JACKSONVILLE AND CORAL GABLES, FLA. — Bacardi USA has leased 300,000 square feet at One Imerson Park Blvd. in Jacksonville and is building a 225,000-square foot headquarters building in Coral Gables. Wayne Schuchts and Ed Lyden of Staubach’s Miami office represented the lessee in the transaction. Additionally, Staubach will provide design construction consulting services for the new headquarters in Coral Gables.
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WALTHAM, MASS. — Adobe Systems has entered into a purchase and sale agreement with Normandy Real Estate Partners to purchase Overlook Center in Waltham upon substantial completion. Located at 21-61 Hickory Dr., the approximately 108,500-square-foot building is slated for completion May 2009. The transaction, valued at $44.7 million, is subject to the agreement’s closing conditions.
DALLAS — Thompson National Properties has acquired Oakwood Tower and One Lee Park West in Dallas on behalf of the Bruin Fund. The two Class B, value-added office properties, which are located in the Uptown/Turtle Creek submarket, total 118,370 square feet. Cohen Financial arranged the financing with Grandbridge Real Estate Capital.
SAN MARCOS, TEXAS — Nelson Investments has sold a 33,600-square-foot Class B office property to 4115 Medical Ltd. The property is located within Centerpoint Business Park at 101 Centerpoint Rd. in San Marcos. Jason Brumm and JJ Williams with Grubb & Ellis represented the buyer in the transaction.
NEW YORK CITY — Savills Granite has completed the approximately $100 million sale of 47 Citibank branches and offices located throughout the New York City metro area. The portfolio totals 157,312 square feet with properties ranging in size from 2,000 square feet to 8,000 square feet. The properties are located in Manhattan, Queens, the Bronx, Brooklyn, Staten Island, Westchester, Suffolk and Nassau counties. All properties are leased back to Citibank for 15-year terms.
DENVER — The Dallas office of Holliday Fenoglio Fowler LP (HFF) has arranged a $149.54 million loan for the construction of 1800 Larimer, a 22-story office development in Denver. Westfield Development Partners, the development arm of Denver-based Frederick Ross Co., is developing the 495,998-square-foot, Class AA, Platinum LEED pre-certified tower. Trey Morsbach and Clint Corn of HFF worked exclusively on behalf of Westfield to secure the 42-month, adjustable-rate loan through Wachovia Bank, N.A.
ST. CHARLES, ILL. — Chicago-based JCF Real Estate has plans to develop The Corporate Reserve of St. Charles, a 50-acre business park located in the western Chicago suburb of St. Charles. At full build-out, the $100 million development will include approximately 600,000 square feet of Class A office space. The first phase of construction, which is set to begin immediately, will include two single-story, 15,000-square-foot speculative office buildings and a three-story, 45,000-square-foot spec office building. In addition, the park will be able to accommodate build-to-suit projects ranging in size from 2 to 19 acres. Long-term plans also include the potential for restaurant users in some of the build-to-suit and outlot parcels, as well as a full-service hotel. The initial phase of construction has an expected completion date of the second quarter of 2009. Amenities at the business park will include outdoor parking, heated sidewalks to eliminate icing in the winter, 24-hour secured access to the buildings, native landscaping, ponds, and a series of walking paths and picnic areas.
ROCKTON, ILL. — Chemtool has announced plans to relocate its corporate headquarters to a new facility in Rockton. Groundbreaking is expected to occur this summer for a three-story, 75,000-square-foot office building located along Illinois Route 2. The company will also eventually renovate an adjacent 330,000-square-foot industrial building on the site. Both facilities are located on a 178-acre site that Chemtool acquired earlier this year from Beloit Corp., which closed its plant at the site in the late 1990s. Chemtool will relocate from its current headquarters in Crystal Lake, Ill.
MERCHANTVILLE, N.J. — Construction has begun on the Renaissance Building, an 8,000-square-foot building in Merchantville. The $3 million redevelopment project is being developed by RLC III, LLC. Situated on a .8-acre lot on the corner of Maple and Chapel avenues, the site was formerly home to a gas station, nursing home and dentist’s office. PNC is set to occupy the building early next year and the facility has approximately 4,000 square feet available for one to three more retailers. Metro Commercial is the exclusive leasing agent for the project.
FORT WORTH, TEXAS — A partnership between Dallas-based Cawley Partners and New York-based Greenstreet Real Estate Partners has sold the Ridglea Bank Building in Fort Worth. The 181,601-square-foot office building, which is located at 6300 Ridglea Place, currently is 98 percent leased. GNL Properties purchased the 12-story tower. The Dallas office of Holliday Fenoglio Fowler (HFF) represented the seller. HFF also arranged acquisition financing for the purchaser through GE Real Estate.