LITTLETON AND FOUNTAIN, COLO. — Central Development, dba Littleton Ridge LLC, has completed the disposition of a 6,400-square-foot medical office building, which is located at 761 Southpark Dr. in Littleton. Colorado Plastic Surgery Center purchased the shell building, which is part of a six-building medical and office project called Littleton Ridge, for approximately $1.33 million. Billy Halax of Metro Brokers represented the buyer; Dan Miller, Brad Rice and R.C. Myles of Fuller Real Estate represented the seller in the transaction. In a separate transaction, Pikes Peak Raceway Inc. has acquired the former Pikes Peak International Raceway, which is located at Interstate 25 and Exit 122 in Fountain, for $9 million. Rocky Mountain Speedway Corp. sold the former NASCAR racetrack, which also includes 1,155 acres of surrounding land. Easter Kettering and Stew Mosko of Fuller Real Estate represented the seller.
EL SEGUNDO, CALIF. — Behringer Harvard has completed the disposition of 2383 Utah Avenue, a 150,000-square-foot office/research and development building, which is located directly south of the Los Angeles International Airport in El Segundo. Situated on a 9.6-acre site, the one-story property is leased to Northrop Grumman, a global defense company, and Unisys, a multinational information technology company. The buyer and acquisition price were not disclosed.
CORAL GABLES, FLA. — J.P. Morgan Investment Management has sold the 224,049-square-foot 355 Alhambra Circle to Boston-based AEW Capital Management for an undisclosed amount. Located in Coral Gables, the office building is 95 percent occupied by tenants including Kraft Foods Latin America, Merrill Lynch, Washington Mutual Bank and Wells Fargo Bank. Jay Caplin, Mark Gilbert, Adam Feinstein and Eric Williams of Cushman & Wakefield’s Capital Markets Group represented the seller.
TAMPA, FLA. — Dallas-based Cobalt Industrial REIT II and Tampa-based CLW Industrial Group will break ground early this month on the $15 million, 175,000-square-foot New Tampa Commerce Center, a business park located at the intersection of Fowler Avenue and U.S. Highway 301 in Tampa. The park will focus on accommodating tenants that require spaces smaller than 40,000 square feet. The 13.7-acre project will deliver at the end of the first quarter of 2009.
CHICAGO — MB Real Estate’s Corporate Services division has represented Adrian Smith + Gordon Gill Architecture in a 29,727-square-foot expansion within an office building located at 111 West Monroe in Chicago. The expansion is in line with Adrian Smith + Gordon Gill’s future growth plans. Pamela Rose of MB Real Estate’s Corporate Services division represented Adrian Smith + Gordon Gill Architecture in the transaction; Michael Kaiser of Hines represented the building ownership in negotiations.
SAN DIEGO — Sudberry Development Inc., the development arm of San Diego-based Sudberry Properties, is developing Terraces at Copley Point, a 530,000-square-foot office campus located at 5887 and 5893 Copley Dr. in the Kearny Mesa area of San Diego. The $115 million project, which is seeking LEED certification, consists of two steel-framed, six-story office buildings totaling 175,00 and 205,000 square feet. Additionally, the project offers an adjacent three-story concrete, open-air parking structure that can accommodate 1,073 cars. The project can accommodate uses ranging in size from approximately 10,000 to 380,000 square feet, with flexible floor plates ranging from approximately 27,000 to 36,000 square feet. Hanna Gabriel Wells Architects is providing architectural services for the project; Reno Contracting is serving as general contractor. Completion is slate for this fall.
LAS VEGAS — CORE Construction—Nevada, acting as general contractor, has completed the construction of an office building, which is located at 7150 Cascade Valley Court in Las Vegas, for Fire Mesa Properties LLC. The 12,543-square-foot, single-story professional office building will operate on solar power. The project features various sustainable design elements including natural lighting for every office, recycled insulation from denim jeans, recycled glass floors, a heating/cooling system in certain locations that operates when a sensor detects carbon dioxide, a 125-square-foot area dedicated for recycling, pervious concrete used in the parking areas to recharge groundwater and landscaping created from recycled concrete of the pre-existing sidewalk. CORE provided ground-up, shell construction and tenant improvements for the $3 million project; Carpenter Sellers Architects served as architect of record.
MESA, ARIZ. — Scottsdale, Ariz.-based Wilson Property Services Inc. has purchased Mesa Executive Park, an 80,067-square-foot office complex in Mesa, for $7.25 million. Located at 1255 W. Baseline Rd., the park consists of four two-story buildings interconnected by elevated walkways and lush interior courtyard landscaping. At the time of acquisition, the property, which was built in 1982, was 61 percent leased to a variety of tenants, including Kimley-Horn & Associates, Maricopa County Environmental Services and Southwest Behavioral Health Services. Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham of CB Richard Ellis’ Phoenix office represented the seller, Newport Beach, Calif.-based KBS Realty Advisors, in the transaction.
SACRAMENTO, CALIF. — The Allen Group and the California Farm Bureau Federation have created a joint venture to develop The River Plaza Corporate Center, a 175,000-square-foot office park located at 2500 River Plaza Dr. in Sacramento. The first phase of the project consists of six two-story buildings, which are slated for completion this summer. When complete, the center will offer 12 separate two-story buildings ranging in size from 11,000 to 17,000 square feet, in a garden office setting. Each for-sale building offers a private garage, stair and elevator access, ample on-grade parking and 24-foot vaulted open-beam ceilings with clerestory skylights on the second floor. Smith Consulting Architects provided architectural services for the project; Brown Construction is serving as general contractor. Bank of America provided construction financing for the project, and CB Richard Ellis has been retained to market the center.
NASHVILLE, TENN. — Denver-based Amstar Group LLC has begun $1 million in exterior renovations on the 490,000-square-foot, 30-story Fifth Third Center, located at 424 Church St. in Nashville. Part of a $5 million capital improvement plan that started in March, renovations to the 18-year-old property will include installing a new canopy and seating and updating outside lighting, pavement, landscaping and signage. Amstar has also signed tenant renewal leases in the building for 31,000 square feet. Jones Lang LaSalle serves as property manager and will oversee the project, which should be complete by November.