HARWOOD HEIGHTS, ILL. — Xcel Med LLC has acquired a 60,000-square-foot office building in Harwood Heights, approximately 12 miles northwest of Chicago, for an undisclosed price. The medical coding and billing company will use the building as its headquarters. The property is located at 7444 W. Wilson Ave. John Joyce, Ryan Phillips and Chris Rickett of Transwestern represented the seller, Bluebird Harwood Heights LLC, in the transaction. Eric Tresslar of NAI Hiffman represented the buyer, Harwood Heights. This was the final sale in a three-property portfolio disposition completed by the Transwestern team. The portfolio consisted of approximately 91,492 square feet on approximately 4.2 acres.
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LEWISVILLE, TEXAS — City Office REIT has acquired Lake Vista Pointe in metro Dallas for a purchase price of $28.4 million. Lake Vista Pointe is a 163,000-square-foot office property in Lewisville. The property was built in 2007 and is fully leased to Ally Financial Inc. through 2021. The acquisition is expected to generate a full-year cash net operating income yield of 7.8 percent. The deal was financed with an $18.5 million mortgage with a fixed 4.3 percent interest rate for 10 years.
SAN DIEGO — AMN Healthcare Services has renewed its lease for 175,000 square feet of office space in San Diego. The long-term lease renewal is valued at $120 million. The space is located at 12400 High Bluff Drive in Del Mar Heights. The healthcare workforce solutions and staffing services provider has resided at this Class A property since it was constructed in 2003. The company currently houses 800 employees at the center, with room to expand to 1,000 employees. AMN was represented by Douglas Lozier of Savills Studley’s San Diego office. The landlord was Kilroy Realty Corporation.
SURPRISE, ARIZ. — One Step Beyond has leased 11,800 square feet of space in Surprise. The two-building complex is located at 15527 & 15531 N. Reems Road. One Step Beyond moved into the first building in July. It plans to occupy the second building in March. Tyler Smith of Colliers International represented both One Step Beyond and the landlord, Reems and Greenway LLC, in this transaction.
ARLINGTON, VA. — Skanska USA Commercial Development has sold a five-story, 139,394-square-foot office building located at 1776 Wilson Blvd. in Arlington to an institutional client of Invesco Real Estate for $90 million. The Class A, LEED Platinum-certified property features office space, retail space, a fitness center and a green roof terrace accessible to office tenants. The property is 90 percent leased to tenants such as Skanska, LMO Advertising, National Association of Drug Stores, U.S. Civil Research & Development Foundation, Black & Veatch Corp., Pier 1 Imports and 100 Montaditos. Skanska delivered the project in November 2012.
ORLANDO, FLA. — Newmark Grubb Knight Frank (NGKF) has arranged the $18.8 million sale of the SunTrust Bank office building located at 200 S. Orange Ave. in downtown Orlando. The 10-story, 128,296-square-foot property is connected to the 35-story SunTrust Tower. Atlanta-based SunTrust Bank has leased the office building since it was first built in 1958. Mark Hillis and Whitney Knoll of NGKF represented the seller, Atlanta-based Columbia Property Trust, in the transaction. The buyer, 200 Orange Realty LP, is comprised of local real estate investors, including Jim Gissy and Ed Wideman. Michael LaPointe, Peter Everett and Daniel Yi of NGKF assisted with the transaction.
CAMBRIDGE, MASS. — NorthMarq Capital has arranged a $4.24 million loan for the acquisition of the Global Organics Headquarters Building in Cambridge. Located at 68 Moulton St., the property offers 24,500 square feet of office space. Joseph Hegenbart secured the financing for the borrower, RHAD LLC, through NorthMarq’s relationship with a local bank. The 10-year loan features a 25-year amortization schedule. Global Organics is the major tenant in the building and an affiliate of the borrower.
PORTLAND, ORE. — Pearl West, the first speculative office building to be built in Portland since the recession, has received $41.7 million in permanent construction financing. The 146,500-square-foot building will be located on Irving Street and NW 14th in the Pearl District. The Class A building is scheduled to break ground tomorrow. It is slated for completion in early 2016. The building has already secured two unnamed tenants. Pearl West will be built by BPM Real Estate Group and designed by GBD Architects. Walter C. Bowen of BPM Real Estate Group is the developer, while BDC/NW Irving LLC is the borrower. The loan was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. NBS represented the lender, Washington Capital Advisors, a pension fund advisor for labor unions.
BREA, CALIF. – Palisades Capital Realty Advisors has acquired a 121,143-square-foot office building in Brea for $21 million. The building is located at 2929 E. Imperial Highway. The property was built in 1985 and renovated in 2013. The office building is fully leased to companies like Zodiak Inflight Innovations and Underwriters Laboratories. The seller, a joint venture between Rialto Capital and the Koll Company, was represented by Bob Prendergast and Baker Morphy of JLL's Capital Markets.
ALEXANDRIA, VA. — Newmark Grubb Knight Frank (NGKF) has arranged the U.S. Department of Defense’s (DOD) 606,575-square-foot lease renewal at Hoffman Tower II in Alexandria, roughly eight miles south of Washington, D.C. The office lease transaction is the largest in the Washington, D.C. metro area this year, according to NGKF. Brendan Owen and Scott Johnston of NGKF represented the owner, The Hoffman Co., in the transaction. CBRE represented the U.S. General Services Administration (GSA), which signed the lease renewal on behalf of the DOD. The DOD has occupied Hoffman Tower II for more than 30 years.