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.
MIDDLETON, MASS. — The Davis Companies has purchased Ferncroft Corporate Center from its lender for $15.3 million. The property consists of an eight-story, 226,338-square-foot office building located on 13 acres in Middleton. It was built in 1990 as the headquarters for Verizon's information services division. At the time of the sale, it was 68 percent occupied. The Cushman & Wakefield team of Robert Griffin, Jr., David Pergola and Brian Doherty represented the seller and procured the buyer.
DALLAS AND RICHMOND — Texas Retina Associates has leased a 2,850-square-foot medical office suite within McShane Development's 92,000-square-foot 10740 Medical Office Building in Dallas. It's the 14th office throughout Texas for Texas Retina Associates, which is the state's largest ophthalmology practice focused on specifically on the diagnosis, treatment and surgery of the retina and vitreous. In addition, McShane Development has launched a fully equipped 1,400-square-foot timeshare suite with the company's OakBend Doctors Center — Southwest Freeway medical office building, located on the new hospital campus of the OakBend Medical Center in Richmond. The timeshare suite allows physicians the flexibility of providing patient care in areas where the doctor does not need to maintain a full-time presence. Physician and practice groups have the option of leasing the suite in full-day increments, which accommodates varying patients demand levels. The suite offers a waiting area, treatment rooms, physician offices, a kitchen/break room and a secure area for the storage of patient records and personal items.
SAN DIEGO — Cassidy Turley BRE Commercial has represented Paychex International in its 89-month, $4.6 million lease of office space located at 10150 Meanley Drive within Scripps Ranch Technology Park in northeastern San Diego. The tenant will relocate from its Kearny Mesa office to the 30,425-square-foot Suite 200 in November. Cassidy Turley BRE Commercial’s Dave Odmark and Todd Smith of The Acclaim Group represented both Paychex and the owner, PV Meanley LLC, in the transaction.
EDISON, N.J. — i/o Data Centers has opened a new 830,000-square-foot data center in Edison. i/o New Jersey is located at Exit 10 of the New Jersey Turnpike in the former New York Times printing facility. Peter Yannotta and James Cali represented i/o in lease negotiations. Rob Kossat of Jones Lang LaSalle represented the building owner, KTR Capital Partners. i/o currently has two other data centers in Phoenix and Scottsdale, Ariz.
PHOENIX — Marcus & Millichap has facilitated the $1.1 million sale of the 27,562-square-foot Bella Vista Center, an office property located at 5818 N. 7th Street in Phoenix. The buyer will renovate and occupy the building with plans to operate it as a charter school starting the 2011-2012 school year. Marcus & Millichap’s Greg Guglielmino represented the seller, a limited-liability company, in the transaction.
NEWPORT NEWS, VA. — Virginia Company Bank purchased 13,500 square feet of space at The Point at City Center in Newport News with the intention of moving its company headquarters and Newport News banking office. The deal includes the corner land parcel and first floor of commercial space on Merchant's Walk. Virginia Company Bank plans to move its corporate offices by late summer and its banking office by March 2012. The deal was brokered by Mike Mausteller and Alex Stern of Norfolk, Va.-based Harvey Lindsay Commercial Real Estate.
DALLAS — CAPSTAR Real Estate Advisors, a privately held real estate operating company, along with an institutional partner, has sold Bluffview Towers, a two-building, 196,356-square-foot Class A office complex in Dallas. Commercial Developments International (CDI) purchased the towers, located at 3860 and 3890 Northwest Hwy. The property's East Tower encompasses 126,132 square feet over seven stories and the West Tower totals 70,224 square feet throughout four stories. Renovated in 2009, the property is 96 percent leased to tenants including GSA, Inland American, Sewell, HEB Grocery and Atrium Cos. Holliday Fenoglio Fowler (HFF) marketed the property on behalf of CAPSTAR.