SUGAR LAND, TEXAS — Transwestern has represented Thirteen Eldridge Ltd. in the sale of a six-acre tract in Sugar Land. The unnamed buyer plans to develop the land into a school. Transwestern’s Carlos Bujosa and David Schwarz brokered the transaction. The site is located on the east line of Eldridge Road, a half-mile south of West Airport Boulevard.
HOUSTON — Mary Quinn Law Firm has leased a newly renovated office building located at 106 Avondale St. in Houston. Originally built in 1910, the property is located in the Montrose area of Houston and spans 4,880 square feet. Ron McWherter of CBRE represented the tenant, and Ryan Neyland of Davis Commercial Real Estate represented the landlord, Toomey-Guseman Ltd.
CHARLOTTESVILLE, VA. — Charlotte-based Insite Properties plans to develop a 120,000-square-foot office building above a 200-space parking garage at 323 Second St. S.E. in historic Charlottesville. Charlotte-based BB+M Architecture designed the nine-story property, which will feature four levels of parking and five levels of office space. The asset will be located within two blocks of the Downtown Mall. Insite Properties has named John Pritzlaff of Cushman & Wakefield the leasing representative for the office building.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 91,844-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for over $5 million. Summit Oaks Office is located at 1S450 Summit Ave. John Abuja of Marcus & Millichap listed the property on behalf of the seller, a partnership. Abuja also secured and represented the buyer, a limited liability company.
ISELIN, N.J. — Cushman & Wakefield has arranged the sale of Metro 101, an office tower located at 101 Wood Ave. S. in Iselin. Mack-Cali Realty Corp. acquired the 10-story property from Spear Street Capital for $82.3 million. Developed in 1990, the 263,000-square-foot tower was redeveloped in 2008 for multi-tenant occupancy. At the time of sale, the building was 95 percent occupied. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield brokered the transaction.
ALBANY, N.Y. — Easterly Government Properties has agreed to acquire FBI – Albany, a build-to-suit property located in Albany, for $20.2 million. Completed in 1998, the 98,184-square-foot facility is 100 percent leased through 2018 to the U.S. General Services Administration on behalf of the FBI. FBI – Albany is one of the two field offices located in New York with a territory encompassing 32 counties in Upstate New York and 14 counties in Vermont. The property offers a variety of security features, including 100-foot setbacks, reinforced security fencing and hydraulic vehicle barricades, blast resistant envelope and window features, and intrusion detection systems. The acquisition is slated to close in the fourth quarter. The name of the seller was not released.
DEVON, PA. — CBRE Group has arranged the sale of the Patient First Medical Center located at 133 Lancaster Ave. in Devon. The 7,000-square-foot asset sold for $2.8 million. With the sale of the property comes a 20-year corporately guaranteed ground lease and no landlord responsibilities of expenses. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.
CUPERTINO, CALIF. — A joint venture between Sand Hill Property Company and its capital partner has received $120 million in financing for a pair of office buildings within the Main Street Cupertino mixed-use project in Silicon Valley. The buildings contain a total of 260,000 square feet. Main Street Cupertino will include a mix of office, retail, hotel and loft apartments. The office component was completed earlier this year. The retail component is scheduled for completion by the end of 2016, though seven retailers are already open for business. Stores include Dog, Lyfe Kitchen, TD Ameritrade, Eureka! Burger and Philz Coffee. The hotel is franchised to be a Marriott Residence Inn, and the loft apartments are set to open in 2017. Main Street Cupertino will also contain a one-acre town square and a half-acre park. The loan features a variable, LIBOR-based rate. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team arranged the financing. HSBC Bank USA, National Association provided the capital.
LEHI, UTAH — Thanksgiving Holdings has received a $52.6 million loan for two office buildings in Lehi. The buildings are known as Thanksgiving Park V and Thanksgiving Park VI. They contain a total of 291,040 square feet. Fred Dockweiler and Mike Keach of KeyBank’s Commercial Mortgage Group arranged the non-recourse, first-mortgage loan for the five-story, Class A office buildings through a correspondent life-company relationship. The loan was used to refinance two existing KeyBank construction loans
OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 55,829-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago. A limited liability company sold Terrace Oaks to a developer for over $5 million. Located at 17W645 Butterfield Road, the building features a marble lobby, three-story glass atrium, ample parking and conference room. John Abuja of Marcus & Millichap listed the property on behalf of the seller and represented the buyer in the transaction.