NORTH CAROLINA AND VIRGINIA — New York-based Savills Granite has represented Greensboro, N.C.-based The Starmount Company in the sale of a retail and office portfolio to the joint venture of CBL & Associates Properties and the Teachers’ Retirement System of the State of Illinois for $356.6 million. CBL also acquired a portfolio of eight community centers and a 12-office building portfolio from Starmount, bringing the total value of Starmount’s sales to $540.8 million. Included in the transaction are: Friendly Center, a 1-million-square-foot property located in Greensboro, N.C., that plans to add 20,000 square feet by spring 2008; The Shops at Friendly Center, a 253,000-square-foot property that plans to add 62,500 square feet by summer 2008; Green Valley Office Park, a six-building portfolio in Greensboro; eight community centers located in Greensboro and High Point, N.C.; a 12-building office portfolio located in Greensboro and Raleigh, N.C., Newport News and Chesapeake, Va.; and the Renaissance Center, a 355,000-square-foot shopping center located in Durham, N.C.
Office
MIAMI— Boston-based developer E.A. Fish Associates is developing Latitude One, the first Class A office condominium built in the Brickell corridor of Miami. The commercial component of the luxury condominium Latitude on the River, Latitude One is a 24-story ultra modern office building, located at 175 S.W. Seventh St. along the Miami River. Businesses operating out of Latitude One will include trial attorneys Lyons & Lurve and Assist Card of Florida. The tower consists of 231,000 square feet of Class A office space. Designed by Arquitectonica, the mixed-use community will encompass three separate components including the 44-story, 452-unit residential tower; a 10,000-square-foot building housing a retail bank; and Latitude One.
DEERFIELD BEACH, FLA. — Panattoni Development is developing two buildings totaling 245,000 square feet in Quiet Waters Business Park in Deerfield Beach. The first building, located at 740 S. Powerline Rd., will offer 23,000 square feet to 150,000 square feet. The second building, located at 750 S. Powerline Rd., will offer 12,300 square feet to 95,000 square feet. The buildings are scheduled to break ground first quarter 2008 with delivery scheduled for third quarter 2008. The 46-acre Class A park features five existing buildings, all 100 percent leased, and offers showroom/warehouse, distribution and light manufacturing space.
STERLING, VA. — Rob Faktorow, Bruce Strasburg, Marc Rampulla and Tom Cleaver of CB Richard Ellis have represented Boston Properties in the sale of the Loudoun County Portfolio, consisting of the 337,227-square-foot Orbital Sciences Corp. Campus and Broad Run, Building E, a 127,000-square-foot single-story office/flex building in Sterling. Located 3 miles north of the Washington/Dulles International Airport, the Orbital Sciences Corp. Campus features a conference center, a cafeteria, a fitness center, basketball and volleyball courts and direct access to the Washington & Old Dominion Trail. Meanwhile, Broad Run is situated in the 1 million-square-foot master-planned Broad Run Office Park.
GAINESVILLE, VA. — Bavar Properties Group, in a joint venture with George Webb of the Airston Group, has broken ground on the $20 million Wellington Center, an office/flex campus in Gainesville. Located at the intersection of Limestone and Wellington roads, the project is designed by Herring & Trowbridge Architects and constructed by L.F. Jennings, Inc. Wellington Center will include three buildings with dock and drive-in loading. Building A will be 41,280 square feet; Building B will be 40,120 square feet; and Building C will be 53,120 square feet.
VALDOSTA, GA. — Valdosta-based developer GPM is set to develop Twenty3Twenty, an 11-story Class A office and high-end residential building in downtown Valdosta. Set for LEED (Leadership in Energy and Environmental Design) certification, the site will leave 62 percent of dedicated green space. Darby Bank & Trust Co. and the law firm Coleman Talley have committed to the location. Located at the corner of Patterson Street and Roosevelt Drive, the 400,000-square-foot project will break ground in 2008 and is expected to be complete in fall 2009.
NEW YORK CITY — SL Green Realty Corp. has agreed to sell 440 Ninth Avenue, a 339,000-square-foot office building in Manhattan, New York City, to a joint venture between Paramount Group and Sherwood Equities for $160 million. Situated on Ninth Avenue between 34th and 35th streets, B Photo, Duane Reade and eEmerge are the three largest tenants in the 18-story office building. The building was 100 percent occupied at the time of sale. Cushman & Wakefield represented the seller in the transaction. The transaction is slated to close first quarter 2008.
VENTURA, CALIF. — Venstar LP, an affiliate of Pacific Properties Group Inc., has acquired a 60,000-square-foot office building, which is located at 5250 Ralston St. in Ventura. The company is in the conceptual stages of planning an office and multi-tenant industrial development on the 8-acre site, with completion slated for late 2009. George Eales of DAUM Commercial Real Estate Services, a member of ONCOR International, represented both the buyer and the seller, BRV Inc., a subsidiary of E.W. Scripps, in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — Omnicom has signed a lease for approximately 184,000 square feet of space at 195 Broadway, a 1 million-square-foot office building in Manhattan, New York City. The 15.5-year lease encompasses 4.5 floors and includes expansion options. Owned by L&L Holdings Co., the 29-story building is 100 percent occupied and located between the Fulton Street and Calatrava Path transit centers. Omnicom’s Midtown and Midtown South units are slated to begin relocation to 195 Broadway third quarter 2008. Feld Real Estate represented the leasee, and David Berkley, along with Howard Fiddle and Brad Gerla of CB Richard Ellis, represented the landlord in-house.
PHOENIX — Torrance, Calif.-based SC Enterprises has purchased The Art Institute of Phoenix, a four-story building located at 2233 W. Dunlap Ave. in Phoenix, for $22.15 million. Built in 1998, the 92,103-square-foot building is 100 percent occupied by The Art Institute of Phoenix, a subsidiary of Pittsburgh-based Educational Management Corp. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ Phoenix office represented the seller, Lakewood, Colo.-based 2233 Dunlap Associates, in the transaction.