CHICAGO — The Boulder Group has arranged the $5.1 million sale of a single-tenant Bank of America property in Chicago. The building is located at 4200 S. Ashland Ave. and features five drive-thru lanes and 44 designated parking spaces. There are 10 years remaining on the Bank of America lease, which expires Oct. 31, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate developer. A Canadian-based investor purchased the property.
LOS ANGELES – A joint venture between Barker Pacific Group and Rockwood Capital has purchased Westlake Spectrum, a 107,381-square-foot office property in the Los Angeles submarket of Westlake Village, for an undisclosed sum. The Class A property is situated near the 101 Freeway in an area known as the Technology Corridor. The two-building property is about 85 percent occupied. The main tenant is Securitas USA, a private security services firm. The seller was TA Associates.
MIAMI — FA Commercial has brokered the $10 million sale of a 52,499-square-foot office building located at 3415 N.E. 2nd Ave. near Miami’s Midtown and Design District neighborhoods. The asset was 60 percent leased at the time of sale. Fabio Faerman of FA Commercial represented both the buyer and the seller in the transaction. The undisclosed buyer plans to reposition the office building’s first two floors into retail space.
HUNTLEY, ILL. — Colliers International has arranged the $5.2 million sale of a 58,400-square-foot office building in Huntley, approximately 57 miles west of Chicago. Life Spine Inc. will occupy space in the former Duo-Fast Corp. building located at 13951 S. Quality Drive. Glenview, Ill.-based Illinois Tool Works Inc. sold the two-story, 44,000-square-foot Class A office building, which it acquired in 1999. The property was built in 1997. Life Spine, a spinal implant company, outgrew its 11,000-square-foot headquarters building at 2401 W. Hassell Road in Hoffman Estates and will move to the new location before the end of the year. Ned Frank of Colliers represented the buyer, Life Spine. Jeff Janda and Jim Planey of Lee & Associates represented the seller, Illinois Tool Works.
LANSING, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 22,556-square-foot office building in Lansing. The property is located at 6452 Millennium Drive. The seller, 6452 Millennium LLC, sold the building to Pat and Mark Properties LLC. Barry Swatsenbarg and Richard Deptula of Friedman represented both the buyer and seller in the transaction.
LOS ANGELES – Global marketing agency Trailer Park has leased 86,271 square feet of office space in Hollywood. The Class A space is located at 6922 Hollywood Blvd. The agency leased an additional 15,171 square feet at the building. It will occupy six of the building’s 12 stories, beginning next year. Trailer Park has leased two floors at the property since 2001. The 205,000-square-foot property is fully leased. Trailer Park was represented by Andy Lustgarten of Savills Studley. The landlord, Hudson Pacific Properties, was represented by Steve Salas of Madison Partners.
OWINGS MILLS, MD. — Baltimore-based CSG Partners LLC has purchased Owings Mills Business Center and Owings Mills Corporate Center, a four-building office/flex portfolio spanning 180,000 square feet in Owings Mills. CSG Partners purchased the single-story properties from First Potomac Realty Trust for $13 million. The buildings are 50 percent leased on average. Jonathan Carpenter, Nicole Keelty and Graham Savage of Cassidy Turley represented the seller. CSG Partners was self-represented in the transaction. CSG Partners will rebrand Owings Mills Business Center as Cronhill Corporate Centers I and II, and Owings Mills Corporate Center will become Cronridge Corporate Centers I and II. CSG Partners has selected Colliers International to market and lease Cronridge Business Center and Cronhill Corporate Center.
COLUMBUS — Marcus & Millichap has arranged the $260,000 sale of an 11,750-square-foot office property in Columbus. The property is located at 5918 Sharon Woods Blvd. Justin Fenn and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller, a partnership. The team also represented the buyer, a private investor who plans to convert the multi-tenant office building into a single-tenant church location.
HAVERHILL, MASS. — NorthMarq Capital’s Boston regional office has secured $2.5 million in acquisition financing for an office building in Haverhill. Located at 26 Parkridge Road, the property offers 42,000 square feet of office space. Ed Riekstins of NorthMarq Capital arranged financing, which has a 20-year term and a 25-year amortization schedule, through its correspondent relationship with a life insurance company.
SEATTLE – NorthEdge, a 212,000-square-foot office property in the North Lake Union submarket of Seattle, has received $56.4 million in construction financing. The Class A development will be located on the southeast corner of North 34th Street and Woodlawn Avenue. NorthEdge will be situated in the Fremont neighborhood. Notable employers in this area include Google, Adobe and Tableau Software. The four-story office development will include 208,000 square feet of office space, 4,000 square feet of retail and a two-level, 314-space subterranean parking garage. In an effort to attract the burgeoning tech crowd of Seattle, the project will feature exposed concrete, open ceilings, and full-height glass windows overlooking Lake Union and the Downtown Seattle skyline. The project is being developed by Touchstone Corporation and AIG Global Investment Group. The three-year construction loan was arranged by HFF’s Bruce Ganong and Brandon Roth. It was provided by Bank of the Ozarks.
