Office

CONSTRUCTION PROGRESSES ON 122,000-SQUARE-FOOT OFFICE BUILDING

by admin February 26, 2009

NOBLESVILLE, IND. — Construction is progressing on the first building within Jackson Commercial Real Estate’s Hamilton Healthcare Campus in Noblesville. The 122,000-square-foot office building, which is underway at 146th Street and Cumberland Road, should be ready for occupancy by October. Community Health Network will be the anchor tenant at the three-story facility. The medical facility is expected to include primary care services, urgent care, imaging services, a laboratory, and a community conference center for tenant and neighborhood use. Additionally, the building will serve as Jackson Commercial Real Estate’s headquarters office. American StructurePoint is the architect; Edwards-Rigdon Construction Co. is the contractor for the project. The estimated cost of the project was not disclosed.

February 26, 2009

RML CAPITAL ARRANGES $5.5 MILLION LOAN FOR LAKEWOODS CORPORATE CENTER

by admin February 26, 2009

SCHAUMBURG, ILL. — RML Capital has arranged $5.5 million in first mortgage financing for Lakewoods Corporate Center, an 82,000-square-foot office building located at 650 Algonquin Rd. in Schaumburg. A local investor used the funds to purchase the four-story building for $6.5 million. The loan was based on a 5-year term, with a 25-year amortization schedule after the first year. Richard Lynn of RML Capital secured financing for the building from a local bank.

February 26, 2009

Midwest Office

OFFICE LEASE SIGNED, FINAL BUILDING PLANNED IN PINNACLE AT BISHOPS WOODS

by admin February 26, 2009

BROOKFIELD, WIS. — Travelers Indemnity Co. has signed a lease for 36,584 square feet of space within Pinnacle II, a Class A office building situated within the Pinnacle at Bishops Woods office park in Brookfield. The Pinnacle at Bishops Woods, which is located on a 28-acre site at Sunnyslope Road and Bishops Drive, houses 250,000 square feet in three buildings. Since the existing buildings are nearly 100 percent occupied, Big Bend Development is planning the final building at the property. Pinnacle IV is expected to measure approximately 50,000 square feet, and will front Interstate 94. Dan Wroblewski and Steve Pape in the Milwaukee office of Inland Cos. are marketing the fourth building. Construction of the new office is contingent on finding an anchor tenant.

February 26, 2009

Northeast Office

GPX ARRANGES 20,319-SQUARE-FOOT OFFICE LEASE

by admin February 26, 2009

NEWARK, DEL. — GPX Realty Partners has arranged a 20,319-square-foot office lease on behalf of BE&K at University Office Plaza, located at 258 Chapman Rd. in Newark. Terms of the lease were not disclosed. BE&K is an industrial engineering, construction and maintenance company. University Office Plaza consists of six, two-story office buildings totaling 183,629 square feet. The property has recently received property upgrades, including new interior and exterior finishes, new signage, roof repairs, new HVAC systems and a surface repaving.

February 26, 2009

Office Western

COLLIERS MONROE FRIEDLANDER BROKERS OFFICE PROPERTY SALE

by admin February 26, 2009

HONOLULU — Unite Here! Local 5 has purchased a freestanding office building, which is located at 1516 S. King St. in Honolulu. The 10,200-square-foot building is situated on 14,015 square feet of fee simple land. Shiseido sold the property for an undisclosed price. Financing was provided by First Hawaiian Bank. Ronald Ward of Colliers Monroe Friedlander represented the buyer in the transaction.

February 26, 2009

Office Southeast

VIRGINIA’S LYNNWOOD PLAZA SOLD FOR $7.8 MILLION

by admin February 25, 2009

HAMPTON ROADS, VA. — Jackson, Miss.-based Parkway Properties has sold the 82,000-square-foot Lynnwood Plaza, an office property in Hampton Roads, to an undisclosed buyer for $7.8 million. The plaza is currently 96.7 percent occupied. The sales price represented an 8.4 percent cap rate on 1 year of projected net operating income.

February 25, 2009

Midwest Office

KWAME BUILDING GROUP COMPLETES 23,000-SQUARE-FOOT HEADQUARTERS

by admin February 25, 2009

WENTZVILLE, MO. — St. Louis-based Kwame Building Group has completed the new corporate headquarters building for 1st Financial Credit Union in Wentzville. The 23,000-square-foot facility also serves as a retail branch location for the company. The two-story building includes an atrium lobby with a children’s corner, an employee break room/kitchen, a patio balcony, a training room for community seminars, five walk-up teller stations, four drive-through lanes and a drive-up ATM. The headquarters houses 1st Financial Credit Union’s executive staff, collections, accounting, marketing, business services, human resources and compliance departments. Kwame served as construction manager and owner representative; St. Louis-based United Construction was the general contractor and Tri Architects was the designer for the project.

February 25, 2009

Northeast Office

SAPIR LEASES 65,000 SQUARE FEET AT 100 CHURCH STREET

by admin February 25, 2009

NEW YORK CITY — New York City-based The Sapir Organization has leased 65,000 square feet of office space to Interactive Data Corp. (IDC) within Manhattan’s 100 Church Street building. IDC will initially occupy 51,000 square feet of the tower, followed by 14,000 additional square feet on the 11th floor during the next 5 years. It will relocate 212 employees within its Pricing & Reference Data division to the new office from its current midtown Manhattan offices. IDC plans to take occupancy in November. CB Richard Ellis’ Stephen Siegel, Howard Fiddle, Brad Gerla, Zachary Freeman and Gerry Miovski represented the landlord. Richard Berzine, Robert DeAngelis and Richard Fenn of Richard Berzine & Co. represented the tenant. The 100 Church Street building is a 21-story, 1.12 million-square-foot office tower that was built in 1958 and is currently undergoing a multi-million dollar capital improvements program. Tenants in addition to IDC include Niche Media, Regus HQ, New York City Law Department, New York City Mayor’s Office and CCA.

February 25, 2009

Office Western

COLLIERS INTERNATIONAL BROKERS TWO TRANSACTIONS TOTALING $6.6 MILLION

by admin February 25, 2009

ORANGE COUNTY, CALIF. — Colliers International has brokered two transaction totaling $6.6 million in Orange County. In the first transaction, The Peaches Trust acquired a 16,047-square-foot office building, which is located at 1901 Dove St. in Newport Beach, Calif. WB Commerce Plaza sold the property for $5.5 million. Stephen Schloemer of Colliers International represented the buyer; Bob Davis of Grubb & Ellis represented the seller in the transaction. In the second transaction, Ajit Randhava & Associates purchased a 5,334-square-foot office building, which is located at 2564 W. Woodland Ave. in Anaheim, Calif. Ho Family Trust sold the property for $1.1 million. Kathe Morgan of Lee & Associates represented the buyer; Brad Christian of Colliers International represented the seller in the transaction.

February 25, 2009

Office Southeast

FIRM RECEIVES $10 MILLION LOAN FOR FLORIDA OFFICE BUILDING

by admin February 24, 2009

TAMPA, FLA. — Capital Realty Grand Oak has received a $10 million first mortgage for a 67,917-square-foot office building leased to the Veterans Administration. The property is located at 8900 Grand Oak Circle in Tampa. Grosvenor Investment Management US provided financing for the 10-year loan, which comes with a 25-year amortization rate. Robert Hernandez of NorthMarq Capital’s Tampa office secured the loan.

February 24, 2009

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