HOUSTON — Transwestern has arranged a 64,413-square-foot lease at Two Westway, an office building located at 11025 Equity Drive in Houston. Eric Anderson and Doug Little of Transwestern represented the landlord, DeVry Park Limited Partnership, which is managed by Founders Properties of Minneapolis, in the lease transaction. Andy Iversen and Noah Kruger of Jackson Cooksey represented the tenant, Seadrill Americas. The lease transaction brings Two Westway to full occupancy.
SAN DIEGO — Bernardo Executive Center, a 173,244-square-foot, Class B office property in San Diego, has sold to Brookwood Financial Partners for $21.55 million. The center is located at 16835, 16855 and 16875 W. Bernardo Drive. It was 78.2 percent occupied at the time of sale. Brookwood plans to invest $1.4 million-worth in capital improvements at the property, which was built in 1984. Louay Alsadek, Evan August, Jeb Bakke, Scott Kincaid and Mike Corbosiero of CBRE San Diego represented both the buyer and the unnamed seller in this transaction. Scott Peterson and Mark McGovern of CBRE Debt & Equity Finance assisted Brookwood with financing services. CBRE was also retained to lease the remaining space at the property. Alsadek notes this was the first institutional office sale of more than $10 million to occur in the Rancho Bernardo submarket since 2009.
HONOLULU – The Gentry Pacific Design Center in Honolulu has sold to the Office of Hawaiian Affairs (OHA) for about $21 million. The 185,787-square-foot center is located at 560 N. Nimitz Highway. The property was built in the 1930s and had previously been the headquarters for the Gentry companies. It is managed by Colliers International Hawaii. The sale was executed by Michael “Skip” Schuman of Bishop Street Commercial (BSC). Matt Bittick, BSC’s president and CEO, notes that OHA plans to honor the leases that are currently in place with about 40 tenants at the Gentry Pacific Design Center.
OMAHA — Lockwood Development has completed the construction of the new corporate headquarters for Northstar Financial Services at 17605 Wright St. in Omaha. The 60,000-square-foot building will include space for approximately 280 employees. The site also includes space for an additional 45,000-square-foot building.
WALPOLE, MASS. — Three tenants have joined Walpole Park South Building 8, a newly constructed speculative office and warehouse building along U.S. Route 1 in Walpole, raising occupancy to 92 percent at the building. Catherine Minnerly and Ovar Osvold represented the property owner in the transactions. Certifit, a national auto parts store, signed a lease for 29,622 square feet. Minnerly and Osvold represented the tenant in the deal. PSS World Medical, a medical supplies and equipment distributor, inked a lease for 47,606 square feet. Shirley Smith of Pointline Inc. represented the tenant. Keefe Commissary Network, which provides specially packaged products for purchase by inmates at correctional facilities, will take 30,242 square feet of space. Doug Bock of CRESA Partners represented the tenant.
FAIRFIELD, N.J. — A joint venture between Time Equities and Bergman Real Estate Group has acquired 155 Passaic Ave., a four-story office building in in Fairfield, for $5.6 million. Originally acquired by Bergman Real Estate in 2001, the 88,000-square-foot building will be refinanced as part of a strategic plan to reposition the property with the financial backing of Time Equities. Prior to closing, 155 Passaic Ave. was 57 percent occupied, but due to pre-leasing efforts during negotiations, occupancy has risen to 82 percent. New tenants in the building include Daniella Koren, a healthcare marketing firm and Mortgage Master, a mortgage company.
MARCO ISLAND, FLA. — A 12,000-square-foot office building, located at 900 N. Collier Blvd. in Marco Island, has sold for $2.75 million. David Stevens of Investment Properties Corp. of Naples represented the buyer, 900 North Collier Blvd. LLC, in the transaction. The seller was David Nassif as trustee under the land trust.
CHICAGO — Prime Group Realty Trust has secured a $200 million loan for the refinancing of 330 Wabash Ave. in Chicago. Prime Group owns the 52-story office tower in a joint venture with Five Mile Capital Partners. The loan includes a $111.9 million advance that will repay an existing mortgage on the property and $88.1 million that will fund tenant and capital improvements at the building. Landesbank Hessen-Thuringen Girozentrale and New York Life Insurance Co. provided the loan. 330 Wabash Ave. is 88 percent leased and recent leases at the property include American Medical Association and Latham & Watkins LLP.
GLEN ELLYN, ILL. — Summit Design + Build has completed a 7,500-square-foot office renovation for Career Vision at 526 N. Main St. in Glen Ellyn. The career consulting company is using the space for its new corporate office and career counseling center. Upgrades include new flooring, windows and millwork. Ware Malcomb provided architectural services for the project.
HOUSTON — Transwestern has brokered the sale of 3355 West Alabama, a 236,932-square-foot office tower located between Greenway Plaza and River Oaks in Houston. Ken Page and Scott Myers of Transwestern represented the seller, KBS Realty Advisors, in the transaction. The buyer, Granite Properties, was self-represented by Will Hendrickson and Paul Bennett.
