NASHVILLE, TENN. — SDG Value Fund I has purchased a controlling interest in the 50,000-square-foot Point Place II office building from an undisclosed party for an undisclosed amount. The two-story brick property was built in 1985 and is located on Donelson Pike in Nashville. The building is currently 16 percent leased; SDG will use its interest to re-tenant the building. Kim Nelson of Nashville-based Interstate Partners Real Estate brokered the transaction, and American Security Bank & Trust provided financing.
SCARBOROUGH, MAINE — Groundbreaking has occurred for Fairchild Semiconductor’s new three-story, 90,000-square-foot office building, located within the Gateway at Scarborough mixed-use development in Scarborough. The $25 million project is being constructed in anticipation of LEED – Silver certification. It is located adjacent to Haigis Parkway, across from the Cabela’s-anchored Gateway Shoppes, which opened this past May. Completion of the Fairchild Semiconductors building is scheduled for October 2009. The company will continue its manufacturing operations at 333 Western Ave. in South Portland, Maine. The project is being developed by New England Expeditions – Scarborough LLC and was designed by Gould Evans. Martini Northern, a subsidiary of A.J. Martini, Inc., is providing general contracting services and Jones Lang LaSalle is providing project management services.
HOUSTON — The New York office of iCap Realty Advisors has secured $30 million in first-mortgage financing for a Class A office building located in Houston. The property is situated within a 30-acre, master-planned development in the city’s Galleria/West Look submarket, just west of Interstate 610. It rises 17 stories and contains 370,000 rentable square feet, as well as a 1,000-space parking garage. Terms of the loan include a 5-year term, non-recourse, with interest-only payments for the first 2 years. The loan was placed with a major insurance company. The borrower was not disclosed.
LAS VEGAS — VF Carson LLC has acquired an 11-story office tower, which is located at 302 and 310 E. Carson Ave. in downtown Las Vegas, for $21.5 million. The buyer plans to upgrade the 150,222-square-foot building and add green elements to the property. David Scherer, Barton Hyde, Michael Hsu and Matthew Kreft of Grubb & Ellis|Las Vegas represented the seller, Carson Properties Nevada LLC, in the transaction.
WASHINGTON, D.C. — Connecticut & K Associates has secured a $194 million loan for construction of a 383,392-square-foot office building located at 1000 Connecticut Ave. N.W. in Washington. A consortium of lenders led by Chevy Chase Bank provided financing for the loan. The property is 66 percent pre-leased to the law firm Arent Fox and is being built to Gold LEED specifications. Philip Mudd, Christian Miles and Jon Goldstein of Cassidy & Pinkard Colliers arranged the loan.
FORT LAUDERDALE, FLA. — The Broward County Supervisor of Elections will move into a 72,000-square-foot complex in Fort Lauderdale’s transit-oriented Riverbend development in the fall of 2010. The property includes a 30,000-square-foot office, which will be built to LEED standards, and a 42,000-square-foot administrative center. The 12-acre site has already been cleared in anticipation of the project, and construction will begin next summer. When complete, the 100-acre Riverbend development will employ more than 8,000 people and offer several million square feet of office, retail and residential space.
INDIANAPOLIS — The Indiana Organ Procurement Organization has purchased a 37,000-square-foot building located at 3760 Guion Rd. in Indianapolis. The facility, which will serve as the organization’s new headquarters, will provide expanded space for staff training, laboratory facilities and a new communications center. The organization will move into its new headquarters in March. Tim O’Brien of Indianapolis-based Resource Commercial Real Estate represented the buyer; CB Richard Ellis represented the seller in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — The Moinian Group has completed a lease for 22,831 square feet of office space at 50 West 23rd Street in Manhattan, New York City. The space will be occupied by Yodel, a locally based online advertising firm. The recently renovated office building offers entrances on 22nd and 23rd streets, as well as convenient access to Penn Station. Yodel will join a tenant roster that includes The Culinary Institute, Ask Jeeves, Touro College and International Center. Ground-floor retail tenants include Straight from the Crate, Reminiscence and Universal News. Sloane Rhulen of CB Richard Ellis represented Yodel in the lease transaction, while Michael Dreizen and Andrew Udis of Newmark Knight Frank represented The Moinian Group. Terms of the lease were not disclosed.
INDIANAPOLIS — Local brokerage firm NAI Olympia Partners has arranged the sale of the Arlington Professional Building located at 1213 N. Arlington Ave. in Indianapolis. The two-story, 27,130-square-foot office was acquired for an undisclosed amount. Tracey Holtzman and Michael Firsich of NAI Olympia Partners represented the undisclosed seller; Antone Najem Venture Real Estate represented the buyer, Statewide Property LLC, in the transaction.
HOUSTON — Santa Ana, Calif.-based Grubb & Ellis Realty Investors has acquired Oak Park Office Center III, a two-story, 151,000-square-foot office building located in Houston’s Westchase submarket. Situated on 11.4 acres at 6001 Rogerdale Rd. within the 225-acre Oak Park at Westchase office park, the Class A building is occupied in its entirety by Jacobs Engineering Group, which is subject to a long-term, triple-net lease. It includes 855 parking spaces. The property was developed in 2008 by the Houston office of Myers Crow & Saviers, which is also the seller in the transaction. It was represented by Robert Williamson, Jeff Hollinden and Barbara Guffey of the Houston office of Holliday Fenoglio Fowler (HFF). The seller was also represented by HFF in the 2004 and 2008 sales of Oak Park Office Center I and II. The buyer made the acquisition on behalf of tenant-in-common investors.