SUMMIT, N.J. — A partnership between local developer Mark Yeager and Normandy Real Estate Partners has announced plans to redevelop the former Summit Medical Building into a Class A office building. The four-story, 40,000-square-foot building will be renamed Summit Executive Center. It will be redeveloped to LEED standards. Plans also call for a 25,000-square-foot addition to the building. Construction will begin in April and be complete by late spring 2012.
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SUNNYVALE, CALIF. — Colliers International has negotiated Presidio Investments and Rockpoint Group’s purchase of a 95,826-square-foot, single-story office/R&D building, located at 350 West Java Drive within Moffett Business Park in Sunnyvale. Terms of the deal were not disclosed. Situated on 6 acres of land, the vacant property constitutes a value-add opportunity with significant upgrades to the lobby, front entranceway, façade and landscaping on the to-do list. Colliers International’s Mike Rosendin, Craig Fordyce and Jim Beeger assisted in the transaction.
CAPE CORAL, FLA. — Two buildings totaling 80,929 square feet on 12.03 acres were purchased for $1.6 million. Chocholek, an individual investor, bought the buildings, located at the East Cape Commerce Center, 901-925 East Industrial Circle, Cape Coral, from Echo Properties III. The buyer was represented by Jerry Messonnier, Bob Johnston and Derek Bornhorst of Grubb & Ellis | 1st Commercial's Fort Myers office. Richard Clarke, also of Grubb & Ellis | 1st Commercial's Fort Myers office, represented the seller.
HENRICO COUNTRY, VA. — Virginia Primary Care purchased a 25,268-square-foot, Class A office building, located at 3831 Westerre Pkwy. in Henrico County, for $4.3 million from Lingerfelt Development. Sale negotiations were handled by Mark E. Douglas of Cushman & Wakefield | Thalhimer's Richmond, Va., office.
WEST PALM BEACH, FLA. — City Place Tower, an 18-story, 295,933-square-foot office building in West Palm Beach was purchased by KBS Real Estate Investment Trust II. The building is currently 86 percent leased to tenants such as Intech (Janus Funds), Cleveland Clinic, Carlton Fields, Regions Bank and more. The undisclosed seller was represented by Douglas Harmon of Eastdil Secured's New York office and Michael McDonald and Miles Theodore of Eastdil Secured's Atlanta office. KBS Capital Advisors, an affiliate of KBS Realty Advisors, represented KBS REIT II. The price was undisclosed.
HERNDON, VA. — Washington Real Estate Investment Trust sold 180,000-square-foot Dulles Station West Phase I, located at 2300 Dulles Station Blvd. in Herndon, for $58.8 million to an undisclosed buyer. The building is 100 percent leased and includes tenants IBM and National Student Clearinghouse. Phase II is zoned for future development of a 340,000-square-foot office building and was not included in the transaction. Broker information was not released.
HOUSTON — BreitBurn Energy, an independent oil and gas limited partnership, has renewed its office lease at 600 Travis St., also known as Chase Tower, in Houston. Doubling its size, BreitBurn Energy signed a new lease extension for 42,136 square feet at the 75-story, 1.6 million-square-foot Class A tower in Houston's downtown business district. Allison Knight and Chrissy Wilson represented the building's owner, Hines Interest, while Harry Holmes II of Newmark Knight Frank represented BreitBurn Energy.
PHOENIX — Voit Real Estate Services has completed the $8.5 million sale of five vacant land lots, totaling 50.58 acres, at Spectrum Ridge within the Deer Valley submarket of Phoenix. Improved to serve as a Class A location for office/flex owners and tenants, the land will be used for both build-to-suit and speculative construction. Voit’s Darren Tappen represented the seller, ATC Realty One LLC, in the transaction, and Jim Keeley at Colliers International represented the buyer, TOF DV Bixby Services LLC.
WASHINGTON, D.C. — Cassidy Turley arranged $172 million in senior and mezzanine bridge financing for the 385,765-square-foot trophy office building Republic Square I, located at 25 Massachusetts Ave. in Washington, D.C., on behalf of Republic Properties. The senior loan, originated by an undisclosed commercial bank, and the mezzanine loan, provided by a private equity fund, will serve to refinance the previous loan and to fund future leasing coasts. The building is currently 60 percent leased. If necessary, another 200,000 square feet can be added on an adjacent parcel, known as Republic Square II. David Webb, John Campanella and Jamie Butler of Cassidy Turley's Washington D.C. office structured the two-tiered debt transaction.
TOWSON, MD. — LaSalle Investment Management has sold a 5-story, 121,491-square-foot Class A office building, located at 100 West Rd. in Towson, for $18.75 million to TA Associate Realty. The LEED Gold Certified building is 87 percent leased and includes a fitness center and cafe. Bo Cashman and Jonathan Beard of CB Richard Ellis' Baltimore, Md., office represented both parties in the transaction.