FREMONT, CALIF. – A 22,505-square-foot office building in Fremont has sold to a limited liability company for $3.1 million. The building is located at 200 Brown Road. It was 90 percent occupied by many short-term tenants at the time of sale. The LLC was represented by Bryan Webb of Marcus & Millichap’s San Francisco office.
IRVINE, CALIF. — Bixby Land Companyhas purchased a 45,576-square-foot office building in Irvine for an undisclosed sum. The company plans to redevelop the property into a creative office space that encourages a contemporary work environment. The building is located at 18231 West McDurmott in the John Wayne Airport submarket. The project has been named “gen2.” It will feature natural and sustainable materials, wood elements and an outdoor gathering area that serves as a natural extension of the collaborative interior spaces. The building is being designed to accommodate three tenants that will each occupy about 15,000 square feet. It is scheduled for completion in mid-2014. Leasing will be handled by Bob Thagard of Orion Property Partners and John Griffin of Voit. The project will be designed by LPA. This is Bixby’s seventh value-add renovation in the past two years.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged a 35,849-square-foot office lease at Park Central III in Richmond. The one-story office building is located at 8831 Park Central Drive. Mac Wilson and James Stikeleather of Cushman & Wakefield represented the landlord in the transaction. The tenant, Universal Health Services Inc., is a Fortune 500 hospital management company.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (KDH) has arranged $2.5 million in construction financing for a 37,000-square-foot office/warehouse development in Houston. The single-tenant property, to be located on three acres immediately south of George Bush Intercontinental Airport, will feature concrete tilt-wall panels, pre-engineered steel frame and 120-foot truck apron with loading docks and two 18 feet-by-18 feet doors. Matt Franke and Larry Peters of Q10 | KDH originated the loan through a regional bank.
IRVINE, CALIF. — Bixby Land Company has purchased a 45,576-square-foot office building in Irvine for an undisclosed sum. The company plans to redevelop the property into a creative office space that encourages a contemporary work environment. The building is located at 18231 West McDurmott in the John Wayne Airport submarket. The project has been named “gen2.” It will feature natural and sustainable materials, wood elements and an outdoor gathering area that serves as a natural extension of the collaborative interior spaces. The building is being designed to accommodate three tenants that will each occupy about 15,000 square feet. It is scheduled for completion in mid-2014. Leasing will be handled by Bob Thagard of Orion Property Partners and John Griffin of Voit. The project will be designed by LPA. This is Bixby’s seventh value-add renovation in the past two years.
PHOENIX — Matrix Absence Management has moved its U.S. headquarters to Desert Canyon 200 in Phoenix. The space is located at 2421 W. Peoria Ave. The employee benefits management company has leased 65,502 square feet at the Desert Canyon Campus. It was previously based at the nearby Lakeside Center. Matrix will occupy a space that was vacated by American Express. It is currently undergoing renovations and should be ready for occupancy next spring. Matrix, a subsidiary of the Tokio Marine Group, was represented by Steve Corney of Jones Lang LaSalle’s Phoenix office. The landlord, REEF Desert Canyon, LLC, was represented by Jim Bayless, Ashley Brooks and Jenny Aust of CBRE’s Phoenix office.
SANTA MONICA, CALIF. — Science, Inc., has signed a 45-month lease for 16,220 square feet of space in Santa Monica. The 24,578-square-foot building is located at 1447 2nd Street. The building is now fully occupied. The technology incubator and investor is relocating and expanding from its 10,000-square-foot office that’s just steps away at 1410 2nd Street. The new space was previously occupied by Hydraulx. Science, Inc., was represented by Randy Starr and Tim Dornan of Avison Young. The landlord, Beitler Commercial Realty Services, represented itself in this transaction.
NEW YORK CITY — Three office buildings located at 164-168 Canal St., 40-42 Elizabeth St. and 159-165 Canal St. in Manhattan’s Chinatown neighborhood have sold for $95.5 million. The properties total 79,375 square feet. The six-story, 49,950-square-foot building located at 164-168 Canal St. was 70 percent occupied at the time of sale by tenants such as Citibank and NY Life & Co. George Comfort & Sons Inc. and ASB Real Estate Investments purchased the building for $61.9 million, or $1,239 per square foot. The five-story, 24,425-square-foot office building at 40-42 Elizabeth St. includes two ground-floor retail spaces with 16 office units above. The two-story, 5,000-square-foot office property at 159-165 Canal St. includes ground-floor retail and is anchored by First Republic Bank. Isaac and Joseph Oved of The Oved Group purchased the two buildings at 40-42 Elizabeth St. and 159-165 Canal St. for $33.6 million, or $1,142 per square foot. Paul Massey Jr., Robert Burton and Nick Petkoff of Massey Knakal arranged the transactions on behalf of a family who sold the buildings.
FRANKLIN, MASS. — The Stubblebine Co./CORFAC International and R.W. Holmes has arranged a long-term 28,656-square-foot lease renewal at 40 Kenwood Circle in Franklin. New England Chapel, an Evangelical Christian Church, will complete a renovation of the administrative areas and classrooms and chapel areas. James Stubblebine and Alan Ringuette of The Stubblebine Co. and John Eysenbach of R.W. Holmes represented Chris Paine and New England Chapel.
SAN ANTONIO — Stream Realty Partners has purchased nearly 17 acres in San Antonio for the construction of a 126,626-square-foot speculative office property to be known as Lockhill Crossing. The five-story, Class A building will be located at 4530 N. Loop 1604 W. and will feature amenities including a fitness facility and outdoor walking trail. Stream plans to break ground on the property before the end of the year. Carolyn Hinchey Shaw and Ryan Harrison of Stream will lead leasing efforts during development and after completion.