BELLEVUE, WASH. — The Rockefeller Group and Sterling Realty Organization (SRO) plan to develop a 2.4-million-square-foot project on a 5.46-acre site in Downtown Bellevue. The site is owned by SRO. The agreement will allow the partners to develop five adjacent parcels over a phased period of time. The initial plans will include three office towers situated above a podium that will include retail shops and public areas.
BULLHEAD CITY, ARIZ. – A five-building medical office campus is set to break ground within Bullhead City’s master-planned community of Fox Creek. The five-acre project will contain five buildings, each consisting of 7,500 square feet. A $17-million assisted living facility is scheduled to be built adjacent to the campus. The 95,300-square-foot facility, named Joshua Springs, will contain 74 assisted living units and 30 memory care beds. Brookfield Communities is developing the medical office campus, which will break ground early this year. It had previously sold the land where Joshua Springs will be developed to Strata Management. Joshua Springs will be built by Seabold Construction and designed by John Lape. The facility will break ground next month. It is scheduled for completion in the first half of 2014.
SEATTLE — Dexter Station, a 340,000-square-foot office building, is set to begin construction in Seattle’s South Lake Union district. It will be located at 1101 Dexter Ave. Construction will commence Feb. 1, and is scheduled for completion in the first quarter of 2015. It is being developed by a joint venture between Capstone Partners and Stockbridge Capital Group. The project, which is aiming for LEED-Silver certification, will be the first speculative office development in the Puget Sound region since 2008. Dexter Station will be built by JTM Construction and designed by LMN Architects and CPL. Stuart Williams, Laura Ford and Joe Gowan of Jones Lang LaSalle will serve as the property’s leasing agents.
GRAND RAPIDS, MICH — Landmark Commercial has arranged the sale of two medical buildings in Grand Rapids for a combined $17.6 million. The first building, located at 860 Leonard St., sold for $8.4 million. The 56,000-square-foot building is anchored by Grand Valley Health Plan and Grand Valley Surgical Center. The second building, located at 1000 E. Paris Ave., sold for $9.2 million. The 110,000-square-foot building is a multi-tenant medical office building and is anchored by Spectrum Health. Daniel Kukes and Kevin Baker of Landmark represented the buyer, a Chicago-based private family office, in the deal.
AURORA, ILL. — Centrust Bank has sold a combined 12,290 square feet of office condominiums at the Fox Valley Office Commons in Aurora. Located at 4260 Westbrook Drive, the Fox Valley Office Commons is a single-story brick building with 21 suites. Tenants include dental, accounting, information technology and engineering offices. NAI Hiffman represented Centrust Bank in the deal.
NEW YORK CITY — Madison Marquette and certain funds within the Perella Weinberg Partners' asset-based value strategy have acquired The Center Building in Queens for $84.5 million. The 450,000-square-foot building is located at 33-00 Northern Blvd., immediately above the 36th Street subway station. Originally built in 1915, the property includes a 62-space underground parking garage and a ground-floor restaurant. The building is 88 percent leased to government agencies such as the Human Resources Administration and New York City Transit Authority. Andrew Scandalios, Jose Cruz, Jeffrey Julien and Kevin O'Hearn led the HFF team that represented the seller, Hampshire Properties, in the transaction.
PROVIDENCE, R.I. — Inland Diversified Real Estate Trust has acquired One Hasbro Place, toymaker Hasbro's U.S. corporate headquarters in Providence, for $29.8 million. Hasbro fully occupies the 135,908-square-foot property, which recently underwent a full renovation. Toy brands sold by Hasbro include Star Wars, Transformers, Playskool, Nerf and Trivial Pursuit. The company plans to move more than 300 employees to the area to make the property its new U.S. headquarters for sales and marketing. Joe Consenza of Inland Real Estate Acquisitions represented Inland Diversified in the transaction.
HOUSTON — Principal Real Estate Investors (PREI), one of the largest institutional real estate managers in the U.S., has acquired 2000 St. James Place, a 335,000-square-foot office building in Houston's Galleria submarket. The office building is fully leased to Weatherford International. PREI purchased the property on behalf of a consortium of South Korean Investors, including Korean Federation of Community Credit Cooperatives, Korea Scientists and Engineers Mutual-Aid Association and Simone Investment. The managing member of the South Korean investment group is represented by Simone Investment. The selling group was led by CORE Real Estate. Woori Asset Management is the South Korean onshore asset manager and PREI is the acting U.S. asset manager. CBRE Group helped broker the transaction.
DALLAS — Colliers International North Texas has arranged the sale of One Lee Park and Oakwood Tower, two office properties totaling 118,400 square feet in uptown Dallas. Creighton Stark and Ben Lurie of Colliers represented the buyer, Dallas-based Blackwatch Partners, in the transaction. World Class Capital is the seller. One Lee Park is located at 3033 Lee Parkway and Oakwood Tower is located at 3626 Hall St.
BULLHEAD CITY, ARIZ. – A five-building medical office campus is set to break ground within Bullhead City’s master-planned community of Fox Creek. The five-acre project will contain five buildings, each consisting of 7,500 square feet. A $17-million assisted living facility is scheduled to be built adjacent to the campus. The 95,300-square-foot facility, named Joshua Springs, will contain 74 assisted living units and 30 memory care beds. Brookfield Communities is developing the medical office campus, which will break ground early this year. It had previously sold the land where Joshua Springs will be developed to Strata Management. Joshua Springs will be built by Seabold Construction and designed by John Lape. The facility will break ground next month. It is scheduled for completion in the first half of 2014.