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.
TAMPA, FLA. — HFF has arranged $41.5 million in joint venture equity and financing for a three-property, Class A office portfolio totaling 312,543 square feet in Tampa’s Gateway submarket. HFF worked exclusively on behalf of the borrower, Cardinal Point Management LLC, to secure a $28 million, five-year mortgage loan through Wells Fargo. Halstatt Real Estate Partners provided $13.5 million in joint venture equity. The three properties are located at 740, 780 and 800 Carillon Pkwy. close to the Tampa International Airport, and are 94 percent leased to tenants including Allstate, Humana, SunTrust Bank and Lincoln National Life Insurance. Chris Drew, Luis Castillo, Jorge Portela and Jose Carrazana of HFF represented Cardinal Point Management.
MIAMI BEACH, FLA. — The 14,987-square-foot SunTrust Bank building at 9600 Collins Ave. in Miami Beach’s Bal Harbour Village has sold for $13.5 million. An affiliate of the owner of Bal Harbour Shops purchased the office building from a wholly owned subsidiary of Inland American Real Estate Trust Inc. Casey Rosen and Mark Drazek of CBRE’s National Net Lease Property Group and Paco Diaz of its Miami retail team represented the seller.
DES PLAINES, ILL. — Saban Capital has acquired a 239,331-square-foot office building in Des Plaines for $39 million. The FAA Great Lakes regional headquarters and a smaller General Services Administration tenant lease 92.5 percent of the four-story office building. Transwestern’s Chicago office arranged the sale of the property, 2300 East Devon, on behalf of O’Hare Lake Office Park LLC. 2300 East Devon is one of five multi-story buildings within the 50-acre O’Hare Lake Office Park. The property was 94 percent occupied at the time of sale.
PARSIPPANY, N.J. — Prism Capital Partners and The Davis Cos. have acquired 339 Jefferson Road, a 102,433-square-foot office building in Parsippany. The Realty Associates Fund IV was the seller. The property, formerly known as Kingsbridge Corporate Center IV, is located near the junction of I-80 and I-287. The Sheraton Tara Hotel and Hyatt House are minutes away. Gary Gabriel of Cushman & Wakefield represented both parties in the transaction.
LEXINGTON, KY. — The 14-story, 240,000-square-foot Chase Tower office building has sold for $11.9 million in Lexington. Lake Worth, Fla.-based In-Rel Properties acquired the property, which was built in 1973, and NAI Isaac Commercial Properties will handle leasing and property management services. Bruce Isaac of NAI Isaac Commercial Properties was the property’s court-appointed receiver during the past three years. Finally, Ralph Smalley of Jones Lang LaSalle’s Atlanta office and Paul Ray of NAI Isaac Commercial Properties represented the undisclosed seller. Chase Tower is located at 201 East Main and is the first acquisition for In-Rel Properties in Lexington.
CHARLOTTE, N.C. — Paragon Bank has acquired the 16,427-square-foot, Class A office building at 6337 Morrison Blvd. in Charlotte’s SouthPark submarket for an undisclosed price. The bank, which serves the financial needs of mid-sized commercial businesses and their owners, will relocate its offices from Two Piedmont Town Center. Jubal Early of Lincoln Harris represented Paragon Bank in the acquisition. David Dorsch and Rob Cochran of Cassidy Turley represented the unlisted seller.
BOILINGBROOK, ILL. —Pres-On has purchased a 101,463-square-foot industrial building on 7.7 acres in Bolingbrook. Located at 2600 E. 107th St., the newly acquired property consolidates Pres-On’s three smaller facilities into one centralized location that now serves as its corporate headquarters. The renovated industrial building was expanded to a115,000-square-foot facility that consists of offices and customer service, manufacturing and warehouse space. Chicago-based Wirtz Realty Group represented Pres-On, an industrial foam tape and gasket manufacturer, in the deal.
TUCSON, ARIZ. — Campbell Plaza, a 190,000-square-foot, grocery-anchored retail center in Tucson, has sold to Krausz Puente LLC and Krausz RC Properties One LLC for $32.3 million. The center is located on the northeast corner of Campbell Avenue and Glenn Street. It was 95 percent occupied at the time of sale. Notable tenants include Albertsons, Ace Hardware, Panda Express, Rubio’s Fresh Mexican Grill, T-Mobile, Jamba Juice, GameStop, Old Chicago Restaurant, Five Guys Burgers and Fries, and Sauce Pizza and Wine. The seller, Camelback Corporate Center Joint Venture LLC, was represented by CBRE’s Mike Sandahl, Nancy McClure and Bob Young.
SCOTTSDALE, ARIZ. — A 127,750-square-foot office building in Scottsdale that houses the headquarters for Fender Musical Instruments Group has sold to Bruce Karsh for $29.8 million. The Class A building is located at 17600 N. Perimeter Drive. It was fully leased at the time of sale. The seller, WDP Partners LLC, was represented by Jim Fijan in CBRE’s Phoenix office.