Office

S&P SELLS 65,000-SQUARE-FOOT GREEN OFFICE BUILDING

by admin August 27, 2008

HOUSTON — Local general contractor Satterfield & Pontikes (S&P) has sold 11000 Equity Drive, a three-story, 65,000-square-foot office building located within Westway Park in Houston. The building was completed for S&P in 2006, and is anchored by the builder’s headquarters office. Additional tenants in the fully occupied building include Superior Energy Services, Link Project Services and Frac Tech Services. The building also holds LEED-Gold certification, and is the only Houston office building to carry the designation. The property was acquired by San Francisco-based Seligman & Associates for an undisclosed amount. S&P will continue to operate its headquarters out of the building.

August 27, 2008

CONSTRUCTION BEGINS THIS MONTH FOR 48,000-SQUARE-FOOT MEDICAL OFFICE

by admin August 27, 2008

WEBSTER, TEXAS — Construction will begin this month for 253 Medical Center Boulevard, a 48,000-square-foot medical office building located in Webster. The project is being developed in anticipation of achieving LEED-Gold certification. The adjacent medical office building, 251 Medical Center Boulevard, was completed in April 2007 and has already received the Houston Business Journal’s Landmark Award for green development. Completion of the project is expected in August 2009. Additionally, Houston-based Transwestern has arranged a lease for the entire facility. Tim Gregory of Transwestern represented Jacob White Construction Co., the project’s owner and developer. Randy Bar of REMAX Space Center represented the tenant, Houston-based IDEV Technologies.

August 27, 2008

Office Western

EQUITY OFFICE FINISHES RENOVATIONS ON THREE CALIFORNIA PROPERTIES

by admin August 27, 2008

LOS ANGELES AND SAN DIEGO — As part of a $25 million capital improvement plan, Equity Office, an affiliate of The Blackstone Group, has completed renovations totaling $6.5 million on three office buildings located in Los Angeles and San Diego. 6701 Center Dr. and 5670 Wilshire Blvd. in Los Angles both received $2 million in renovations, including elevator cab modernization and path of travel upgrades. For $2.5 million, 701 B St. in San Diego underwent lobby renovations and elevator cab modernization.

August 27, 2008

Office Western

ARCHITECTURE FIRM SETS SIGHTS ON NEW WESTLAKE VILLAGE HEADQUARTERS

by admin August 27, 2008

WESTLAKE VILLAGE, CALIF. — Gary Heathcote of the local architecture firm Heathcote & Associates has purchased a two-story, 15,000-square-foot office building, located at 3396 Willow Lane in Westlake Village, from an undisclosed exchange entity for $3 million. Jack Dwyer of NAI Capital’s Westlake Village office represented Heathcote in his acquisition of the property, which will serve as the new headquarters of Heathcote & Associates. Larry Ray of Capital Line Financial and Kelvin Davis of First Community Bank helped arrange financing for the purchase. Tony Principe of Westcord Commercial Group in Westlake Village represented the seller.

August 27, 2008

Office Western

COLLIERS INTERNATIONAL BROKERS SALE OF SAN DIEGO OFFICE SUITE

by admin August 27, 2008

SAN DIEGO — Chris Ross and Paul Braun of Colliers International’s San Diego office represented Cardinal Enterprises in its purchase of a 6,502-square-foot office suite in the Cabrillo Medical Center from Fenway Properties V for $2.68 million. The buyer will turn the space, located at 7695 Cardinal Ct. in San Diego, into a dermatology and cosmetic surgery office, which will open in January 2009. Matthew Carlson of Cushman & Wakefield’s San Diego office represented the seller.

August 27, 2008

Office Southeast

VIRGINIA BEACH OFFICE COMPLEX ADDS NEW BUILDING

by admin August 26, 2008

VIRGINIA BEACH, VA. — Virginia Beach-based Olympia Development Corp., owner of the four-building, 338,850-square-foot Convergence Center office complex, has started construction on the five-story, 89,000-square-foot Convergence Center IV. Capital investment for the new property, located at 301 Bendix Rd. in Virginia Beach, is estimated at $22.3 million. The building will deliver in summer 2009, and it will employ an estimated 400 to 500 workers when fully occupied.

August 26, 2008

Office Southeast

FORT MYERS COMPANY COMPLETES NEW SUNTRUST BANK

by admin August 26, 2008

FORT MYERS, FLA. — Fort Myers-based J.L. Wallace has finished work on the 4,279-square-foot SunTrust Bank at Gulf Coast Town Center. Located at 17100 Ben Hill Griffin Pkwy. in Fort Myers, the building features detailed cabinetry and extensive glass work. Harold Morgan, Jim Ruby and Robbyn Spears of J.L. Wallace served as the construction team.

August 26, 2008

Midwest Office

NAI HIFFMAN BROKERS 71,489-SQUARE-FOOT OFFICE SALE

by admin August 26, 2008

CHICAGO — NAI Hiffman has brokered the investment sale of a seven-story office building located at 180 N. Wacker Dr. in Chicago. Marc Realty has acquired the facility from a local private investment group for an undisclosed amount. Tenants at the 71,489-square-foot building include Hogan Marren Ltd., Coogan’s Riverside Saloon, Hitchcock Design Group, HTAH Law and FSNB Private Bank. Chad Firsel, Art Burrows and John Bullen of NAI Hiffman’s Investment Services Group represented both parties in the transaction.

August 26, 2008

Office Texas

MARCUS & MILLICHAP ARRANGES SALE OF FORMER GREYHOUND HQ

by admin August 26, 2008

DALLAS — Marcus & Millichap has brokered the sale of the former Greyhound Office Building, a 93,087-square-foot office property located in Dallas. Situated on 2.66 acres at 15110 N. Dallas Pkwy., the property comprises the six-story office building and a three-level parking garage. The building was fully occupied by Greyhound and served as the company’s corporate headquarters until it relocated. Ron Hebert of Marcus & Millichap’s Dallas office and Matthew Kipp of the firm’s Newport Beach, Calif., office represented the seller; Hebert also procured the buyer. Both parties were undisclosed.

August 26, 2008

Office Western

MARCUS & MILLICHAP CAPITAL CORP. SECURES $8.8 MILLION OFFICE LOAN

by admin August 26, 2008

POMONA, CALIF. — Marcus & Millichap Capital Corp. has secured an $8.8 million fixed-rate loan for the refinancing of a 242,000-square-foot office building located at 2001 W. Mission Blvd. in Pomona. Terms of the financing include a 3-year term with interest-only payments and a loan-to-value ratio of 50 percent. Adam Petriella of Marcus & Millichap’s West Los Angeles office originated the financing. Both parties were undisclosed.

August 26, 2008

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