GREENFIELD, IND. — Spectra Premium Industries, a manufacturer and distributor of automotive parts, has signed a lease for 250,000 square feet at Axcess70 in Greenfield, about 25 miles east of Indianapolis. Axcess70 is a two-building, 673,000-square-foot industrial development and is fully occupied following Spectra’s lease. Completed in 2009, the development is a joint venture between Browning Investments and Real Estate Capital Partners.
PHILADELPHIA — Mack-Cali Realty Corp. (NYSE: CLI) has entered into agreements to form various joint ventures with a fund sponsored by Keystone Property Group to sell 15 office properties and three parcels located in suburban Philadelphia. The portfolio will be sold for approximately $233 million — $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting and subordinated interests in the portfolio with capital accounts totaling $22 million. Mack-Cali will participate in management fees and 50 percent of value creation above certain hurdle rates. The portfolio of assets includes approximately 1.6 million square feet of existing office properties and land that can accommodate future development of approximately 162,000 square feet. Mack-Cali will also receive majority interest in a parcel in Bala Cynwyd, Penn., for multifamily residential development.
DALLAS — Brookwood Financial Partners LLC, a real estate investment and asset management firm, has acquired Interchange Office Center, a three-story, Class A office building in Dallas. The 150,596-square-foot office building is located at the intersection of the Dallas North Tollway and the George Bush Turnpike. The property was 88 percent leased at the time of sale. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction. Brookfield was self-represented.
HOUSTON — Moody Rambin has arranged the sale of a 8,354-square-foot office/industrial building, located at 6807 Wynnwood Lane in Houston. Christopher Dray of Moody Rambin represented the seller, The Daily Court Review, in the transaction. Steven O'Connor of Southwest Realty represented the buyer, Matex Property Group LLC. The property served as The Daily Court Review's corporate headquarters until last year when it moved to 8 Greenway Plaza.
LOS ANGELES – A 109,000-square-foot broadcast and post production facility in Los Angeles has received $20 million in acquisition financing. The facility is located at 3030 Andrita Street. It was built in 1925 as an office and industrial complex before being converted into a “plug and play,” high-definition media facility in 2002. The facility is now referred to as Andrita Studios. It is fully occupied by Encompass Digital Media Inc. Financing was provided by Karlin Real Estate Lending.
LAS VEGAS —Colonial Plaza, a 110,738-square-foot office complex in Las Vegas, has sold to MIG Real Estate for $13 million. The complex is located at 4670 & 4730 South Fort Apache Road near the 215 Beltway. MIG was represented by Colonial Plaza in this transaction. It is the firm’s sixth investment in Las Vegas commercial properties.
ALGONQUIN, ILL. — Baum Realty Group LLC has arranged the sale of Randall Crossing, a two-building retail property in the Chicago suburb of Algonquin. The 27,521-square-foot building is located at 2503 – 2535 N. County Line Road and was 67 percent occupied at the time of sale. Greg Dietz, Danny Spitz and Ben Brichta of Baum’s investment sales team represented the seller. Baum also procured the buyer, an out-of-state investor, in the transaction. Tenants at the property include Men’s Wearhouse, Eye Boutique, T-Mobile and Great Clips.
OAK BROOK, ILL. — Federal Signal has signed a lease renewal for its 17,282-square-foot office in Oak Brook Regency Towers in Oak Brook, a suburb of Chicago. Federal Signal is a designer and manufacturer of products and solutions that serve municipal, government, industrial and institutional customers and has been headquartered at the property for more than 25 years. Patrick Kiefer, executive director with NAI Hiffman’s office services group, represented the landlord, American Realty Advisors, in the transaction. Jeff Liljeberg of Jones Lang LaSalle represented Federal Signal.
DALLAS — Netherland, Sewell & Associates Inc. (NSAI) and Turner Construction Co. have signed leases with Cousins Properties Inc. at 2100 Ross, an 844,000-square-foot, Class A office tower located at Ross Avenue and Pearl Street in the Dallas Arts District. The two leases will total 90,000 square feet and take up three floors of the 33-story building. The property is currently 81 percent occupied, and 130,000 square feet of the complex is still available for lease. Construction is currently underway on new amenities, such as a complimentary Pulse Fitness center, an improved conference center, updated common areas in the lobby and restaurant improvements. Bill Brokaw, Cynthia Cowen and Mark Dickenson of Cushman & Wakefield represented 2100 Ross in the two lease deals. Sanders Thompson and Alan Harrington of Transwestern represented NSAI, and Phil Puckett and Harlan Davis of CBRE represented Turner Construction.
LOS ANGELES – A 109,000-square-foot broadcast and post production facility in Los Angeles has received $20 million in acquisition financing. The facility is located at 3030 Andrita Street. It was built in 1925 as an office and industrial complex before being converted into a “plug and play,” high-definition media facility in 2002. The facility is now referred to as Andrita Studios. It is fully occupied by Encompass Digital Media Inc. Financing was provided by Karlin Real Estate Lending.
