TROY, MICH. — L. Mason Capitani has brokered the sale of Koltanbar Engineering’s 39,058-square-foot headquarters building located in Troy. Locally based JLC Maple LLC has purchased the facility, and has plans to reconfigure the property for multi-tenant use. The asking price for the building was $1.4 million. Gary Grochowski and Mason Capitani of L. Mason Capitani represented the buyer; Grochowski and Garry Rogers, also of L. Mason Capitani, represented the seller in the transaction.
CASTAIC, CALIF. — Castaic Universal Investors LLC has completed the development of Castaic Lake Plaza, a two-building complex located at 31905 and 31929 Castaic Rd. in Castaic. The project consists of a 15,000-square-foot Class A medical/professional office building and a 7,500-square-foot retail building, which is divisible to 750 square feet. Initial tenant occupancy for both buildings is slated for summer. The Equipoise Group and PacifiCal Development developed the project. Calabasas, Calif.-based Leslie Lippich Architect & Associates provided architectural services; Burbank, Calif.-based McCormick Construction served as general contractor for the project.
LAS VEGAS — Clark County’s political subdivision has signed a 10-year lease for 103,308 square feet of office space at Greystone Office Park in Las Vegas. The property is located at 1850 and 1900 E. Flamingo. The lease is valued at $27.1 million with an average monthly rental rate of $2.18 per square foot. Coldwell Banker Commercial represented the lessee. The lessor was not disclosed.
WILMINGTON, DEL. — Construction is under way for the Star Building, a 163,800-square-foot office building located at 123 Justison St. in Wilmington. Upon completion in early 2010, the building will rise seven stories and include 25,000-square-foot floor plates. It will contain on-site and structured parking. The building is also located near the Wilmington riverfront, which is currently undergoing a revitalization. William Netta Architects is designing the project, with Newport, Del.-based Pettinaro Management providing leasing services.
IRVING, TEXAS — Santa Ana, Calif.-based Grubb & Ellis Realty Investors has disposed of Royal Ridge Tech, an approximately 44,000-square-foot office property located in Irving. The single-story structure is situated on approximately 3.6 acres of land at 8333 Royal Ridge Parkway. Grubb & Ellis, which sold the property on behalf of tenant-in-commone investors, was represented by Kacy Jones, Byron McCoy and Sean Dalton of Holt Lunsford Commercial. The buyer, Texas-based TXVT Development, was represented by Nora Hogan and Robert Deptula of Houston-based Transwestern. The sale was part of a two-property 1031 exchange that also included Beltline, a nearby office property that totals approximately 40,000 square feet.
MONTEREY PARK, CALIF. — Korda Group has acquired a single-story, 55,564-square-foot office building, which is located at 1-25 Cupania Circle in Monterey Park. Fowler Property Acquisitions sold the property, which was built in 1971, for $8.05 million. The buyer will assume a 70 percent existing LTV. Ron Jacobson and Bob Safai of Madison Partners represented the seller in the transaction.
MIDVALE, UTAH — R&O Construction Co. is currently building a new Salt Lake County Public Works Administration building, which will be located at 617 West 6960 S. in Midvale. The 22,805-square-foot building is seeking LEED Gold certification. Green elements of the building include concrete walls, recycled concrete countertops, the use of reclaimed trestle wood, bamboo floors and ceilings, and energy efficient solar panels. Completion is slated for December 2009.
MILWAUKEE — Wisconsin Arts Lab LLC has purchased a 14,400-square-foot building located at 1422 North 4th St. in Milwaukee. The company has donated the lease of the entire building to RedLine Milwaukee, an urban arts incubator serving the community through education, community service and the hosting of cultural events. RedLine will use the building, which includes 7,200 square feet of ground-level space, to offer affordable studio space for local artists. Participants are required to maintain their studio while participating in community service projects. Additionally, the building will house an exhibition hall, a library, a community room and a professional print shop. After refurbishing the property, RedLine has plans to open the facility in July. Thomas Pogodzinski and Jeno Cataldo of NAI MLG Commercial represented Wisconsin Arts Lab LLC in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — Boston Properties has announced plans to suspend construction for its new office development located at 250 W. 55th St. in New York City. The real estate investment trust stated in a press release that the decision stemmed from a lease agreement with a major law firm that fell through. The law firm had reached an agreement with the REIT last year, but recently informed Boston Properties that it could not proceed on those terms. Boston Properties states that the loss of this major tenant “render[ed] the project economically infeasible in today’s environment.” Current plans for the project include the construction of a 1 million square feet office building, which was originally slated for completion in 2011. Construction of the foundation is already under way, and Boston Properties plans to restart construction at a later date. As a result of this decision, the REIT expects to reduce its capital commitments through 2011 by approximately $450 million.
PORT CHESTER, N.Y. — CB Richard Ellis (CBRE) has completed the sale of the Ernest Simons building, located at 181 Westchester Ave. in Port Chester, for $13.9 million. The 170,000-square-foot building was originally constructed in the late 1800s to house the Ernest Simons Manufacturing Co., but has recently been converted by the seller into a multi-tenant, loft-style office building. It features tenants spaces ranging from 300 to 13,000 square feet, as well as a retail component. Al Mirin and Silvia Pogosyan of CBRE’s Westchester, N.Y./Fairfield County, Conn., office and Michael Monahan of the firm’s Midtown Manhattan, New York City, office represented the seller, Ernest Simons Inc. The buyer was not disclosed.