BELLEVUE, WASH. – A joint venture between Trammell Crow Company and Principal Real Estate Investors has purchased a 1.5-acre land site in Bellevue’s Washington Square. The purchase price was not disclosed. The land is situated along 108th Ave. NE in the city’s Central Business District. The JV plans to develop a 462,000-square-foot, Class A office building with street-level retail on the site. The groundbreaking is scheduled for next April. The project will be built by Lease Crutcher Lewis and designed by LMN Architects. Leasing will be overseen by Tom Bohman, Pete Hollomon and Lennon Atteberry of CBRE’s Bellevue office.
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CHICAGO — Summit Design + Build LLC has completed two tenant build outs at Cumberland Centre, a 330,000-square-foot office complex in Chicago. Glenstar Properties owns and manages the complex, which is located at 5440 N. Cumberland Ave. Summit completed a 5,000-square-foot build out for Dr. Wiener. The board-certified plastic surgeon formerly occupied a facility at Resurrection Medical Center and is relocating to Cumberland Centre to accommodate his growing practice. The Interior Design Group provided architectural services for the project. The firm also completed a 10,572-square-foot office and training center for BIR, an English-language instruction company.
ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of the Ashley Square Building located at 123 N. Ashley St. in downtown Ann Arbor. The Ashley Square Building includes 25,000 square feet of office space and 42 on-site parking spaces. The building is located one block from Main Street and is situated within the D1 zoning overlay district. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented both the seller, Amper, LLC, and the buyer in the transaction.
MORRISTOWN, N.J. — A joint venture between Onyx Equities LLC and Artemis Real Estate Partners has acquired Mount Kemble Corporate Center, a 229,500-square-foot, Class A office complex in Morristown. The purchase price was undisclosed. Built in 2001, the office complex is 64 percent occupied and home to tenants such as Couglin Duffy Kelly, The Willis Group, Liberty Mutual Taisho Pharmaceutical and Massey Quick. The new ownership plans to reposition the complex and reintroduce it to the marketplace as a high-quality, low-cost alternative to the other Class A properties in Morristown. The joint venture will upgrade the complex’s landscaping, concrete walkway, parking lot and bathrooms.
OAKLAND, CALIF. — Harvest Properties and Prudential Real Estate Investors have purchased the 490,000-square-foot, Class A office building located at 555 City Center in Oakland. The purchase price was $132.3 million, or $270 per square foot, according to The Registry. The 20-story, trophy-quality asset is the flagship of the Oakland City Center development. Jeffrey Weber, Stephen Van Dusen, Mark Penrod, Darin Rodriguez and Daniel Cichocki of Eastdil Secured executed the transaction. The seller was CBRE Investors. Harvest will manage the property, while John Dolby and Dane Hooks of CTBT will oversee the building's leasing efforts.
SAN DIEGO — The San Diego Community College District (SDCCD) Board of Trustees has signed a 99-year ground lease at a new mixed-use project that is being developed in San Diego’s Upper East Village. The 1.3-acre project will envelop a full city block. It will contain creative office space, apartments, and street-level shops and restaurants. The project is being developed by Lowe Enterprises and I.D.E.A. Partners, LLC. It will be designed by Gensler. SDCCD will pay $56,625 per month, for a total lease value of about $67.2 million. The new project is an inaugural component of the 95-acre I.D.E.A. (Innovation Design Education Arts) District, which looks to marry design and technology with the creative fields. The new district hopes to entice educational institutions, arts and artists. It is being designed as a walkable, sustainable environment.
BELLEVUE, WASH. – A joint venture between Trammell Crow Company and Principal Real Estate Investors has purchased a 1.5-acre land site in Bellevue’s Washington Square. The purchase price was not disclosed. The land is situated along 108th Ave. NE in the city’s Central Business District. The JV plans to develop a 462,000-square-foot, Class A office building with street-level retail on the site. The groundbreaking is scheduled for next April. The project will be built by Lease Crutcher Lewis and designed by LMN Architects. Leasing will be overseen by Tom Bohman, Pete Hollomon and Lennon Atteberry of CBRE’s Bellevue office.
MACOMB TOWNSHIP, MICH. — Bernard Financial Group has arranged an $11 million loan for North Macomb Professional Office Building in Macomb Township, a northern suburb of Detroit. The 56,000-square-foot property is a five-level medical/professional office building. North Macomb POB Investment I LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard originated the loan. Barclays Bank PLC was the lender.
HOUSTON — Mesa West Capital has provided alliantgroup with a nearly $85 million non-recourse first mortgage for the purchase of 3009 Post Oak Blvd., a recently completed 302,000-square-foot office building in the Galleria submarket of Houston. alliantgroup, which has pre-leased 125,000 square feet of the facility, purchased the property from Skanska Commercial Development. The building, which is pre-certified LEED Platinum, will also house tenants Datacert, Skanska and Becker Financial. David Aaronson and John Fenoglio of CBRE arranged the financing through Mesa West’s Core Debt Fund.
FORT WORTH, TEXAS — KDC, a development and investment firm headquartered in Dallas, has completed a broadcasting and multimedia news facility totaling 75,000 square feet at The CentrePort Business Park in Fort Worth. NBC 5/KXAS-TV will occupy the property, which will operate on a 24-7 basis and features an on-site fitness facility and cafeteria. Corgan Associates Inc. acted as project architect, and Adolfson & Peterson Construction worked as general contractor. Gary Collett and Matt Heidelbaugh of Cushman & Wakefield provided brokerage services.