HOUSTON — Colvill Office Properties has leased, on behalf of Hines, 19,457 square feet of office space to Champions Pipe & Supply at 4 Greenspoint Place. The property is a 403,384-square-foot, Class A office building located in the 36-acre Greenspoint Place office/retail development at 16925 Northchase Drive. Kevin Saxe, Jerrod McQuain and Nick Bockhorn of CBRE represented Champions Pipe & Supply. Damon Thames, Richard Barbles and Tripp Pruet of Colvill Office Properties represented the landlord in lease negotiations. Hines owns and manages Greenspoint Place.
ROCHESTER HILLS, MICH. — Colliers International has arranged a 26,280-square-foot flex lease in Rochester Hills, approximately 30 miles north of Detroit. Nichols Paper & Supply Co. leased the space from ADCO Investments LLC and will use the property as a warehouse for distributing paper and janitorial supplies. Gary Glotzhober of Colliers International represented the tenant in the transaction. The property is located at 1685 Northfield Drive.
DENVER — First National Bank of Santa Fe has signed a 10-year lease for 22,198 square feet of office space in Denver. The space is located at 1400 16th St. in the LoDo (Lower Downtown) district. First National Bank of Santa Fe is composed of First National Denver, First National Santa Fe and First National Rio Grande. Dorit Fischer and Hayden Hirschfeld represented the bank in this transaction. Todd Wheeler of Cushman & Wakefield represented the landlord.
RALEIGH, N.C. — Avison Young has brokered the $14.4 million sale of Atlantic Business Park, a two-building, 10-acre office campus located at 4401 and 4501 Atlantic Ave. in north Raleigh. The office campus totals 114,365 square feet and was fully leased at the time of sale to tenants such as Advance Auto Parts Inc., City of Raleigh Police Department and Regional Acceptance Corp., a division of BB&T. Braxton Anthony and Gary Lyons of Avison Young’s Raleigh office represented the sellers, SJ Co. LLC and SJ1 Co. LLC, in the transaction. William Allen of Trinity Partners represented the buyers, 4401 Atlantic Avenue LLC and 4501 Atlantic Avenue LLC.
The story of the tortoise and the hare can be used to describe the major metros throughout Texas. In recent years, Austin has sprung to life while San Antonio has developed slow and steady. Most recently, however, it appears San Antonio’s office market has received a jolt — the second quarter of 2015 saw three to four times more activity than historic averages indicate — and San Antonio now boasts its lowest vacancy rate since 2008. With a 3.4 percent unemployment rate, San Antonio ranks third on the list of major metropolitan cities across the country with the lowest unemployment rates, trailing only Austin at 3 percent and Salt Lake City at 3.1 percent. These numbers are indicative of a much larger picture of San Antonio. Uniquely positioned to capture the spillover of tech companies and supporting businesses from Austin, its neighbor, San Antonio’s low rental rates for both Class A and B office space along with stable infrastructure make it a viable, attractive alternative for many major businesses looking to expand. But where in San Antonio is all this activity erupting? San Antonio’s newest residents are interested in one area, and you need look no further than the central …
PEARL RIVER, N.Y. — Industrial Realty Group (IRG) has acquired the more than 2 million-square-foot Pfizer campus in Pearl River, located 20 miles north of Manhattan. IRG plans to transform the 200-acre campus into a dynamic mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County. The acquisition includes approximately 38 buildings of laboratory, manufacturing, office and support buildings. Pfizer will retain and operate 500,000 square feet and lease back approximately 1.2 million square feet from IRG. Terms, including sales price, of the acquisition were not released. IRG plans to transform the 2 million-square-foot Pfizer campus in Pearl River, N.Y., into a mixed-use, multi-tenant campus.
SAN DIEGO — Clarion Partners has purchased Pacific Technology Park, a 544,352-square-foot office park in San Diego, for a reported $90 million. The park is located at 9389-9477 Waples Street in the Sorrento Mesa submarket. Pacific Technology Park was 80 percent leased at the time of sale. Notable tenants include Thermo Fisher, Qualcomm, Novartis, DirectMed, True Temper, Raytheon, Cintas and Tritech. Clarion represented itself, while Jeffrey Cole, Jeff Chiate and Ed Hernandez of Cushman & Wakefield represented the seller, CBRE Global Investors.
HORSHAM, PA. — HFF has arranged a $28 million loan for the refinancing of a two-building portfolio in Horsham, a suburb of Philadelphia. The borrower was an affiliate of Endurance Real Estate Group LLC. The 10-year loan, which features a fixed rate, was provided by Silverpeak Real Estate Finance. Loan proceeds will be used to refinance existing debt. The portfolio includes 200 Precision Drive, a 126,500-square-foot facility with 63,000 square feet of warehouse space, 49,400 square feet of office space and a 14,200-square-foot laboratory; and 425 Privet Road, a 120,290-square-foot property fully leased to Teva Pharmaceuticals. 200 Precision Drive is leased to Finisar Corp., C&D Technologies and DrugScan. Ryan Ade and Campbell Roche of HFF represented the borrower in the financing.
GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.
TYSONS, VA. — Akridge and the Ronald D. Paul Cos. have acquired 1690 Old Meadow Road in Tysons, a Virginia suburb of Washington, D.C., for $7.6 million. The pair plans to redevelop the existing 13,000-square-foot training facility for GEICO into a 250,000-square-foot office building. Upon completion, the 11-story project will sit atop a five-story parking garage and offer ground-floor retail space and on-site amenities such as a conference facility, in-building wireless, a restaurant and a landscaped terrace with common space and bocce ball courts. The property sits directly across the street from the McLean Metro Station and planned Wegmans grocery store. KGD Architecture is designing the redevelopment. The sale of 1690 Old Meadow Road resulted from a tri-party agreement with GEICO and Merritt Properties. GEICO is relocating its current training facility to a new build-to-suit facility in Merritt’s Ashbrook business park in Ashburn, Va. Jeff Groh and Michael Blyumin of JLL represented GEICO, and Joseph Svatos of Akridge represented the buyers in the transaction. Andrei Ponomarev of Akridge represented GEICO in the development and construction phase of the project.