MINNETONKA, MINN. — Minneapolis-based NorthMarq Investment Services has brokered the sale of a Class A office building located at 12301 Whitewater Dr. in Minnetonka. The 69,799-square-foot building, which is situated on a 6.5-acre site near Interstate 494 and Highway 62, is fully leased and occupied by North American Membership Group Inc. Upper Midwest Management Corp. purchased the office building from ADAJE Development for $9.6 million. The facility, which was developed by Trammel Crow, features a two-level atrium, an efficient floor plate and underground parking. Scott Pollock of NorthMarq Investment Services represented ADAJE Development in the transaction.
PHILADELPHIA — University Place Associates has unveiled plans for 2.0 University Place, a 94,350-square-foot office building located at 41st Street along the West Market Street Corridor in West Philadelphia. The Class A building will be located at the foot of University City Science Center, which is currently undergoing a $600 million expansion. The 2.0 University Place project has been pre-certified LEED-Platinum. Sustainable features will include pollution prevention and recycling during the construction process; nearby public transit; on-site bicycle racks with changing rooms; car sharing facilities; a recycling system that uses rainwater to operate restroom fixtures; a green roof with a 20,000-square-foot rooftop park; high-efficiency HVAC systems; and abundant natural daylight. The construction timetable and construction team were not released.
FINDLAY TOWNSHIP, PA. — Pittsburgh-based Burns & Scalo Real Estate Services has announced preliminary plans for the construction of an office/flex building located at the intersection of Industry Drive and McClaren Road in Findlay Township, near Pittsburgh International Airport. The property is owned by Allegheny County and leased to the Allegheny County Airport Authority, which has leased the 8-acre property to Burns & Scalo. Tentative plans include the construction of an approximately 50,000-square-foot, LEED-certified building, which can either be one or three stories depending on the needs of the user. Early interest in the site has been for medical office, professional office, and research and development uses. Burns & Scalo will begin marketing the site in the first quarter, with construction commencing shortly thereafter.
RIO RANCHO, N.M. — Hewlett-Packard Co. (HP) has broken ground for the construction of its new technology and customer service facility in Rio Rancho. The three-story building will offer 218,000 square feet of space and employ at least 1,350 full-time employees by the end of 2012. The city of Rio Rancho has leased 17 acres to HP for 50 years for the property. The $63 million project is being development by Titan Development. Reid & Associates Design Builders are serving as general contractor for the project. The Rio Rancho City Council approved a $5.2 million bond to facilitate public infrastructure improvements at the site, such as roads, water and wastewater. The land and building revert to city ownership at the end of the land lease, which includes a sale-leaseback option.
NEW YORK CITY — New York City-based Philips International has acquired 110 E. 40th St., a nine-story building located at 40th Street and Park Avenue in New York City. The company plans to convert the building into Grand Park, a 99,368-square-foot office condominium project. Multi-million renovations will include a new lobby, elevator upgrades and energy-efficient windows. Condos will range in size from 2,364 square feet to 11,093-square-foot, full-floor units. Marketing efforts are being undertaken by Newmark Knight Frank.
WALLKILL, N.Y. — Pittsford, N.Y.-based U.S. Realty Capital has arranged $2.88 million in permanent financing for a 17,000-square-foot office building located in Wallkill. The property was fully occupied at the time of closing. The loan carries a 10-year term with a 6.36 percent fixed interest rate, an 80 percent loan-to-value ratio and a 25-year amortization schedule. Rob Pisanelli of U.S. Realty Capital originated the funding.
AUSTIN AND LUBBOCK, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the refinancing of two Texas properties for a total of $60.3 million. In the first transaction, HFF secured a $44 million loan for a downtown Austin office property located at the corner of 6th Street and Congress Avenue. The property comprises the 26-story, 261,609-square-foot Bank of America Building; a vacant parking garage situated on a 0.34-acre parcel; a 90,000-square-foot vacant commercial building; and a 0.81-acre covered parcel that is scheduled for development into a 1,150-space parking garage. HFF’s Andy Scott and Brandon Chavoya originated the loan between the borrower, a joint venture between locally based T. Stacey & Associates and Chicago-based Walton Street Capital, and the lender, CapitalSource Finance. Terms of the loan include an adjustable interest rate and a 30-month term. Loan proceeds will be used to complete capital improvements and future leasing of the property. In Lubbock, HFF secured $16.2 million in Freddie Mac financing for Ashton Pointe, a 366-unit multifamily community located at 308 Frankford. Completed in three phases from 1996 to 2003, the property was 92 percent occupied at the time of closing. The loan carries a 5.64 percent fixed interest …
ENGLEWOOD, COLO. — B&J Properties Limited LLC has acquired Arapahoe Center Building, an office property located at 13111 E. Briarwood Ave. within Centennial Airport Business Park in Englewood. Built in 1982, the 58,750-square-foot building sold for $4.5 million or $76 per square foot. Ron Allum of Fuller Real Estate represented the buyer; Riki Hashimoto and Dan Grooters of Grubb & Ellis represented the seller, Thirteen One Eleven Corp., in the transaction.
CAMARILLO, CALIF. — David Wise of American Corporate Real Estate Services represented the undisclosed buyer in the acquisition of Plaza 5051 at Mission Oaks, a Class A office building located at 5051 Verdugo Way within Mission Oaks Business Park in Camarillo. The three-story, 51,500-square-foot building, which was completed in 2007, was listed at $17.88 million. Bill Kiefer, Steve Economos and Geoff DeWolf of NAI Capital represented the seller, The Foundation Group, in the transaction. The purchase price was not disclosed.
BOCA RATON, FLA. — Office Depot will open its 625,000-square-foot corporate headquarters, located at 6600 N. Military Trail in Boca Raton, on Jan. 16. The property sits on 28 acres, encompassing three office buildings that are linked by glass-enclosed atriums. Coral Gables, Fla.-based Flagler Development Group oversaw all aspects of construction, which began in early 2007.