CLEVELAND — The K&D Group has purchased the $64.7 million Atrium complex, formerly the William Taylor & Sons Department Store, located at 668 Euclid Ave. in downtown Cleveland. A 450-space parking garage located at 645 Prospect Ave. and the Dollar Bank Building located at 614 Euclid Ave. were also acquired in the transaction. K&D is planning the historic renovation of the Atrium into a mixed-use facility containing approximately 240 luxury apartments, and 65,000 square feet of commercial and retail space. The redevelopment is anticipated to be complete in 2010. Financing for the acquisition was provided by a variety of sources. The two-building Atrium complex, which was sold by David Goldberg, features a 73-foot high atrium connecting an eight-story building and a four-story building.
INDIANAPOLIS — On behalf of Locke Reynolds LLP, Tim O’Brien and Samuel Smith of Indianapolis-based Resource Commercial Real Estate have arranged a 56,000-square-foot lease in the Capital Center located at 201 North Illinois St. in downtown Indianapolis. The law firm, which currently occupies floors eight to 11 in the same building, is expected to move to floors 19 to 23 in December. Gensler, an interior design, planning and strategic consulting firm, has been contracted to design the space.
AURORA, ILL. — Riverwoods, Ill.-based Podolsky Northstar CORFAC International has begun site work for Phase II of Orchard 88 Business Park in Aurora. The second phase begins just as Candlewood Suites breaks ground on its new design prototype, which will be developed on a 2.18-acre parcel in Phase I of the multi-use facility. Costing approximately $1 million to complete, Phase II infrastructure work will enable Orchard 88 to offer pad-ready, 1.5- to 10-acre sites along Interstate 88.
BURLINGTON, MASS. — The Capital Markets Group of Colliers Meredith & Grew (CMG) has secured a $12.6 million B-note loan for the expansion of One Wayside Road, an approximately 200,000-square-foot, Class A office building located within Burlington Office Park in Burlington. The expansion added 80,000 square feet to the office property, which is fully leased to Nuance Communications. Property amenities include a fitness center, food service and on-site management. Terms of the secondary financing include a 7-year term with a fixed rate that terminates at the same time as the original financing. Kevin Phelan and John Broderick of CMG represented the borrower, The Gutierrez Company. The lender is State Farm, which is also the property’s existing lender. Phelan and Broderick also secured the original financing for the property in 2005.
SAN ANTONIO — Groundbreaking has occurred for Vista Pointe Professional Centre, an office park located at the intersection of Highway 281 and Encino Rio Road in San Antonio. Once complete, the multi-building development will contain 110,000 square feet of office space, as well as a 150-room hotel. Office space from 2,500 square feet to 23,768 square feet is currently available for purchase. Completion is scheduled for the first quarter of 2009. The developer, Joey Guerra of Integrated Realty Group, is being represented by Clint Parker of Grubb & Ellis and Christian Guerra of Integrated Realty.
CYPRESS, CALIF. — Grubb & Ellis Healthcare REIT has purchased 5995 Plaza Drive, a five-story Class A office building located in Cypress. Built in 1986, the property consists of 104,000 square feet of gross leaseable area and is situated on nearly 5 acres. The property is leased to United HealthCare Services Inc., a provider of network-based healthcare and well-being services for mid-sized and small employers, as well as individuals and families. Acquired from an unaffiliated institutional investor, the building offers a dual-entrance 445-space parking lot and close proximity to interstates 405 and 605, and Highway 22. Grubb & Ellis Healthcare REIT financed the acquisition through utilization of its line of credit and from funds raised through its initial public offering.
PEMBROKE PINES, FLA. — Edward Lewis Architects has been awarded design responsibilities for Park Plaza Executive Center in Pembroke Pines. The $34 million pair of medical/office buildings totaling 160,000 square feet will be located on 9.77 acres adjacent to Memorial Hospital Pembroke. The first of the four-story buildings will be located at 2121 and 2141 University Dr. and plans include an October groundbreaking. Construction on the second building and garage will begin when the first building is complete. Approximately 10,000 square feet of retail, restaurants and a bank will be included in the project.
ATLANTA — Kennedy Associates has acquired a 5,000-square-foot office condominium building in Atlanta from Rare Hospitality Management. Located at 8215 Roswell Rd., the building will serve as corporate headquarters for Kennedy Associates. Rick Ferguson of Atlanta-based Bull Realty represented the buyer and Scott Perry and Steve Barton of CB Richard Ellis represented the seller in the transaction.
CLEVELAND — CB Richard Ellis has formed an agreement with Duke Realty Corp. to oversee leasing, property management and maintenance of Duke’s Cleveland office portfolio, which includes 14 suburban office properties totaling more than 1.32 million square feet in size. Doug Leary has been named the primary leasing contact for CBRE. The 10 associates working in Duke’s Cleveland office were offered positions with CBRE.
HARTSDALE, N.Y. — Houlihan Parnes / iCap Realty Advisors has arranged the acquisition of a two-story, 10,500-square-foot building located at 217 E. Hartsdale Ave. in Hartsdale. The property is occupied by four office tenants and four retail tenants. James Coleman of Houlihan Parnes negotiated the transaction and arranged the financing for the transaction through Signature Bank. Both parties in the purchase were undisclosed.