CRANBERRY TOWNSHIP, PA. — Development Capital Investors has secured a $1.9 million loan from the Commonwealth Financing Authority to develop a 90,000-square-foot office building in Cranberry Township. The three-story facility will be constructed on a six-acre parcel of land owned by The Elmhurst Group. The site is located within 20 minutes of downtown Pittsburgh and will include 363 parking spaces. The project is expected to create at least 300 construction jobs.
HOUSTON — Houston-based Hartman Income REIT has leased 25,506 square feet of office space, located at 11811 N. Freeway in Houston, to First Financial Group of America. Michelle Wogan, Evelyn Ward and Dani Allison of Transwestern represented the landlord in the 10-year lease transaction.
BEVERLY HILLS, CALIF. — The City of Beverly Hills will soon commence construction on a $7.8-million expansion of its Public Works Warehouse and Shops. The project will be located at 9357 Third Street. The new facility will allow the city’s maintenance and communications departments to operate in case of an emergency or natural disaster. It should be completed in January 2013. C.W. Driver is working with RTK Architects on the pre-construction phase for the project. The new facility will ultimately contain a two-story plus basement, a 21,000-square-foot building, a tunnel under a roadway to an adjacent existing garage and a contiguous 15,000-square-foot yard.
WELLINGTON, FLA. — The 9,700-square-foot Plaza Two at Wellington Green, an office building located at 2515 State Rd. 7 in Wellington, has sold for $1.5 million. Dan Casey of Reichel Realty represented US Acquisition Property XVI, the seller, in the transaction. Saler Partners was the buyer.
NEW ORLEANS — Meridian Capital Group has secured $70 million in mortgage financing for the 1.3 million-square-foot Place St. Charles, a Class A office building located at 201 St. Charles Ave. in New Orleans. The 52-story building is 95 percent leased to tenants including JPMorgan Chase and Capital One. Tal Bar-Or of Meridian Capital Group arranged the 20-year loan with a 25-year amortization schedule through Cornerstone Real Estate Advisers.
DUBLIN, OHIO — The University of Dayton has signed a 15,118-square-foot office lease at 5747 Perimeter Dr. in Dublin. Jeff Carey of Cassidy Turley represented the tenant in the transaction. American National Insurance Co. is the landlord.
SAN ANTONIO — Stream Realty Partners has arranged the sale of the 138,265-square-foot Centre Plaza, a nine-story office building located at 45 NE Loop 410 in San Antonio's North Central submarket. Keith Fisher, Pat Blasdell and Carolyn Shaw of Stream Realty represented the seller, TIC Properties Management, in the transaction. The buyer, Live Oak Gottesman, will manage the property and Stream Realty will handle the facility's leasing. The property is currently 62 percent leased.
RIVERSIDE, CALIF. — Citrus Tower, a Class A office building located at 3390 University Ave. in Riverside, has opened. It broke ground in 2010. The building is owned by Mark Rubin of Regional Properties and was built by McCormick Construction Company. Citrus Tower’s listing broker is Richard J. Erickson of Lee & Associates-Riverside. The building’s first tenant is Best Best & Krieger LLP, which occupies 35,000 square feet on the fourth and fifth floors.
BRIDGEWATER, N.J. — Health care company Allergen Inc. has inked a 93,000-square-foot lease at Somerset Corporate Center II in Bridgewater. The 250,000-square-foot building is in close proximity to Newark International Airport and New York City. Additional tenants include Juniper Networks and Aon Consulting. Kurt Burdack, Carolyn Sica and Chip Wright of CBRE represented Allergen in the transaction. SPJ was represented in-house.
WESTBOROUGH, MASS. — Columbia Gas, an energy services company serving nearly 300,000 natural gas customers in Massachusetts, has signed a lease for 25,837-square-foot lease at 4 Technology Dr. in Westborough. The company will relocate from 300 Fridberg Pky. this July. John Carroll III, William Lynch, Timothy O'Brien and Wayne Spiegel of Colliers International represented the landlord, 4 & 8 Technology Drive, in the transaction. CBRE Group represented Columbia Gas.