NEW YORK CITY — A joint venture between Manhattan, New York City-based Hidrock Realty and Meritage Properties has acquired the Mary McFadden Building, a 17-story, 162,000-square-foot office tower located at 240 W. 35th St. in New York City. The property is fully occupied by a roster of approximately 40 tenants, including Doubledown Media, First Funds and A Better Chance. The purchase marks Hidrock’s fourth acquisition in the Herald Square/Penn Station submarket. Acquisition financing was provided by HSH Nordbank, with Holliday Fenoglio Fowler serving as the financing broker. Hidrock will provide property management and leasing services for the tower. The seller and sale price were not disclosed.
PLYMOUTH MEETING AND WAYNE, PA. — Haverford, Pa.-based GPX Realty Partners has completed a $10 million capital improvements program for The Woods Office Center. The complex totals 77 acres, and is located on two land parcels at 521-531 Plymouth Rd. in Plymouth Meeting and 983-999 Old Eagle School Rd. in Wayne. It comprises 17 buildings and 570,000 square feet of office space. Upgrades to the office center include new landscaping and common area finishes, parking lot upgrades, sidewalk and curbing enhancements, exterior lighting upgrades, new park identification signage, and high-tech tenant services and amenities. GPX acquired the property last year for $60 million.
AURORA, COLO. — Forest City Science + Technology Group, a division of Forest City Enterprises Inc., has broken ground for the construction of Colorado Science + Technology Park at Fitzsimons in Aurora. Initial plans include the development of Forest City’s first life science building, which will accommodate the growth of the region’s existing life science industry as well as existing incubator tenants on site. Additionally, the site will feature a Hyatt Place hotel and conference facility, and an approximately 175,000-square-foot office building for University Physicians Inc. At full development, the 578-acre project is projected to generate statewide totals of $11.5 billion in economic production, $4.3 billion in annual personal income and nearly 100,000 jobs. The Colorado Science + Technology Park at Fitzsimons, which is located near Interstate 225 and Colfax, is a 184-acre medical and research.
PHOENIX — Dublin, Calif.-based Granite Capital Investments Inc. has acquired V3 Corporate Center, a 40,026-square-foot office building, for $10.5 million. Located at 1048 N. 44th St. in Phoenix, the Class A building is currently 100 percent occupied by V3 Landmark Engineering, Meridian West Development, Pinnacle Design and Blockbuster Video. Built in 2006, the property features flat screen televisions in the restrooms, an on-site fitness facility and a large rooftop bar/patio. Phoenix-based Meridian West HQ LLC was the developer/seller. Eric Wichterman and Ann Sondrol of Grubb & Ellis|BRE Commercial, along with Steve Kohls of Lee & Associates, represented both parties in the transaction.
SUNRISE, FLA. — Liberty Property Trust has purchased a 106,910-square-foot medical office building, located at 13621 N.W. 12th St. in Sunrise, from an undisclosed buyer for $16.55 million. The property, which sits on 6.95 acres, is fully leased to United Healthcare. Darren Sides and Tim Schenk of Stan Johnson Co.’s Team Sides brokered the transaction and represented the seller’s advisor, New York City-based Real Estate Capital Partners.
VIRGINIA BEACH, VA. — To accommodate recent growth, Virginia Beach-based Liberty Tax Service will add an additional 30,000 square feet to its currently 31,000-square-foot headquarters, located in the Corporate Landing Business Park on Dam Neck Road in Virginia Beach. The expansion was spurred on by the company’s acquisition of eSmart Tax last year. The project is expected to cost $6.46 million and generate 144 new jobs.
GRAND RAPIDS, MICH. — Marcus & Millichap Capital Corp. has arranged a $9.37 million fixed-rate loan for the acquisition of a 160,000-square-foot office facility located at 4420 44th St. SE in Grand Rapids. The loan is based on a 10-year term, with a 25-year amortization schedule. Financing for the property was provided by an undisclosed commercial bank at a 5.75 percent fixed-rate for the first 5 years. Jake Roberts and Anita Paryani in the West Los Angeles office of Marcus & Millichap Capital Corp. arranged the financing for the office building.
LINCOLN, MASS. — CB Richard Ellis (CBRE) has brokered the sale of Lincoln North, a three-story, Class A office building located in Lincoln, for $28.5 million. The building is situated at 55 Old Bedford Rd. and totals 128,163 square feet. Bill Moylan, Gary Lemire, Matt Pullen and Andy Majewski of CBRE’s Capital Markets Team represented the seller, IBUS Asset Management. Larry Smith of Cranberry Hill Associates represented the buyer, FFMS Lincoln North LLC, which is an affiliate of Cranberry Hill Associates. Smith is also the original developer of the property, and has continually served as property manager since its construction.
NEW YORK CITY — The Moinian Group has launched a $15 million capital improvement program for 295 Madison Avenue, a 47-story, 330,000-square-foot office tower located in Manhattan, New York City. Renovations will include a new grand lobby featuring Italian travertine stone flooring and walls, mirrored glass elevator walls, new digital turnstiles and elevator cabs. A new steel canopy will be built at the building’s entrance with the building’s signage prominently displayed in lights. The buildings ornate cast iron façade will be restored, and the exterior limestone surfaces will be power washed. The building will also see 2,000 new tilt-and-turn windows throughout the building. Finally, high-end retail space will be constructed along the building’s Madison Avenue front, and extending 180 feet along 41st Street. Gensler Architecture has been selected to design the retail space and the new grand lobby. Mitch Konsker, Matthew Astrachan, Mitchell Arkin and Mikael Nahmias of Cushman & Wakefield are serving as leasing agents for the property. Completion is scheduled for the first quarter of 2009.
IRVINE, CALIF. — San Diego-based Western Financial Planning Corp. has purchased a two-story office building for $3.7 million. Located at 9861 Irvine Center Dr. in Irvine, the 9,900-square-foot property offers 16 private offices, a built-in kitchen with bar, stove and cooking area, and signage on Irvine Center Drive. Western Financial plans to use the building to accommodate its growing business. Erik Thompson of DAUM Commercial Real Estate Services represented the buyer; Craig Fitterer and Mark Jerue of Lee & Associates represented the seller, A&L Holdings, in the transaction.