ARLINGTON — SkyWalker Property Partners is investing $250,000 into Phase I of the renovation of Cordovan Park, a two-building office property at 5850 W. Interstate 20 in Arlington. Cordovan Park spans 78,550 square feet and is managed by Cheryl Zellers of SCM Real Estate, an affiliate of SkyWalker Property Partners. The space is currently 70 percent leased to tenants like Arrow Child & Family Ministries.
COLUMBIA, S.C. — SC Student Loan Corp. has purchased a 40,122-square-foot office building, located at 8906 Two Notch Rd. in Columbia, from Markstein — Two Notch Rd. for $3 million. Martin Moore, Aaron Dupree and Marie Dieckmann of Columbia-based CB Richard Ellis — Columbia represented the seller in the transaction, and Billy Way of Columbia-based Grubb & Ellis Wilson Kibler represented the buyer.
INDIANAPOLIS — State Farm Insurance has signed a lease for 88,408 square feet of space at a 146,801-square-foot office building, located at 9200 Keystone Crossing in Indianapolis. Aasif Bade of Ambrose Property Group represented the tenant in the lease negotiations, and John Robinson and Abby Cooper of Jones Lang LaSalle's Indianapolis office represented the landlord, BPG Properties.
PARSIPPANY, N.J. — Institutional investors advised by J.P. Morgan Asset Management have purchased Morris Corporate Center III, a 526,641-square-foot office property at 400 Interpace Pkwy. in Parsippany, for approximately $110 million. Morris Corporate Center features a full-service cafe, a fitness center, covered parking, fountains and walking trails. The center was 85 percent leased at the time of the sale to tenants such as Ogilvy Commonhealth and Watson Pharmaceutical. CB Richard Ellis' Jeffrey Dunne, Kevin Welsh, Brian Schulz and Sam Buckley represented the seller, TIAA-CREF, and procured the buyer.
SAN JOSE, CALIF. — Nimble Storage has relocated and expanded to a 34,395-square-foot office in San Jose that it is subleasing from StarCite. The Class A space resides within the Valley Technology Centre office park. Nimble Storage’s current operation is across the street from its future home. It occupies 13,500 square feet at 2645 Zanker Road. The company believes its move will be complete by October 2011. Nimble Storage was represented by Dave Tipton and Steve Lico of CresaPartners in Palo Alto. StarCite was represented by Colliers Parish in this transaction. Valley Technology Centre’s landlord is Equity Office Properties.
ARLINGTON, VA. — Cassidy Turley has brokered the $145 million sale of a 303,262-square-foot Class A office building, located at 1616 N. Fort Myer Dr. in Arlington. The GSA anchors the building, which is fully leased. Bill Collins, Paul Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Turley's Washington, D.C., office represented Beacon Capital Partners, the seller, in the transaction. TIAA-CREF was the buyer.
SANTA ANA, CALIF. — U.S. Lines, LLC has signed a lease expansion and extension for its current headquarters in Santa Ana. The shipping company will now lease the entire second floor, totaling 18,345 square feet, at 3601 Harbor Blvd. This is a 5,006-square-foot expansion for the company. The lease is estimated to be valued at $1.2 million. U.S. Lines was represented by Bruce Schuman, a senior vice president in Studley’s Orange County office. The landlord, Arden Realty, was represented by John Gallivan of Cushman & Wakefield.
GARLAND — Grubb & Ellis' Dallas Agency Leasing team has been selected to handle the leasing of 3200 Broadway Ave., a 102,800-square-foot Class A office building in Garland. The five-story building currently has 31,590 square feet of space available. Grubb & Ellis' Chris Wright and Matthew Goyne will handle the leasing.
ORANGE, CALIF. — Access Insurance Company has leased about 31,000 square feet of space at Orange City Square in the City of Orange. The property, located at 770 The City Drive, consists of three mid-rise buildings totaling more than 386,000 square feet. Access Insurance was represented by David Giglio of Grubb & Ellis. The property’s landlord, CBRE Investors, was represented by CBRE’s Rick Warner. The property is managed by CBRE’s Asset Services group.
ROCKVILLE, MD. — Foulger-Pratt Cos. has broken ground on the 190,907-square-foot Rockville Metro Plaza II, located adjacent to Rockville Metro Plaza I at 378 Maryland 355 in Rockville, for the new headquarters of Choice Hotels. Upon completion more than 400 employees will move to the property. The building will feature 13,670 square feet of first-floor retail space and will be built to LEED Platinum standards.
