RICHMOND, VA. — Thompson Davis Asset Management has purchased the 8,000-square-foot Barrett House, an office building located at 15 S. 5th St. and 508 E. Cary St. in Richmond, from Ashvin, LLC, for $1.1 million. I. Rowland Williams, III, and Millard Jones, II, of Thalhimer’s Richmond office brokered the sale.
EAST HARTFORD AND GLASTONBURY, CONN. — New Boston Fund has sold the East Portfolio, a four-building office portfolio totaling 294,262 square feet. Three of the buildings are located in East Hartford; Riverbend Executive Park comprises two four-story office buildings that total 154,629 square feet, and are located at 55 and 77 Hartland St. The third property is a four-story, 40,812-square-foot office building located at 60 Hartland St. The final building in the portfolio is a five-story, 98,821-square-foot office building located at 655 Winding Brook Dr. within Salmon Brook Corporate Park in Glastonbury. The portfolio was 98 percent leased at the time of closing to a tenant roster that includes Computer Sciences Corp., IKON Office Solutions, Wells Fargo Financial, Affiliated Computer Services and Mutual of Omaha Insurance Co. The portfolio was acquired by NPV/Direct Invest for an undisclosed amount. New Boston Fund was represented by Robert Griffin, Marci Loeber, David Pergola, Brian Doherty and Robert Kelly of Cushman & Wakefield.
NEW YORK CITY — New York City-based Savanna, along with a locally based hedge fund, has originated $45.75 million in full-recourse senior financing for 63 West 38th Street, a 12-story, Class B office building located in New York City. The first-mortgage financing for the 150,622-square-foot property carries a 65 percent loan-to-value ratio. The New Jersey-based borrower was advised by Meridian Capital Group.
AUSTIN, TEXAS — The Austin office of Structura Inc. has joined with locally based companies L.M. Holder & Associates and Capital Commercial Investments for the renovation of the Perry-Brooks Building, located at the intersection of Eighth and Brazos in Austin. A new metal façade will be added to the brownstone building, along with a three-story curtain wall at ground level. The lobby will be redesigned with granite and abundant natural light. Each floor of the 12-story tower will be designed in a loft style, and will feature energy-efficient components. Structura is anticipating an EPA/Energy Star award for the project upon completion in early 2009.
DALLAS — Henry S. Miller Commercial (HSMC) is leading renovation efforts for the Adolphus Tower, a 27-story office tower located at 1412 Main St. in Dallas. The 181,235-square-foot building is located adjacent to the Adolphus Hotel, and the two buildings are connected directly. Upgrades to the office building will include remodeling, branding and leasing programs. LaWayne Schrader of HSMC‘s Dallas office will handle leasing efforts for the building, which currently has 78,624 square feet of vacant space. Rental rates for the building begin at $14 per square foot.
DALLAS — The Dallas office of Grubb & Ellis has brokered two Dallas office sales. In the first transaction, Steven Schneider of Grubb & Ellis, along with Jeff Price of Price Commercial Real Estate, arranged the sale of a 17,500-square-foot office property located at 4403 N. Central Expressway. Schneider and Price represented the seller, James P. Best. The property was acquired by Duwest 4403 Central LP for an undisclosed amount. In the second sale, Lee Wagner of Grubb & Ellis represented Hidalgo-Tynes in the purchase of an 8,750-square-foot office property located inside Lakes on Tennyson Professional Plaza. The property was sold by Golden Goose Properties Ltd. for an undisclosed price.
FORT MYERS, FLA. — Construction has commenced on a 30,000-square-foot office building, the second of four in Fort Myers-based McGarvey Development’s Eastlinks Business Park, located at 12600 Corporate Lakes Dr. in Fort Myers. The first property was completed in January, and the second is slated to deliver in October.
HOUSTON — Dallas-based Behringer Harvard has acquired One City Centre, a 31-story, Class A office tower located at 1021 Main St. in the central business district of Houston. The property contains 608,660 square feet of office space and two parking garages. It was 96 percent occupied at the time of closing. The Houston office of Holliday Fenoglio Fowler represented the seller, New York-based Broadway Real Estate Partners. The acquisition price was undisclosed.
ALPHARETTA, GA. — California-based ESRI has purchased a 129,421-square-foot, five-story office building in Alpharetta’s Brookside Concourse from the Skokie, Ill.-based Alter Group for an undisclosed amount. The 8-year-old building, located at Georgia Hwy. 120, is part of the 204-acre Brookside business park. James Clark, III, of Lombard, Ill.-based EnTrust Realty Advisors represented the seller.
MAITLAND, FLA. — Jacksonville, Fla.-based Flagler Development Group recently purchased Maitland Promenade, a 230,000-square-foot, five-story office building located at 495 N. Keller Rd. in Maitland, for an undisclosed amount. Grubb & Ellis Realty Investors represented the sellers, tenant-in-common investors, and the buyer was represented by Daniel Finkle of Holliday Fenoglio Fowler’s Miami office.