SOUTHINGTON, CONN. — R. Calabrese Agency (RCA) has completed the sale of a 10,400-square-foot office building, located at 1850 West St. in Southington. Initial plans are for the building to be occupied by Dr. Nicole Porzio-Hawley and her husband Dr. Andrew Hawley, who are opening a new chiropractic and sports medicine practice this summer named Porzio & Hawley Chiropractic. Ralph Calabrese of RCA represented the buyer, Dr. Robert Porzio. The seller, EZ Enterprises, was represented by Frank Mirmina of Lil-1 Associates. The acquisition price was not disclosed.
PHILADELPHIA — Philadelphia-based NAI Bluestone Real Estate Capital has arranged $4 million in construction-to-permanent financing for a portion of Logan Plaza, an office park located in Philadelphia’s Logan/Olney neighborhood. The borrower, OYR Realty Group, plans to use the funds to complete capital improvements at one of the office park’s buildings. The building is vacant, but a lease was recently signed with the Department of Public Welfare for approximately 66 percent of the space. The loan will start with a floating interest rate, but convert to a fixed loan with a 70 percent loan-to-value ratio upon completion. The lender is Beneficial Savings Bank. Logan Plaza is a six-building, 340,000-square-foot office campus. OYR Realty Group is a joint venture between Visionary Cos. and Thylan Associates.
LAS VEGAS — CVK LLC has acquired two office buildings at Pebble Place Business Center in Las Vegas for $15 million. Located at 2140 and 2190 Pebble Rd., the buildings both offer 25,939 square feet of space. Pam Krug of Seavest Realty represented the buyer; Suzette LaGrange of Colliers International — Las Vegas represented the sellers, Pebble Place I LLC and Pebble Place II LLC, in the transaction.
TOWAMENCIN, PA. — Construction is nearing completion on SKF’s new U.S. world headquarters building located at Forty Foot Road and Tomlinson Road in Towamencin. Designed by Thomas E. Hall & Associates (TEH) and developed and constructed by Philadelphia Suburban Development Corp., the three-story, 84,000-square-foot building will feature patterned-brick, glass, and cantilevered columnless glass corners. TEH also renovated the core and shell of an existing 35,000-square-foot attached warehouse building, which will retain its existing pre-cast concrete wall panels and will feature new windows and brick facing to match the new building. The project, located within the Towamencin Business Center, is expected to be complete this month.
ISELIN, N.J. — CB Richard Ellis has completed the sale of a 98,459-square-foot office building located at 186 Wood Ave S. in Metropark in Iselin. Set on 19.43 acres, the property is also approved for 474,000 square feet of Class A office space. Jeffrey Dunne and Kevin Welsh of CB Richard Ellis' New York Institutional Group collaborated with Jeffrey Babikian to represent Siemens Shared Services, LLC, an entity controlled by Siemens Corporation, in the sale. The team was also responsible for procuring the buyer, Hampshire Global Partners, an entity controlled by The Hampshire Companies, which plans to re-develop and upgrade the office building and develop the balance of the site over time. The sale price was undisclosed.
TUCSON, ARIZ. —Tucson-based Arizona Mail Order Company Inc. has signed a 10.5-year lease for Centre East, a four-building office complex located at 7840 E. Broadway Blvd. in Tucson. The recently remodeled complex earned the ENERGY STAR rating from the U.S. Environmental Protection Agency. Amenities include fiber optic service and abundant parking for visitors and employees. Buzz Isaacson of CB Richard Ellis, along with Ted Lyon and Michael Brown of Boston-based DTZ FHO Partners LLC represented the tenant; David Volk of CBRE represented the landlord, Tucson-based Houaloa Companies, in the transaction. The value of the lease was not disclosed.
WASHINGTON, D.C. — Perseus Realty LLC has taken out a $103.5 million loan against a 309,480-square-foot, Class A office building in Washington. The financing replaces an acquisition loan for the property, located at 1110 Vermont Ave. N.W. The building is 78 percent leased to the advertising firm WPP, Streamsage, Tompkins Construction and 21 additional tenants. Lindsay Stroud of Washington-based Perseus Realty Capital secured the 3-year, fixed-rate loan.
NORTHBROOK, ILL. — The Missner Group has disposed of a 3,350-square-foot office condominium, located at 105 Revere Dr. in Northbrook. The condo, which traded for approximately $424,000, is situated within a 17,500-square-foot, single-story office property. The multi-tenant property has been repositioned as a for-sale office condo building. The condo was acquired by architecture firm Sara E. F. Gensburg Ltd.
AUSTIN, TEXAS — A partnership assembled by the Austin office of Cencor Realty Services has acquired 4200 Lamar, a two-story office building located at the corner of North Lamar Boulevard and West 42nd Street in Austin. The building totals approximately 31,016 square feet and is situated on approximately 1.2 acres. Lance Morris of the Austin office of The Weitzman Group represented the buyer, 4200 Lamar Partners Ltd. The undisclosed seller was represented by Tom Martine of Martine Properties. The partnership has already begun a redevelopment of 4200 Lamar into a multi-use building with office and retail components. Three tenants have already signed leases for the retail component. They include sushi restaurant Uchiko, Mexican restaurant Tacodeli and Floyd’s 99 Barber Shop. The renovation project is slated for completion by the end of 2009, with the tenants opening by the following spring. The project was designed by Michael Hsu Design Office.
ALTAMONTE SPRINGS, FLA. — OFFICECO has purchased a 21,234-square-foot office building from Eula Scott LLC for $2.37 million. The property is located at 505 Maitland Ave. in Altamonte Springs. The law firm Wright, Fulford, Moorhead & Brown will occupy the property. Orlando-based First Capital Property Group’s Chuck Mitchell and Trent Scott represented OFFICECO. Maitland, Fla.-based Maitland Realty Co.’s Michael Calhoun represented the seller.