COLUMBUS, OHIO — ICI Property Consultants Inc. of Farmington Hills, Mich., has arranged the acquisition of a multi-story office building located in Columbus. The 115,000-square-foot facility, which was operating at 73 percent occupancy at the time of the sale, was an REO held by a local lender. The original asking price for the building was $6.5 million. Alan Stern of ICI Property Consultants represented the buyer, 2323 Realty LLC, in the transaction.
CARMEL, IND. — NAI Olympia Partners has arranged the acquisition of a 22,037-square-foot office building, formerly the Woodland Professional Center, located at 2000 E. 116th St. in Carmel. Catherine Winslow has acquired the facility and will use the second floor for Winslow Facial Plastic Surgery. Winslow has plans to create an Aesthetic and Wellness Center at the facility, which will house multiple other practices including functional dentistry, chiropractic services, podiatry, optometry and general medicine. Woodland PC Partners LLC, which was represented by Thomas Frank of Summit Realty Co., sold the building for an undisclosed amount. Brooke Augustin of NAI Olympia Partners represented the buyer in the transaction.
NEW YORK CITY — The New York office of M Moser Associates has completed the office build-out for the new headquarters of Principal Global Investors, a subsidiary of The Principal Financial Group. The space occupies the entire 25th floor of 888 Seventh Avenue in Manhattan, New York City, totaling 19,800 square feet. The office was designed to achieve LEED certification; sustainable features include low-flow fixtures, a state-of-the-art HVAC system, and sensors that monitor the amount of natural light available and adjust the internal lighting to compensate. Principal’s headquarters is the first LEED-certified office space in the building.
FORT WORTH, TEXAS — Completion is nearing for Rattikin Square, a historic office project located at 4936 Collinwood Ave. in Fort Worth. The building originally served as an officer’s club for nearby Camp Bowie Army Base. Most recently, it was the site of the Rangoon Racquet Club, a popular 1970s bar. The current renovation will convert the building into 7,000 square feet of office space. A courtyard and a fountain will also be constructed on the property. Tenants already announced include the law practice of Jeffrey Rattikin, who is also the owner of the project, as well as three exchange companies and the Westside office of Rattikin Title Co. Leasing for the remaining two first-floor spaces is being undertaken by Chris Stewart of Coldwell Banker Commercial Searcy Vasseur Group.
RICHARDSON, TEXAS — Delray Beach, Texas-based Dockerty Romer & Co. (DRC) has arranged $6.2 million in bridge financing for a 101,232-square-foot office building located at 2201 North Central Expressway in Richardson. The two-story property was 78 percent leased at the time of closing. The borrower, South Florida-based BRI 1816 2201 LP, plans to perform some rehabilitation to the lobby and commons areas while launching an extensive leasing campaign. Bob Dockerty and Jamen Lachs of DRC arranged the financing. Terms of the loan were undisclosed.
HOUSTON — Hines has arranged the lease of a full floor at Phoenix Tower, a 34-story, 629,000-square-foot office tower located at 3200 Southwest Freeway in Houston. Express Energy Services Operating will occupy 25,113 square feet of space within the tower. Paula Bruns of Hines represented building ownership, FSP Phoenix Tower LP, which is an affiliate of Franklin Street Properties Corp. David Anderson of Fritsche Anderson Realty Partners represented the tenant. Hines, in its role as property leasing manager, has been involved with a capital improvements program for the building that includes the installation of energy-efficient, exterior glass panels; a renovation of the building’s common areas and entrances; the addition of a conference facility; and the addition of a Jack Nicklaus-designed putting green on top of the building’s parking garage.
SPARKS, NEV. — A San Juan Capistrano, Calif.-based private investor has purchased Sparks Plaza, an approximately 17,400-square-foot office flex building in Sparks. The fully leased, three-tenant property is located at 780 Vista Blvd. The transaction was valued at $3.92 million with a 6.8 percent CAP rate. Aiman Noursoultanova of CB Richard Ellis represented the seller, J.B. Company LLC, in the transaction.
GREENVILLE, S.C. — The British manufacturer Deltex Medical Group has acquired an office at 330 E. Coffee St. in Greenville as part of the expansion of its North American operations and will begin to look for new facilities in 6 to 8 months. The expansion could create 20 additional jobs over the next 2 years to provide sales, marketing and clinical training support to hospitals and medical centers. The company’s initial capital investment is estimated at $2 million.
MISHAWAKA, IND. — BremnerDuke Healthcare Real Estate is developing a 205,000-square-foot medical office building on Saint Joseph’s Regional Medical Center’s (SJRMC) campus in Mishawaka. The four levels of the facility will be connected to the hospital, and will feature an MRI Center, a Wound Care center and Riley Hospital for Children’s Pediatric Clinic. A 120-stall subsurface parking structure for physicians will also be part of the facility. Situated on the north side of the SJRMC campus on Douglas Road and Edison Lakes, the facility will be connected to a new 658,000-square-foot inpatient hospital being constructed on SJRMC’s 90-acre property. BremnerDuke’s medical office building is slated for completion in the summer of 2009, while Saint Joseph’s inpatient facility is scheduled for completion and occupancy at the end of 2009. George Cressy, Sheral Litell, Corey Cressy, Noah Davey and Mindy Risser of Grubb & Ellis|Cressy & Everett in Mishawaka have been retained to lease the medical office project.
BURLINGTON, MASS. — The Gutierrez Company has received all of the necessary local approvals for the development of Burlington Research Center, a 600,000-square-foot biotechnology research property located at 43-63 South Ave. in Burlington. Current plans for the 16-acre project call for three buildings containing research and development, office, retail and restaurant space. The project is also seeking LEED certification from the U.S. Green Building Council. Richards Barry Joyce & Partners has been named leasing agent for the project, with The Gutierrez Company serving as developer.