NASHVILLE, TENN. — A joint venture between Adler Real Estate Fund and Kawa Capital Management has purchased the 135,653-square-foot Greenbriar Business Park, an office and flex property located at 2525 Perimeter Place Drive in Nashville. The property is 88 percent leased. Tenants include Honeywell International, Diebold, Dataium and Neopost USA. Steve Preston and Douglass Johnson of CBRE Group represented the seller, KBS REIT I, in the transaction. HFF secured a primary mortgage through SunTrust Bank on behalf of Adler Real Estate Fund.
CHICAGO — Polsinelli Shugart's Chicago office is expanding to a third floor in the Chicago Title and Trust Building at 161 N. Clark St. The law firm will gain an additional 18,000 square feet of space, which is part of the company's growth plan. Polsinelli moved into the property in 2009, originally occupying 29,000 square feet on the 41st and 42nd floors. The company will now occupy a total of 60,000 square feet in the building. Cushman & Wakefield represented Polsinelli in the transaction.
BRIDGEWATER, N.J. — Aptalis Pharma has expanded its lease by 20,576 square feet at Somerset Corporate Center I in Bridgewater. The transaction marks the second expansion for the privately held specialty pharmaceutical company. Aptalis now leases a total of 52,320 square feet at the property. Benjamin Brenner and Curtis Foster of Cushman & Wakefield represented Aptalis in the transaction. The landlord, SJP Properties, was represented in-house by Peter Bronsnick.
FRISCO — Alliance Architects has completed interior design services for 63,269 square feet of office space at 5300 Town & Country Blvd. in Frisco for Comstock Resources, which occupies three floors of the office building. The redesign included a new internal grand stair that connects all three floors, updated elevator lobby, new catering/serving kitchen, revisions to the storage area, renovations of offices, new breakroom with patio access, remodeled board room and the addition of an executive coffee bar. Highland Builders was the general contractor, Facilities Management and Construction provided construction management services, Brockette Davis Drake provided structural engineering services and Dale Caffey & Associates provided MEP engineering services.
LOS ANGELES, SAN DIEGO – A non-performing loan that is secured by eight office properties and 16 buildings throughout Los Angeles and San Diego has sold. The unpaid principal balance on the loan is $148 million. The 16 buildings total 900,000 square feet and boast an overall occupancy rate just above 60 percent. The sale was executed by HFF’s Ryan Gallagher, Mark Fallon, Richard Plummer, Nick Psyllos, Andrew Harper and CJ Osbrink on behalf of a special servicer.
NEWARK, CALIF. — American Realty Advisors (ARA) and McShane Development Company have formed a joint venture to redevelop the 29-acre Cherry Logistics Center into a 575,000-square-foot distribution facility. The property is located at 38811 Cherry Street in Newark, a submarket of San Francisco’s East Bay. The eco-friendly facility will be built by McShane Construction Company in conjunction with HPA. It is scheduled to open in the fourth quarter of 2013.
ATLANTA — KBS Strategic Opportunity REIT has purchased the 393,502-square-foot Powers Ferry Landing East, an office complex located in Atlanta. The property includes three, six-story buildings. KBS and its affiliates now own more than 1.26 million square feet of commercial real estate space in the greater Atlanta area.
NEWTON, MASS. — The Yacobian Group, a retail consulting company, has signed a lease for 12,140 square feet of office space at the Riverside Center, located at 275 Grove St. in Newton. Yacobian is relocating from its former space in Maynard, Mass. The 508,000-square-foot Riverside Center is adjacent to the MBTA Riverside Terminal. The building includes a fitness center and cafe. Alex Dauria of Jones Lang LaSalle represented the landlord, Equity One, in the transaction. David Ross and Joe Sciolla of Cresa Boston represented the tenant.
LOS ANGELES, SAN DIEGO – A non-performing loan that is secured by eight office properties and 16 buildings throughout Los Angeles and San Diego has sold. The unpaid principal balance on the loan is $148 million. The 16 buildings total 900,000 square feet and boast an overall occupancy rate just above 60 percent. The sale was executed by HFF’s Ryan Gallagher, Mark Fallon, Richard Plummer, Nick Psyllos, Andrew Harper and CJ Osbrink on behalf of a special servicer.
NEWARK, CALIF. — American Realty Advisors (ARA) and McShane Development Company have formed a joint venture to redevelop the 29-acre Cherry Logistics Center into a 575,000-square-foot distribution facility. The property is located at 38811 Cherry Street in Newark, a submarket of San Francisco’s East Bay. The eco-friendly facility will be built by McShane Construction Company in conjunction with HPA. It is scheduled to open in the fourth quarter of 2013.