan, which carries a 25-year amortization schedule and a 70 percent loan-to-value ratio. Bruce Krall of Cohen Financial’s Newport Beach, Calif., office secured the deal.
SCOTTSDALE, ARIZ. — Arizona-based Mesquite Corporate Partners has sold the 79,537-square-foot Mesquite Corporate Center to Mesquite Partners I of Colorado for $10 million. Located at 14646 N. Kierland Blvd. in Scottsdale, the property is currently 67 percent leased. Barry Gabel and Mindy Korth of CB Richard Ellis’s Phoenix office represented the seller. Justin Lutgen and Nate Schnabel of Denver-based DPC Development Co. represented the buyer.