Office

HOUSTON — IDI, an Atlanta-based industrial real estate company, will expand Houston’s Greenspoint Business Center to a total of 757,250 square feet with the construction of two new buildings. The 106,700-square-foot Building C and 244,550-square-foot Building E will join the existing Buildings A, B and D, which were collectively 93 percent occupied at the time of sale. The complex, located along Interstate 45 south of the intersection with Beltway 8, is in close proximity to George Bush Intercontinental Airport.

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NORTH HOLLYWOOD, CALIF. – Kennedy Wilson and one of its partners have acquired a 188,366-square-foot office building in North Hollywood for $45 million. The Class A office building is located at 5161 Lankershim Blvd. The buyer plans to execute a series of enhancements at the property before marketing it to the technology, entertainment and media industries that are common throughout this Los Angeles submarket. Pacific Western Bank provided $30 million in financing for this transaction.

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SHOREVIEW, MINN. — Marcus & Millichap has arranged the $6.6 million sale of two net-leased buildings totaling 65,370 square feet in Shoreview, about 15 miles north of Minneapolis. The office building serves as the corporate headquarters for PaR Systems, and the manufacturing facility was built by PaR as a build-to-suit for the company’s long-term operations. Sean Doyle, Matthew Hazelton and Adam Prins, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. David Sperling and Christopher J. Zorbas, investment specialists in Marcus & Millichap’s San Diego office, represented the buyer, also a limited liability company.

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ELK GROVE VILLAGE — J.C. Anderson Inc. has completed an 8,000-square-foot office build-out for American Digital Corp. at 25 Northwest Point Blvd in Elk Grove Village. American Digital is a 25-year-old technology services company, which recently relocated its headquarters from Arlington Heights to Elk Grove Village, a northwest suburb of Chicago. The information technology company has doubled its space in order to accommodate its growth after the acquisition of two other technology firms. The firm’s new headquarters includes a conference room with audio-visual technology, an open office area and private offices. Thomas Bean was the project executive for J.C. Anderson Inc., while project manager Dan Burnette and superintendent Ryan Kingsville led the construction team. James D. Jordan Architects provided the design services, and Jason Simon of Colliers International represented American Digital in the relocation.

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CLIFTON, N.J. — Glass manufacturer Pilkington North America Inc. has leased 11,000 square feet at 125 Kingsland Ave. in Clifton. The new location is one of nearly 100 Pilkington automotive glass replacement facilities in the United States. Pilkington North America manufactures and markets glass and glazing products for both the automotive and architectural markets. The new Clifton facility will serve customers in a radius of approximately 50 miles, according to Bill Waldron of Pilkington. 1913 Realty Associates owns the building at 125 Kingsland Ave. Andrew Somple of NAI James E. Hanson represented the landlord. Cushman & Wakefield represented Pilkington in the transaction.

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RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of the former Douglas-Baird House, a 6,000-square-foot office property located at 101 E. Cary St. in Richmond. Pete Waldbauer and Mac Wilson of Cushman & Wakefield | Thalhimer represented the buyer, Madison Avenue Investments LLC, in the $685,000 transaction. Stuart Grove Investments LLC was the seller. Madison + Main will occupy the building.

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SAN ANTONIO — USAA Real Estate Co. has acquired One Riverwalk Place, an 18-story office building in downtown San Antonio. The 261,633-square-foot property, located at the corner of N. Saint Mary’s and Convent streets, was leased to 35 tenants at the time of sale. Developed in 1981, One Riverwalk Place offers frontage on the San Antonio Riverwalk and close proximity to Interstates 35 and 10. Jason Adkison, Scott Boyton and Christi Griggs of Peloton Commercial Real Estate represented USAA in the transaction. The name of the seller was not disclosed.

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SCOTTSDALE, ARIZ. — Kierland One, a 175,441-square-foot, Class A office building in Scottsdale, has sold to Hines and joint venture equity partner Pacific Coast Capital Partners for an undisclosed sum. The building is located at 16430 N. Scottsdale Road in the Scottsdale Airpark submarket. The building was vacant at the time of sale. The seller, Cornerstone Real Estate Advisers LLC, acted on behalf of an institutional investor. It was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office. The JV represented itself in this transaction.

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CERRITOS, CALIF. — Cerritos Corporate Center, a 460,356-square-foot industrial business park, has sold to Angelo Gordon for $42.5 million. Gordon worked in partnership with Crowsnest Properties. The center is located at 13810-13950 Cerritos Corporate Drive in Cerritos. The institutional-quality business park is composed of seven free-standing buildings on three parcels. It is currently 95 percent leased. The seller, The Abbey Company, was represented by CBRE’s Kevin Shannon, Darla Longo, Barbara Emmons, Scott Schumacher, Rick McGeaghand John Biven.

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ORLANDO, FLA. — Stiles Realty, in partnership with Orlando-based Divaris Real Estate, has arranged the $8.6 million sale of Baldwin Park I and II, two Class A office buildings totaling 64,695 square feet in Orlando. The office properties are located at 4750 and 4776 New Broad St., three miles from downtown Orlando. Stiles and Divaris represented the seller in the transaction. Orlando-based MDS Baldwin Park LLC, a private investor, was the buyer.

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