NEWTOWN, CONN. — Western CT Medical Group (WCMG) has leased 15,200 square feet of medical office space in a building to be constructed at 170 Mt. Pleasant Rd. in Newtown, from Maplewood Healthcare. The two-story, 30,000-square-foot medical office building is expected to be delivered in early summer 2016 and will be the second of two medical office buildings located at 164 and 170 Mt Pleasant Rd. Maplewood Healthcare is a partnership of Maplewood Senior Living and Allegiance Realty Corp. Todd Payne and Bob Cascella of Goodfellow represented the landlord, while Cushman and Wakefield represented the tenant.
AUSTIN, TEXAS — Accesso Partners has acquired Riata Corporate Park, a 688,432-square-foot, eight-building complex on a 51-acre campus in northwest Austin. The complex includes a 94,000-square-foot standalone building recently vacated by Apple. The former Apple building includes WiFi and a recently renovated lobby. All space is ready to be leased. It is currently the largest block of vacant space in the northwest Austin submarket. Riata Corporate Park has three fitness centers and is slated to receive a Whole Foods Café concept as an additional amenity. Susan Hill of HFF arranged the financing.
FARMERS BRANCH, TEXAS — Stream Realty Partners has secured a 13,386-square-foot lease for AIR Engineering and Testing Inc., at Westwood Business Park located at 1801 Royal Lane in Farmers Branch. AIR Engineering and Testing is a provider of testing, adjusting and balancing, commissioning services and energy modeling for mechanical building systems. Todd Noonan of Stream represented the tenant, AIR Engineering and Testing, while Chris Andler with Property Advisers Realty represented the landlord in the transaction. Westwood Business Park is a 12-building complex located near the major North Dallas thoroughfares of North Stemmons Freeway (I-35 E) and LBJ Freeway (I-635). PAR Capital Partners Inc. purchased the property in August 2014, and a renovation is underway.
LAKE FOREST, CALIF. — Bailard Inc. and CT Realty have acquired Palm Terrace, a 155,795-square-foot property office complex in Lake Forest, for $30 million. The three-building property is located at 25521, 25531 and 25541 Commercentre Drive. Palm Terrace is 90 percent leased. Notable tenants include Del Taco, Portfolioco, Anyone Home Inc. and Parsons. The property features a campus environment with an outdoor eating area and courtyard. CT Realty represented the joint venture in this transaction. The seller, LaSalle Investment Management, was represented by JLL’s Bob Prendergast and Baker Morphy. CT Realty will act as property manager. JLL’s Jay Nugent and Greg Puccinelli will retain the leasing assignment.
DENVER — City Office REIT has acquired Superior Pointe, a 149,006-square-foot office property in Metro Denver, for $25.8 million. The Class A property is located at 7595 E. Technology Way. Superior Pointe is 90 percent occupied. Notable tenants include Microsoft, Quiznos and ProBuild. The acquisition is anticipated to generate an initial full-year cash NOI yield of about 7.5 percent, based on the purchase price and planned capital improvements.
STAMFORD, CT. — Darien, Conn.-based Baywater Properties and an affiliate of True North Management Group of White Plains, N.Y., have acquired a 110,000-square-foot commercial office building at 2777 Summer Street in Stamford. At the time of acquisition, the seven-story office building was less than 50 percent occupied. The Baywater-True North venture plans to invest in a significant renovation of the building’s common areas, including the front lobby. The venture recently signed a lease for approximately 14,000 square feet with Keller Williams Realty, and is in active discussions with tenants whose needs total more than 15,000 square feet. The property offers on-site security, 24/7 key-card access, covered parking, shuttle service to the Stamford Transportation Center and a deli/café in the lobby.
TROY, MICH. — L. Mason Capitani CORFAC International has arranged three new office leases in Troy. L. Mason represented the landlord in two transactions including the lease of 4,332 square feet to Padgett Business Services at 1120 E. Long Lake Road and 6,576 square feet to Liberty Union Life Assurance Company at 560 Kirts Boulevard. L. Mason also represented Car.com in its 5,449-square-foot lease renewal at 888 W. Big Beaver Road.
PALM BEACH GARDENS, FLA. — Marcus & Millichap has brokered the $18 million sale of a three-story office building in Palm Beach Gardens that serves as TBC Corp.’s corporate headquarters. Built in 2007, the 44,415-square-foot office building was renovated in 2009 to become TBC Corp.’s headquarters. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Marco Lala and Steven Siegel, also of Marcus & Millichap’s Manhattan office, procured the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s Florida broker of record. Christopher Marks of Marcus & Millichap Capital Corp. arranged a 10-year, $9.2 million acquisition loan on behalf of the buyer. The loan has a fixed interest rate of 4.15 percent and a 25-year amortization schedule.
DULUTH, GA. — Pike Nurseries, a popular garden and lawn retailer, has relocated its corporate headquarters to Duluth Office Center, an office building located at 3555 Koger Blvd. in Duluth, an eastern suburb of Atlanta in Gwinnett County. The garden chain will lease 9,000 square feet that will serve as its support center for its 15 stores in metro Atlanta, growing facility in Marietta, Ga., and its store in Charlotte, N.C. Pike’s former corporate headquarters was in the Park Summit building located at 2675 Breckinridge Blvd. in Duluth. Bennett Gottlieb and John Thornton of CBRE represented Pike Nurseries in the lease transaction. Stream Realty Partners represented the undisclosed landlord.
YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.