IRVING, TEXAS — Santa Ana, Calif.-based Grubb & Ellis Realty Investors has disposed of Royal Ridge Tech, an approximately 44,000-square-foot office property located in Irving. The single-story structure is situated on approximately 3.6 acres of land at 8333 Royal Ridge Parkway. Grubb & Ellis, which sold the property on behalf of tenant-in-commone investors, was represented by Kacy Jones, Byron McCoy and Sean Dalton of Holt Lunsford Commercial. The buyer, Texas-based TXVT Development, was represented by Nora Hogan and Robert Deptula of Houston-based Transwestern. The sale was part of a two-property 1031 exchange that also included Beltline, a nearby office property that totals approximately 40,000 square feet.
MONTEREY PARK, CALIF. — Korda Group has acquired a single-story, 55,564-square-foot office building, which is located at 1-25 Cupania Circle in Monterey Park. Fowler Property Acquisitions sold the property, which was built in 1971, for $8.05 million. The buyer will assume a 70 percent existing LTV. Ron Jacobson and Bob Safai of Madison Partners represented the seller in the transaction.
MIDVALE, UTAH — R&O Construction Co. is currently building a new Salt Lake County Public Works Administration building, which will be located at 617 West 6960 S. in Midvale. The 22,805-square-foot building is seeking LEED Gold certification. Green elements of the building include concrete walls, recycled concrete countertops, the use of reclaimed trestle wood, bamboo floors and ceilings, and energy efficient solar panels. Completion is slated for December 2009.
MILWAUKEE — Wisconsin Arts Lab LLC has purchased a 14,400-square-foot building located at 1422 North 4th St. in Milwaukee. The company has donated the lease of the entire building to RedLine Milwaukee, an urban arts incubator serving the community through education, community service and the hosting of cultural events. RedLine will use the building, which includes 7,200 square feet of ground-level space, to offer affordable studio space for local artists. Participants are required to maintain their studio while participating in community service projects. Additionally, the building will house an exhibition hall, a library, a community room and a professional print shop. After refurbishing the property, RedLine has plans to open the facility in July. Thomas Pogodzinski and Jeno Cataldo of NAI MLG Commercial represented Wisconsin Arts Lab LLC in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — Boston Properties has announced plans to suspend construction for its new office development located at 250 W. 55th St. in New York City. The real estate investment trust stated in a press release that the decision stemmed from a lease agreement with a major law firm that fell through. The law firm had reached an agreement with the REIT last year, but recently informed Boston Properties that it could not proceed on those terms. Boston Properties states that the loss of this major tenant “render[ed] the project economically infeasible in today’s environment.” Current plans for the project include the construction of a 1 million square feet office building, which was originally slated for completion in 2011. Construction of the foundation is already under way, and Boston Properties plans to restart construction at a later date. As a result of this decision, the REIT expects to reduce its capital commitments through 2011 by approximately $450 million.
PORT CHESTER, N.Y. — CB Richard Ellis (CBRE) has completed the sale of the Ernest Simons building, located at 181 Westchester Ave. in Port Chester, for $13.9 million. The 170,000-square-foot building was originally constructed in the late 1800s to house the Ernest Simons Manufacturing Co., but has recently been converted by the seller into a multi-tenant, loft-style office building. It features tenants spaces ranging from 300 to 13,000 square feet, as well as a retail component. Al Mirin and Silvia Pogosyan of CBRE’s Westchester, N.Y./Fairfield County, Conn., office and Michael Monahan of the firm’s Midtown Manhattan, New York City, office represented the seller, Ernest Simons Inc. The buyer was not disclosed.
BEAUMONT, TEXAS — The Houston office of Grubb & Ellis has arranged two leases on behalf of ENGlobal Corp. in Beaumont. The first lease is for a new 52,518-square-foot office building located at 3155 Executive Blvd. within Executive Business Plaza. The building was constructed as a build-to-suit by Clay Development & Construction, and will be used for ENGlobal’s engineering and administrative operations. It replaces a building located on the same site that was destroyed by Hurricane Rita in 2005. ENGlobal is currently moving into the building. The second lease is for 80,808 square feet of industrial space located at 225 Portwall St. in Portwall Distribution Center II. The company is expanding its fabrication operations into the new space from a previous nearby location that totaled 62,641 square feet. ENGlobal will relocate to the space in March. Grubb & Ellis’ Robert Bantly and Scott Fikes represented ENGlobal in both transactions. The landlord in the second transaction, The Carson Companies, was represented in-house.
MAULDIN, S.C. — Samsung Networks America is fast at work on its 80,000-square-foot North American Customer Care Center, located in the Centerpointe Business Park in Mauldin. Construction began on the $20 million project in September and is expected to wrap up in May. The Greenville Area Development Corp. worked to bring the firm to Mauldin, and officials estimate that the development will help generate 1,000 new jobs during the next 5 years. To accommodate future growth, the property can expand to 120,000 square feet.
ROCKY MOUNT, N.C. — Brett Mason of NorthMarq Capital’s Raleigh, N.C., office has arranged $1.75 million in financing for the 25,000-square-foot Nottingham Office Building. The Rocky Mount property was formerly utilized as an apartment complex and a bank. StanCorp Mortgage Investors provided financing for the 5-year loan, which comes with a 25-year amortization schedule.
ELMHURST, ILL. — Oakbrook Terrace, Ill.-based NAI Hiffman has brokered the sale of a 25,000-square-foot building located at 162 South York St. in Elmhurst. Elmhurst School District 205 has purchased the property from the Bank of America Pension Plan for approximately $3.18 million. Elmhurst School District 205 will use the property to consolidate its administrative offices, to expand the Early Childhood Program, to expand the 18-21 Year Old Transition Program, and to alleviate traffic and parking congestion at Hawthorn Elementary School. Lee Daniels of Lee Daniels & Associates represented Frank Catalano, the contractor purchaser who assigned its rights to Elmhurst School District 205. Dan Hiffman of NAI Hiffman represented Bank of America Pension Plan in the transaction.