YORBA LINDA, CALIF. – A 22,544-square-foot office building in Yorba Linda has sold to Robert and Pamela Moreno for $3.7 million. The building is located at 22860 Savi Ranch Parkway. The buyers were represented by Gary McArdell of Lee & Associates – Newport Beach. The seller, Savi Ranch Partners LLC, was represented by Chuck Wilson and Brian Chastain of Colliers International.
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NASHVILLE, TENN. — Sterling American Property Inc. has sold Service Source Tower, a 20-story, 266,000-square-foot office tower in downtown Nashville, for a reported $34 million. The property is located at the crossroads of 4th and Church streets. The buyer was Boston-based Albany Road Real Estate Partners. The seller recently completed a multi-million dollar renovation of the tower, including replacing the building’s mechanical systems. The property was 99 percent leased at the time of the sale to anchor tenant Service Source, as well as CapStar Bank, Kermit Stengel Co. and Andrew Byrd & Co. The building’s management and leasing agent is Rob Lowe of Cassidy Turley.
ROCKFORD, Ill. — Principle Construction Corp. has completed a 19,375-square-foot build-out for Schneider Electric of North America, a global specialist in energy management. The renovated space is located at 839 N. Perryville Road in Rockford. Principle made interior improvements to the two-story office building to accommodate Schneider’s laboratory operations and office space needs. The building has performance/testing labs. The lower level was reconfigured with individual electrical, mechanical and valve testing labs; the HVAC cooling system was increased by 33.5 tons; and the electrical service was increased to 1600 amps to handle the increased cooling and electrical loads required for testing operations. The project also included a complete redesign of Schneider’s specialized custom valve and actuator testing equipment chambers. Spring Creek Development Group, which owns the property, hired Principle to complete renovations.
ROCKY HILL, CONN. — O,R&L Commercial has arranged the $3.8 million sale of a 43,465-square-foot office building in Rocky Hill, a southern suburb of Hartford, Conn. Jay Morris and Robert Gaucher of the firm represented the buyer, Twenty Eighty Professional Center LLC, and the seller, 2080 Realty LLC, in the transaction. The building, located at 2080 Silas Deane Hwy, was fully leased at the time of the sale.
CHARLOTTE, N.C. — Electrolux has named Columbia, S.C.-based Red Rock Developments the developer for the expansion of its North American headquarters in Charlotte. Electrolux has entered into a 20-year lease agreement with Red Rock, which will be responsible for the development and financing of the $85 million project. Red Rock will jointly finance the project with Marc Realty, a real estate investment firm based in Chicago. The project will include the addition of a second facility adjacent to the existing property. The new property will span six stories and 375,000 square feet. The property is slated to be LEED certified and feature solar panels, a roof garden and a courtyard.
CHICAGO —Joseph Freed and Associates LLC has hired brokerage firm Avison Young to complete office leasing for the Sullivan Center complex in Chicago. The 15-story, mixed-use, historic landmark redevelopment is located in the heart of Chicago’s Loop at 33 S. State St. The 944,000-square-foot building contains 744,000 square feet of office space and 200,000 square feet of retail space. Of the 744,000 square feet of office space, 20 percent remains available for lease, including one unfinished floor at 70,000 square feet, one furnished/built-out floor at 68,000 square feet and two smaller spaces at 17,000 square feet and 10,000 square feet. Anchor office tenants for the Sullivan Center include Walgreens, the School of the Art Institute of Chicago, Gensler Architecture and the State of Illinois. Joseph Freed and Associates LLC corporate headquarters are also housed at the complex.
HARTFORD, CONN. — Walker & Dunlop Inc. has provided $37.2 million in FHA Section 221(d)(4) financing to convert an office building in Hartford to a multifamily property. The vacant 26-story office tower is located at 777 Main St. in Hartford’s central business district. Constructed in 1967 as the headquarters of Hartford National Bank, the office property was designed by architect Welton Becket, who designed the iconic Capitol Records tower in Hollywood. Todd Trehubenko led the Walker & Dunlop team that structured the financing.
CHERRY HILL, N.J. — U.S. General Services Administration (GSA) has signed a 20,000-square-foot lease at 51 Haddonfield Road, a 100,000-square-foot office building in Cherry Hill. The new ownership group, Bergman Real Estate Group and Time Equities Inc., has completed various upgrades to the property and installed a gallery of rotating artwork by local and national artists. Anne Klein of Newmark Grubb Knight Frank serves as the leasing agent for the property.
LONG BEACH, CALIF. — Parallel Capital Partners has acquired Shoreline Square, a 383,652-square-foot office tower in Long Beach, for $101.7 million. The Class A office tower is located at 301 East Ocean Blvd. It is part of a master-planned, mixed-use development within the city’s Central Business District. Shoreline Square is currently 90 percent leased. Notable tenants include General Services Administration U.S. Customs office, Comerica bank, Tidelands Oil (Oxy), Department of Defense offices and UBS Financial Services. The tower currently holds a LEED-Silver designation. It was renovated in 2008, and is expected to achieve LEED-Gold certification later this year. Parallel Capital Partners represented itself in this transaction, while the seller, Guggenheim Real Estate, was represented by CBRE’s Kevin Shannon.
CHANDLER, ARIZ. – W. P. Carey Inc. has acquired a 183,000-square-foot office building in Chandler for $43.1 million. The Class A building is located at 2700 Frye Road. The facility is leased to QBE Holdings for 10 years. It serves as the company’s West Coast regional headquarters. Neil Glassmoyer, Tivon Moffitt and Peter Bauman of Colliers International in Greater Phoenix represented both the buyer and the seller, Regent Properties, in this transaction.