AVON, IND. — Summit Realty Group has brokered the sale of a 20,912-square-foot office building located at 5250 E. US Highway 36 within Prestwick Point Office Park in Avon. Co-Alliance LLP has purchased the multi-tenant, two-story building from Avon West Office Tower LLC for an undisclosed amount. Co-Alliance is relocating its headquarters from Danville, Ind., to the new location. John Demaree, Tim Norton and Jeff Merritt of Summit Realty Group represented the seller in the transaction.
AUSTIN, TEXAS — The Austin office of CB Richard Ellis (CBRE) has brokered two Austin office sales. In the first transaction, CBRE completed the sale of the Chase Bank Building, a 29,934-square-foot property located at 2711 W. Anderson Lane. The multi-tenant property was fully occupied at the time of closing. Walter Saad and Cathy Nabours of CBRE’s Private Client Group negotiated the transaction between the buyer, Newstreet Properties, and the seller, Brookfield Real Estate Opportunity Fund, which is operated by Brookfield Asset Management. Additionally, CBRE completed the sale of Arbor Square I and II, a 50,836-square-foot, multi-tenant property located at 12885 Research Blvd. The property was 98 percent occupied at the time of closing. The transaction also was negotiated by Saad and Nabours, along with Casey Ford of CBRE’s Austin Office Brokerage division. The buyer was California-based Asset Management Consultants. The seller, Arbor Square LP, has completed approximately $800,000 in renovations to the property since acquiring it in 2005. The acquisition prices in both transactions were undisclosed.
GREENSBORO, N.C. — Durham, N.C.-based The Dilweg Cos. has purchased the 332,934-square-foot South Elm Center from the Lincoln Financial Group for an undisclosed price. The 13-building office park spans 28.93 acres of land near Interstates 40 and 85 in Greensboro. Amenities include high ceilings, heavy-load flooring and freight docks. The property is 92 percent occupied by Werner Co., Verizon, Professional Presort, Specialty Products and Lincoln Financial.
DALLAS — The United States General Services Administration (GSA) has signed a lease for 8,000 square feet at the Sherry Lane Place building in Dallas for the offices of President George W. Bush. The lease is for a 10-year term at an annual rate of $38.95 per square foot. Tenancy will begin this summer. In the meantime, the GSA has leased 5,328 square feet at The Berkshire at Preston Center, also located in Dallas, for Bush’s temporary offices. The short-term lease began this week; it was leased at an annual rate of $34.71 per square foot. In both offices, the GSA will be leasing additional office space for the United States Secret Service, the cost of which will be reimbursed by the Department of Homeland Security.
SAN DIEGO — California-based NetReit has acquired a 26,784-square-foot office building in the Morena area of San Diego for $6.6 million. The four-story building, which is located at 1202 Morena Blvd., was built in 1985. The property is fully occupied by Lloyd Pest Control, Community Research Foundation, Mental Health Systems and Peakcare. Matty Sundberg and Mark Avilla of Grubb & Ellis represented the buyer; Kevin Farrell, Jay Arnett, Derek Applbaum and Deborah Hunkeler of Cushman & Wakefield represented the seller, Morena Office Center LLC, in the transaction.
GLEN ROCK, N.J. — A joint venture between Morristown, N.J.-based The Hampshire Companies and Woodbridge, N.J.-based Onyx Equities has acquired a 48,000-square-foot office building located at 85 Harristown Rd. in Glen Rock. The property was acquired from Motorola, Inc. The joint venture plans to complete major renovations to the project throughout the year, including new façades, windows, lobbies, landscaping, HVAC systems, restrooms and a new roof — all with the intention of marketing the property to medical office users. Hampshire made the purchase on behalf of Hampshire Partners Fund VII, the company’s $350 million institutional real estate investment fund.
CHICAGO — The United States Government Building Fund has purchased the Federal Bureau of Investigation office Field Office Building located in Chicago. The approximately 430,000-square-foot FBI Field Office was developed in 2004 as a build-to-suit project constructed for the FBI. USAA Real Estate Co. sold the Class A building for an undisclosed amount. Situated on a 10-acre site immediately southwest of Chicago’s central business district, the 10-story building includes a one-story annex facility, underground parking and a three-story parking structure. In late December, the building was awarded the highest level of Leadership in Energy and Environmental Design for Existing Buildings from the U.S. Green Building Council (USGBC). The facility was the first in the world to receive a platinum level of certification under the USGBC’s LEED EBOM. Additionally, it is the first LEED EBOM platinum-rated building in Chicago, and one of only 16 platinum-rated projects in the world.
SOMERSET, N.J. — inVentiv Health has signed a lease for 154,035 square feet of Class A space at Atrium Corporate Park, a four-building, 900,000-square-foot office park located in Somerset. The company will use the space, located at 500 Atrium Dr., to consolidate four of its New Jersey offices and to accommodate the further growth of the company. inVentiv Health plans to take occupancy in July. Walter Shoenberg and Christopher Kinum of Cushman & Wakefield represented inVentiv in lease negotiations. The landlord, LaSalle Investment Management, was represented by Susan Mason, Thomas Reilly and Brian Cass of Jones Lang LaSalle’s (JLL) Parsippany, N.J., office. JLL also serves as exclusive leasing agent and property manager for Atrium Corporate Park, which is owned by JLL’s LaSalle Income & Growth Fund IV.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $21.5 million loan for the refinancing of a three-property office portfolio located within Quorum Office Park in Dallas. The three properties total 465,865 square feet, and they include 5000 Quorum, Quorum Place and Quorum North. The office park is situated adjacent to the North Dallas Tollway and Belt Line Road in the city’s Far North submarket. HFF’s Kevin MacKenzie originated the loan on behalf of Birmingham, Ala.-based Harbert Management Co. Terms of the loan include a fixed interest rate and a 3-year term. The lender was ViewPoint Bank.
CALABASAS, CALIF. — Malcolm Abrams LLC has purchased 26135 Mureau Road, an 18,371-square-foot office building in Calabasas. Located within Calabasas Commerce Center, the property sold for approximately $4 million. Told Partners represented the buyer; Robert Erickson and Marc Spellman of Lee & Associates represented the seller, Arden Realty Inc., in the transaction.