MINNETONKA, WIS. — New York-based Falcon Real Estate Investment Co. has represented an overseas institutional investor in the disposition of a 152,220-square-foot Class A office building located at 12700 Whitewater Dr. in Minnetonka. Situated on a 6.2-acre site within Minnetonka Corporate Center Business Park, the six-story facility is fully occupied by Cargill Inc. On behalf of its client, Falcon Real Estate Investment Co. sold the building to Hawaii-based James Campbell Co. for approximately $30.09 million. The property includes 4,000 square feet of storage space and a parking garage. Steven Buss, Tom Holtz and Ryan Watts of CB Richard Ellis’ Minneapolis Institutional Group represented Falcon Real Estate; Hart Realty Advisors represented the buyer in the transaction.
CHICAGO — Chicago-based financial services firm Northern Trust has signed a 5-year lease extension for 100,357 square feet of office space located at 10 South LaSalle St. in Chicago. The 10 South LaSalle building is a 28-story office tower featuring 23,000-square-foot floor plates. Mike Watts and Carey King of J.F. McKinney & Associates represented the building owner, New York-based The Feil Organization, in negotiations. Craig McKesson, Michael Sessa and Dan Maslauski of Jones Lang LaSalle represented Northern Trust in the transaction.
LOS ANGELES — Frankfurt, Germany-based DekaBank Deutsche Girozentrale recently closed a $175 million loan for Hines US Office Value Added Fund II LP for the acquisition of Citigroup Center, a 48-story office tower in downtown Los Angeles. Located at 444 Flower St., the 891,056-square-foot property was sold by Broadway Partners. The building was built in 1981 and designed by A.C. Martin & Associates. At the time of acquisition, the property was 93 percent leased.
FORT LAUDERDALE, FLA. — Fort Lauderdale-based AutoNation, the largest automotive retailer in the country, has leased 105,000 square feet in the office building at 200 Las Olas Circle in Fort Lauderdale. The company will move its headquarters into five floors of the 17-story building in mid-2009. The 12-year lease comes with two 5-year options. In addition to its 186,516 square feet of Class A office space, the property also encompasses 17,538 square feet of ground-level retail. Thomas P. Angelo and Gavin S. Banta of Angelo & Banta represented AutoNation, and David Black of Frank, Weinberg & Black represented the landlord, 200 Brickell Ltd.
PLEASANT PRAIRIE, WIS. — Milwaukee-based CG Schmidt is providing construction management services for Uline’s new corporate headquarters and distribution center, which is underway in Pleasant Prairie. Uline, which is relocating from Waukegan, Ill., has broken ground on the 280,000-square-foot corporate headquarters facility, as well as the 1.1 million-square-foot distribution center. The headquarters building will include Class A office space, a three-story gathering and training area, a kitchen and cafeteria, and a fitness center. The project is scheduled for completion in the spring of 2010.
NORTHBROOK, ILL. — Grubb & Ellis has brokered the sale of 56,700 square feet of office space located at 1135 Skokie Blvd. in Northbrook. Stepan Chemical Co. has acquired the Class B office property from ACCO Brands Corp. for an undisclosed amount. Louis Hall, Dirk Riekse and Chad Galayda of Grubb & Ellis represented the seller in the transaction; Cushman & Wakefield represented the buyer in the transaction.
WASHINGTON, D.C. — Woodmark Commercial Services has represented 2021 L Street Investors in its sale of a 75,457-square-foot office building to The American Society of Hematology for an undisclosed amount. The seller acquired the 10-story, Class A building last year and completely renovated the property, adding two additional floors and new electrical and plumbing systems. Paul Ehrenreich of CresaPartners represented the buyer, who will move into the building’s top five floors in the latter half of 2009.
LA HABRA, CALIF. — Voit Commercial Brokerage has completed the disposition of a 31,102-square-foot multi-tenant office complex, which is located at 1901 Lambert Rd. in La Habra. The property, which offers access to Imperial Highway, sold for $4.8 million. Mike Hefner of Voit Commercial Brokerage represented the seller, Albany Synergistics, in the transaction. Jason Jamison of GM Properties represented the undisclosed buyer.
ALPHARETTA, GA. — Korea-based Hanjin Shipping Co. has purchased a 60,000-square-foot Class A office building and 10 acres of land, located at 4300 North Point Pkwy. in Alpharetta, from Image Properties for an undisclosed amount. The company plans to move into 40,000 square feet of the building in first quarter 2009. The remaining space is being leased as part of the sale. Paul Zeman of Bull Realty represented the seller, and Bob Misdom and Kathy Burke of CresaPartners represented the buyer.
SUGAR LAND, TEXAS — Sugar Land-based Planned Community Developers (PCD) has announced plans for its third office building at the Sugar Land Town mixed-use development in Sugar Land. The new building will be located at 2245 Texas Dr., and it will consist of a six-story structure with 166,561 square feet of Class A office space and 13,176 square feet of ground-floor retail space. The building will feature a sky bridge connecting its second floor to the second floor of an existing parking garage located directly across the street. Completion is scheduled for the first quarter of 2010. At Sugar Land Town Square PCD is also developing the Minute Maid office tower, an eight-story, 200,000-square-foot, Class A office tower that will be home to the corporate headquarters of Minute Maid upon completion in January 2009. PCD also has plans to build a two-story office building at 2185 Texas Dr. that will contain 9,000 square feet of office space over 9,000 square feet of ground-floor retail space. Upon full-build out in 2010, Sugar Land Town Square will contain 566,004 square feet of Class A office space and 238,779 square feet of retail space.