NEW YORK CITY — New York City-based Broad Street Development has sold 370 Lexington Avenue, a 27-story, 305,000-square-foot office property located in Midtown Manhattan, New York City. The property was acquired by Sherwood Equities and JPMorgan Chase for $155 million. Broad Street first acquired the property in 2006 for $97.2 million. The company has since completed a capital improvements plan that included a major lobby renovation, the addition of pre-built and build-to-suit office spaces, and numerous infrastructure improvements. The repositioning has brought occupancy to more than 90 percent as of closing.
WEST WINDSOR, N.J. — Princeton-based Commercial Property Network (CPN) has negotiated the sale of a 49,000-square-foot office building located at 693 Alexander Rd. in West Windsor. The property was acquired by The Trustees of Princeton University for $8.42 million. Princeton is also preparing to move into another nearby building that totals approximately 120,000 square feet and is currently under construction. William Barish of CPN represented the undisclosed seller. Representing the buyer was Peter Dodds of Morford & Dodds.
EULESS, TEXAS — Marcus & Millichap has brokered the sale of Metro Center Office Building in Euless. Situated on 1.7 acres at 1701 W. Euless Blvd., the property comprises a three-story, 42,537-square-foot office building. Brett Butler and Ron Hebert of the Dallas office of Marcus & Millichap represented the seller, a California-based limited liability company. Russell Turman of Marcus & Millichap’s Fort Worth office represented the buyer, a Texas-based corporation. The acquisition price was undisclosed.
TEMPE, ARIZ. — Bellevue, Wash.-based McCandless Tempe LLC has purchased a Class B office building, which is located at 1204 E. Baseline Rd. in Tempe. The 20,430-square-foot property sold for $2.7 million or $132 per square foot. Matt Schrauth of Omni American represented the buyer; Eric Wichterman of Grubb & Ellis|BRE Commercial represented the seller, Temecula, Calif.-based Scaglioni Revocable Family Trust, in the transaction.
SUMMERVILLE, S.C. — Trammel Crow Co. has purchased a 310-acre parcel in Summerville from Eastway Properties for an undisclosed amount for the seven-building, 3 million-square-foot Omni Commerce Park. The phased project is expected to break ground this month, beginning with a 772,000-square-foot property slated to deliver in second quarter 20009. Trammel Crow will construct the first phase, a building that will include cross dock capabilities, ESRF fire suppression and trailer staging areas, to LEED standards.
TUCKER, GA. — Equity Capital Management has purchased a two-building, Class A office complex totaling 406,292 square feet, located at 2245 and 2247 Northlake Pkwy. in Tucker, from AT&T for $72 million. The three-story 2245 building and the 10-story 2247 building come with more than 1,500 parking spaces. AT&T executed a long-term leaseback on the property with the help of Jay Koster, Brad Armstrong, Mike Hochanadel and Chris Wagner of Jones Lang LaSalle.
DAYTON, OHIO — Cincinnati-based Grubb & Ellis|West Shell Commercial has brokered the sale of 40 West 4th Centre, a 222,000-square-foot, Class A office tower located at the corner of West 4th and Ludlow streets in Dayton. New York-based Matrix Capital Partners has acquired the 23-story building from Cincinnati-based Union Central Life Insurance Co. for $3.8 million. The facility includes a six-story parking garage with 360 spaces, an on-site restaurant, a fitness center and an executive conference center. Tenants at the property, which was 94 percent leased at the time of the sale, include Miami Valley Hospital, ORC Protel, E.S. Gallon & Associates and the state of Ohio. Jeff Johnston and Steve Timmel of Grubb & Ellis|West Shell Commercial, and Tom Nikolai of Mark Fornes Realty represented the seller in the transaction.
WEST CHESTER, OHIO — Duke Realty Corp. has been selected to construct a build-to-suit office campus for GE Aviation on a 43-acre site in the Cincinnati suburb of West Chester. The property, which housed the former Queen City Sports Complex, will include two 201,900-square-foot, L-shaped buildings. GE Aviation’s new development will consolidate 1,400 office personnel from three Cincinnati facilities, as well as provide space for future expansion. Construction on the two buildings is expected to begin this fall, with completion scheduled for the third quarter of 2009.
SCOTTSDALE, ARIZ. — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII and VIII A L.P., has purchased Scottsdale Financial Center I, a 104,949-square-foot office building located in Scottsdale, for $19 million. The company has a $3 million renovation planned for the property, which is located at the corner of Scottsdale and Indian School roads. The capital improvement program includes renovating the common areas, including the lobbies, entrances, restrooms, corridors and landscaping, as well as the building’s HVAC and security systems. At the time of acquisition, the property was 75 percent occupied. Andrew White and Gardner Ellis provided in-house representation for the buyer; Jim Fijan and Jerry Roberts of CB Richard Ellis represented the undisclosed seller in the transaction. Don Mudd, Jason Moore, Brett Abramson and John Bonnell of Grubb & Ellis|BRE Commercial have been named exclusive leasing agents for the property.
NORTH HOLLYWOOD, CALIF. — Meridian Capital Group has arranged $61.97 million in ground-up construction and development financing for NoHo Commons Office Building (NoHo III), which will be located at 5250-5280 Lankershim Blvd. in North Hollywood. As the third and final phase of NoHo Commons, the nine-story, 180,000-square-foot office tower will feature a 700-space parking garage and a 24,500-square-foot art house theater. Designed by The Jerde Partnership, the property is also LEED Silver certified. NoHo Commons is a private-public partnership between JH Snyder Company and the Los Angeles City Redevelopment Agency. Allan Lieberman and Tal Savariego of Meridian’s New York office secured the loan on behalf of the borrower, JH Snyder Company.