FARMERS BRANCH, TEXAS — Developer Billingsley Co. will break ground this quarter on a 165,000-square-foot office structure in Farmers Branch for home security system provider Monitronics International Inc. The building, which Monitronics will use as its new headquarters, is the first office project at Billingsley’s Mercer Business Park, a 225-acre development at the northwest corner of I-635 and I-35. Architect Good Fulton & Ferrell designed the three-story facility, which is slated for completion in the summer of 2015. Rick Hughes and Dean Collins of Cushman & Wakefield represented Monitronics in the build-to-suit deal.
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RALEIGH, N.C. — Grubb Properties, a Charlotte-based commercial real estate company, and Rubenstein Partners, a Philadelphia-based real estate fund manager, have sold Newcastle North, an 112,340-square-foot laboratory and office building at the Imperial Center Campus in Raleigh. The two-building portfolio was sold for $14.5 million to Capital Square Holdings, a real estate investment and advisory firm based in Glen Allen, Va. The building, located at 1035 Swabia Court at the intersection of I-40 and I-540, was originally acquired in September 2012 from GlaxoSmithKline. The building was fully leased to Reichhold Industries within its first year of ownership. Scot Humphrey, Chris Norvell and Bill Simerville of Cushman & Wakefield | Thalhimer’s capital markets group, along with Samir Idris of Cushman & Wakefield’s Atlanta office, handled the negotiations on behalf of the seller. The building was 100 percent leased at the time of sale. The second building, Newcastle South at 1015 Swabia Court, features 86,895-square-feet of office space.
AUSTIN, TEXAS — Clarion Partners LLC has acquired Las Cimas IV, a 138,008-square-foot office building in Austin’s Southwest submarket. Constructed in 2008, the five-story structure is located at 900 S. Capitol of Texas, in proximity to Loop 360 and Bee Cave Road. The property, which features a two-story lobby and on-site showers, was 93.5 percent occupied at the time of the sale. Clarion Partners is a New York-based real estate investment firm with approximately $30 billion in total real estate assets under management.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 21,680-square-foot medical office building in the Dallas suburb of Lewisville. Constructed in 2003, the structure is located at 571 W. Main St., in proximity to I-35 and across from the Medical Center of Lewisville. The property, known as Main Street Medical, was not fully occupied at the time of the sale. Ron Hebert and Wayne Bares of Marcus & Millichap marketed the asset on behalf of the seller, a private investor. Hebert also secured the buyer, another private investor. The transaction closed within 77 days of the original listing.
ANAHEIM, CALIF. — Gateway One Lending & Finance, LLC has leased 50,000 square feet of office space in Anaheim. The space is located at 160 N. Riverview Drive. The lease is valued at $5.5 million. Gateway One is an indirect auto finance lender. Chris Migliori of DAUM’s Orange County office represented both Gateway One and the landlord, Anaheim Hills Office Plaza, LLC, in this transaction.
KNOXVILLE, TENN. — JHD, a Knoxville-based real estate investor and developer, has purchased the historic John H. Daniel Building in downtown Knoxville for $2.9 million. John H. Daniel Co., which sold the 109,000-square-foot light industrial building, has been at the 114-124 W. Jackson Ave. building since 1928. George Brown and Brad Blackwell of Wood Properties Inc. represented the seller in the transaction. The mixed-use property has approximately 100 apartment units and several thousand square feet of retail/commercial space. John H. Daniel Co. will continue its operations in a facility north of downtown.
DANBURY, CONN. — Cushman & Wakefield has arranged the $4 million sale of 40-42 Old Ridgebury Road, also known as Pegasus Park, in Danbury. Cushman & Wakefield represented the seller, Torchlight Investors, in the sale to KS Partners, a New York-based developer and investor with offices in Woburn, Mass., and Rocky Hill, Conn. The sale price equates to $31.75 per square foot. Situated on more than seven acres, the site includes two three-story office buildings totaling almost 126,000 square feet and a three-level parking facility. The building is home to tenants such as General Electric and Shemin Nurseries. The buildings are currently 60 percent leased with 72,340 square feet of space remaining. Tom O’Leary, David Bernhaut, and Grace Braverman of Cushman & Wakefield’s Capital Markets Group arranged the sale.
IRVINE, CALIF. – A 225,992-square-foot, Class A office building in Irvine has received $28 million in joint venture equity. Greenlaw Partners will use the equity proceeds to acquire the ownership interests of its previous venture partners. The building is located at 18301 Von Karman. The loan was arranged by HFF’s Todd Sugimoto and Jeff Sause. The equity was secured through Cigna Investments in an off-market recapitalization. HFF also advised the new partnership on the senior loan.
RALEIGH, N.C. — Dominion Realty Partners LLC closed the $6.3 million purchase of the site for the $63 million Charter Square office building in downtown Raleigh office building. The 11-story high-rise office tower has begun vertical construction, which is slated for completion in 13 months. Dominion Realty purchased the site from the city of Raleigh. The 242,969-square-foot office building is pre-leased to HDR Engineers, CBRE, JDavis, Eschelon Hospitality and Dominion Realty Partners. The Class A office tower will also feature 9,000 square feet of ground-level retail space. A partnership between the buyer and Prudential Real Estate Investors capitalized the purchase with financing through Regions Bank. The design team for the office building, including architect JDavis Architects and general contractor Choate Construction, is hoping to achieve LEED Platinum certification. Law firms Ellis & Winters; Quarles & Brady LLP; and Lewis Roca Rothberger LLP provided legal counsel.
WOODCLIFF LAKE, N.J. — Colliers International has arranged two separate long-term leases totaling more than 25,000 square feet at 123 Tice Blvd. in Woodcliff Lake. The leases bring occupancy from 70 percent to approximately 90 percent. In the first transaction, science and engineering company Anchor QEA will relocate from Montvale and occupy 12,988 square feet at the property. In the second transaction, SeaCube Container Leasing will relocate from Park Ridge, taking 12,420 square feet. Both tenants will occupy their new offices this summer. Jason Fray of Cushman & Wakefield represented Anchor QEA in the transaction. Harlan Hollander, also of Cushman & Wakefield, represented SeaCube Container Leasing in the transaction.