HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $5.42 million sale of the approximately 65,000-square-foot Bank of America Office Plaza, located at 4601 Sheridan St. in Hollywood. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office represented Emerald Hills Executive Plaza, the seller, in the transaction. Adler Realty Services represented the buyer, GRE Properties Sheridan Hills.
CHICAGO — Cincinnati-based Fifth Third Bank has renewed and expanded its lease at a 1.1 million-square-foot office building, located at 222 S. Riverside Plaza in Chicago. The company now occupies 218,135 square feet, including retail space on the first floor of the building and office space on the 29-34th floors. Behringer Harvard owns the property. Cal Wessman, Kevin Rogers and Brad Serot of CB Richard Ellis' Chicago office represented the tenant in the lease transaction.
HAUPPAUGE, N.Y. — Rechler Equity Partners has signed a contract to acquire Standard Microsystems Corp.’s (SMSC) office facility at 80 Arkay Dr. in Hauppauge in an $18 million sale-leaseback transaction. SMSC will lease 120,000 square feet in the facility for a 15-year period. Gregg Rechler and Ted Trias represented Rechler Equity in house, and CB Richard Ellis’ Robert Godfrey represented SMSC. The Class A office property is located in the Hauppauge Business Park and will feature a café, a health club and 24/7 access.
DALLAS — Elm Place, a 1,293,586-square-foot office property at 1401 Elm St. in downtown Dallas, has been sold. David Glasscock of Colliers International represented the owners of both the 43-story, 864,702-square-foot tower, SCI ROEV, and the owner of the lower nine stories comprising 428,884 square feet, LNR Partners. The buyers are investors from Eastern Europe. The 52-story building used to house First National Bank, but has been vacant since 2010 because of the recession.
ARLINGTON — An affiliate of Southside Financial Group, a subsidiary of Southside Bank, has acquired a 19,475-square-foot office building at 700 W. Arkansas Ln. in Arlington. The one-story office building sits on a 5-acre parcel. Chase Bank occupies 9,617 square feet, and Southside Financial plans to occupy the remaining 9,858 square feet. SCM Real Estate Services’ Gary Walker and Renee Efimoff represented Southside, and CB Richard Ellis’ Bryan Graham represented the seller.
SAN DIEGO — Information Systems Laboratories has signed a 30,097-square-foot, 72-month lease renewal at Sorrento Tech I in the Sorrento Mesa submarket of San Diego. The renewal is valued at $2.285 million. The technology development company utilizes this freestanding flex R&D building for its headquarters. CresaPartners’ Don Mitchell represented Information Systems. JLL’s Chad Urie and Ryan Grove represented the landlord, Bixby Kibbee, LLC.
DORAL, FLA. — The 281,623-square-foot One Park Square, an office building located at 3470 NW 82nd Ave. in Doral, has received $30 million in financing from Miami-based City National Bank of Florida. The 3-year loan, which has the option to extend 2 additional years, provided funds for property acquisition and lease-up.
HOUSTON — AF Westchase LLC, a joint venture between Adler Real Estate Fund and TriGate Capital, has purchased Westchase Corporate Park, a 177,000-square-foot flex park consisting of 13 buildings at 11201-11331 Richmond Ave. in Houston, for $9.8 million from PS Business Parks. Westchase Corporate Park is 85 percent occupied with tenants like Honeywell, Western Geophysical, Men’s Wearhouse, MI Swaco, BMC Software, American Express, GE Capital and JP Morgan Chase. CB Richard Ellis brokered the sale on behalf of PS Business Parks. Miami-based Adler Group manages AF Westchase.
DALLAS — MetLife has named Jones Lang LaSalle (JLL) the exclusive leasing agents for its Turtle Creek Centre, a 312,000-square-foot office building at 3811 Turtle Creek Blvd. in Dallas. JLL’s Daryl Mullin, Steve Everbach and Conor McCarthy are handling the leasing efforts. The office building features a health facility, a deli and on-site security. The building is currently 82 percent leased to tenants such as Communications Sciences Corp., Wilson Associates and Jackson Lewis, LLP.
DENVER, LOS ANGELES — NorthMarq Capital has arranged more than $12 million in financing for two Western region properties. It arranged $6,350,000 in permanent financing for the 61,456-square-foot Crestline Office Center in Greenwood Village, Colo. John M. Stewart, senior vice president, and Brock Yaffe, senior investment analyst from NorthMarq’s Denver regional office arranged the financing for the borrower. The company also arranged $6 million in first-mortgage financing for the 199,562-square-foot Azusa Industrial Center in Azusa, Calif. Michael Elmore, senior vice president and managing director of NorthMarq’s Los Angeles regional office arranged the financing for the borrower through the company’s correspondent relationship with Aetna Life Insurance Company.