MINNEAPOLIS — Scott Pollock of Minneapolis-based NorthMarq has brokered the sale of Rand Tower, a 26-story office building located at 527 Marquette Ave. S. in Minneapolis. The tower was purchased by a joint venture between Alex Brown Realty of Baltimore and Hempel Properties of Maple Grove, Minn. NorthMarq served as broker of the sale and as an equity resource for the buyer. The cost of acquisition was not disclosed.
Office
SAN DIEGO — Johnson & Jennings General Contracting has completed the construction of a 43,000-square-foot corporate office building for National Pen Co. LLC. Located at 12121 Scripps Summit Dr. in San Diego, Johnson & Jennings was responsible for a build out comprising 1.5 floors for corporate offices, a marketing department, training rooms and meeting facilities. Marianne Berg of Carrier Johnson + Culture provided architectural and design services for the $2.4 million project. Transwestern is the building owner and property manager.
HOWARD COUNTY, MD. — Principal Real Estate Investors has sold the 215,345-square-foot Lakeview I & II office property, located in Howard County, to The Goldstar Group and Potomac Capital Advisors for an undisclosed price. Joe Donato, Maury Zanoff and Matt Williams of CB Richard Ellis’ debt and equity finance team represented the buyer. Principal Real Estate Investors was represented by Bruce Strasburg, Bill Prutting, Jr., and Marc Rampulla of CB Richard Ellis’ investment properties team. HSH Nordbank AG financed the acquisition.
MEMPHIS, TENN. — Raleigh, N.C.-based Highwoods Properties has assumed $7.8 million of unsecured debt and issued 183,587 operating partnership units to purchase the 135,000-square-foot PennMarc office building from an undisclosed party. Highwoods will undertake $1.7 million in renovations to the six-story building, which is located on Poplar Avenue in Memphis. The building is 91 percent leased.
MINNETONKA, WIS. — New York-based Falcon Real Estate Investment Co. has represented an overseas institutional investor in the disposition of a 152,220-square-foot Class A office building located at 12700 Whitewater Dr. in Minnetonka. Situated on a 6.2-acre site within Minnetonka Corporate Center Business Park, the six-story facility is fully occupied by Cargill Inc. On behalf of its client, Falcon Real Estate Investment Co. sold the building to Hawaii-based James Campbell Co. for approximately $30.09 million. The property includes 4,000 square feet of storage space and a parking garage. Steven Buss, Tom Holtz and Ryan Watts of CB Richard Ellis’ Minneapolis Institutional Group represented Falcon Real Estate; Hart Realty Advisors represented the buyer in the transaction.
CHICAGO — Chicago-based financial services firm Northern Trust has signed a 5-year lease extension for 100,357 square feet of office space located at 10 South LaSalle St. in Chicago. The 10 South LaSalle building is a 28-story office tower featuring 23,000-square-foot floor plates. Mike Watts and Carey King of J.F. McKinney & Associates represented the building owner, New York-based The Feil Organization, in negotiations. Craig McKesson, Michael Sessa and Dan Maslauski of Jones Lang LaSalle represented Northern Trust in the transaction.
LOS ANGELES — Frankfurt, Germany-based DekaBank Deutsche Girozentrale recently closed a $175 million loan for Hines US Office Value Added Fund II LP for the acquisition of Citigroup Center, a 48-story office tower in downtown Los Angeles. Located at 444 Flower St., the 891,056-square-foot property was sold by Broadway Partners. The building was built in 1981 and designed by A.C. Martin & Associates. At the time of acquisition, the property was 93 percent leased.
FORT LAUDERDALE, FLA. — Fort Lauderdale-based AutoNation, the largest automotive retailer in the country, has leased 105,000 square feet in the office building at 200 Las Olas Circle in Fort Lauderdale. The company will move its headquarters into five floors of the 17-story building in mid-2009. The 12-year lease comes with two 5-year options. In addition to its 186,516 square feet of Class A office space, the property also encompasses 17,538 square feet of ground-level retail. Thomas P. Angelo and Gavin S. Banta of Angelo & Banta represented AutoNation, and David Black of Frank, Weinberg & Black represented the landlord, 200 Brickell Ltd.
PLEASANT PRAIRIE, WIS. — Milwaukee-based CG Schmidt is providing construction management services for Uline’s new corporate headquarters and distribution center, which is underway in Pleasant Prairie. Uline, which is relocating from Waukegan, Ill., has broken ground on the 280,000-square-foot corporate headquarters facility, as well as the 1.1 million-square-foot distribution center. The headquarters building will include Class A office space, a three-story gathering and training area, a kitchen and cafeteria, and a fitness center. The project is scheduled for completion in the spring of 2010.
NORTHBROOK, ILL. — Grubb & Ellis has brokered the sale of 56,700 square feet of office space located at 1135 Skokie Blvd. in Northbrook. Stepan Chemical Co. has acquired the Class B office property from ACCO Brands Corp. for an undisclosed amount. Louis Hall, Dirk Riekse and Chad Galayda of Grubb & Ellis represented the seller in the transaction; Cushman & Wakefield represented the buyer in the transaction.