FARMINGTON HILLS, MICH. — Canada-based TSA Acquisition Corp. has purchased Bond Office Building complex, which is located at 31600-31700 W. Thirteen Mile Road in Farmington Hills. The 44,790-square-foot complex was listed at $1.77 million, however the acquisition price was not released. At the time of closing, the property was 70 percent leased. Garrett Middlekauff and Mason L. Capitani of L. Mason Capitani represented the buyer in the transaction. The seller was not released.
CHICAGO — Summit Design + Build has completed a 4,000-square-foot build-out at 626 West Jackson Boulevard for Chicago-based Sterling Bay Companies. The office build-out project included private offices, open offices, conference rooms, an open meeting room, a break room and a reception area. Additionally, the new office features glass walls ceramic tile, modern light fixtures and open ceilings. Fitzgerald Earles Architects & Associates provided architectural services for the project.
RYE, N.Y. — A joint venture between Faros Properties and Gould & Co. has acquired a Westchester County office building from The Gateside Corporation for more than $30 million. The International Corporate Center at Rye is a 170,973-square-foot office property located at 555 Theodore Fremd Ave. in Rye. Features of the Class A property include a cafeteria, a fitness center, conference facilities and tenant storage. Tenants include Bank of Tokyo-Mitsubishi, Mitsubishi Imaging and Greenbriar Equity Group. The Holliday Fenoglio Fowler team of Andrew Scandalios, Jose Cruz, Jeffrey Julien and Kevin O' Hearn represented the seller.
HOUSTON — Shawn Lokhandwala has signed a lease for 5,000 square feet of office/warehouse space in Houston. The tenant plans to use the space, which is lcoated at 18128 Kieth Harrow, for an entertainment-related business. Gloria Parrino of Betz Commercial Brokerage represented the landlord, JAG Properties, in the transaction. Terms of the lease were not released.
NEW YORK CITY — A joint venture between Hacienda International Realty and Metroloft Management has plans to convert an office building located in Downtown Manhattan into a residential apartment building. The property is a 25-story, 377,000-square-foot tower located at 116 John St. The joint venture has already vacated 280,000 square feet of the building, which will comprise the first phase of the conversion. When the phase is complete in late 2012, the building will contain more than 400 units. The Eastern Consolidated team of Stuart Gross and Azita Aghravi helped arranged the joint venture transaction between the two owners.
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.
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.