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.
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 …
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.
ALEXANDRIA, VA. — Arlington, Va.-based Turner Construction has completed two office buildings totaling 128,000 square feet for the Washington, D.C., office of LCOR. The $58 million Class A buildings are located at 1920 and 2050 Ballenger Ave. in Alexandria. The buildings contain 91,000 square feet of office space and 37,000 square feet of retail space. Construction began in June 2007.
VAN NUYS, CALIF. — Jessica Kelley and Martin Agnew of Marcus & Millichap’s Encino, Calif., office brokered the disposition and acquisition of 14550 Haynes Street in Van Nuys. The 15,741-square-foot office property sold for $3.4 million. The seller and buyer were not disclosed.
SPARTANBURG, S.C. — A private investor based in the Midwest has purchased the 127,426-square-foot CH2M Hill building from an undisclosed institutional investor for $14.65 million. The office building, located at 1500 International Dr. in Spartanburg, is 100 percent leased to the engineering firm CH2M Hill. Tulsa, Okla.-based Stan Johnson Co.’s Craig Tomlinson brokered the purchase, and Doug Connell and Doug Webster of Grubb & Ellis’s Atlanta and Greenville, S.C., offices, respectively, represented the seller.
GILBERT, ARIZ. — Webster, Mass.-based The Commerce Group Inc. has purchased a 58,194-square-foot single-tenant office building, which is located at 1555 N. Fiesta Blvd. in Gilbert. Reston, Va.-based Southwest Student Services Company sold the property for $8.76 million. The Commerce Group is a subsidiary of Mapfre International, a division of Mapfre SA, Spain’s largest insurer. Kit Tiedemann and David Barrett of CB Richard Ellis’ Phoenix office represented the buyer; Harry Klaff of Jones Lang LaSalle’s Washington, D.C., office represented the seller in the transaction.
ATLANTA — Brasfield & Gorrie has broken ground on a 130,000-square-foot Class A office building in Grove Street Partners’ Gateway Center development near the Hartsfield-Jackson Atlanta International Airport. The office, which represents the first phase in the airport project, will be built to LEED standards. Rule Joy Trammell + Rubio designed the building, and Valdosta, Ga.-based Park Avenue Bank provided financing. Delivery is expected in August. A joint venture between Grove Street and Boston-based Fidelity Investments, the 1 million-square-foot Gateway Center will encompass 400,000 square feet of office space, 60,000 square feet of retail space and two hotels.
ORLANDO, FLA. — Ustler Development will break ground early next year on the 105,000-square-foot GAI Building in downtown Orlando. GAI Consultants has leased 65,000 square feet of space in the property, which is located at 618 E. South St. The company will move into the building in spring 2010 and will eventually employ 200 workers. Baker Barrios Architects designed the building, and Brasfield & Gorrie will serve as the general contractor. GAI, the original owner of the site, sold the property to Ustler for redevelopment and then leased space for a new office. Chris Sproles of CB Richard Ellis’ Orlando office represented GAI in both the lease and the earlier sale.
NEWARK, DEL. — Nationwide Finance Network has completed the sale and partial leaseback of its approximately 160,000-square-foot corporate offices, located at 300 Continental Dr. in Newark, for $20.75 million. The three-story, Class A building is situated on 22 acres. It features a data center on the second floor, 720 parking spaces and expansion capability. The buyer, Sallie Mae, plans to open a new credit operations center at the site. The company subsequently leased 72,000 square feet to Nationwide Financial Network for a 1-year term. Daniel Reeder and John Kaczowka of CB Richard Ellis’ Greater Philadelphia/Wilmington, Del., office, along with Terry Matthews of the Columbus, Ohio, office of CB Richard Ellis, represented the seller.