HAYWARD, CALIF. – Solta Medical has extended its lease for 88,000 square feet of space inside two Class A office/R&D buildings at the Mount Eden Business Park in Hayward. The properties are located at 25881 & 25901 Industrial Blvd. The lease was valued at $4 million. The landlord, Mount Eden Business Park, LLC, was represented by Dan Bergen and Casey Ricksen of Colliers International.
SCOTTSDALE, ARIZ. – A 35,000-square-foot medical office building and an adjacent two-acre property have sold to LGE Design Build and Anderson Commercial Real Estate for $3.7 million. They are located at 8550 and 8600 E. Anderson Drive in Scottsdale. The two-acre property has the potential for a 72,000-square-foot, four-story building. The seller, Silverleaf Perimeter Center, LLC, was represented by Mark Stratz, Ray Harris, Tyler Wilson and Scott Baumgarten of Cassidy Turley BRE Commercial.
ARLINGTON, VA. — Ambassador Inc., a wholly owned subsidiary of The Morris & Gwendolyn Cafritz Foundation, plans to invest $5 million to renovate its 175,000-square-foot office building, located at 3701 N. Fairfax Drive in Arlington. The renovation will include exterior upgrades, a new lobby and vestibule, new HVAC system, tenant common areas on all floors, fifty-person conference facility, fitness center and first floor food service/deli. Construction is slated to begin this fall, following the departure of the Defense Advanced Research Projects Agency, due to BRAC requirements. Structure Tone is the general contractor for the project.
RICHMOND, VA. — CBRE Group has secured $43.3 million in permanent financing for the SunTrust's Mid-Atlantic headquarters, located in Richmond. Included in the collateral were the 458,229-square-foot main building, the 28,111-square-foot SunTrust center and a 370-space parking garage. Charles Foschini, Christopher Apone and Christian Lee of CBRE Group arranged the three-year loan with an interest-only amortization schedule through NorthStar Income on behalf of Parmenter Realty Partners, the borrower.
WEST CHESTER, OHIO — SK Realty Management has acquired a 970,000-square-foot office complex in suburban Cincinnati, which serves as the headquarters and distribution facility for Cornerstone Brands, for $49.6 million. The complex is located in the Union Centre Commerce Park in West Chester, along the I-75 corridor between Cincinnati and Dayton. The complex has been home to Cornerstone Brands since its completion in 1999. Along with office and distribution space, the building also contains 61,800 square feet of retail space. Suzanne Martinez and Matt Hoffman of Avison Young represented the seller, Inland American, in the transaction.
HOUSTON — Transwestern, through a joint venture with Denver-based Miller Global Properties, has purchased a 20.8-acre tract of land to develop Westgate, a 660,000-square-foot, Class A office project to be located in the Energy Corridor of Houston. The site has extensive frontage on the north side of Interstate 10. Westgate will consist of a four-story, 248,500-square-foot building; a four-story, 186,000-square-foot building; and a five-story, 225,500-square-foot building, each of which will have its own parking structure. The development is 67 percent pre-leased. EE Reed will be the project's general contractor, and Powers Brown Architecture will design the project to achieve LEED Silver certification. Carleton Riser, Sean Suffel and Mark Miller of Transwestern are spearheading the design and development of the project. Jeff Peden and David Cook of Cushman & Wakefield represented the seller, Hearst Corp., in the land transaction. Transwestern was self-represented.
CORPUS CHRISTI — Marcus & Millichap has arranged the sale of a 12,080-square-foot office building, located at 438 Robert Drive in Corpus Christi. Jeff Smith of Marcus & Millichap's Corpus Christi office represented the seller, a limited liability company, in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $72 million loan to refinance two office properties in the Garment District of New York City. David Hayum of Meridian negotiated the 10-year loan through Morgan Stanley. The two office properties, totaling 250,000 square feet, were recently repositioned and are home to many high-tech tenants and fashion showrooms.
BRIDGEWATER, N.J. — Aon Hewitt, a risk management services provider, has signed a 10-year lease renewal for 50,000 square feet at Somerset Corporate Center I in Bridgewater. The 250,000-square-foot center is fully leased and also houses tenants such as Brother International and Merrill Lynch. John Nugent, Edward DaCosta and Christopher Adamo of CBRE Group represented the tenant in the transaction. The landlord, SPJ Properties, was self-represented.
HOUSTON — Transwestern has brokered a 52,148-square-foot lease at the new, 350,000-square-foot Eldridge Oaks, a Class A office building located at 1080 Eldridge Parkway in Houston. Eric Anderson, David Baker and Paul Wittorf represented the landlord, Cornerstone Real Estate Advisors, in the lease transaction. Mark O'Donnell of Studley represented the tenant, Houston-based IHI E&C International Corp.