NEWNAN, GA. — Out-Med II has sold a 31,213-square-foot office property to an undisclosed buyer for $5.25 million. The building, located at 2959 Sharpsburg McCollum Rd. in Newnan, is occupied by The Papp Clinic. Atlanta-based Bull Realty brokered the transaction.
WARRENVILLE, ILL. — Skokie, Ill.-based The Missner Group has sold Corporate Lakes I, a 79,211-square-foot office building located at 2525 Cabot Dr. within Corporate Lakes Business Park in Warrenville. The property, which is 100 percent leased, was sold for approximately $10.7 million. A limited liability company formed and sponsored by Kevin Travers of Midwest Realty Advisors has acquired the three-story building. The property features an outdoor running path and a daycare area, and is within close proximity to restaurants and hotels. David Tarnoff, Howard Wiese and Brad Ader in the Chicago O’Hare office of Marcus & Millichap represented The Missner Group in the transaction.
NEW YORK CITY — Manhattan, New York City-based Winoker Realty Co. has completed the sales of two office condominium units, located within the historic Bar Building at 36 W. 44th St. in Midtown Manhattan, for a total of $4.66 million. Both condo units are located on the seventh floor of the building, and both were sold by TGG Holdings. In the first transaction, the New York Genealogical & Biographical Society acquired a 4,045-square-foot unit for $3.03 million. Jonata Dayan and Adam Ben-Dayan of Winoker represented both parties in the transaction. In the second transaction, Solari Real Estate acquired a 1,635-square-foot block of space for $1.63 million. Dayan and Ben-Dayan represented the seller; Gregg Roberts of TGG Holdings represented the buyer.
WORMLEYSBURG, PA. — Camp Hill, Pa.-based CAMPBELL Commercial Real Estate has negotiated the sale of a 13,000-square-foot office building located at 1007 Mumma Rd. in Wormleysburg. One floor of the two-story, Class A building is occupied by Global Data; the other floor is currently vacant. Art Campbell and Derek Bicksler of CAMPBELL Commercial Real Estate represented the seller, Duquesne University. The buyer, 1007 Mumma Road LLC, was represented by Jamie Pascotti and Todd Decker of Realty Management, Inc.
ALLEN, TEXAS — Jones Lang LaSalle (JLL) has arranged a 292,700-square-foot office lease renewal for Experian Credit Reporting Agency at 601 and 701 Experian Pkwy. in Allen. Larry Toon, Wade Clark, Ronda Clark and Bo Bond of JLL represented the tenant in lease negotiations. The landlord is Lexington Realty Trust. Terms of the lease were not disclosed.
MONTVALE, N.J. — Gaithersburg, Md.-based DVA Architects, acting as project architect, has completed an $8 million renovation plan for an office building located at 225 Summit Ave. in Montvale. The 1960s-era building was the former divisional headquarters of Toys ‘R’ Us. Renovations included the addition of 15,000 square feet of office space, bringing the building to a total of 142,000 square feet. The building’s vertically ribbed, precast panel façade was replaced with a new skin consisting of rusticated, insulated, glass-fiber reinforced, concrete panels framed with 4-inch steel studs. The single-glazed, punched windows were replaced with high-performance, double-glazed windows. In addition, the lobby was converted to a two-story space, with the new glass and stainless steel staircase as the focal point. The building’s existing mechanical systems were upgraded, and overgrown exterior landscaping was removed to emphasize the new building façade. The upgrade elevated the office building from Class C to Class A status. As a result of the renovation, the building’s owner, Paragon/Ivy Realty JV, was able to lease the entire facility to Barr Pharmaceuticals on a long-term basis.
CALABASAS, CALIF. — DTS Inc. has acquired a three-story, 85,948-square-foot office building, which is located at 5220 Las Virgenes Rd. in Calabasas. Built in 1999, the multi-tenant property was valued at $15.64 million. The property features 347 parking spaces, an on-site gym, locker rooms and showers, outdoor patios and a cafeteria. Carlo Brignardello and Mathew Miller of Cresa Partners represented the buyer; Gary Weiss and Lynwood Fields of Madison Partners represented the seller, Countrywide Home Loans Inc., in the transaction.
RICHMOND, VA. — Malvern, Pa.-based Liberty Property Trust has inked a lease with T-Mobile USA for the 91,752-square-foot Westgate I. Further details of the long-term lease were not disclosed. The property is located at 100 Westgate Parkway in Richmond. Jones Lang LaSalle’s Jim Clarke and Derek Trulson represented T-Mobile in the lease.
NEW YORK CITY — Construction is under way for the first phase of the Alexandria Center for Science and Technology at East River Science Park, a 3.5-acre office and laboratory park located in New York City. Phase I construction will consist of a 16-story, 319,405-square-foot office/laboratory tower. The campus will ultimately contain 1.1 million square feet of office and lab space. The project will also feature one acre of green space with views of the East River. Alexandria Center is applying for LEED certification from the U.S. Green Building Council. The project is being developed by ARE-East River Science Park LLC. Cushman & Wakefield has been named exclusive leasing agent for the project.
SAN DIEGO — The Challenged Athletes Foundation has acquired a 14,485-square-foot office building, which is located at 9591 Waples in San Diego’s Sorrento Mesa area. The two-story, Class B building sold for $1.66 million during a public auction. The building will house the organization’s headquarters, the Challenged Athletes Hall of Fame, a multi-purpose room, donor recognition walls and a specialized athletic facility with adaptive equipment. Funding for the acquisition was provided by Qualcomm Million Dollar Challenge, and Deni and Jeff Jacobs. Josh Burland of CB Richard Ellis represented the buyer; the seller, WT Lender Services as trustee for Wells Fargo, was self-represented.