VIRGINIA BEACH, VA. — Virginia Beach-based Olympia Development Corp., owner of the four-building, 338,850-square-foot Convergence Center office complex, has started construction on the five-story, 89,000-square-foot Convergence Center IV. Capital investment for the new property, located at 301 Bendix Rd. in Virginia Beach, is estimated at $22.3 million. The building will deliver in summer 2009, and it will employ an estimated 400 to 500 workers when fully occupied.
FORT MYERS, FLA. — Fort Myers-based J.L. Wallace has finished work on the 4,279-square-foot SunTrust Bank at Gulf Coast Town Center. Located at 17100 Ben Hill Griffin Pkwy. in Fort Myers, the building features detailed cabinetry and extensive glass work. Harold Morgan, Jim Ruby and Robbyn Spears of J.L. Wallace served as the construction team.
CHICAGO — NAI Hiffman has brokered the investment sale of a seven-story office building located at 180 N. Wacker Dr. in Chicago. Marc Realty has acquired the facility from a local private investment group for an undisclosed amount. Tenants at the 71,489-square-foot building include Hogan Marren Ltd., Coogan’s Riverside Saloon, Hitchcock Design Group, HTAH Law and FSNB Private Bank. Chad Firsel, Art Burrows and John Bullen of NAI Hiffman’s Investment Services Group represented both parties in the transaction.
DALLAS — Marcus & Millichap has brokered the sale of the former Greyhound Office Building, a 93,087-square-foot office property located in Dallas. Situated on 2.66 acres at 15110 N. Dallas Pkwy., the property comprises the six-story office building and a three-level parking garage. The building was fully occupied by Greyhound and served as the company’s corporate headquarters until it relocated. Ron Hebert of Marcus & Millichap’s Dallas office and Matthew Kipp of the firm’s Newport Beach, Calif., office represented the seller; Hebert also procured the buyer. Both parties were undisclosed.
POMONA, CALIF. — Marcus & Millichap Capital Corp. has secured an $8.8 million fixed-rate loan for the refinancing of a 242,000-square-foot office building located at 2001 W. Mission Blvd. in Pomona. Terms of the financing include a 3-year term with interest-only payments and a loan-to-value ratio of 50 percent. Adam Petriella of Marcus & Millichap’s West Los Angeles office originated the financing. Both parties were undisclosed.
ATLANTA — Grubb & Ellis Realty Investors has acquired the 199,000-square-foot One Live Oak office complex, located at 3475 Lenox Rd. in Atlanta, from Fort Worth, Texas-based Crescent Real Estate Equities for an undisclosed amount. The property, which includes a seven-level parking deck, is 92 percent leased; tenants include the Securities and Exchange Commission, University of Georgia Real Estate Foundation and Corporate Offices Georgia. W. Hayes Swann and Matt Tritschler of New York City-based DTZ Rockwood represented Crescent.
SUNRISE, FLA. — Malvern, Pa.-based Liberty Property Trust has acquired a 106,910-square-foot office building from Real Estate Capital Partners for an undisclosed amount. Located at 13621 N.W. 12th St. in Sunrise’s 612-acre Sawgrass International Corporate Park, the property is 100 percent leased to UnitedHealthcare.
AUSTIN, TEXAS — Spear Street Capital has acquired Riata Corporate Park and Riata Crossing, a 1.1 million-square-foot, Class A office complex located in Austin. The sale included the eight-building Riata Corporate Park, the five-building Riata Crossing and two development sites that comprise the remaining developable space in the Riata master-planned development. The complex is approximately 99 percent occupied; tenants include Apple, Centex, NVIDIA Corp., Computer Associates, Janus Capital Group and Pervasive Software. The seller, an institutional investment partnership advised by JPMorgan Asset Management and Equity Office, was represented by the Dallas office of Holliday Fenoglio Fowler. The acquisition price was not disclosed.
OKLAHOMA CITY — The groundbreaking has been held for the new AAA Operations Center in Oklahoma City. The three-story, 147,000-square-foot building will be located at 3100 Quail Springs Pkwy., and will also include 1,000 surface parking spaces. It is applying for LEED-Silver certification from the U.S. Green Building Council. AAA will occupy the entire building upon completion in September 2009. Dallas-based Koll Development Co. is developing the project, with St. Louis-based Forum Studio serving as project architect. Locally based Timberlake Construction is providing general contracting services.
CARLSBAD, CALIF. — Windstar Carlsbad Office LLC purchased Floral Trade Center, a single-story, 154,400-square-foot office/warehouse facility located at 5600 Avenida Encinas in Carlsbad, for $20.5 million. The building is on a 12.7-acre property, which is entitled for a 276,900-square-foot office campus development. At the time of acquisition, the property was 98 percent occupied. Rick Reeder, Peter Curry, Matt Campbell and Brian Driscoll of Grubb & Ellis|BRE Commercial represented the buyer and the seller, Palama Huna LLC, in the transaction.
