HOUSTON — In a deal first announced on RE Business Online on November 15, 2010, Atlanta-based Goddard Investment Group has finalized the sale of Heritage Plaza, a landmark office complex in downtown Houston, to New York-based Brookfield Properties Corp. for $325 million. Heritage Plaza, located at 1111 Bagby St., comprises an office tower, which is approximately 84 percent leased, constructed in 1986 and the Federal Land Bank building built in 1935. Tenants of the office tower include Deloitte, EOG Resources and Tudor Pickering Holt & Co. It is Houston's second highest price ever paid for an office building, behind only the Bank of America Center sale for $367 million in August 2007.
PHOENIX — Buchanan Street Partners has sold the 176,800-square-foot Catalina Terraces, a Class A office building located in Phoenix, to Santa Fe, N.M.-based Rosemont Realty for $20.75 million. Jim Fijan’s CB Richard Ellis brokerage team executed the sale of the three-story, multi-tenant property to the national commercial property acquisition and asset management company.
JACKSONVILLE, FLA. — Locally based David E. Gonzales Corp. has acquired Baywood Center, an office complex located at 9424-9428-9432 Baymeadows Road in Jacksonville's Butler-Baymeadows suburban office market, for $6.8 million. Developed in 1985, the property consists of one six-story building and two two-story buildings offering a total of 162,864 square feet of office space. The complex is anchored by CH2M Hill and Golder & Associates. Karl Johnson of Cushman & Wakefield represented the seller, Boston-based KBS Realty Advisors, in the transaction.
WARRENDALE, PA. — Keystone Property Group has announced plans to construct two new office buildings within its Keystone Summit Corporate Park in Warrendale. The Class A buildings could total up to 150,000 square feet and will target users seeking 20,000 contiguous square feet and above. A construction timetable was not released. Keystone Summit currently contains five buildings totaling 573,744 square feet. Occupancy is currently 100 percent.
NEW YORK CITY — SL Green Realty Corp. has reached an agreement to take full control of the leasehold and fee interests in three Midtown Manhattan properties. The company acquired the interests from Gramercy Capital Corp. for a combined $390.8 million, which includes the assumption of $265.6 million in debt. SL Green acquired a 45 percent joint venture interest in the leasehold and fee interests in 885 Third Avenue, also known as the Lipstick Building, as well as 2 Herald Square. The company acquired its interest in the first property for $39.3 million and assumed $120.4 million in debt. SL Green acquired its interest in the second property for $25.6 million and assumed $86.1 million in debt. The deal brings its leasehold stake in both buildings to 100 percent. Finally, SL Green purchased the entire leased fee interest in 292 Madison Avenue for $19.2 million. The company also assumed $59.1 million in debt.
SCOTTSDALE, ARIZ. — CB Richard Ellis (CBRE) has negotiated the $10 million sale of a vacant 136,556-square-foot Class A office building located at 17600 N. Perimeter Drive in Scottsdale. Constructed in 1999 on nearly 11 acres, the former corporate headquarters of First National Bank of Arizona has been vacant since July 2008. Situated within the Perimeter Center development, the property includes a 7,700-square-foot raised-floor data center and a 5,800-square-foot cafeteria. CBRE’s Bob Young, Glenn Smigiel, Steve Brabant, Rick Abraham and Jerry Noble represented the seller, a court-appointed receiver, in the transaction, and the brokerage firm’s Jim Fijan and Kevin Calihan represented the Phoenix-based buyer, WDP Properties. The previous owner was FNBHQ LLC.
COLORADO SPRINGS, COLO. — Ford Motor Credit Co. has renewed its lease for 86,900 square feet of office space, located at 9930 Federal Drive in Colorado Springs, with landlord Wells Real Estate Funds. Grubb & Ellis | Quantum Commercial Group’s Michael Palmer was the listing agent in the transaction, and CB Richard Ellis’ Marty Johnson was the cooperating broker.
LISLE, ILL. — Navistar has acquired the former Alcatel-Lucent East Campus facility, which is located at Warrenville and Naperville roads in Lisle. The 87-acre, 1.2 million-square-foot facility sold for an undisclosed price. John Musgierd of Jones Lang LaSalle represented the buyer; Christopher Wood, Art Waldrop, David Stefancic, Scott Goldman, William Tom and Rick Nash of UGL Services represented the seller, Alcatel-Lucent, in the transaction.
WAKEFIELD, MASS. — NAI Hunneman has brokered a $2 million sale-leaseback transaction in Wakefield. Accounting and consulting firm Costantino Richards Rizzo LLP acquired a 12,350-square-foot office building located at 545 Salem St. from Stebbins Duffy and subsequently leased the property back to the seller. NAI's Michael McCarthy and David Gilkie represented the buyer, and Bill Clark of The Clark Company represented the seller.
SAN ANTONIO — Colonnade Centre, a multi-tenant Class A office building in San Antonio has earned a LEED-EB Gold certification from the U.S. Green Building Council. The office property is managed by USAA Real Estate Co. and includes tenants such as MasterCard International and First Fidelity.