SAN BERNARDINO, CALIF. – Cushman & Wakefield has closed the $6.5 million REO sale of the 119,028-square-foot Hospitality Executive Center, a two-building office property located at 225 and 325 West Hospitality Lane in San Bernardino, to Sunny Hills Palladium. The campus-style property is currently 47 percent occupied by tenants such as Kaiser Permanente, JP Morgan Chase and California Baptist University. Cushman & Wakefield’s Michael Roberts, along with the firm’s Jeff Cole, Ryan Russell, Sean Kern, Ron Heim, Steve Rowland and Ed Hernandez, represented the lending-institution seller; the buyer represented itself.
ST. PAUL, MINN. — St. Louis Park, Minn.-based RJM Construction is currently renovating a 190,000-square-foot space at the Metro Square Building, the former Emporium department store in St. Paul. Now owned by Ramsey County, Minn., the space is being renovated for county office use. The project is scheduled for completion in November. BWBR Architects and Dunham Associates engineers are providing services for the project.
TINLEY PARK AND VERNON HILLS, ILL. — Oak Brook, Ill.-based Krusinski Construction Co. has completed two medical office building properties in Illinois. In Tinley Park, Krusinski completed a 37,800-square-foot medical office building expansion for Pronger Smith MedicalCare in Tinley Park. The addition includes a MRI, a CT, physical therapy and treatment rooms, pediatric exam rooms, a sleep lab and an OB suite. The second phase of the project, which is scheduled for completion February, will feature the renovation of the existing reception/registration waiting area, construction of a new pathology lab, a blood draw area, a EKG room, a new executive suite and a new opthamology area. Project partners include Irgens Health Care Facilities Group and Brubaker Architects. In Vernon Hills, Krusinski completed the construction of a 30,000-square-foot facility, located at 701 Woodlands Parkway, for Children's Physician Group. The new facility features 30 exam rooms, approximately 20 dedicated offices, support space, conference rooms, four specialty procedure rooms and a nurse's station. Irgens Development Partners served as the tenant representative and construction manager, Brubaker Architects served as project architect and Krusinski served as design/build contractor.
HOUSTON — Ten West Corporate Center II, a 250,260-square-foot Class A office building in Houston's Energy Corridor, has sold. Located at 17404 Katy Freeway within the Park Ten Office Park, the office property was completed in 2006 and is fully leased to Mustang Engineering, a wholly owned subsidiary of the John Wood Group, LC. Minneapolis-based Founders Properties, represented by Rusty Tamlyn, Dan Miller and Trent Agnew of Holliday Fenoglio Fowler's (HFF) Houston office, sold the property to ING Clarion Partners. ING purchased the property on behalf of a commingled fund advised by the firm. Mustang Engineering and its affiliates occupy more than 1 million square feet of space in Park Ten Office Park.
IRVINE, CALIF. — Lee & Associates has completed GE Capital’s $6.3 million foreclosure sale of the 35,000-square-foot Teslaco Building, an office building located at 35 Tesla in Irvine, to Owen Commercial. Lee & Associates Irvine’s Brian Garbutt and Andrew Robben represented both parties in the off-market transaction.
KING OF PRUSSIA, PA. — BPG Properties has sold two office properties located in King of Prussia to an undisclosed buyer. Executive Terrace is a 132,089-square-foot, mid-rise office campus that was 91 percent leased at the time of its sale. King of Prussia Business Center consists of 14 one- and two-story buildings totaling 175,990 square feet. It was 72.6 percent leased at the time of closing. Eric Mattson of Newtown Square, Pa.-based Professional Realty Advisors brokered the deal.
BRENTWOOD, TENN. — Alder Real Estate Fund has acquired the Parklane Building, a four-story, office building located at 5200 Maryland Way in Brentwood. The 110,000-square-foot property is occupied by LabCorp, American Home Patient, Sprint, Time Warner and CSX Transportation. Panattoni Development Co. sold the property for an undisclosed price. Matthew Adler of Adler Group represented the buyer; Perry Gooch and Crews Johnson III of Cassidy Turley represented the seller in the transaction.
MONTGOMERY, ALA. — CB Richard Ellis has arranged $8.1 million in financing for Sterling Centre in Montgomery. Built in 1988 and situated on 4.9 acres in the East Montgomery submarket, the property offers 101,014 square feet of Class A office space. The building is 100 percent occupied by tenants, including USDA, Synovus and NY Life. Kevin Troy of CBRE Debt & Equity.
SCOTTSDALE, ARIZ. — Colliers International–Greater Phoenix has completed the $2.4 million sale of the 32,327-square-foot Hacienda Plaza, an office and showroom property located within the Scottsdale Airpark at 15613 North Greenway-Hayden Loop in Scottsdale. Hacienda Lighting occupies approximately 60 percent of the building. Colliers International’s Greg Hopley represented the sellers, Larry Coffee and Connie Coffee of Nebraska, in the transaction, and the brokerage firm’s Jim Keeley and Mike Milic represented the buyer, Denali National Trust.
CHARLESTON, S.C. — NAI Avant represented the undisclosed seller disposition of the second and third floors of 270 King Street in downtown Charleston. The property was formerly The Masonic Lodge and Shahid's Department Store. Thomas Boulware of NAI Avant brokered the transaction, which was valued at $1.6 million.