IRVING, TEXAS — Texas Irondale Office LLC has purchased a 52,000-square-foot office building, located at 1411 Greenway Drive in Irving. Bob Buell and Louie Weber of Fults Commercial Real Estate represented the seller, and Bob Luttrell of Jackson Cooksey represented the buyer in the transaction.
AUSTIN, TEXAS — CBRE has negotiated the sale of the Continental Building at 9101 Burnet Road and the Briarcroft Building at 12710 Research Blvd. in Austin for an undisclosed price. The Continental Building is a 58,700-square-foot, Class B office property located in the North Central Austin submarket. The building sits within the boundaries of the City of Austin’s North Burnet/Gateway Master Plan, which includes improvements and rezoning for restaurants, transportation and other mixed-use enhancements. The property was 85 percent occupied at the time of close. The Briarcroft Building is a 63,825-square-foot Class B office property situated in the center of Austin’s technology corridor in the Northwest submarket. The space was 85 percent occupied at the time of close. Walter Saad and Cathy Nabours of CBRE Austin represented the seller, Kennedy Wilson. Luke Wood of Haverwood Management represented the buyer, OakPoint.
DENVER — Westmoor Center, a 612,890-square-foot, Class A office complex, has sold to KBS Strategic Opportunity REIT for $86 million. The six-building complex is located at 10055-10385 Westmoor Drive in the Denver submarket of Westminster. It was 86 percent occupied at the time of sale. Notable tenants include Ball Corporation, Lender Processing Services and Datalogix. Westmoor Center is part of the larger Ten West complex at Westmoor Business Park. With this recent purchase, KBS and affiliates now own six office properties in the Denver area that total more than 1.7 million square feet.
SANTA BARBARA, CALIF. – A 6,357-square-foot building that is known as the “Old Firehouse” in Santa Barbara has sold to US 3N LLC for $16 million. It is located at 1486 East Valley Road in the Santa Barbara submarket of Montecito. The building is occupied by Union Bank, which recently acquired Santa Barbara Bank & Trust (SBBT). SBBT held a 20-year master lease on the property that commenced in 2009. Bill Bauman, Kyle Miller and Marc Navarro of Studley’s National Retail Services Group represented both the buyer and the seller, 1486 East Valley Road, in this transaction.
LAWRENCE, KAN. — Partners of LANE4 Property Group, along with other investors, have acquired the I-70 Business Center in Lawrence, located about 35 miles west of Kansas City. The purchase price was undisclosed. The 95,000-square-foot center is located at 1025 N. Third St. The property was originally built in 1993 as a retail outlet, but has been repositioned in the last few years as a corporate office center. The center was 90 percent occupied at the time of sale. LANE4 plans to create two outparcels on the 12-acre site intended for restaurant and/or convenience store space. LANE4 will serve as the center’s property manager. Ken Schmanke of KS Commercial Real Estate Services Inc. will continue as the leasing agent for existing vacancies at the property.
CHICAGO — Urban Innovations has acquired two office buildings in the Greektown neighborhood of Chicago totaling 150,000 square feet for $14 million. Urban Innovations previously owned the properties and sold them in 2005 to a private investor. The properties purchased include a 60,000-square-foot office building located at 833 W. Jackson Blvd. and a 90,000-square-foot property located at 322 S. Green St. The buildings sit adjacent to one another, separated by a parking lot that services the properties. The company plans to renovate the buildings’ exteriors, common areas, lobbies, restrooms and vacant spaces. Current tenants within the new portfolio include CAN TV, University of Illinois, Incisent Labs Group and Chicago-based nonprofit Family Health Network, which occupies nearly 24,000 square feet. Aaron Zaretsky of Urban Innovations represented the firm in the transaction. John Slivka of CBRE worked on behalf of the seller, Wells Fargo N.A.
ROMEOVILLE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.8 million loan for the refinancing of a 25,000-square-foot, Class B office building. The single-tenant property is located in Romeoville, about 35 miles southwest of Chicago. MMCC worked with a bank to secure the long-term loan, which carries a fixed rate of 4 percent. The loan also includes a 25-year amortization schedule. Dean Giannakopoulos, an associate director in the originations department of the firm’s Chicago office, arranged the loan. The property is leased to Rasmussen College and located at 1400 W. Normantown Road.
OAKBROOK TERRACE, ILL. — Sperry Van Ness Chicago Commercial has arranged the sale of a 13,105-square-foot office condominium for $1.3 million, or $102 per square foot. The office condo, which is located at One Trans Am Plaza in Oakbrook Terrace, a western suburb of Chicago, was sold via bank directed short sale. The buyer is a technology company, which will use the space for its Chicago operations. Wayne Caplan and Olivia Czyzynski of Sperry Van Ness represented the seller in the transaction.
BOSTON — Cassidy Turley has been retained as the leasing agent for 177 Huntington Avenue in Boston’s Back Bay neighborhood. BCSP VI Huntington Property LLC acquired a long-term ground leasehold interest in the 207,000-square-foot building in August 2012 and is partnering with Cassidy Turley to secure tenants for the 26-story office tower. The building is currently being renovated and will include an updated lobby with new flooring, seating areas, signage, security desk and a coffee bar. Duncan Gratton, senior managing director and principal, and Lauria Brennan, senior vice president, of Cassidy Turley will represent the building’s owner in upcoming transactions.
FRISCO, TEXAS — Hall Financial Group has signed Con-way Multimodal to a 9,821-square-foot lease in the 2 million-square-foot Hall Office Park. The freight brokerage firm's office is located at 2611 Internet Blvd. in Frisco. The lease deal includes a 3,240-square-foot expansion and an extension for the 6,581-square-foot current lease. Kim Butler, Tammy Nellis and Brad Gibson were the in-house representation for Hall Financial Group in the lease deal.