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.
NEW YORK CITY — New York Liquidation Bureau (NYLB) has signed a new lease for 116,540 square feet of office space in the Financial District of Downtown Manhattan. The tenant will occupy floors 15 through 17 and part of the 18th floor of 110 William Street, a 32-story, 900,000-foot office building. Peter Hennessey and Scott Cahaly of Jones Lang LaSalle represented the tenant in lease negotiations. Todd Korren of Swig Equities represented the undisclosed landlord. The lease brings the building's occupancy to 98 percent.
HOUSTON — Whitney National Bank has sold a 15,560-square-foot office building to Adrian Hernandez & Associates for an undisclosed amount. The property is located at 9543 Bissonnet St. in Houston. John S. Wall and Will Moss of The Situs Companies represented the seller.
ATLANTA — GE Energy has signed a 106,000-square-foot lease with Eola Capital for space in the nine-story Parkwood Point office building. The property is located at 2018 Powers Ferry Road in Atlanta and is now 89 percent occupied. GE will move its Digital Energy division into the space in July and will eventually employ more than 400 workers at the location. CB Richard Ellis' John Shlesinger and Brent Woodruff represented GE. Bob Stoner represented Eola Capital internally.
NEW YORK CITY — Meridian Capital Group has secured a $31 million loan for the refinancing of a portfolio for retail and office properties that are located in the New York City boroughs of Manhattan and Queens. Cary Pollack of Meridian originated the loan, which carries a 6 percent fixed interest rate, a 5-year term and a 30-year amortization schedule. The borrower was Pi Capital Partners and the lender was a local savings bank.
