SAN DIEGO – A 21,260-square-foot office building in the San Diego submarket of Kearny Mesa has sold to Fenway Asset Acquisitions LLC for $2.3 million. The two-story, multi-tenant building is located at 9320 Chesapeake Drive. It is fully leased. Both the buyer and the seller, Chesapeake Management, were represented by CBRE’s Paul Lafrenz, Melissa Foster and John Hundley, as well as by Jill Morton of Capital Growth Properties.
Office
ATLANTA — KDC has commenced construction on Park Center, a new 17-acre master-planned project in Atlanta’s Central Perimeter submarket. State Farm Insurance will lease 585,000 square feet in Park Center’s first office building, a 13-story property at Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station. The office building will feature a seven-level parking structure and ground-level retail space. KDC plans to achieve LEED Silver certification. The office building is the first step in Phase I of Park Center, which will also include 17,000 square feet of retail and restaurants and a 175-room hotel. Occupancy for the first office building is slated for late 2016. At full build-out, the transit-oriented development will feature 2.2 million square feet of office space; 100,000 square feet of retail, restaurant and entertainment space; and the previously mentioned hotel. The project team includes architect Cooper Carry & Associates and general contractor Holder Construction Co.
WAYNE AND HACKENSACK, N.J. — Schuckalo Realty Corp. has brokered the sale of two buildings in New Jersey for $8.25 million. 280 Holdings LLC purchased 155 Willowbrook Boulevard, a 50,000-square-foot office building in Wayne, for $4.4 million, and 125 State Street, a 40,000-square-foot office building in Hackensack, for $3.85 million. At the time of sale, the property in Wayne was 90 percent occupied and the Hackensack property was 100 percent occupied. The buyer has retained Schuckalo Realty Corp. as the exclusive leasing agency and property manager.
SAN DIEGO – A 6,577-square-foot office space in San Diego has sold to Linfield Investments LP for $2 million. The space is located at 2870 5th Ave. The LP was represented by Dan O’Donnel of Coldwell Banker Commercial Lyle & Associates. The seller, Old Fire Station No. 3 Building LLC, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of Cassidy Turley.
CELEBRATION, FLA. — Marcus & Millichap has brokered the $25.7 million sale of 200 Celebration Place, a nine-story, 166,131-square-foot office building in Celebration, about 20 miles southwest of Orlando. The asset is fully leased to Walt Disney Parks and Resorts U.S. Inc. The property is within five minutes of the entrance to Walt Disney World Resort. Douglas Mandel and Ray Turchi of Marcus & Millichap represented both the buyer and seller, which are both institutional investors, in the transaction. Disney’s triple-net lease runs through June 2017.
SUN PRAIRIE, WIS. — Sperry Van Ness arranged the lease of a 2,650-square-foot office space in Sun Prairie, a suburb of Madison. Avery Pipeline Services Inc. will occupy space at 1460 W. Main St. Dan Roseliep of Sperry Van Ness represented the tenant.
SUMMIT, N.J. — MRY Associates and Normandy Real Estate Partners have broken ground for the development of 466 Springfield Avenue, a four-story boutique office and retail building in downtown Summit. The 32,500-square-foot building will offer 28,000 square feet of office space and 4,500 square feet of ground-floor retail space. The property is slated for completion in spring 2015.
NATICK, MASS. — R.W. Holmes has brokered the sale of 679 Worcester Road in Natick. Boston India Realty LLC purchased the 13,000-square-foot office building for $2.7 million from 679 Worcester Road Trust. TalentBurst, an affiliate of the buyer, will occupy the first floor of the building. Craig Johnston and Garry Holmes of R.W. Holmes Realty represented both parties in the transaction.
AUSTIN, TEXAS — Developer Riverside Resources has broken ground on Capital Ridge, a 215,000-square-foot office building in Austin. Located near the intersection of Loop 360 and Bee Cave Road, the project shares a campus with the 194-room Hotel Granduca Austin and is in proximity to the Barton Creek, Westlake Hills and Lake Travis neighborhoods. The seven-story, Class A property will feature a three-story lobby and is designed for LEED certification. HFF arranged construction financing for the development.
HOUSTON — Marcus & Millichap has brokered the sale of Arbor Square, a three-building, 55,521-square-foot business park in Houston. Located on a 3.6-acre parcel at 17000 El Camino Real, the complex is in proximity to an H-E-B grocery store. The property was 91 percent leased at the time of the sale to a mix of medical, retail and professional tenants. Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, a locally based partnership. Derek Hargrove, also of Marcus & Millichap, secured the buyer, a private investor completing a 1031 tax-deferred exchange.