PORTLAND, ORE. — Portland-based Guardian Management LLC, through a newly formed corporation, will acquire the Southern California and Arizona offices of Sperry Van Ness. With the acquisition, Guardian will hold the development and franchise rights for Sperry Van Ness in Southern California, Arizona and Oregon; and the company’s president, Tom Brenneke, will become a member of the Sperry Van Ness board of advisors. The transaction is slated to close no later than August 29. The purchase includes seven regional offices in Southern California and one office in Phoenix, totaling 190 commercial real estate advisors. Guardian is planning to expand Sperry Van Ness’ presence in Oregon and Arizona.
GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has arranged the sale of a 160,000-square-foot office facility located at 4420 44th St. SE in Grand Rapids. Grand Rapids 4420 LLC acquired the fully leased building as an investment for an undisclosed amount. The building, which was occupied by Spectrum Health and DTE Energy, contains an industrial shell with a fully built-out, Class B administrative office space finish. Approximately 20,000 square feet of the facility is file, storage or dock area. Matthew Roybal of RE/MAX Marquee Partners represented the buyer in the transaction. Patrick Shannon of Grubb & Ellis Detroit referred the seller, Southwest MI Ind Investors LLC, to Grubb & Ellis|Paramount Commerce. Colin Kraay and Chad Barton of Grubb & Ellis|Paramount Commerce represented the seller in the transaction.
OAK PARK, MICH. — The Beale Group has brokered the sale of a 22,000-square-foot office facility located at 14650 8 Mile Rd. in Oak Park. The buyer, Noyz & Toyz, has plans to use part of the building to open a school for personalizing cars, and will lease the remainder of the facility. Automated Insurance Services sold the facility for an undisclosed amount. Ferris Hamama of The Beale Group represented both parties in the transaction.
HOUSTON — Indianapolis-based Duke Realty Corp. has broken ground for the development of the first building within the 80-acre Westside Office Park, located at the intersection of Interstate 10 and Mason Road in Houston. The Det Norske Veritas building will be a 90,000-square-foot, build-to-suit office project situated on 7 acres within the office park. It will be applying for LEED-Gold certification from the U.S. Green Building Council. The $14.4 million facility is being developed by Duke for Norwegian consulting firm Det Norske Veritas. Ziegler Cooper Architects will serve as interior architect, with Powers Brown Architects designing the building shell. Burton Construction will serve as general contractor for the building shell and core. Completion is scheduled for early 2009.
EL SEGUNDO, CALIF. — Trio Pacific LLC has completed the disposition of a six-story office building, which is located at 2401 El Segundo Blvd. in El Segundo. TA Associates Realty purchased the 103,252-square-foot property for $24.5 million. The building houses an elite roster of defense- and aerospace-related tenants, including Aerospace Corp., Mitre and Lockheed Martin. Michael Ross, Fred Cordova and Douglas Brawn of Colliers International’s Torrance, Calif., office represented both parties in the transaction.
BURBANK, CALIF. — Point. 360, a full-service audio and video facility, has acquired a 31,317-square-foot building in Burbank for $8 million. Point. 360 has been leasing the property, which is located at 1122 and 1133 N. Hollywood Way, from Hollywood Way Office Ventures LLC for the past 10 years. Stacy Vierheilig-Fraser, Stella Kanyan and Eugene Page of Charles Dunn Company’s Studio City, Calif., office represented both parties in the transaction.
CLEVELAND — Wells Real Estate Investment Trust II has signed Squire, Sanders & Dempsey law firm to an early 10-year lease extension for its offices within Key Tower in Cleveland. Squire, Sanders & Dempsey occupies more than 150,000 square feet of office space in the 57-story building. The firm’s 10-year extension takes its lease to the year 2022. Chris Livingston and Rob Roe of The Staubach Company, which has merged with Jones Lang LaSalle, represented Squire, Sanders & Dempsey; Douglas Miller and John Klayman of The Richard E. Jacobs Group represented Wells Real Estate Investment Trust II in the transaction. Terms of the lease were not disclosed.
CINCINNATI AND DAYTON, OHIO — Colliers Turley Martin Tucker has arranged two office sales in Ohio. Scott Abernethy, Mike Hartmann, Donald Murphy, Robert Ryan and Peter Snow of Colliers Turley Martin Tucker — Cincinnati, brokered the sale of 27,000 square feet of office space located at 8119 Cornell in Cincinnati. NorthPointe Development LLC sold the property, which was valued at $3.8 million, to Reconstruction Ortho LLC. In Beavercreek, Tony Witt in the Dayton office of Colliers Turley Martin Tucker represented Research Park Associates in the sale of a 15,960-square-foot office building located at 3975 Research Blvd. The single tenant facility, which was valued at $1.9 million, was acquired by KRM Partners.
DALLAS — Realty Capital Partners (RCP) has acquired an 8-acre property containing two office buildings in the Southwestern Medical District of Dallas for redevelopment. The two buildings total 125,000 square feet; one of the buildings will be demolished to make way for a new multifamily development, while the other 30,000-square-foot building will be preserved. RCP will subsequently develop a 300-unit, Class A apartment community on the property. For the transaction, RCP formed RCP Medical District Urban Living Ltd, a limited partnership designed to provide equity for the purchase of the property. The seller was not disclosed.
DALLAS — Los Angeles-based Catalyst Fund LLC has acquired a mortgage interest in Coit Central Tower, a 247,000-square-foot, Class A office tower located in Dallas. Catalyst acquired the interest from Gramercy Capital Corp., which retains the property’s senior debt. The property is owned by International Capital Partners. It was 40 percent leased at the time of closing. Catalyst Fund is a $65 million real estate fund formed by RPD Catalyst.