MIAMI — Guggenheim Real Estate and Stiles Corp. have received a $47.5 million loan for their 420,080-square-foot SunTrust International Center office building. Located at the intersection of Flagler Street and S.E. Third Avenue in Miami, the property is 88 percent leased to Bank of America, SunTrust Bank, Walgreens and other tenants. Financing for the 5-year, fixed-rate loan was provided by a life insurance company. Todd Sugimoto of Holliday Fenoglio Fowler’s Los Angeles office and Fred Welker of the firm’s Miami office secured the loan.
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MERRITT ISLAND, FLA. — Marcus & Millichap has represented two undisclosed parties in the sale of the 21,600-square-foot Merritt Island Medical Office for $3.03 million. The property, which is NNN leased, is located at 595 N. Courtenay Parkway in Merritt Island. Kevin Yaryan, Patrick Skinner and Michael Donaldson of the firm’s Orando, Fla., office brokered the transaction.
CINCINNATI — Cincinnati-based Grubb & Ellis|West Shell Commercial has been selected by Duke Realty Corp. to assume property management and leasing responsibilities for four office buildings and two retail centers in Ohio. The properties, totaling 872,000 square feet, include three downtown Cincinnati office buildings located at 312 Elm, 311 Elm and 312 Plum; Triangle Office Park located in Sharonville, Ohio; and two anchored retail centers located on Mason-Montgomery Road in Deerfield, Ohio. The retail properties are anchored by a Lowe’s Home Improvement Warehouse and a Bigg’s Supercenter. As part of the arrangement, which went into effect February 1st, Duke will continue to own the properties and provide tenants with customer support service. Leasing, maintenance and on-site support will be provided by Grubb & Ellis|West Shell Commercial.
VALLEY STREAM, N.Y. — New York City-based Philips International has begun a multi-million dollar capital improvements program at 99 W. Hawthorne Ave. in Valley Stream. Construction to the seven-story, 45,330-square-foot property will include a conversion of the building’s space into 99 for-sale office condominiums, which will range in size from 1,000 square feet to 7,486-square-foot, full-floor spaces. The lobby and common area will also see renovations. Kelly Koukou and Mark Greenspan of CB Richard Ellis will handle marketing for the new office condos. A construction timetable was not released.
BREA, CALIF. — Gary Griggs and Brett Cervantes of Marcus & Millichap have completed the disposition and acquisition of North Hills Professional Plaza, an 11,800-square-foot office complex. Located at 255 W. Central Ave. in Brea, the property sold for $2.6 million. Built in 1997, the two-story property was 100 percent occupied at the time of acquisition to eight medical and professional tenants. The seller and buyer were not disclosed.
NAPERVILLE, ILL. — Calamos Real Estate LLC has secured a 33,778-square-foot office lease within its CityGate Centre development, which is located at the intersection of Interstate 88 and Route 59 in Naperville. PMA Financial Network has leased the office space in order to house its corporate headquarters. The approximately 212,000-square-foot LEED-Silver certified building is now 50 percent occupied. Additional tenants within the building include Citi Smith Barney and Amata Office Suites. The CitiGate Centre project, which is currently underway, is slated to include approximately 1 million square feet of high-end corporate office space, as well as 150,000 square feet of specialty retail and restaurants. The 144-room Hotel Arista is also located at the mixed-use development. Dru Shoemaker, Brian Whiting and Jack McKinney of J.F. McKinney & Associates represented the developer, Calamos Real Estate LLC, in lease negotiations. Keith Cade of Newmark Knight Frank represented PMA Financial Network in the transaction. Terms of the lease were not disclosed.
LINCOLNSHIRE, ILL. — Zebra Technologies has signed a lease for 44,400 square feet of space within a Class A office building located at 475 Half Day Rd. in Lincolnshire. The 142,000-square-foot building is situated within the 70-acre Millbrook Business Center in Buffalo Grove/Lincolnshire. The office will serve as Zebra Technologies’ corporate headquarters, which will house the company’s senior executives and corporate functions. The company’s North American sales, marketing and operations groups, Cless Technology Center, and distribution functions will remain in Vernon Hills, Ill. Dan Fernitz and John Clark of Jones Lang LaSalle represented the building ownership, Millbrook Real Estate Co., during lease negotiations. Zebra Technologies was represented by Scott Brandwein and Sean Kropke of CB Richard Ellis.
MALVERN, PA. — Binswanger has represented VWR International LLC in its 150,000-square-foot build-to-suit corporate headquarters lease located within Worthington Town Center in Malvern. The 1.6 million-square-foot Worthington Town Center mixed-use development is owned by O’Neill Properties Group. The building that VWR will occupy will total 240,000 square feet, and is slated to include a major fitness center as well as several restaurants. In addition to brokering the transaction, Philadelphia-based Binswanger will act as project manager for VWR’s headquarters. VWR is expected to move its existing West Chester, Pa., operation to the new location in the third quarter of 2010. David Binswanger and Scott Grabrielsen represented VWR in negotiations.
WEST PALM BEACH, FLA. — New York City-based Cohen Commercial Properties has purchased the 66,130-square-foot Datura Place office property from an undisclosed party for an undisclosed amount. The building is currently fully leased and is located in downtown West Palm Beach. The firm purchased the property because of its location, appealing aesthetics and below-market rents.
CHICAGO — AT&T has signed a long-term lease renewal for 171, 386 square feet within the Apparel Center, which is located at 350 North Orleans St. in Chicago. The space houses a training center, a call center and other office functions in support of AT&T’s telecommunications and U-Verse product offerings. AT&T, which has been a tenant in the building since 1989, is the largest tenant within the facility. George Kotrogiannis and Kurt Kittner of Jones Lang LaSalle represented AT&T in the lease transaction. CB Richard Ellis represented the landlord, Mart Properties, which is a subsidiary of Vornado Realty Trust, in negotiations. Additional terms of the lease were not disclosed.