CITY OF INDUSTRY, CALIF. — Majestic Realty has broken ground on a 166,000-square-foot speculative office building in the City of Industry. The project will be located at 13300 Crossroads Parkway North in the master-planned Crossroads Business Park. It is scheduled for completion next April. This is the largest Class A office building to be built in the San Gabriel Valley in more than 10 years, according to Majestic. Bank of the West will occupy 93,058 square feet at the new space.
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INDIANAPOLIS — The Indianapolis office of CBRE has arranged the sale of an 11,340-square-foot warehouse and office facility located at 1801 S. Lawndale in Indianapolis. The facility is situated on a 1.7 acres. Mark Writt of CBRE represented the seller in this transaction. The facility was formerly owned by OFP Family Partners Ltd. Chip Barnes of Jones Lang LaSalle represented the buyer, The John M. Sikich Jr. Trust, which plans to expand its operations into Indiana.
CARLISLE, PA. — Cushman & Wakefield has arranged the sale of 1 and 2 Ames Drive in Carlisle, located about 22 miles southwest of Harrisburg, Pa. A partnership of Dermody Properties, operating partner, and PCCP, capital partner, purchased the industrial asset, located within the PA I-81/I-78 Corridor, from a partnership comprising USAA and Trammell Crow Development. The property includes a new, currently vacant, 700,000-square-foot building at 2 Ames Drive, as well as a land site approved for 602,000 square feet at 1 Ames Drive. Gerry Blinebury, Adam Campbell, Pat McBride and Leah Balerno of Cushman & Wakefield handled the sale transaction. Blinebury and Campbell are overseeing leasing for the property.
OAKLAND, CALIF. — American Indian Model Schools (AIMS) has received a $4.5-million acquisition loan for a 41,000-square-foot office building in Oakland that houses the school’s main campus. American Indian Charter School II is located at 171 12th Street. This is AIMS’ largest of its three charter schools within the Oakland area. It contains more than 650 students in kindergarten through 8th grade. The loan was provided by Eagle Group Finance. AIMS was represented by Gilda Rivera of George Smith Partners in the sales transaction. The seller was not named.
CHICAGO — MB Real Estate has completed a 182,000-square-foot office lease to the Board Of Education of The City of Chicago (BECC) within the former Sears department store space at 1 N. Dearborn in Chicago. BECC will relocate its headquarter offices to the property from 125 S. Clark with an occupancy date set for November. MB Real Estate provides management and leasing services at the 17-floor, 940,000-square-foot property and represented ownership in the transaction. BECC will take a portion of the ground floor and the entirety of the lower level, second and third floors for its new offices. Gary Denenberg and Jesse Slack of MB Real Estate represented ownership, while Jeff Samaras and Chad Galayda of Cushman & Wakefield represented BECC in the lease negotiations.
BEDFORD, MASS. — Cassidy Turley today has represented AspenTech in a transaction that will relocate the company’s global headquarters at the end of 2014. AspenTech will move to 20, 22, and 28 Crosby Drive in Bedford into 143,000 square feet, almost doubling in size from its current 75,000-square-foot headquarters in Burlington. After a renovation, the new headquarters will satisfy occupancy for more than 600 AspenTech employees. Michael O’Leary, John Boyle and Brian Hines of Cassidy Turley represented AspenTech in the transaction. Torin Taylor, Rich Ruggiero and Rory Walsh of Cushman & Wakefield represented the landlord. Crosby Corporate Center is a nine-building office park settled on 52 acres totaling 589,783 square feet.
KING OF PRUSSIA, PA. — MIM-Hayden Real Estate Funds has completed renovations to its office property formerly known as Walnut Hill Plaza located at 150 S. Warner Road in King of Prussia. Improvements to the property include a new entryway, light fixtures and a light sculpture in the atrium, along with renovated common areas and bathrooms. Additional exterior upgrades include new landscaping, a new monument sign and additional parking. The office property is located at the intersection of Routes 422 and 202. According to LoopNet.com, the office complex spans 150,000 square feet.
CHANDLER, ARIZ. — Southwest Value Partners has acquired Continuum Business & Technology Park, a 463,300-square-foot business park in Chandler, for $51.7 million. The Class A park was formerly occupied by Motorola. It is located at 2501 S. Price Road. Continuum was renovated in January 2013 and fitted with a new three-story atrium lobby, curtain wall glass, upgraded HVAC systems, and a state-of-the-art electrical and fiber infrastructure. Tenants like Nationstar Mortgage and OnTrac have already signed on at the center. The space also includes a 10,000-square-foot University of Arizona learning center. The seller was Capital Commercial Investments, Inc. The sales transaction was negotiated by Luke Walker and Dave Carder of CBRE’s Phoenix office and Kevin Miller of Capital Commercial Investments.
ORLANDO, FLA. — Lee & Associates has arranged the sale of the Atrium Office Tower, located at 7680 Universal Blvd. in Orlando. The 106,611-square-foot office building sold for approximately $7.7 million. Robbie McEwan of Lee & Associates’ Central Florida office represented the buyer, Atrium Universal LLC, in the transaction. Douglas Mandel of Marcus & Millichap represented the seller, 7680 Universal Boulevard Holdings LLC.
DALLAS — NorthMarq Capital has arranged a $13.4 million refinance loan for Galleria Plaza, a 189,104-square-foot office tower in Dallas. Located at 4851 LBJ Freeway, the Class A property features recently renovated common areas and exterior landscaping. Paul Brighton of NorthMarq arranged the refinancing on behalf of the borrower, Younan Properties Inc. Business Partners LLC is the lender.