SAN DIEGO — Sudberry Development Inc., the development arm of San Diego-based Sudberry Properties, is developing Terraces at Copley Point, a 530,000-square-foot office campus located at 5887 and 5893 Copley Dr. in the Kearny Mesa area of San Diego. The $115 million project, which is seeking LEED certification, consists of two steel-framed, six-story office buildings totaling 175,00 and 205,000 square feet. Additionally, the project offers an adjacent three-story concrete, open-air parking structure that can accommodate 1,073 cars. The project can accommodate uses ranging in size from approximately 10,000 to 380,000 square feet, with flexible floor plates ranging from approximately 27,000 to 36,000 square feet. Hanna Gabriel Wells Architects is providing architectural services for the project; Reno Contracting is serving as general contractor. Completion is slate for this fall.
LAS VEGAS — CORE Construction—Nevada, acting as general contractor, has completed the construction of an office building, which is located at 7150 Cascade Valley Court in Las Vegas, for Fire Mesa Properties LLC. The 12,543-square-foot, single-story professional office building will operate on solar power. The project features various sustainable design elements including natural lighting for every office, recycled insulation from denim jeans, recycled glass floors, a heating/cooling system in certain locations that operates when a sensor detects carbon dioxide, a 125-square-foot area dedicated for recycling, pervious concrete used in the parking areas to recharge groundwater and landscaping created from recycled concrete of the pre-existing sidewalk. CORE provided ground-up, shell construction and tenant improvements for the $3 million project; Carpenter Sellers Architects served as architect of record.
MESA, ARIZ. — Scottsdale, Ariz.-based Wilson Property Services Inc. has purchased Mesa Executive Park, an 80,067-square-foot office complex in Mesa, for $7.25 million. Located at 1255 W. Baseline Rd., the park consists of four two-story buildings interconnected by elevated walkways and lush interior courtyard landscaping. At the time of acquisition, the property, which was built in 1982, was 61 percent leased to a variety of tenants, including Kimley-Horn & Associates, Maricopa County Environmental Services and Southwest Behavioral Health Services. Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham of CB Richard Ellis’ Phoenix office represented the seller, Newport Beach, Calif.-based KBS Realty Advisors, in the transaction.
SACRAMENTO, CALIF. — The Allen Group and the California Farm Bureau Federation have created a joint venture to develop The River Plaza Corporate Center, a 175,000-square-foot office park located at 2500 River Plaza Dr. in Sacramento. The first phase of the project consists of six two-story buildings, which are slated for completion this summer. When complete, the center will offer 12 separate two-story buildings ranging in size from 11,000 to 17,000 square feet, in a garden office setting. Each for-sale building offers a private garage, stair and elevator access, ample on-grade parking and 24-foot vaulted open-beam ceilings with clerestory skylights on the second floor. Smith Consulting Architects provided architectural services for the project; Brown Construction is serving as general contractor. Bank of America provided construction financing for the project, and CB Richard Ellis has been retained to market the center.
NASHVILLE, TENN. — Denver-based Amstar Group LLC has begun $1 million in exterior renovations on the 490,000-square-foot, 30-story Fifth Third Center, located at 424 Church St. in Nashville. Part of a $5 million capital improvement plan that started in March, renovations to the 18-year-old property will include installing a new canopy and seating and updating outside lighting, pavement, landscaping and signage. Amstar has also signed tenant renewal leases in the building for 31,000 square feet. Jones Lang LaSalle serves as property manager and will oversee the project, which should be complete by November.
NORTH FAYETTE, PA. — CB Richard Ellis (CBRE) has completed the leasing of the entire 3000 Park Lane office building located in the Pittsburgh suburb of North Fayette. Intracorp, a subsidiary of CIGNA Corp., will occupy the five-story, 105,000-square-foot building until 2020. Gerry Dudley, Jamie Pivarnik and Robert Zwangler of CBRE’s Corporate Services Group represented the tenant. The landlord, Norcross, Ga.-based Wells Real Estate Funds, was represented by Dan Sliger, Jeremy Kronman and Tina McCall, also of CBRE.
HOUSTON — Marcus & Millichap has brokered the sale of Baytown Primary Medical Tower, a three-story medical office building located on 5.32 acres at 2802 Garth Rd. in Houston. Constructed in 1988, the building totals 46,120 square feet and was 98 percent occupied at the time of closing. Ross Cannizaro of Marcus & Millichap’s Houston office represented the seller, a locally based limited liability company. The property was acquired by another locally based limited liability company for an undisclosed amount.
ATLANTA — Atlanta-based Piedmont Office Realty Trust recently obtained a $250 million unsecured term loan from a syndicate of 12 banks, including co-lead arrangers and book managers J.P. Morgan Securities and Bank of America Securities. The loan, which will mature on June 28, 2010, and may be extended for 1 year, will help fund property acquisitions. As of March 31, Piedmont has a debt to real estate assets ratio of 25.6 percent.
RIVERVIEW, FLA. — Miami-based Adler Group has purchased the 82,120-square-foot Crescent Park I & II, located at 3903¬–4037 Crescent Park Dr. in Riverview, from Cushman & Wakefield for $12.05 million. The single-tenant office building and the multi-tenant flex building are 96 percent occupied. Matt Adler of the Adler Group brokered the sale.
BINGHAM FARMS, MICH. — On behalf of Tel-Bingham Associates – 1977 LLC, Southfield, Mich.-based Bernard Financial Group has arranged a $6.5 million loan for Bingham Office Building I. The office facility, which is located in Bingham Farms, measures 148,692 square feet in size. Summit Investment Partners, a correspondent for Bernard Financial Group, was the lender in the transaction. Bernard Financial Group will also service the loan. The terms of financing were not disclosed.