HOUSTON — Beacon Investment Properties, of Hallandale Beach, Florida, has bought a 218,680-square-foot office tower in Houston’s Westchase submarket from a Boston real estate advisor for $46.3 million. The 91 percent occupied, 11-story building sits on 3.3 acres at 10333 Richmond Street. It’s Beacon’s 15th property in Houston, giving the company 2.89 million square feet of office space citywide. The property is one block from the intersection of Richmond and the Sam Houston Tollway (Beltway 8), and has access to Interstate 10, US 59, Loop 610 and the Westpark Tollway. Susan Hill, managing director for HFF in Houston, arranged financing. Kim Grizzle-Shapiro and Mike Martin of PM Realty Group in Houston are the leasing brokers, while Beacon Real Estate Services will take over property management.
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PHOENIX — Sprouts Farmers Market has relocated its corporate headquarters in Phoenix. The natural and organic grocery store will soon occupy 77,400 square feet at 5455 E. High Street. It is relocating from the nearby Paradise Village Office Park. The Offices on High Street include seven buildings that total 330,000 square feet. They are situated within the High Street mixed-use project, which also features 99 multifamily residences and 175,000 square feet of ground-floor retail, dining and entertainment. Sprouts will join existing High Street tenants like Gigya Inc., Alliance Financial Resources, Nobis Technology Group and Yeager North. Its new office will occupy three floors, in addition to a ground-floor retail outpost. Sprouts is scheduled to relocate next spring. The landlord, ScanlanKemperBard Companies and Wayzata Investment Partners LLC, was represented by JLL’s John Bonnell, Brett Abramson and Greg McMillan. Sprouts was represented by Scott Maxwell of Cresa.
LOMBARD, ILL. — NAI Hiffman has arranged the lease of 5,620 square feet of office space for DuPage Senior Citizens Council in Lombard, a suburb approximately 20 miles east of Chicago. The nonprofit firm will relocate from 1919 S. Highland Ave. in Lombard to the new space in the Oak Creek Center, a single-story office building located at 1990 Springer Drive. Aubrey Van Reken of NAI Hiffman represented DuPage Senior Citizens Council in the transaction.
CAMBRIDGE, MASS. — King Street Properties has purchased two laboratory buildings near the Alewife MBTA Station in Cambridge for a combined price of $54.5 million. Working on behalf of the buyer, HFF arranged $89 million in acquisition and repositioning financing through Cornerstone Real Estate Advisers. A $22 million, floating-rate loan was secured for 87 Cambridge Park Drive, and a $67 million, floating-rate loan was secured for 200 Cambridge Park Drive. The buyer plans to renovate, reposition and re-lease the properties through Cushman & Wakefield. 87 Cambridge Park Drive is a vacant 62,492-square-foot office/laboratory, and 200 Cambridge Park Drive is a vacant six-story, 221,676-square-foot Class A office/laboratory facility that was most recently renovated in 2004. Greg LaBine led the HFF team representing the borrower in the transaction.
LISLE, ILL. — NorthMarq Capital has arranged a $60 million loan to refinance Arboretum Lakes, a 734,000-square-foot, Class A office park in Lisle located within Chicago’s East-West corridor. Jeff Cherner of NorthMarq Capital’s Chicago regional office structured the 10-year loan with a 25-year amortization schedule. NorthMarq provided financing for the borrower through its correspondent relationship with a life company.
SAN FRANCISCO — ASB Real Estate Investments has acquired a 111,497-square-foot creative office and retail property in San Francisco for $61.2 million. The six-story property is located at 989 Market Street, near the intersection of Market Street and 6th Street in the city’s Mid-Market corridor. The historic office building was originally constructed in 1908. It underwent extensive renovations from 2011 to 2013. It is now 94 percent occupied. Notable tenants include tech companies Zendesk and Zoosk, as well as Blick Art Supplies, which occupies the ground-floor retail space. The seller, Harbert Management Corporation, was represented by HFF’s Steven Golubchik, Nicholas Bicardo, John Simerlein, Nathan Blair, Mark Damiani and Josh DiSalle. HFF had previously secured $27.69 million in financing for the seller in 2012.
JACKSONVILLE, FLA. — Fairlead Commercial Real Estate has purchased three Class A office properties totaling 241,277 square feet in Jacksonville. The office buildings are located at 7406 and 7411 Fullerton St. and 10199 Southside Blvd. in the 23-acre Gran Park at the Avenues business park. Fairlead, along with its equity partner Bridge Investment Group Partners, purchased the assets for an undisclosed price. John Bell of Transwestern represented the seller, Flagler Development Group, in the transaction. Fairlead has hired Ross Carrier of Flagler Development to lease the properties.
DALLAS — Parmenter Realty Partners has sold the 196,215-square-foot Two Forest Plaza office building in Dallas to an affiliate of Encore Enterprises. Jack Minter and Creighton Stark from Colliers International represented Parameter in the transaction. Tenants of Two Forest Plaza include New York Life Insurance Co. and La Madeleine. The sale price was not disclosed. Two Forest Plaza has earned Energy Star certification and the BOMA 360 Performance Designation.
WINTER SPRINGS, FLA. — Avison Young has brokered the $1.4 million sale of Tuskawilla Professional Offices, a 20,000-square-foot, three-story office building located at 1030 Spring Villas Point in Winter Springs. David Duckworth of Avison Young represented the seller, AHM INV LLC, in the transaction. The buyer was DPN USA LLC.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has originated a $17 million first mortgage loan for the Smith Bros’ Hardware Building in Columbus. The 190,949-square-foot historic building includes offices and event spaces. The historic building and its iconic rooftop water tower have been a distinct feature on the Columbus skyline since it was constructed in 1929 as home for the Smith Bros’ Hardware Co. Craig Kegg of Grandbridge Real Estate Capital originated the refinance loan with a fixed interest rate through Goldman Sachs & Co. Mary Zofko of Grandbridge’s Columbus office assisted in the transaction.