Office

MACK-CALI SELLS OFFICE PROPERTIES FOR $19.3M

by admin May 31, 2013

BLUE BELL, PA. — A fund sponsored by Keystone Property Group has acquired 16 and 18 Sentry Park West office properties in Blue Bell, for $19.3 million from Mack-Cali Realty Corp. The first property, 16 Sentry Park West, includes 93,093 square feet of space spanning four stories, while 18 Sentry Park West includes 95,010 square feet and also spans four floors. Mack-Cali retains a carried passive economic interest in the two properties subject to future performance. This transaction is Keystone Property Group’s second Mack-Cali property acquisition and follows the acquisition of Moorestown Corporate Center in Moorestown, N.J. in 2012.

May 31, 2013

THE OFFICES AT GREENHOUSE TO BREAK GROUND IN ENERGY CORRIDOR

by admin May 31, 2013

HOUSTON — Stream Realty Partners has closed on The Offices at Greenhouse, an upcoming 203,000-square-foot office development in Houston’s Energy Corridor. The new office building is Phase I of Greenhouse, a 12-acre mixed-use project, located at the southeast corner of Katy Freeway and Greenhouse Road. The project will ultimately be comprised of 405,000 square feet of office space and 30,000 square feet of retail space with a large outdoor plaza area that includes walking trails and outside seating. The Offices at Greenhouse will be built to LEED Silver standards and will feature a structured parking garage. The project is 65 percent pre-leased to an investment grade tenant. There remains roughly 70,000 square feet of contiguous office space available on two floors. The project is set to break ground this summer and will wrap up construction by July 2014. Construction has already begun on a 14,500-square-foot retail component, which will feature high-end retail space, and will house tenants including Starbucks and Potbelly. From Stream Realty, Paul Coonrod and Adam Jackson will be in charge of development, Brad Fricks and Stewart Lyman will head up the leasing efforts and Kyle Roberson and Scott Thetford will be in charge of construction. Matt Kafka …

May 31, 2013

Office Texas

PACE-SPECTRUM BUYS SAN ANTONIO OFFICE BUILDING, TO PERFORM $3M RENOVATION

by admin May 31, 2013

SAN ANTONIO — Pace-Spectrum Associates, an affiliate of St. Louis-based Pace Properties, has purchased The Spectrum Building, a 177,000-square-foot office building located at 613 N.W. Loop 410 in San Antonio’s North Central submarket. Pace will perform a $3 million renovation on the property. This is Pace’s first commercial real estate purchase in the San Antonio market. Pace has selected Peloton Commercial Real Estate to lease the building. Christi Griggs and Scott Boynton of Peloton will handle the leasing assignment.

May 31, 2013

Office Southeast

CALKAIN BROKERS GSA BUILDING SALE

by admin May 30, 2013

ORLANDO — Calkain Cos. has brokered the sale of a single-tenant, approximately 28,000-square-foot office building located in Orlando for $6.33 million. The building is currently occupied by the U.S. Department of Homeland Security under a lease with three firm years remaining and a rolling termination option thereafter. Calkain’s Patrick Nutt and Brian O’Hear represented LNR Partners, which served as special servicer for the foreclosed property. The buyer was a Florida-based investor. The property traded for $225 per square foot at an 8.69 percent cap rate.

May 30, 2013

Midwest Office

ATI LEASES 3,300 SQUARE FEET IN ILLINOIS

by admin May 30, 2013

NORTHBROOK, ILL. — The Athletic and Therapeutic Institute of Naperville LLC (ATI) has signed a lease for 3,300 square feet at the Willow Festival Annex, located at 1122 Willow Road in Northbrook. ATI was founded in 1996 as a rehabilitation facility focused on capacity evaluations and work conditioning for worker’s compensation patients. Both Joe Parrot and Michael Gold of CRBE represented the landlord, IOFII Willow JV LLC, in this transaction.

May 30, 2013

Northeast Office

HUDSON FUNDS $16M LOAN FOR GARDEN CITY OFFICE BUILDING

by admin May 30, 2013

GARDEN CITY, N.Y. — Hudson Realty Capital LLC has funded a $16 million first-mortgage loan secured by an 117,930-square-foot office/medical condominium building in Garden City. Loan proceeds are being utilized to acquire and stabilize the property. Located within a mixed-use complex, the condominium’s current tenant roster includes a radiology practice and an ultrasound school. The property is located within one of the region’s high-density retail corridors and more than 6 million square feet of space is within one-and-a-half miles of the property.

May 30, 2013

Northeast Office

HELMSLEYSPEAR COMPLETES THREE NEW LEASES TOTALING 18,000 SF

by admin May 30, 2013

NEW YORK CITY — HelmsleySpear LLC has completed three new leases in Manhattan totaling nearly 18,000 square feet. International Safety Group, an occupational risk management company, signed a four-year sublease for 10,000 square feet at 708 Third Ave. Paulson Investment Co., a financial services firm, signed a lease for 5,488 square feet at 40 Wall St. New York City Osteopathy, a medical practice specializing in osteopathic medicine, renewed its 2,000-square-foot lease at 61 Broadway for a five-year term. Gregg Slotnick of HelmsleySpear represented the tenants in all three leases. Magee Realty Consultants co-brokered the Paulson Investment Co. lease.

May 30, 2013

Office Texas

COLLIERS INTERNATIONAL ARRANGES SALE OF NORTHWEST CENTRAL PLAZA

by admin May 30, 2013

HOUSTON — Colliers International has arranged the sale of the 75,289-square-foot Northwest Central Plaza, located at 5500 N.W. Central Drive in Houston. The two-story office building is located in the Northwest Far submarket. David Carter and Jay Kyle of Colliers International represented the seller, MLCW NWC LP, in the transaction.

May 30, 2013

Office Texas

STREAM REALTY PARTNERS SECURES LEASE EXPANSION AT THE CENTRE

by admin May 30, 2013

FARMERS BRANCH, TEXAS — Stream Realty Partners has facilitated a lease expansion at The Centre, a 52-acre campus consisting of 11 office buildings. The Centre is located at 4100 Alpha Road in Farmers Branch in the West LBJ submarket. TexasLending.com’s 11,763-square-foot lease brings its total footprint at The Centre to 79,153 square feet. Seth Thatcher of CASE Commercial Real Estate Partners represented the landlord, Daltex Centre LP, in the transaction.

May 30, 2013

Office Western

STATE FARM TEMPE OPERATIONS CENTER SELLS FOR $73M

by admin May 29, 2013

TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.

May 29, 2013

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