ROCKWALL, TEXAS — Colleyville, Texas-based Realty Capital Corp. has disposed of a 3,650-square-foot office building located within The Offices of Horizon Ridge office park in Rockwall. It is the last building in the park to be sold. It was purchased by TK Development, which also owns the second building within the four-building, approximately 23,600-square-foot park. Construction of the park was completed in November 2008; it is located just west of the new Presbyterian Hospital.
VAN NUYS, CALIF. — The Housing Authority for the city of Los Angeles has acquired a two-story, 22,156-square-foot office building for $3.5 million. Located at 6946 Van Nuys Blvd. in Van Nuys, the property is currently occupied by the buyer. Cathy Scullin of NAI Capital Commercial represented the buyer; George Stavaris and Darren Cline of Grubb & Ellis’ North Los Angeles office represented the seller, Van Nuys-based KEPT LLC, in the transaction.
ATLANTA — Chicago-based Seyfarth Shaw will lease 84,000 square feet and The Boston Consulting Group will lease 37,000 square feet in the 12th & Midtown office tower in Midtown Atlanta. The two leases represent the first announced tenants in the 725,000-square-foot building, which is being constructed to LEED standards at 1075 Peachtree St. The structure is part of a $600 million, 1.4 million-square-foot development. Delivery of the property is expected in early 2010. Terms of the leases were not announced.
DUBLIN, OHIO — Alterra Real Estate Advisors has brokered the sale of Two Metro Place, a Class A office building located within the Metro Center complex in Dublin. An East Coast investment company has purchased the 118,000-square-foot building from 565 Metro LLC for $16 million. Tenants at the building, which is 98 percent occupied, include Influent, Lowes, The Ohio State University, Siemens and Sophos. Alterra will continue to handle the leasing and management of the property on behalf of the new owners.
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.