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

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

Office Southeast

$58 MILLION VIRGINIA OFFICE PROJECT COMPLETE

by admin December 23, 2008

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.

December 23, 2008

Office Western

15,741-SQUARE-FOOT OFFICE BUILDING FETCHES $3.4 MILLION

by admin December 23, 2008

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.

December 23, 2008

Office Southeast

SPARTANBURG OFFICE BUILDING SOLD FOR $14.65 MILLION

by admin December 22, 2008

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.

December 22, 2008

Office Western

58,194-SQUARE-FOOT OFFICE BUILDING SELLS FOR $8.76 MILLION

by admin December 22, 2008

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.

December 22, 2008

Newer Posts

Older Posts