HUNTINGTON BEACH, CALIF. – A 102,700-square-foot industrial building in Huntington Beach has sold to a joint venture between CT Realty Investors and Artemis Real Estate Partners for $10.6 million. The building is located at 17311 Nichols Lane. The JV also recently signed a 10-year lease with Driessen Aircraft Interior Systems Inc. that is valued at $9.1 million. The company, which specializes in designing, manufacturing and marketing high-quality galleys for commercial and private aircraft, will occupy 100 percent of the space. Per the lease agreement, Driessen has the option to convert a portion of the warehouse into office space and add 10,447 square feet of second-story mezzanine office space. Driessen is owned by Zodiac Aerospace. The JV was represented by Darin McDonald and Ted Sawyer of Lee & Associates’ Newport Beach office. McDonald and Sawyer also represented Driessen in the lease transaction. The seller, a former owner/user, was represented by Jeffrey Read and Scott Read of Newmark Grubb Knight Frank in Newport Beach. The transaction was executed on behalf of New York State Common Retirement Fund’s $300-million real estate emerging manager program. The program hopes to invest with best-in-class operating partners that have proven market and product expertise.
LEHI, UTAH — Perry & Associates, Inc. has broken ground on Traverse Ridge Center I, a 70,000-square-foot, Class A office building in Lehi. The building represents the first phase of a 22-acre, mixed-use office campus. It will be located at the intersection of Triumph Boulevard and SR-92. The building is scheduled for completion in April 2014. Build-to-suit and ground lease options are currently available. The listing is managed by CBRE’s Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim.
PHOENIX — Pinnacle Peak Commerceplex I, a 302,254-square-foot warehouse/distribution property in Phoenix, has received $17.1 million in first-mortgage refinancing. Financing was based on a 10-year term and a 27-year amortization schedule.It was arranged by James DuMars and Michael Elmore of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
COLUMBIA, MD. — Fernau LeBlanc Investment Partners has purchased Rivers Business Commons from an affiliate of Greenfield Partners. The four-building office park is located at 8945-8975 Guilford Road in Columbia. It contains 101,596 square feet of class A office space. It was 87 percent leased to a tenant roster that includes St. Agnes Hospital, Black & Veatch, and Beazer Homes. Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley of Cushman & Wakefield represented the seller.
DORAL, FLA. — Riviera Point Development Group (RPDG) has announced plans for its second South Florida office project. The developer has closed on the acquisition of 2.5 acres at 9000 NW 89th Court and NW 15th Street in Doral, and it plans to construct a 41,000-square-foot, lakeview office building on the site. The $9.5 million project, known as Riviera Point Business Center, will feature flexible office space with suites as small as 2,000 square feet. RPDG is developing the project with funds from the U.S. Citizenship and Immigration Services’ EB-5 program, which offers a fast track to permanent U.S. residency for foreign nationals who invest in commercial enterprises that generate at least 10 jobs for U.S. workers for two years. Corrales Group Architects is designing the project. RPDG also recently topped out on its first two buildings at the $17 million, EB-5 funded Professional Center at Riviera Point, which is being developed in Miramar.
VIENNA, VA. — NorthMarq has arranged a $13.7 million loan for the acquisition of a 95,000-square-foot office property in Vienna. The property includes two office buildings located at 8381 and 8391 Old Courthouse Road. Gary McGlynn of NorthMarq’s Washington, D.C. office arranged the loan on behalf of the undisclosed borrower through a non-recourse bridge lender.
NEW YORK CITY — Monday Properties and Invesco have secured three new leases at its property located at 230 Park Ave. in Manhattan. Bank of the Ozarks, a 100-year-old, Little Rock, Ark.-based community bank, signed a lease for 2,400 square feet. This will be the bank’s first office in New York City. Dallas-based Comerica, another banking institution, expanded its footprint by 1,800 square feet to now occupy 5,900 square feet on the sixth floor. In a third transaction, The Leona M. and Harry B. Helmsley Charitable Trust signed a new 15-year lease for 5,400 square feet on the fifth floor of the office building. The 34-story tower, located between 45th and 46th streets, includes 1.4 million square feet of Class A office space. James Wenk of Jones Lang LaSalle represented Bank of the Ozarks in its leasing transaction. Comerica and the Helmsley Trust were self-represented. Monday Properties was represented in-house by Jordan Berger in all three transactions, together with Frank Doyle, Jonathan Fanuzzi, Paul Glickman and David Kleiner of Jones Lang LaSalle.
LEHI, UTAH — Perry & Associates, Inc. has broken ground on Traverse Ridge Center I, a 70,000-square-foot, Class A office building in Lehi. The building represents the first phase of a 22-acre, mixed-use office campus. It will be located at the intersection of Triumph Boulevard and SR-92. The building is scheduled for completion in April 2014. Build-to-suit and ground lease options are currently available. The listing is managed by CBRE’s Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim.
PHOENIX — Pinnacle Peak Commerceplex I, a 302,254-square-foot warehouse/distribution property in Phoenix, has received $17.1 million in first-mortgage refinancing. Financing was based on a 10-year term and a 27-year amortization schedule. It was arranged by James DuMars and Michael Elmore of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
COLUMBIA MD. — The Universities Space Research Association, a nonprofit organization charged with advancing space science and technology, has acquired an office building in Columbia to expand its national headquarters. The 90,000-square-foot building, which is almost double the size of its current, leased headquarters, is located at 7178 Columbia Gateway Drive. The seller was South Norwalk, Conn.-based Greenfield Partners. Rich Rhodes, Dan Shapiro and Megan Hixon of Cresa Washington DC represented the buyer in the transaction. Cresa’s Project Management Services division will manage the building’s interior build-out.