Office

MCSHANE BREAKS GROUND ON MILITARY EDUCATION FACILITY

by admin May 19, 2009

HUNTSVILLE, ALA. — McShane Construction Co. has broken ground on a 62,500-square-foot office building, located on 10 acres at 7115 Old Madison Pike in Huntsville. The two-story property will be built to LEED standards. The developer, Triad Properties Corp., has leased the development to Defense Acquisition University, a continuing education school for military and civilian personnel. The U.S. General Services Administration represented the tenant in the transaction. When complete in January, the property will contain 13 classrooms, administrative offices and a fitness center.

May 19, 2009

COMPANIES LAUNCH 80-ACRE BUSINESS PARK DEVELOPMENT

by admin May 19, 2009

SPRINGBORO, OHIO — Henkle Schueler & Associates and Industrial Property Brokers have partnered to develop an 80-acre business park in Springboro. The office/industrial development has .5-mile of frontage along Interstate 75 just south of a new interchange at Austin Road. At full build-out, the park can accommodate a collection of build-to-suit and multi-tenant facilities totaling $42 million in investment. The ownership group of the new park, which assembled two parcels of land and closed on their acquisition in late April, comprises 18 individual investors in a syndicated group organized by Henkle Schueler.

May 19, 2009

Northeast Office

MACK-CALI LEASES 93,376 SQUARE FEET OF OFFICE SPACE TO VIRGIN MOBILE

by admin May 19, 2009

WARREN, N.J. — Edison, N.J.-based Mack-Cali Realty Corp. has leased 93,376 square feet of office space within Somerset Hills Corporate Center, to Virgin Mobile USA. The wireless equipment and services provider will occupy the space, which is located at 10 Independence Blvd., for a 5-year term ending in 2016. The company currently occupies subleased space within the building, which contains 120,528 square feet of Class A office space. Occupancy is 100 percent.

May 19, 2009

Office Texas

CBRE ARRANGES TWO LEASE RENEWALS FOR CHEMICAL MAKER

by admin May 19, 2009

HOUSTON AND SUGAR LAND, TEXAS — CB Richard Ellis (CBRE) has arranged two lease renewals on behalf of Hexion Specialty Chemicals. The company renewed its lease for 17,884 square feet of office space at Continental Center I, which is located at 1600 Smith St. in Houston’s central business district. Additionally, Hexion renewed its lease for 44,882 square feet of office and laboratory space at Corporate Business Center, which is located at 12650 Director’s Dr. in Sugar Land. CBRE’s John Simons and Michael Palmer represented Hexion in both transactions.

May 19, 2009

Office Western

2300 EMPIRE CENTER OFFICE PROJECT COMPLETE

by admin May 19, 2009

BURBANK, CALIF. — Chicago-based Higgins Development Partners has completed the development of 2300 Empire Center, a 363,000-square-foot office building located at 2300 Empire Ave. in Burbank. The seven-story building features 52,000-square-foot floorplates, an adjacent 1,260-stall parking structure and additional surface parking. The project, which received LEED Silver pre-certification in July 2008, is currently under final review for LEED CS Gold certification. Ware Malcomb provided architectural and interior design services for the project.

May 19, 2009

Midwest Office

GRANDBRIDGE ORIGINATES KC AREA OFFICE LOAN

by admin May 18, 2009

LEAWOOD, KAN. — Charlotte, N.C.-based Grandbridge Real Estate Capital has originated and closed a lease for an office building in Leawood. Thomas Turner of Grandbridge’s Kansas City office originated a $4.8 million first-mortgage loan secured by the Cline Wood Office Building. The borrower obtained financing for the 28,000-square-foot building in order to complete construction and purchase the property upon completion of the development. The transaction, which was funding by American United Life Insurance Co., is based on a 15-year term and closed with an interest rate below 7 percent. Upon delivery of the building, the Cline Wood Agency Inc. will master-lease 100 percent of the building.

May 18, 2009

Northeast Office

R. CALABRESE COMPLETES OFFICE SALE FOR FUTURE MEDICAL PRACTICE

by admin May 18, 2009

SOUTHINGTON, CONN. — R. Calabrese Agency (RCA) has completed the sale of a 10,400-square-foot office building, located at 1850 West St. in Southington. Initial plans are for the building to be occupied by Dr. Nicole Porzio-Hawley and her husband Dr. Andrew Hawley, who are opening a new chiropractic and sports medicine practice this summer named Porzio & Hawley Chiropractic. Ralph Calabrese of RCA represented the buyer, Dr. Robert Porzio. The seller, EZ Enterprises, was represented by Frank Mirmina of Lil-1 Associates. The acquisition price was not disclosed.

May 18, 2009

Northeast Office

NAI BLUESTONE ARRANGES $4 MILLION LOAN FOR OFFICE PROJECT

by admin May 18, 2009

PHILADELPHIA — Philadelphia-based NAI Bluestone Real Estate Capital has arranged $4 million in construction-to-permanent financing for a portion of Logan Plaza, an office park located in Philadelphia’s Logan/Olney neighborhood. The borrower, OYR Realty Group, plans to use the funds to complete capital improvements at one of the office park’s buildings. The building is vacant, but a lease was recently signed with the Department of Public Welfare for approximately 66 percent of the space. The loan will start with a floating interest rate, but convert to a fixed loan with a 70 percent loan-to-value ratio upon completion. The lender is Beneficial Savings Bank. Logan Plaza is a six-building, 340,000-square-foot office campus. OYR Realty Group is a joint venture between Visionary Cos. and Thylan Associates.

May 18, 2009

Office Western

TWO OFFICE BUILDINGS SELL FOR $15 MILLION

by admin May 18, 2009

LAS VEGAS — CVK LLC has acquired two office buildings at Pebble Place Business Center in Las Vegas for $15 million. Located at 2140 and 2190 Pebble Rd., the buildings both offer 25,939 square feet of space. Pam Krug of Seavest Realty represented the buyer; Suzette LaGrange of Colliers International — Las Vegas represented the sellers, Pebble Place I LLC and Pebble Place II LLC, in the transaction.

May 18, 2009

Northeast Office

CONSTRUCTION NEARS COMPLETION FOR NEW HEADQUARTERS BUILDING

by admin May 15, 2009

TOWAMENCIN, PA. — Construction is nearing completion on SKF’s new U.S. world headquarters building located at Forty Foot Road and Tomlinson Road in Towamencin. Designed by Thomas E. Hall & Associates (TEH) and developed and constructed by Philadelphia Suburban Development Corp., the three-story, 84,000-square-foot building will feature patterned-brick, glass, and cantilevered columnless glass corners. TEH also renovated the core and shell of an existing 35,000-square-foot attached warehouse building, which will retain its existing pre-cast concrete wall panels and will feature new windows and brick facing to match the new building. The project, located within the Towamencin Business Center, is expected to be complete this month.

May 15, 2009

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