BURBANK, CALIF. — Marcus & Millichap has brokered the $6.1 million sale of the Big Boss Creative office property located at 135 West Magnolia Blvd. in Burbank. Built in 1959 and renovated in 2004, the 23,485-square-foot building is 100 percent leased. Marcus & Millichap’s Mike Malick represented the buyer and seller, both limited liability companies, in the transaction.
FREDERICK, MD. — Natelli Communities will break ground Monday on a 115,000-square-foot headquarters property for Banner Life Insurance Co. The development, which will comprise two two-story buildings, will be located at 3275 Bennett Creek Ave. in the Urbana Corporate Center in Frederick. Delivery in expected during summer 2011.
MILWAUKEE — Salt Lake City-based SilverLeaf Financial has purchased a $17.4 million face value loan. The note is collateralized by Tannery Office Park, a 317,051-square-foot retail/office complex in Milwaukee. Constructed from 1890 to 1913, the property is comprised of six buildings on 10.34 acres. At the time of acquisition, the property was occupied by 20 tenants.
PHOENIX — Cassidy Turley BRE Commercial has completed the $4.23 million sale of the 83,000-square-foot Gilbert Business Center located at 963, 971 and 979 N. Gilbert Road in Phoenix. Gilbert Business Park Properties LLC, dba Affinitas Corp., purchased the Class A office complex with plans to occupy 21,000 square feet. Cassidy Turley’s Gregg Sherman represented the Omaha, Neb.-based buyer in the transaction, and the brokerage firm’s Eric Wichterman, Rick Danis and Mike Coover represented the seller, Heritage Bank N.A.
NORTHBROOK, ILL. — Meridian Design Build has completed a 12,500-square-foot corporate office headquarters renovation for Highland Baking Co. in Northbrook. The project included private offices, a sales area, updated restrooms, conference rooms and an employee lunch area. Additionally, the project included the installation of an ultra-high efficiency boiler, new high-efficiency rooftop units and an updated plumbing system. A+M Architects provided architectural services for the project.
GARDEN CITY, N.Y. — Metropolitan Realty Associates (MRA) has acquire a two-story, 335,000-square-foot Long Island office building in an off-market transaction for $15 million. The property is located on more than 17 acres at 711 Stewart Ave. in Garden City. It was 39 percent occupied at the time of closing by a tenant roster that includes Sanford Brown Institute, the New York State Department of Education, Nassau Radiology, a vocational school and several medical office tenants. MRA, which made the purchase with its equity partner, Angelo Gordon Co., plans to make significant capital improvements to the property. MRA completed the deal through a dual transaction with former owner AVR Realty and Guardian Life Insurance, which holds the property's mortgage. Richard Karson and Marty Lomazow of CB Richard Ellis negotiated the transaction.
SEWELL, N.J. — Jackson Cross Partners (JCP) has completed the sale of a 54,704-square-foot flex building located at 11 Enterprise Court in Sewell. The seller was Hollywood Tans Brand and the buyer was New Age Fastening Systems. JCP's Jim Young, Harry McKenna and Lou Battagliese negotiated the deal.
CHICAGO — Canada-based Sun Life Assurance Co. has acquired 29 North Wacker Drive in Chicago. The 10-story, 129,262-square-foot Class A office property sold for an undisclosed price. Designed and built in 1961 by A. Epstein & Sons, the property was renovated in 2000 by Skidmore Owings & Merrill. The building features 10,000 square feet of retail space, which is occupied by McDonald’s, The UPS Store and Taco Fresco. Current office tenants include Baker Miller, James Hardie Building and Fletcher & Sippel. NAI Hiffman assisted Sun Life in the acquisition, and NAI Hiffman has been retained to manage the building.
SUNNYVALE, CALIF. — In a joint venture with Harbert United States Real Estate Fund IV LP, Trumark Commercial has acquired a 130,000-square-foot office building located at 645 Almanor Ave. in the Perry Park area of Sunnyvale. Built in 1972, the two-story property has been vacant for several years; a $6 million to $7 million renovation of the property is scheduled to begin in 3 months with completion slated for year’s end. The all-cash transaction was brokered by Cornish & Carey Commercial’s Christine Sahadi-Slonek and Jeff Ramirez.
SOUTHFIELD, MICH. — Edison Oakland Public School Academy has acquired a 78,529-square-foot office space in Southfield. Schoolhouse Finance sold the property, which is located at 23777 Southfield Road, for an undisclosed price. The property will be used as a kindergarten through 12th grade charter school. Steve Eisenshtadt and Bob Moon of Friedman Real Estate Group represented the seller in the transaction.