PLANO — Newport Beach, Calif.-based KBS REIT III has purchased the 522,043-square-foot Town Center Office Park, a three-building office complex located at the intersection of Legacy Drive and the Dallas North Tollway in Plano. The complex is part of the 2,665-acre Legacy Town Center, a master-planned community. The office complex is 87.5 percent leased to 51 tenants. KBS was self-represented by Bill Rogalla in the transaction.
IRVINE, CALIF. — A 34,006-square-foot, bank-owned office building in the MacArthur Center in Irvine has sold to Radha Soami Society Beas America for $4.5 million. The building was originally constructed as a medical condo project, though the society plans to use it as a non-denominational church for a religious organization. The society was represented by Mike Dorsey of Voit’s Irvine office. The seller, Redus CA Properties, was represented by Jeff Chiate, Rick Ellison and John Gallivan of Cushman & Wakefield.
PHOENIX — A 42,000-square-foot office building in Phoenix has sold to McCarthy/MRL Properties Arizona, LLC for $4,125,000. The building is located at 6225 N. 24th Street. The building is part of a larger office complex that contains 82,000 square feet. Its owners include DLR Group and Baird, Williams & Greer. McCarthy plans to occupy a portion of the building, which will bring it to full capacity. The company was represented by Mark Seale of Cassidy Turley BRE Commercial. The sellers, Univest 6225, LLC (John Maus, Ray Lamb, Jack Ross and David Beckham), were represented by Eric Wichterman, Blake Hastings, Jeff Wentworth and Mike Coover, also of Cassidy Turley.
MIRAMAR, FLA. — Riviera Point Holdings has broken ground on the $17 million, 70,000-square-foot Professional Center at Riviera Point, a two-building office complex located on University Drive in Miramar. The first building is funded by $7.5 million from investors from Venezuela, Argentina and Spain through the EB-5 program. Boca Raton, Fla.-based Corrales Architectural Group designed the property and Cushman & Wakefield has been retained as the leasing agent. The first building is slated for completion in February 2013.
ROCHESTER, N.Y. — Pike Co. has broken ground on a 109,000-square-foot office building in Rochester. Arkansas-based network communications provider Windstream will fill the first two floors of the three-story building when the facility opens next summer. The company signed a 15-year lease for 66,667 square feet. More than $122 million in public funds have gone into the demolition and continued prep of the 9-acre site. Pike is investing $19 million to redevelop the building. An underground service tunnel, garage, above-ground street grid and sidewalk are also planned for the site.
WASHINGTON, D.C. — The 522,000-square-foot Terrell Place, located at 575 7th St. NW, has achieved LEED Platinum certification for Existing Buildings: Operations & Maintenance. Beacon Capital Partners and General Electric Pension Trust own the property, which is the first trophy office building to receive this designation. Cassidy Turley's Sustainability Services team handled the project management.
CONCORD, MASS. — Welch's, the juice and jelly maker, is moving its headquarters but will remain in Concord. The company will relocate to an 85,000-square-foot space at 300 Baker Ave. Welch's is currently based on the other side of town at 575 Virginia Rd., near Hanscom Field. The company signed a 12-and-a-half year lease with the building owner, Normandy Real Estate Partners. Welch's will also consolidate its Billerica technology center into the new headquarters. Cassidy Turley FHO advised Welch's on the transaction.
TRUMBULL, CONN. — The 42,000-square-foot office building at 126 Monroe Turnpike in Trumbull has been converted to medical use. The building's owner, Silverman Group, has named Cushman & Wakefield's healthcare practice group as the leasing agent for the building, which is currently 75 percent leased.
HOUSTON — Hines has brokered the lease of 33,394 square feet of office space at the 629,000-square-foot Phoenix Tower, a 34-story office building located at 3200 Southwest Freeway in Houston. The building is now 82 percent leased. Chip Horne of Cushman & Wakefield of Texas' Houston office represented the tenant, New York Life, in the lease transaction. Tyler Garrett and Paula Bruns of Hines' Houston office represented the building owner, FSP Phoenix Tower Limited Partnership.
SANTA FE, N. MEX. — Marquez Plaza, a 37,841-square-foot office building in Santa Fe, has sold to YMC New Mexico Properties, LLC, an affiliate of Yonezawa-Miller Company, for $6 million. The plaza is currently 100 percent leased to the State of New Mexico and UBS. YMC was represented by Craig Yonezawa of Pathfinder Capital. The seller was represented by Joel White of CBRE's Albuquerque office.
