CARLSBAD, CALIF. — Miller Global Properties has purchased Ocean Ridge, a 75,000-square-foot office building in Carlsbad, for an undisclosed sum. The building is located at 5796 Armada Drive. It is currently 77 percent occupied. Notable tenants include MorganStanley, Charles Schwab, West Development and Maketa Investment Group. CBRE’s Louay Alsadek, Larry Cambra, Roger Carlson and Hunter Rowe represented both the buyer and seller, an institutional pension fund advisor, in the transaction.
HOUSTON — Regis Property Management has acquired 770 S. Post Oak Lane, a mid-rise office building located seven miles from downtown Houston and 24 miles from Houston Intercontinental Airport. The six-story building is located in the Galleria area, surrounded by restaurants, hotels and other amenities. Regis Property Management is an affiliate of Pillar Income Asset Management and manages 34 commercial properties comprising more than 6 million square feet of office, warehouse, industrial and retail space. Regis was selected to manage the property portfolios for three publicly traded companies as well as several affiliated and non-affiliated private companies.
RICHARDSON, TEXAS — Q Real Estate Holdings, the real estate affiliate of Fort Worth-based Q Investments, has purchased 2400 N. Glenville in Richardson. The property is now open for tours and new leases for the first time in its history. It opened in 1989 as a build-to-suit for Verizon, then known as MCI, and is located in the heart of Galatyn Park Urban Village, a mixed-use development in Richardson’s Telecom Corridor. Verizon will remain in the property until the fourth quarter of 2016 when Q Real Estate plans to begin renovations to reposition the property for new tenants. DTZ’s Trey Smith and Clint Madison will oversee leasing services for the 388,600-square-foot facility. Comprising four interconnected 100,000-square-foot buildings, 2400 N. Glenville is one of the largest contiguous blocks of available office space in the Dallas market.
NOVI, MICH. — The two-story Grand Offices office building located at 44725 Grand River Ave., between Novi and Taft roads, filled its last three vacancies in the second quarter of 2015. Novi is located 30 miles northwest of Detroit. The most recent tenants to join the office are a regional office for O.C. Tanner and Desco Properties, a relocation of a local property management company. Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented the landlord in these transactions. It took Grand Offices less than three years to go from 0 percent occupancy to 100 percent occupancy.
NASHVILLE, TENN. — Dallas-based Gaedeke Group LLC has secured LEED certifications for two of its office buildings in Nashville’s Airport North submarket. The properties include the 12-story, 282,101-square-foot Highland Ridge Tower at 535 Marriott Drive, and the eight-story, 178,639-square-foot Highland Ridge III at 545 Marriott Drive. The U.S. Green Building Council (USGBC) has awarded Highland Ridge Tower LEED Gold certification and Highland Ridge III LEED Silver certification. Both projects are nearly 100 percent occupied and carry Energy Star designations. Gaedeke’s green programs at the properties encompass electronics waste disposal, battery recycling, environmentally friendly cleaning materials, native plantings, low-flow plumbing fixtures and e-friendly office finish-outs. The green initiatives have resulted in 56 percent of Highland Ridge III’s trash being diverted from landfills and 52.5 percent of Highland Ridge Tower’s. The USBCG also recognized Gaedeke’s efforts at keeping at least 25 percent of the site as undisturbed forest.
MISSOURI CITY, TEXAS — Colliers International has arranged the sale of 6,500 square feet at 13370 S. Gessner Road in Missouri City. AAA Tran Real Estate Management LLC purchased the property. Tasha Bannister of Transtar Fine Properties represented the buyer in the transaction. Barkley Peschel of Colliers International represented the seller in the transaction. Madera Studio, a professional photography and portrait studio, will occupy the space.
OAKBROOK TERRACE, ILL. — Newmark Grubb Knight Frank has been selected as the leasing agent for 1 Tower Lane in Oakbrook Terrace, the tallest building in the state outside of downtown Chicago. Oakbrook Terrace Tower is a Class A, 792,192-square-foot office building located in the western suburbs of Chicago. Built in 1987, the 31-story property features expansive views of the western suburbs and downtown Chicago, a fitness center, conference center, food service, on-site management, on-site security and an executive underground garage. The property also offers easy access to O’Hare airport. John Clark, Rob Lundin and John Norris of Newmark Grubb Knight Frank will lead the brokerage team.
BEAVERTON, ORE. — Nike has leased 105,005 square feet at the AmberGlen Business Center in Beaverton. The 217-acre business campus is 20 minutes from downtown Portland. Bradford Fletcher of Newmark Grubb Knight Frank represented Nike. Chris Johnson, MaryKay West and Brandon Frank of NAI Norris, Beggs & Simpson represented the landlord, AmberGlen Office Corp.
ATLANTA — The Brookdale Group has commenced a multimillion dollar capital improvement program for 3445 Peachtree, a 14-story, 287,000-square-foot office building in Atlanta’s Buckhead submarket. The Atlanta-based private equity firm purchased both 3445 Peachtree and The Pinnacle building next door in January 2015. The renovations to 3445 Peachtree, formerly known as Two Live Oak, include an overhaul to the lobby, modernized elevators, landscaping upgrades, enhanced front and garage entrances and a freshly painted exterior. The lobby upgrades are expected to be finished in October and the remaining renovations will be completed in early 2016. The Brookdale Group has tapped Niles Bolton Associates as the architect for the renovations and Transwestern as the construction manager. DTZ currently provides agency leasing services at the building, and Transwestern provides property management services. Originally built in 1969, 3445 Peachtree is now ENERGY STAR rated and is currently 82 percent leased to 23 national and regional tenants. The property is operated in tandem with The Pinnacle building.
GREENVILLE, S.C. — Garrison Investment Group has signed nearly 100,000 square feet of office space to new tenants at its eight-building office portfolio in Greenville. The leases include Ahold leasing 26,000 square feet at 651 Brookfield Parkway; The Gordian Group leasing 21,000 square feet at Patewood 2 in Office Park Patewood; and Real Page leasing 46,400 square feet at Patewood 3. Other new tenants at Patewood include NFP, OB Hospitalist Group, Auto-Owners, Palmetto Security Group and Keyence Corp. of America. The portfolio is managed by Trinity Partners, asset-managed by Trinity Capital Advisors, and leased by CBRE. Charles Gouch, Blaine Hart and Shelby Dodson of CBRE represented Garrison Investment Group in the new lease transactions. Garrison recently completed a $2 million capital improvement program at its portfolio comprising the addition of a fitness center at Office Park Patewood, new signage and lobby upgrades.
