LA PALMA, CALIF. — An undisclosed East Coast-based pension fund has acquired Centerpointe La Palma, a 10-building office/retail property in La Palma, for an undisclosed price. The 532,000-square-foot complex features nine office buildings and a retail building. At the time of acquisition, the property was 92 percent occupied by credit tenants, including BP and Honeywell. Bob Smith, Mike Kane, Paul Jones and Karen Scholte of CB Richard Ellis represented the undisclosed seller in the transaction.
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ATLANTA — Hotel Equities has renewed its 3,475-square-foot lease with RB41 PCE for its Atlanta headquarters, located at 41 Perimeter Center East in Atlanta, and is planning this month to start construction on an expansion. By adding 4,282 square feet to its headquarters, Hotel Equities will more than double the size of its offices. CresaPartners’ Ed Riggins represented Hotel Equities in the lease renewal, and Caroline Nolen of Barry Real Estate represented the landlord.
QUINCY, MASS. — Griffith Properties has held the grand reopening for the recently renovated HarborSouth Tower, a 10-story office tower located at 100 Hancock St. in Quincy. The building contains 206,000 square feet of Class A space. Many of its renovations focus on the project’s pursuit of LEED – Core & Shell Certification. The building’s indoor air quality and use of natural light have been improved. Drought-tolerant landscaping has been planted, and the building has preferred parking for fuel-efficient cars and carpoolers. Other improvements include a new lobby, new windows, an upgraded façade, a new multi-level parking deck, a café, a fitness center and a shared conference facility. The project was undertaken by a joint venture between Griffith, and Urdang Capital Management and the company’s Value-Added Fund II. Griffith acquired the property in 2007. The general contractor for the renovation project was Suffolk Construction; ADD Inc. served as project architect. Andy Majewski, Kat Kessler and Ogden White of CB Richard Ellis are serving as exclusive leasing agents.
PLANO, TEXAS — Groundbreaking has occurred for CIGNA’s new regional headquarters located at the corner of the Dallas North Tollway and Plano Parkway in Plano. The four-story, 210,000-square-foot office building will be divided into two wings, with each floor containing approximately 50,000 square feet of space. The façade of the building features brick, aluminum and painted surfaces, as well as a glass curtain wall. The building’s top floor contains a glass and aluminum façade, as well as a taller floor height. Building amenities will include a gym and a company cafeteria. The project will be seeking LEED certification, and sustainable features will include a rain-capture roof system, an east-west orientation to minimize sun exposure and the use of recycled construction materials. The project is being designed by Dallas-based Corgan Associates. The building will be located on the northern 13 acres of a 43-acre, master-panned development; the CIGNA headquarters is the first building to be constructed in the development. Future plans for the development include walking paths, picnic areas, and the possibility of retail areas, additional office buildings, and hotel and residential units. Upon completion in September 2009, CIGNA will consolidate employees and operations from four separate facilities in the Dallas/Fort …
COLUMBIA, MD., AND BALTIMORE — First Potomac Realty Trust has purchased the six-building, 306,656-square-foot Rivers Park I & II, an office property located on Guilford Road in Columbia, from affiliates of General Growth Properties for $42.3 million. Purchase of the fully-leased building was partially funded by a $28 million loan from U.S. Bank National Association. The 73,456-square-foot Triangle Business Center, a four-building business park located in Baltimore, also changed hands between the companies for $4.5 million in cash. The Triangle Business Center is 68 percent leased.
HUNTSVILLE, ALA. — David Collie of iCap Realty’s Atlanta office has secured a $19 million loan to fund the acquisition of the two-building, 168,000-square-foot Wester Aerospace & Defense office property. Located in the Cummings Research Park in Huntsville, the 22-acre property was acquired in a deal worth $29.3 million.
LINCOLN, MASS. — NorthMarq Capital has arranged a $20 million loan for Lincoln North, a Class A office building located at 55 Old Bedford Rd. in Lincoln. The three-story structure is situated on 9.71 acres and includes 128,163 square feet and 384 parking spaces. It was fully occupied at the time of closing. Joseph Hegenbart of NorthMarq’s Boston office arranged the financing on behalf of the borrower, FFMS Lincoln North LLC, through John Hancock Life Insurance Co. Terms of the financing were not disclosed.
FORT WORTH, TEXAS — Arlington, Texas-based SCM Real Estate Services has arranged the sale of an office property located at 4800 Bluemound Rd. in Fort Worth. The property consists of a one-story, approximately 27,000-square-foot office building and 10 acres of land Theron Bryant of SCM represented both undisclosed parties in the transaction. The acquisition price was not released.
MARLTON, N.J. — Malvern, Pa.-based Liberty Property Trust has disposed of a five-building office portfolio located in Marlton. The properties are located at 8, 9, 10, 12 and 14 Stow Road. They are all single-story buildings and total 160,000 square feet. The portfolio is occupied mostly by service-related tenants, including insurance agencies, accounting practices and financial services firms. Joseph Sklencar, Sr., and Joseph Sklencar, Jr., of Grubb & Ellis represented Liberty, as well as the seller, Ireland-based Claret Capital. Grubb & Ellis will also assume leasing and property management services for the portfolio. The acquisition price was not disclosed.
HOUSTON AND FORT WORTH, TEXAS —Holliday Fenoglio Fowler (HFF) has completed two Texas sales totaling 294,351 square feet. The first sale consists of a six-building, 225,859-square-foot office portfolio located in the NASA/Clear Lake submarket of Houston. The properties include Camino Center I and II, which total 81,108 and 80,751 square feet, respectively, and Armand Plaza, a four-building park that totals 64,000 square feet. Dan Miller and Marty Hogan of the Houston office of HFF represented the seller, KBS Realty Advisors. The property was acquired by John Cole of Twenty Twenty Properties for an undisclosed amount. Susan Hill, also of HFF, arranged acquisition financing for the portfolio through Viewpoint Bank. The second sale consists of Fossil Creek Shopping Center, a 68,492-square-foot retail property located at 4296-4398 Western Center Blvd. and 6401 Beach St. in Fort Worth. Situated on 6.4 acres, the shopping center is 98 percent leased to a tenant roster that includes Family Dollar, Card & Party Factory, Cato, Starbucks Coffee and H&R Block. The center is shadow-anchored by Albertson’s. Jim Batjer and Adam Howells of HFF’s Dallas office represented the seller, Dunhill Partners. Sandstone Fossil Creek Associates acquired the property and assumed an existing $8.64 million loan on the …