SCOTTSDALE, ARIZ. – A trio of units within the Mountain View Office Suites in Scottsdale has sold to SH Property LLC for $2.1 million. The 10,137-square-foot medical office building is located at 9787 N. 91st Street. It was fully leased at the time of sale. The building is anchored by Scottsdale Endoscopy Center. SH Property represented by Bob Winegar and Lance Richards of Pierpont Equity Group. The seller, Phaedrus LLC, was represented by Andrew Fosberg and Steve Fernandez of CBRE’s Phoenix office.
CHICAGO — Reed Construction has been selected for a 22,000-square-foot tenant build-out at 100 N. Riverside Plaza in Chicago on behalf of new tenant, Carroll McNulty & Kull. The law firm is opening a new office in Chicago and has selected the 770,000-square-foot, 36-story, Class A office property in Chicago’s West Loop for its new location. The build-out will include new stone flooring at the reception area, carpet and paint throughout, updated millwork at three pantries and upgraded washroom facilities. Bryan Krueger, project executive, and Steve Sandquist, project manager are leading the construction team for Reed. Interior Architects is providing design services. Cushman & Wakefield is acting as the owner’s representative. Construction is slated for completion in January 2014.
BROOKLINE, MASS. — Clarion Partners has acquired 10 Brookline Place, a 173,439-square-foot office building in Brookline, for $121 million. The six-story building serves as the southwest gateway to the Longwood Medical and Academic Area, a large medical campus that includes Harvard teaching hospitals in Boston. Clarion purchased the property from Invesco Real Estate. The Dana-Farber Cancer Institute anchors the building. The cancer treatment center has occupied space at the property since 2001. Eastdil Secured arranged the transaction.
BANNOCKBURN and DEERFIELD, ILL. — NAI Hiffman has represented two owners and one tenant in three separate transactions totaling nearly 24,000 square feet of office space in Chicago’s north suburban market. In Bannockburn, Marathon Capital expanded its lease for 9,367 square feet at FGMK LLC’s property located at 2801 Lakeside Drive. At 1751 Lake Cook Road in Deerfield, L’Oreal USA signed a new lease with James Campbell Co. for 7,052 square feet of office space. Just down the street at 111 Deer Lake Road, ECD Co. signed a lease renewal with Green & Associates for 7,500 square feet. Michael Flynn and Jason Wurtz with NAI Hiffman’s office services group represented FGMK, LLC, L’Oreal USA and ECD Co. in the three separate transactions. Tim Hart of Colliers International represented Marathon Capital; Adam Showalter of CBRE represented James Campbell Co.; and Vic Sanmiguel and Peter Billmeyer of Chicagoland Commercial represented Green & Associates.
CORPUS CHRISTI, TEXAS — Colliers International has brokered the sale of the Bank of America Tower, a 350,000-square-foot office property in the central business district of Corpus Christi. The 12-story, Class A building is located at 500 N. Shoreline Blvd. Features include a two-story atrium and detached parking garage. David Carter and Martin O’Malley of Colliers represented the seller, Lake Street Corpus Christi Holdings Inc., in the transaction.
ORLANDO, FLA. — Heaven III LLC, a subsidiary of Kingstone Family Holding Co. and affiliate of Max King Realty, has acquired the Lake Ellenor Business Center in Orlando for $2.6 million. The office plaza is comprised of six buildings totaling 110,000 square feet. The complex will be rebranded as Heaven III following a $1 million renovation program. Lisa Bailey of Morrison Commercial Real Estate represented the seller, Land O’Frost Inc., in the transaction.
NEW YORK CITY — HFF has arranged the $50 million sale of a three-property office portfolio totaling 372,544 square feet in various Long Island locations. A joint venture between Investcorp International Inc. and Lincoln Equities Group LLC purchased the portfolio, which includes 666 Old Country Road in Garden City (120,238 square feet); 114 Old Country Road (114,356 square feet); and 100 Merrick Road in Rockville Centre (137,950 square feet). The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93 percent leased. HFF also arranged acquisition financing for the buyers. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeff Julien and Jackie Ferrer led the HFF team representing the seller. Mike Tepedino and Michael Gigliotti led HFF’s debt placement team in the transaction.
LAWRENCEVILLE, N.J. — Sirius XM Radio Inc. has renewed its 27,500-square-foot lease at Princeton Pike Corporate Center in Lawrenceville. Prism Capital Partners LLC, in a joint venture partnership owns the eight-building, 800,000-square-foot, Class A office park. Sirius XM Radio has operated at 989 Lenox Drive since 2008. Bob Morford from Morford & Dodds Realty Co. represented the firm in its long-term renewal transaction. The Prism Partners joint venture partnership acquired Princeton Pike Corporate Center earlier this year. Constructed on 100 acres between 1984 and the early 1990s, the complex features buildings with central atriums, cafés and fitness centers. The office complex was 90 percent leased at the time of the transaction.
IRVINE, CALIF. – The Praedium Group has purchased a 355,360-square-foot office tower in Irvine for $114 million. The building is located at 2030 Main Street in the Irvine Concourse Corporate Center. The 16-story, Class A tower is one of the tallest office buildings in Irvine’s Greater Airport Area. It is 92 percent leased. This transaction is the largest office sale so far this year in Orange County, according to CBRE, which represented the seller. The unnamed institutional advisor was represented by the firm’s Kevin Shannon, Ken White, Bob Smith, Paul Jones and Sean Sullivan.
RICHMOND, VA. — Shamin Hotels has purchased the 700 Building, an 18-story office building located at 700 E. Main St. in Richmond’s central business district, for $7 million. The 181,790-square-foot property was recently named to the National Historic Register Listing. Shamin Hotels is planning on converting the building into two Hilton-branded hotels — a Hampton Inn and Suites and a Homewood Suites. The new property will feature a new restaurant and will continue to house the U.S. Post Office. The seller was BH Rosenberg LLC. Mark Douglas of Cushman & Wakefield | Thalhimer handled the sale negotiations.