RIVERSIDE, CALIF. — CIP Real Estate has secured 45,000 square feet worth of leasing space at the Summit Business Center in Riverside. This includes a 3,500-square-foot office space for the State of California; 7,500 square feet for Advanced Imaging Solutions; and 2,500 square feet for Goodwill Industries. Crescent Healthcare also expanded its space at the center by 6,300 square feet, while the County of Riverside extended its lease for 15,200 square feet of space. These lease transactions have increased the center’s occupancy from 35 percent to 50 percent. CIP also recently announced plans to invest $1.6 million in capital improvements at the center, as well as $2.2 million for interior tenant improvements. Renovations are expected to be completed in the second and third quarters of 2012. Phil Woodford and Vindar Batoosingh of CBRE’s Ontario office represented the property’s landlord in all the lease transactions.
MILWAUKEE — Ministry Health Care has renewed its lease of 22,285 square feet of office space at 11925 W. Lake Park Dr. in Milwaukee. Jack Jacobson and Time Janusz of NAI MLG Commercial represented the tenant in the transaction. Westminster Funds is the landlord.
FRAMINGHAM, MASS. — Jumbo Capital Management has acquired an office building at 125 Newbury St. in Framingham for $6.4 million. The 33,700-square-foot property is located off Route 30. Doug Jacoby, Scott Dragos, Sean Ryan and Mitchell Levey represented the seller, Colony Realty Partners, in the transaction. They also procured the buyer.
NEW YORK CITY — Penrod Ricard USA has signed a lease for 82,300 square feet of office space at 250 Park Ave. in New York City. Penrod, a producer and importer of spirits and wines, will use the space for its U.S. headquarters. The company plans to relocate all employees from its Manhattan office and some employees from its Purchase, N.Y. office to the new building. David Hoffman, Robert Billingsley and Wendy Miller of Cassidy Turley represented the building owner, AEW Capital Management, in the transaction. Snezana Anderson, Michael Geoghegan and Christopher Corrinet of CBRE represented the tenant.
HOUSTON — GE Energy will invest $10 million into the development of a 50,000-square-foot oil and gas training facility, located at GE's Drilling System Technology Center in Houston. The facility is slated to open in the fourth quarter of 2012, and will create approximately 100 new technical jobs.
TEMPE, ARIZ — Hiring solutions provider Verifications has signed a five-year lease for 20,179 square feet inside the Warner Crossing Business Park in Tempe. The lease is valued at $1.3 million. Verifications plans to utilize this space, located at 8260 South Hardy Drive, as its new Western service center. The company was represented by Mike Beall of Cushman & Wakefield. The business park’s ownership group, a West Coast special servicing company, was represented by Scott Nelson and Troy Nelson of Voit’s Phoenix office.
COCONUT GROVE, FLA. — The 46,900-square-foot Grove Plaza, a vacant, seven-story office building located at 2900 SW 28th Terrace in Coconut Grove, has sold for $3.4 million. Helen Weissman and Suzanne Lopez of Brenner Real Estate Group represented the seller, 1st United Bank, in the transaction. Silvia Lorenzo and Chip Black of Esslinger-Wooten-Maxwell Realtors represented Valor Investments, the buyer.
MILWAUKEE — Verizon Wireless has signed a lease for 10,681 square feet of office space at 2514 S. 102nd St. in Milwaukee. Ned Purtell and Patti Stevens of RFP Commercial represented the landlord, Westminster Lincoln LLC, in the transaction.
SECAUCUS, N.J. — The Children's Place (TCP), an apparel retailer, has completed a $2 million renovation of its national headquarters at 500 Plaza Dr. in Secaucus. The 28,000-square-foot project included expanding the design department to the second floor. The space will be used to create retail products for TCP and house private offices. River Drive Construction served as the general contractor for the project, which took approximately 8 weeks to complete. The building owner is Secaucus-based Hartz Mountain Industries.
CHARLOTTE, N.C. — Parkway Properties has entered into an agreement to acquire the 972,000-square-foot Hearst Tower, an office building located in Charlotte's Central Business District, for $250 million. The building is 94 percent leased, and Bank of America will enter into a new 322,000-square-foot lease as part of the transaction. Additionally, TPG has agreed to make a $200 million investment in Parkway at a price of $11.25 per share. The purchase of Hearst Tower will initially be funded using the cash received from TPG, combined with borrowings on the company's credit facility.