NASHVILLE — Griffin Capital Corp. has purchased the 21-acre HealthSpring MetroCenter campus in Nashville for $36.4 million. The two-building, 170,515-square-foot campus is located at 500 and 530 Great Circle Road. The u-shaped twin buildings are part of the master-planned MetroCenter business park. The property is fully leased by HealthSpring, a subsidiary of insurer CIGNA. The campus houses the company's shared services such as marketing, sales and customer service. CBRE represented the seller, Nashville-based Southeast Venture, in the transaction. Griffin plans to retain Southeast Venture as the property manager.
RALEIGH, N.C. — The downtown Raleigh skyline will be adding a new 11-story office building by 2014, with project developers expecting to break ground this fall. According to local reports, the Charter Square project has been stalled since the credit markets froze five years ago. But Raleigh-based developer Dominion Realty Advisors announced it is joining the development team and will help commit equity to the project. Dominion will help lead construction of the first of two towers planned for the site. The new $50 million Charter Square building, located across the street from the Marriott City Center Hotel, will encompass 225,000 square feet. The company has secured four tenants who will occupy about 35,000 square feet. JDavis Architects will serve as the project architect and CBRE is the property leasing agent. A general contractor will be selected this summer.
FAIRFAX, VA. — Exxon Mobil Corp. has selected Cassidy Turley to market its 117-acre campus in Fairfax, as it prepares to relocate its local operations to a consolidated site in The Woodlands, a suburb of Houston. The property, located at 3225 Gallows Road, includes five buildings with 1.3 million square feet of office space. The site also includes 1 million square feet of parking structures and 92 acres of undeveloped land.
INDEPENDENCE, KY. — Balluff Inc., a German automation supplier, is expanding its U.S. headquarters in Independence, located in northern Kentucky. The expansion will add 24 full-time jobs and the company will invest $6 million in the project. The U.S. headquarters now employs more than 150 people and has been based in Independence since 1983. The company expanded twice before, in 1994 and 2001. The company's new 48,000-square-foot building is scheduled for completion in March 2014. The Kentucky Economic Development Finance Authority preliminarily approved tax incentives up to $300,000 for the company through the Kentucky Business Investment program.
FAIRFAX, VA. — Exxon Mobil Corp. has selected Cassidy Turley to market its 117-acre campus in Fairfax, as it prepares to relocate its local operations to a consolidated site in The Woodlands, a suburb of Houston. The property, located at 3225 Gallows Road, includes five buildings with 1.3 million square feet of office space. The site also includes 1 million square feet of parking structures and 92 acres of undeveloped land.
HAWTHORNE, N.Y. — Mack-Cali Realty Corp. has sold 19 Skyline Drive in Hawthorne for $17.5 million. The vacant five-story, 248,400-square-foot building was sold to New York Medical College, a member of the Touro College and University System. “The sale of this property continues our strategy of recycling our capital out of non-core office assets to fuel our diversification into multifamily,” says Mitchell Hersh, president and CEO of Mack-Cali.
PRINCETON, N.J. — Dr. Reddy’s Laboratories Inc. has signed a lease for 106,500 square feet of office and laboratory space with National Business Parks Inc. in Princeton. The global pharmaceutical company signed a long-term lease for the entire 75,500-square-foot, Class A property located at 107 College Road E., which will serve as the firm’s North American headquarters. The company also signed a 31,000-square-foot lease at the 61,792-square-foot, Class A building at 303 College Road E. Dr. Reddy's Laboratories, was represented by Shawn Straka, Steve Fleming and John Buckley of Jones Lang LaSalle. Vince Maranoand Tom Stange of Jones Lang LaSalle represented the building owner, National Business Parks.
ONTARIO, CALIF. — Lake View Center, a 106,345-square-foot office property in Ontario, has sold to BH Properties for $13.8 million. The office complex is located at 3257 & 3237 E. Guasti Road. It is currently 62 percent leased. Notable tenants include East West Bank, T-Mobile and the University of La Verne. BH Properties plans to invest additional capital into the project. BH Properties represented itself in this transaction, while the sellers, PCCP and the Muller Companies, were represented by CBRE’s Kevin Shannon, Darla Longo and Phil Woodford.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
NORFOLK, VA. — Mid-Atlantic Maritime Academy has leased 20,833 square feet of office space at 5301 Robin Hood Road in Norfolk Commerce Park II. The three-story, Class A property includes a renovated lobby, onsite cafe and onsite management. Perry Frazer and Matt Wilbricht of CBRE | Hampton Roads represented the landlord, Norfolk Commerce Park II, in the transaction. Don Crigger of CBRE | Hampton Roads represented the tenant.