DALLAS — NorthMarq Capital has secured $3 million in first mortgage refinancing for the 301,378-square-foot One Graystone Center, an office building located at 3010 LBJ Freeway in Dallas. Paul Brighton of NorthMarq's Dallas office arranged the loan through a bridge lender.
HILLSBORO, ORE. — Bank of America Northwest Lending Center, a 57,000-square-foot office building in Hillsboro, has sold to Watumull Properties Corp. for $5.2 million. The building is located at 21000 Northwest Evergreen Parkway. It was built in 1985 and gained an addition in 1993. The property is fully occupied by Bank of America. Keith Young and Cliff Finnell of Kidder Mathews represented both the buyer and the seller, Oregon Pacific Investment & Development Company, in this transaction.
VIRGINIA BEACH, VA. — Olympia Development Corp. plans to invest $2.92 million in capital improvements at a 126,000-square-foot office building, located at 5701 Cleveland St. in Virginia Beach. Additionally, AMSEC has signed a 10-year, 63,000-square-foot lease to occupy half of the building for its corporate headquarters.
NAPLES, FLA. — The 12,500-square-foot former Gates McVey office building, located at 12810 Tamiami Trail N. in Naples, has sold for $2.02 million. Dave Wallace of CRE Consultants represented the buyer, Ferrari Partners LP., in the transaction. The seller was Fifth Third Bank.
PITTSBURGH — Cushman & Wakefield and Grant Street Associates have released plans for a 90,000-square-foot office building on the final lot at McCandless Corporate Center, a 322,000-square-foot office complex in Pittsburgh. Complex owner Zell Two Inc. is seeking to add a fifth building due to the rising demand for space at the center. Occupancy at McCandless Corporate Center has risen from 70 percent in 2009 to 99 percent at the end of the first quarter of this year. Construction of the building will follow the lease commitment of an anchor tenant and is slated to take approximately 18 months to complete.
ANDOVER, MASS. — Rockstar Games has signed a lease for 21,503 square feet of office space at 3 Dundee Park in Andover. Rockstar, one of the world's largest video game companies, is relocating from 300 Ballardvale St. in Andover and expanding its space in the 145,000-square-foot office park. The company's move-in date is targeted for August. Mitchell Jacoby of Cresa Boston represented the tenant in the transaction. The landlord, Ozzy Properties, was represented in-house by Orit Goldstein and Ellen Keller.
CRANBERRY TOWNSHIP, PA. — Development Capital Investors has secured a $1.9 million loan from the Commonwealth Financing Authority to develop a 90,000-square-foot office building in Cranberry Township. The three-story facility will be constructed on a six-acre parcel of land owned by The Elmhurst Group. The site is located within 20 minutes of downtown Pittsburgh and will include 363 parking spaces. The project is expected to create at least 300 construction jobs.
HOUSTON — Houston-based Hartman Income REIT has leased 25,506 square feet of office space, located at 11811 N. Freeway in Houston, to First Financial Group of America. Michelle Wogan, Evelyn Ward and Dani Allison of Transwestern represented the landlord in the 10-year lease transaction.
BEVERLY HILLS, CALIF. — The City of Beverly Hills will soon commence construction on a $7.8-million expansion of its Public Works Warehouse and Shops. The project will be located at 9357 Third Street. The new facility will allow the city’s maintenance and communications departments to operate in case of an emergency or natural disaster. It should be completed in January 2013. C.W. Driver is working with RTK Architects on the pre-construction phase for the project. The new facility will ultimately contain a two-story plus basement, a 21,000-square-foot building, a tunnel under a roadway to an adjacent existing garage and a contiguous 15,000-square-foot yard.
WELLINGTON, FLA. — The 9,700-square-foot Plaza Two at Wellington Green, an office building located at 2515 State Rd. 7 in Wellington, has sold for $1.5 million. Dan Casey of Reichel Realty represented US Acquisition Property XVI, the seller, in the transaction. Saler Partners was the buyer.
