Office

HE CAPITAL COMPLETING $1.2 MILLION RENOVATION TO OFFICE TOWER

by admin January 7, 2009

HOUSTON — HE Capital is completing a $1.2 million capital improvements plan for 2425 West Loop South, an 11-story, Class A office building located in Houston. Phase I, which was completed in August, consisted of the installation of two energy-efficient chillers and an upgraded energy management system. In December, renovations to the atrium lobby were completed; construction included a new granite floor, carpet insets and wall finishes, as well as a new security station and lighting. In the first quarter of this year, a semi-circular driveway will be completed, improving access from the West Loop. The renovation project was designed by architect I.M. Pei. Amenities at the office building include a deli, on-site management and security, multi-room conference facilities, and an attached, nine-story parking garage. Occupancy at the building is currently at 74 percent; leasing efforts are being undertaken by the Houston office of CAPSTAR Commercial Real Estate Services.

January 7, 2009

THOMPSON NATIONAL PROPERTIES ACQUIRES KODAK HOLLYWOOD CAMPUS

by admin January 7, 2009

LOS ANGELES — Thompson National Properties LLC recently acquired Kodak Hollywood Campus, which is located in Los Angeles’ Hollywood district. The two-building Class A campus consists of 102,800 square feet of office and production space. Located at 1017 N. Las Palmas Ave., the three-story office/production facility offers approximately 83,950 square feet of space, including screening rooms, editing bays, recording facilities, cabling and infrastructure. The two-story office building, which is located at 6700 Santa Monica Blvd., offers 18,850 square feet of office space. The property is 100 percent leased to Eastman Kodak. The seller and sales price were not disclosed.

January 7, 2009

Office Southeast

$4.85 MILLION NASHVILLE OFFICE PROPERTY CHANGES HANDS

by admin January 6, 2009

NASHVILLE, TENN. — Principal Real Estate Investors has sold a two-building office property spanning 40,897 square feet to 60 MSE, GP, for $4.85 million. The offices are located at 54-60 Music Square East in Nashville. Colliers Turley Martin Tucker – Nashville’s Crews Johnston, Perry Gooch, Rob Lowe and Whit McCrary brokered the sale. Thomas McDainel of Boyle Nashville represented the buyer.

January 6, 2009

Office Southeast

MERIDIAN CAPITAL SECURES $4.35 MILLION LOAN FOR MIAMI OFFICE

by admin January 6, 2009

MIAMI — Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office has secured $4.35 million in financing for a 143,000-square-foot Miami office building. The 14-story property is located on Biscayne Boulevard. The 9-year loan comes with a 6.75 percent interest rate.

January 6, 2009

Northeast Office

GID ACQUIRES 110,000-SQUARE-FOOT OFFICE BUILDING

by admin January 6, 2009

YARDLEY, PA. — Boston-based GID Investment Advisors has acquired a 110,000-square-foot office building located at 777 Township Line Rd. in Yardley. Constructed in 2006, the Class A property is fully occupied and is LEED-certified by the U.S. Green Building Council. GID acquired the property from Malvern, Pa.-based Liberty Property Trust. It also named Jones Lang LaSalle exclusive leasing and property management agent for the building. GID made the purchase on behalf of Windsor Realty Fund IV-2002 LP, the company’s second suburban office investment fund. This acquisition marks the eighth purchase for the fund.

January 6, 2009

Northeast Office

COLLIERS L&A BROKERS $3.8 MILLION OFFICE SALE

by admin January 6, 2009

HADDON HEIGHTS, N.J. — The South Jersey office division of Colliers Lanard & Axilbund (CLA) has brokered the sale of Grove Office Plaza, a three-story office building located at 515 Grove St. in Haddon Heights, for $3.8 million. Occupancy at the property was 90 percent at the time of closing. The tenant roster included Pennoni Associates, Associated Insurance Partners, Quest Diagnostics, Cooper Family Medicine and Congressman Robert Andrews. Jason Wolf and Evan Zweben of CLA represented the seller, SJS-515 Grove Street LP. The buyer, 515 Grove Street Associates LLC, has retained CLA to lease the remaining space in the building.

January 6, 2009

Office Texas

MARCUS & MILLICHAP COMPLETES OFFICE, MULTIFAMILY SALES

by admin January 6, 2009

DALLAS AND IRVING, TEXAS — Marcus & Millichap has completed two Texas sales. In Dallas, the company brokered the sale of Bent Tree Gardens Office Building, a two-story, 53,565-square-foot office building located at the corner of Dallas North Tollway and Quorum Drive. The multi-tenant property was constructed in 1985. Patrick Giles of Marcus & Millichap’s Dallas office represented the seller, a Texas corporation, and procured the buyer, a Dallas-area limited liability corporation. Marcus & Millichap also brokered the sale of Adrianna’s El Morocco, a 178-unit apartment community located in Irving. The property is situated on 6.5 acres in the northern part of the city; it was constructed in 1969 and has undergone extensive renovations, most recently in 2006. John Barker of Marcus & Millichap’s Dallas office and Mark McLellan of the firm’s West Los Angeles office represented the seller, a California-based private investor. Barker also represented the buyer, a Texas-based limited liability company.

January 6, 2009

Office Western

NAI CAPITAL CLOSES TWO DEALS FOR A TOTAL OF $4.5 MILLION

by admin January 6, 2009

LOS ANGELES AND PETALUMA, CALIF. — NAI Capital’s Encino, Calif., office has recently completed two transactions in Los Angeles and Petaluma. In the first transaction, the Housing Authority of the City of Los Angeles acquired a 22,156-square-foot office property, which is located at 6946 Van Nuys Blvd. in Los Angeles. Kept LLC sold the property for $3.5 million. Cathy Scullin of NAI Capital represented the buyer; Grubb & Ellis represented the seller in the transaction. In the second transaction, Sixth and Union LLC purchased a portion of a 23,022-square-foot senior-living facility in a $1 million TIC investment. The facility, which specializes in dementia, is located at 750 N. McDowell Blvd. in Petaluma. J. Richard Leyner of NAI Capital represented the buyer; the seller, Wilkinson 1031 LLC, was self-represented in the transaction.

January 6, 2009

Midwest Office

CITY PLANS 500-ACRE SCIENCE AND TECHNOLOGY PARK WITH UNIVERSITY ANCHOR

by admin January 5, 2009

BLUE SPRINGS, MO. — The Blue Springs Economic Development Corp., in conjunction with the city of Blue Springs, will develop the Missouri Innovation Park at Blue Springs. Located at Interstate 70 and Adams Dairy Parkway, the approximately 500-acre science and technology innovation park will be anchored by a long-term collaboration with the University of Missouri. The University of Missouri has plans to establish The Mizzou Innovation Center within the park, which will provide the basis for scientific collaboration and commercial innovation links between the UM campus in Columbia and the larger research and private industrial community. Plans for the innovation center call for a single institutional building, which may expand to multiple buildings ranging in size from 10,000 square feet to 60,000 square feet. A request for qualifications from national public development partners to provide planning, development, management, and financing expertise and resources for the project has been issued. Planning for the project is expected to last 4 to 6 months, followed by an 18- to 24-month design and development period before initial operations commence. Financing for the Missouri Innovation Park is proposed to include both public and private investments. Initial capital for the acquisition of the vacant land, which …

January 5, 2009

Office Southeast

SEVEN-PROPERTY PORTFOLIO PURCHASED FOR $65 MILLION

by admin December 23, 2008

MARYLAND AND VIRGINIA — CSG Partners has purchased a 600,000-square-foot portfolio of seven buildings from Asset Capital Corp. for $65 million. The company purchased a 43,785-square-foot flex building located at 7700 Montpelier Ave. in Laurel, Md., and a 46,858-square-foot building at 4550 Forbes Blvd. in Lanham, Md. A 55,497-square-foot office building, located at 4301 Garden City Dr., was acquired, and the company purchased a 123,249-square-foot building at 7701 Greenbelt Rd. in Greenbelt, Md. CSG made its largest purchase — a 170,000-square-foot office tower — in Baltimore at 20 Charles St. In Hampton, Va., the company acquired the 135,000-square-foot Executive Tower and the 72,000-square-foot Pinewood Plaza, both office buildings that CSG will soon renovate.

December 23, 2008

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