PRINCETON, N.J. — JLL has negotiated the $12.7 million sale of a 71,550-square-foot office building in Princeton. Built in 2001, the three-story building sits on 7.6 acres at 150 College Road W and was 69 percent leased at the time of sale. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Tom Romano and Alexander Alfier of JLL represented the seller, Nessel Development, in the transaction. The buyer was New Jersey-based Strategic Funding Alternatives.
HOUSTON — Developers Milton Allen and Bobby Ferguson are underway on construction of an 83,750-square-foot office condo project in West Houston. Suites will come in a variety of sizes, and the condos will also include flexible workspaces. The project will deliver three properties that will all be marketed for sale upon completion, a tentative date for which was not disclosed.
DALLAS — Capital Institutional Services has signed a 24,106-square-foot office lease renewal at 1700 Pacific Ave. in downtown Dallas. The 49-story building totals approximately 1.3 million square feet and offers a food court, fitness center and conference facilities. Natalie Bode, John Pelletier and Darren Woodson of Cresa represented the tenant in the lease negotiations. The owner, Memphis-based development and investment firm Olymbec, was self-represented.
IRVING, TEXAS — Lawn & Garden, a provider of lawncare products and equipment, has relocated its corporate headquarters from the northern-central metroplex city of Coppell to Esters 114 Business Center in Irving. Clint Madison, John Fancher and Randy Wood of Cushman & Wakefield represented the landlord, Stanton Road Capital, in the lease negotiations. Bill Buntyn and Dylan Smith of Colliers represented Lawn & Garden, which will occupy 11,409 square feet at Esters 114.
BURBANK, CALIF. — Worthe has completed construction of the 800,000-square-foot office project known as Second Century at Burbank Studios. It will serve as the headquarters for Warner Bros. The two LEED-certified office buildings are located on the southernmost portion of the Burbank Studios Lot in Burbank. Frank Gehry and his team at Gehry Partners designed the project. Worthe developed the asset alongside its construction company, Krismar Construction. Stockbridge Real Estate Fund partnered on the project. Second Century was named in anticipation of the upcoming 100-year anniversary of Warner Bros. The buildings will house about 4,500 Warner Bros. employees.
LONG BEACH, CALIF. — A private buyer has purchased a 68,845-square-foot medical office building in Long Beach for $29 million. The four-story building is located at 701 E. 28th St., across the street from MemorialCare Long Beach Medical Center. The Children’s Clinic Family Health, a nonprofit 501(c)(3) health center, occupies about 27 percent of the building. There are 14 other tenants providing various clinical medical services, including general medicine, urgent care, obstetrics/gynecology, urology, neurology, on-site surgery and imaging. CBRE’s Michael Longo, Mark Shaffer, Todd Tydlaska and Sean Sullivan, Anthony Delorenzo represented the seller, Jamison Properties, in the transaction.
PHOENIX — North Mountain Professional Plaza LLC has purchased Black Canyon Commerce Park, a 56,042-square-foot office building in Phoenix, for $5.6 million. The multi-tenant building is located at 2225 W. Peoria Ave. The asset is situated about 15 minutes from the Taiwan Semiconductor Manufacturing Company plant. Bob Deininger at Commercial Properties Inc. represented the buyer. Deininger and Ken Elmer have retained the lease listing of Black Canyon Commerce Park. The seller was not disclosed.
SAN ANTONIO — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Plaza at Concord Park, an 82,824-square-foot office and retail complex in San Antonio’s Stone Oak neighborhood. The three-building complex was constructed in 2007 and houses tenants such as FedEx Office Print & Ship Center, Trend Aesthetics & Wellness, Jimmy John’s, Natural Remedy Store and First Watch. Bryan Leonard of Northmarq arranged the five-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.
CHICAGO — Molson Coors Beverage Co. has signed an 83,848-square-foot office lease for floors 34 through 36 at 320 South Canal in Chicago. The brewer anticipates moving its Americas headquarters from 250 S. Wacker Drive when the lease commences in summer 2024. Riverside Investment and Development and partner Convexity Properties own the building, which is also known as BMO Tower. The new space for Molson Coors will feature an open concept with an internal staircase connecting the three floors. A pub and private outdoor patio will be available for employees. Matt Gautreau, Nick Pavlakovich, Dan Maslauski and Michael Sessa of Cushman & Wakefield represented the tenant. Drew Nieman and Christy Domin represented Riverside on an internal basis. Rising 52 stories, 320 South Canal is situated immediately south of Chicago’s Union Station. The Green, a 1.5-acre privately owned outdoor park, sits on the west side of the building.
ELKTON, MD. — Electric bikes manufacturer and distributor Metalrays LLC has signed a 109,192-square-foot lease in Elkton. The space is located within 1003 Konica Drive, a single-story warehouse/industrial and office building spanning 263,000 square feet. Metalrays’ tenancy brings the building, which features 36-foot ceiling heights, 27 loading docks and two drive-in docks and 150 parking spaces, to roughly 40 percent occupancy. Ned Brady and Eric Skogmo of Lee & Associates|Maryland represented Metalrays in the lease negotiations, and Michael McConnell represented the landlord, McConnell Development, on an internal basis.