PAOLI, PA. — Philadelphia-based Binswanger has brokered the sale of an 8,800-square-foot commercial building, located at 522 King Rd. in Paoli, for approximately $3 million. The property was formerly the location of the restaurant Basil. It was sold by 54-1K LP, which is a partnership between Scott Morrison and Philadelphia-area restaurateur Martin Grims. The buyer, Citadel Federal Credit Union, plans to utilize the property as a bank and office building, and will take occupancy by the end of the year. The seller plans to focus its restaurant brand on alternative markets.
LAS VEGAS — Las Vegas-based Crisci Builders is developing and constructing Crisci Properties LLC, a commercial building located at 8845 W. Flamingo Rd. in Las Vegas. The two-story, 17,450-square-foot property will house Crisci Builders’ headquarters, as well as two other tenants. The general contractor is to complete ground-up construction on its professional building, which will include a 48-foot tall rotunda with a dual spiral staircase. Completion of the $2.3 million project is slated for June 2009. DAH Design is the architect of record.
ST. LOUIS — The Korte Company is nearing completion of the four-story, 70,000-square-foot Highlands Plaza Two office facility, which is located at 5700 Oakland Ave. in St. Louis. The company plans to occupy the second floor of the building, for which it served as the design/build contractor. It is located within The Highlands Office Park, a Balke Brown Associates-developed mixed-use campus. The ground-floor of the building will feature retail space, with the remaining three floors dedicated to office tenants. The building is being built to achieve LEED Silver certification.
BETHLEHEM, PA. — Adler Place Partners has purchased a 27,000-square-foot office building in the Bethlehem Business Park in Bethlehem from an undisclosed party for an undisclosed amount. Adler plans to renovate the property, which formerly housed the executive offices of National Penn Bank. One tenant has already signed a $1 million lease for 10,000 square feet of the space. Allentown, Pa.-based Dietrick Group represented Adler Place in the transaction.
HARRISON, N.J. — New York-based Kingsland 138 Realty has purchased a 25,000-square-foot flex building from 501 Bergen LLC for an undisclosed amount. Due to the current lending climate, the transaction almost fell through. With the deal almost finished, Kingsland’s credit lines were frozen, forcing the seller to take a short-term mortgage out on the purchase price. Kingsland paid the difference from its own capital. Michael Weiss of Studley represented the buyer. The property is located at 501 Bergen St. in Harrison.
PARSIPPANY, N.J. — Wockhardt USA has relocated its regional headquarters to Parsippany, signing a 12,000-square-foot sublease with Clifton, N.J.-based Cortega for turnkey space. The property is located at 20 Waterview Blvd. in the 13-acre Waterview Corporate Center. The 4.5-year lease covers the remainder of Cortega’s existing lease term. John Feeney of Studley represented the tenant in the transaction.
MCLEAN, VA. — Hilton Hotels Corp. has signed a lease with B.F. Saul Real Estate Investment Trust for space in its 323,000-square-foot Park Place II office tower. The property is located at 7930 Jones Branch Dr. in McLean. The 10-year lease secures a third of the LEED Gold-certified building for Hilton’s new global headquarters. Hilton will relocate its operations from Beverly Hills, Calif., during the third quarter.
CHICAGO — Willis Group Holdings, a leading risk management and insurance brokerage firm, has acquired naming rights to Chicago’s iconic Sears Tower, along with taking a significant amount of space with the office building. The 110-story tower, which is the tallest building in the Western Hemisphere, will now be known as Willis Tower. The company is occupying 140,000 square feet, which it has leased for $14.50 per square foot, within the 3.8 million-square-foot building. The naming rights come at no additional cost. Willis Group is consolidating its Chicago-area operations from five area offices — located at 10 South LaSalle Street, One East Wacker Drive and 222 North Riverside Drive, as well as in Oak Brook and Lombard — and plans to house approximately 500 employees in the new space when it takes occupancy. The move is expected to be complete by late summer. The location will serve as the company’s Midwest regional headquarters.
MINNEAPOLIS — Locally based Welsh Capital recently arranged three loans totaling $11.8 million for Twin Cities commercial real estate properties. The loans include $8.2 million in acquisition financing for an 81,835-square-foot multi-tenant office building; a $2.2 million refinance of a 10,741-square-foot retail property; and a $1.4 million refinance of a 33-unit apartment building. The firm structured secondary financing for the apartment and office building transactions, which typically isn’t utilized in commercial real estate loans. The inclusion of such financing may become more common in order to make deals work in the current economic climate.
OMAHA, NEB. — Q10|Daisley Ruff Financial has arranged $1.42 million in financing for a group of investors purchasing an 11.463-square-foot office building in Omaha. The buyers required that the existing loan underwriting be restructured in order to complete the transaction. The financing was provided by one of Q|10’s correspondent lenders