DURHAM, N.C. — American Real Estate Partners has sold the three-building Keystone Park, located west of the Interstate 40/540 intersection in Durham, to an affiliate of Investcorp for $48.4 million. The portfolio is 94 percent leased to 23 tenants in the healthcare, research, technology and financial services industries. Paul Collins, Bill Collins, Drew Flood, Jud Ryan, James Cassidy and David Finger of Cassidy Turley represented the seller.
INDIANAPOLIS — Ascension Health Ministry Service Center has acquired a 150,000-square-foot office building at 4040 Vincennes Circle in Indianapolis. The seller was Eleven Fortune Park LP, a subsidiary of the IBUS Co., who has owned the building since 1989. Ascension Health, a Catholic and nonprofit health system, is the primary tenant in the building, which was renovated in 2011 for its use. Rebecca Wells and Jon Owens of Cassidy Turley and Ronald Foster of Echelon Realty Advisors represented the seller in the transaction. The buyer was self-represented.
SUMMIT, N.J. — Construction is complete on the Summit Executive Center, a 600,000-square-foot Class A office building in downtown Summit. Three tenants have moved into the facility, which is 86 percent leased. A partnership between industry veteran Mark Yeager and Normandy Real Estate Partners purchased the property in April 2011 and the renovation began immediately thereafter. The construction included a 25,000-square-foot addition and high-end finishes.
CELEBRATION, FLA. — Inland Private Capital Corp. has sold a 193,463-square-foot office building, located at 220 Celebration Place in Celebration, for $31.1 million. The property is fully occupied by Walt Disney World Co., which has five years remaining on its lease. The buyer was an unaffiliated third party. Stan Johnson Co. represented the seller in the transaction.
KANSAS CITY, MO. — Opus Design Build is constructing a new 200,000-square-foot headquarters building for Freightquote.com in Kansas City. The nation's largest online shipping broker, Freightquote is relocating to Kansas City from its current location in Lenexa. The property will be located on a 30-acre site south of St. Joseph Hospital and offer access to Interstate 435. Construction is slated for completion in June 2013. Opus AE Group is the project architect and VanTrust Real Estate is providing development services.
PROVIDENCE, R.I. — Washington Trust's Commercial Real Estate Group provided a $4.8 million loan for the refinancing of The Gardner Building at 40 Fountain St. in Providence. Emanon Associates has owned the 75,000-square-foot office property for more than 20 years. The building was constructed in 1916 and originally housed the R.L. Greene Paper Co.
NEW YORK CITY — Harbor Group International has completed a $10 million renovation of 1412 Broadway and moved its New York offices to the 14th floor of the 25-story office tower. The company purchased the building in 2010 and recent upgrades include new windows, lobby, corridors and restrooms. Specter DeSouza Architects designed the project. Tenants at the property include Jones New York, One Step Up and Escada USA.
THE WOODLANDS — NorthMarq Capital has secured first mortgage acquisition financing for the 19,663-square-foot Pines Crossing Office Building, located in The Woodlands. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with a 25-year amortization schedule through a life insurance company.
KENT, WASH. — CenterPoint Corporate Park in Kent has sold to Fountainhead Northwest for $46.25 million. The 435,937-square-foot office campus is located on 72nd Avenue South. Mike George and Nick Fletcher of NAI Puget Sound Properties represented the seller, a joint venture between AEW and Unico Properties, in the transaction.
WASHINGTON, D.C. — Rockrose Development Corp. has entered into an agreement to acquire a 112,687-square-foot office building, located at 1900 M Street NW in Washington, D.C., for $55 million. The property is 89 percent leased. Tenants include Levick Strategic Communications, Sherman Meehan and State Farm Insurance. Gerald Trainor of Transwestern is representing the seller in the transaction. Rockrose is self-represented by Craig Deitelzweig.