CARMEL, IND. — Tryperion Partners has sold 550 Congressional Boulevard in Carmel’s Meridian Corridor for an undisclosed price. The 106,814-square-foot, three-story office building was constructed in 1987 and renovated in 2016. The property is 91.8 percent occupied by tenants such as Fuzion Analytics, Corvel Risk Management and Kopka, Pinkus & Dolin law firm. Alex Cantu and Alex Davenport of Colliers International represented Tryperion in the sale. A private investor purchased the asset.
REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.
CHICAGO — Peppercorn Capital has unveiled renovation plans for 240 N. Ashland Ave. in Chicago’s Fulton Market. Plans call for lighted metal canopies and uniform signage. The west side of the office building will feature a new tenant entrance and lighting, along with a repaved parking lot and green space. Originally built in 1926, the adaptive reuse property formerly served as the headquarters for furnishings and décor company CB2. The building rises three stories and spans 80,000 square feet. Peppercorn is a commercial real estate development company strictly focused on the West Loop and Fulton Market neighborhood of Chicago.
WILTON, CONN. — CBRE has negotiated the sale of a 136,531-square-foot office complex located at 187 Danbury Road in the southern Connecticut city of Wilton. The two-building complex was 47 percent leased at the time of sale and fetched a price of $10.7 million. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller, an entity managed by Davis Marcus Partners, in the transaction. The team also procured the buyer, a group led by New York City-based Time Equities.
BRIDGEWATER, N.J. — G.S. Wilcox & Co. has arranged a $6.8 million loan for the refinancing of Greymark at Bridgewater, a 111,500-square-foot office building in Northern New Jersey. According to LoopNet Inc., the three-story property was built in 1985, renovated in 2017 and features a conference facility and onsite food services. David Fryer of G.S. Wilcox originated the loan through an undisclosed lender. The borrower was also undisclosed.
CHARLOTTE, N.C. — JLL has brokered the sale of BB&T Center, a 22-story, 568,646-square-foot office tower in Uptown Charlotte. The sales price was not disclosed, although the Charlotte Business Journal reported the asset sold for $115 million. The seller, Arden Group, acquired the asset in 2017 and completed a $10.5 million renovation that included adding a 5,200-square-foot amenity center, tenant lounge and a 1,800-square-foot outdoor deck. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. Current tenants include Truist Financial Corp. (the result of a merger between BB&T and SunTrust), AIG, TEKsystems, AeroTek and RingCentral. Chris Lingerfelt and Ryan Clutter of JLL represented the undisclosed buyer in the transaction.
FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.
SOUTHLAKE, TEXAS — Locally based office development and investment firm Cawley Partners, in partnership with PCCP LLC and Staubach Capital, has acquired the 475,000-square-foot corporate offices of software and technology firm Sabre Global in the Fort Worth suburb of Southlake. The tenant has signed a 12-year lease to occupy all 265,000 square feet of Building A and entered into a short-term lease for the 210,000-square-foot Building B. The new ownership plans to fully renovate Building B and add a full suite of amenities, including meeting rooms, a fitness center, locker rooms, food service and outdoor gathering spaces. With Sabre retaining over 265,000 square feet long term, there will be roughly 210,000 square feet (one entire building) available for lease in 2022.
HOUSTON — Vroom, a New York City-based automotive retailer and online marketplace, has signed a 102,500-square-foot office lease at Westchase Park II in Houston. The 569,825-square-foot office complex comprises two buildings and a freestanding amenity center that houses a Citrus Kitchen restaurant, a fitness center with full-service locker rooms and a tenant conference center. Louie Crapitto of JLL represented the tenant in the lease negotiations. Eric Anderson, Parker Burkett and Katy Gragg of Transwestern represented the undisclosed landlord. The lease brings the building’s occupancy rate to 92 percent.
WILKES-BARRE, PA. — Colliers International has brokered the sale of the Bicentennial Building, a 74,452-square-foot office and retail property in Wilkes-Barre, located near Scranton in the northeastern part of the state. The six-story building was 83 percent occupied at the time of sale. Bicentennial Building Associates sold the asset to a private investment group based in the New York metro area. Jeff Algatt and John Susanin of Colliers brokered the deal.
