COLUMBIA, S.C. — Jackson, Miss.-based Parkway Properties has sold the 460,000-square-foot Capitol Center office property, located at 1201 Main St. in Columbia, to an undisclosed party for $47.5 million. Sale of the center, which is 97.5 percent occupied, will bring Parkway a gain of $11.7 million. The gross sales price represents a 9.5 percent cap rate.
FORT LAUDERDALE, FLA. — Amera-Barron has completed the first 67,000-square-foot office building at the Riverbend Transit Oriented Development, a 6 million-square-foot community planned at the intersection of Broward Boulevard and Interstate 95 in Fort Lauderdale. The developer is finalizing approval for two additional four-story, 120,000-square-foot office buildings, slated to begin construction in second quarter 2009. The Class A buildings will include fiber optics, low-emission window systems and 15,000 square feet of retail space on the ground floor. The buildings are part of Riverbend’s 700,000-square-foot first phase.
PHOENIX — Redwood City, Calif.-based Shutterfly Inc. has signed a long-term lease for 101,269 square feet of space at Cotton Center Business Park in Phoenix. The company plans to relocate to its new address, 4410 Cotton Center Blvd., in early 2009. Cotton Center Business Park is an office development park offering seven operating buildings, three under development properties and 38 acres of land for future development. John Hanson, Matt McGregor, Mark Detmer and Bo Mills of Cushman & Wakefield represented Shutterfly; Bob Crum of Ross Brown Partners and Mark Krison of CB Richard Ellis represented the owner, Malvern, Pa.-based Liberty Property Trust, in the transaction.
MAITLAND, FLA. — Liberty Property Trust will break ground next month on the 220,000-square-foot Maitland Summit Park III, located in Maitland Summit Park in Maitland, with delivery expected in November of next year. The facility will be built to Gold LEED standards and will feature waterless urinals, low-flow shower heads, high-performance glass and low-emission paints. Milwaukee-based Metavante Corp. will occupy 107,000 square feet of the building upon completion.
GOODLETTSVILLE, TENN. — Nashville, Tenn.-based Baron + Dowdle Construction is developing a 58,000-square-foot facility, located at 800 S. Cartwright St. in Goodlettsville, for the motor coach manufacturer Prevost. The 20-acre development will feature a large conference room, locker rooms, a customer lounge and 13,000 square feet of office space. Landmark Realty is assisting with construction, Littlejohn Engineering is responsible for site engineering and TLP Architects designed the building. The facility will deliver summer 2009.
BLOOMINGDALE, ILL. — Bloomingdale-based Roman Inc. has acquired a 120,822-square-foot building within the Covington Corporate Center located at 468-472 Brighton Dr. in Bloomingdale. The facility, which was sold by CenterPoint Properties for an undisclosed amount, has served as the Roman Inc. headquarters for the past 18 months. John Cash, Mark Moran, Daniel Wilkins and David Haigh of NAI Hiffman’s Industrial Services Group represented the seller in the transaction.
BETTENDORF, IOWA — Dallas-based RM Crowe has acquired the Terrace Park Professional Center, a medical office building located on the hospital campus of Trinity Regional Health Systems in Bettendorf. Situated within the Quad Cities, the three-story facility houses 59,615 square feet of rentable area. The building is the first acquisition of RM Crowe’s $50 million fund that is designated to pursue healthcare real estate opportunities nationwide. The acquisition price was not disclosed.
NEWARK, N.J. — Tucker Development Corp. has released the plans for Liberty Plaza, a $150 million office project located in Newark. Plans for Phase I call for the construction of a 22-story, 430,000-square-foot office tower. Amenities will include more than 750 parking spaces, dining areas, a rooftop garden, a fitness center, a banking facility and retail space. At full build-out, the project will have the capacity for more than 1 million square feet. Liberty Plaza will be situated on 3.5 acres adjacent to the New Jersey Transit Broad Street rail station. It will offer tenants an Urban Transit Hub Tax Credit, and is also located within Newark’s Urban Enterprise Zone. The project is being designed by RMJM Hillier.
HOUSTON — Houston-based Hartman Income REIT, on behalf of Hartman Income REIT Property Holdings, has completed a $67.6 million credit facility with an affiliate of J.P. Morgan. The non-recourse loan is secured by a 12-property, approximately 3.2 million-square-foot portfolio owned by Hartman. The properties are located in Houston, Dallas and San Antonio, and comprise office, flex and retail buildings. The debt was structured by Tom Melody and Bernard Branca of CBRE Melody on behalf of Hartman. The proceeds will be used to refinance all of the properties’ existing credit facilities, fund the redemption of non-accredited investors in connection with the company’s earlier formation transactions, and provide additional working capital. Terms of the loan were not disclosed.
GRAND RAPIDS, GRAND HAVEN AND GRANDVILLE, MICH. — Grubb & Ellis|Paramount Commerce has completed the sale of an office facility located at 277 Crahen Ave. NE in Grand Rapids. Aardvark Properties LLC has acquired the property from AMS Liquidating Corp. for an undisclosed amount. Chad Koster and Scott Morgan of Grubb & Ellis|Paramount Commerce represented the seller; John Mundell of Signature Associates represented the buyer in the transaction. Additionally, Grubb & Ellis|Paramount Commerce brokered two smaller office sales in Michigan. In Grand Haven, Steve Wilson and Chad Lahey of Grubb & Ellis|Paramount Commerce arranged the sale of a 5,024-square-foot office building located at 300 N. Ferry St. Jason Beecham has acquired the building from Northway Development Co. for an undisclosed amount. In Grandville, the company has arranged the sale of a 4,068-square-foot office facility located at 4320 44th St. SW. MG Real Estate LLC has acquired the property from Canal Street Leasing for an undisclosed amount. Koster and Ray Kisor of Grubb & Ellis|Paramount Commerce represented the seller; Rusty Richter of Rietberg represented the buyer in the transaction.