Office

DEVRY UNIVERSITY LEASES 47,500-SQUARE-FOOT BUILT-TO-SUIT PROPERTY

by admin February 6, 2009

LONG BEACH, CALIF. — DeVry University has signed an 11-year lease for a 47,500-square-foot built-to-suit office building at Douglas Park, a master-planned 261-acre mixed-use project in Long Beach. DeVry is the first tenant announced within the 54.5-acre portion of the park being developed by San Francisco-based Newcastle Partners and RREEF Alternative Investments. Construction on the building, which is located at Conant Avenue and Lakewood Boulevard, is expected to commence in May, with completion slated for March 2010. Design to obtain LEED Silver certification, the building will offer 360 parking spaces, outside gathering areas, building connectivity and infrastructure for solar power.

February 6, 2009

GROUND BROKEN ON VIRGINIA OFFICES TOTALING 140,000 SQUARE FEET

by admin February 5, 2009

HAYMARKET, VA. — Landservices has broken ground on two office buildings totaling 140,000 square feet in Haymarket. Located at the interchange of I-66 and Route 15, the buildings span 80,000 square feet and 60,000 square feet. The properties are part of The Village at Heathcote, which will encompass 450 residential units and 75,000 square feet of street-level retail. BB&T Bank and Minnieland Private Day School have leased pad sites in front of the buildings and should open late this year.

February 5, 2009

Office Southeast

5,747-SQUARE-FOOT OFFICE BUILDING SOLD

by admin February 4, 2009

FORT LAUDERDALE, FLA. — Metro has purchased a 5,747-square-foot office building from 2495 E. Commercial Blvd. LLC for $1.2 million. The property is located on 19,366 square feet of land at 2495 E. Commercial Blvd. in Fort Lauderdale. The buyer was represented by Luna Nichols of Fort Lauderdale-based NAI Rauch, Weaver, Norfleet, Kurtz & Co. The firm’s Robert Edlin represented the seller.

February 4, 2009

Northeast Office

FANTINI & GORGA ARRANGE $2 MILLION OFFICE ACQUISITION LOAN

by admin February 4, 2009

NEW BEDFORD, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $2 million in acquisition financing for an 18,100-square-foot office building located in New Bedford. George Fantini and Mark Whelan of F&G placed the loan through StanCorp Mortgage Investors. Terms of the loan were not disclosed. The undisclosed borrower is acquiring the property as part of a 1031 exchange.

February 4, 2009

Office Texas

CBRE BROKERS 234,288-SQUARE-FOOT OFFICE SALE

by admin February 4, 2009

SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of Petroleum Tower, a two-building office property located at 8626 and 8700 Tesoro Dr. in San Antonio. The property consists of twin eight-story buildings totaling 112,315 and 111,042 square feet, with a 10,931-square-foot atrium connecting them. Property amenities include a restaurant, covered parking and fiber optic cable access. The tenant roster includes Lockheed Martin Corp., CYTO Laboratories, the Internal Revenue Service and AT&T Mobility. CBRE’s Todd Mills led a team of brokers from the firm’s San Antonio and Austin, Texas, offices in completing the sale. The buyer was James Cotter, a local private investor. The acquisition price was not disclosed.

February 4, 2009

Office Western

NEWMARK REALTY CAPITAL ARRANGES $88 MILLION LOAN FOR 27-STORY OFFICE TOWER

by admin February 4, 2009

CENTURY CITY, CALIF. — Newmark Realty Capital Inc. has arranged an $88 million loan for an office tower, which is located at 1900 Avenue of the Stars in Century City. The 27-story tower offers 600,000 square feet of office space. George Mitsanas, Monique Monzon and Peter Hillakas of Newmark Realty Capital Inc. secured the financing. Specific terms of the loan were not disclosed.

February 4, 2009

Office Southeast

HFF SECURES $47.5 MILLION LOAN FOR MIAMI OFFICE BUILDING

by admin February 3, 2009

MIAMI — Guggenheim Real Estate and Stiles Corp. have received a $47.5 million loan for their 420,080-square-foot SunTrust International Center office building. Located at the intersection of Flagler Street and S.E. Third Avenue in Miami, the property is 88 percent leased to Bank of America, SunTrust Bank, Walgreens and other tenants. Financing for the 5-year, fixed-rate loan was provided by a life insurance company. Todd Sugimoto of Holliday Fenoglio Fowler’s Los Angeles office and Fred Welker of the firm’s Miami office secured the loan.

February 3, 2009

Office Southeast

MEDICAL OFFICE BUILDING SOLD IN FLORIDA FOR $3.03 MILLION

by admin February 3, 2009

MERRITT ISLAND, FLA. — Marcus & Millichap has represented two undisclosed parties in the sale of the 21,600-square-foot Merritt Island Medical Office for $3.03 million. The property, which is NNN leased, is located at 595 N. Courtenay Parkway in Merritt Island. Kevin Yaryan, Patrick Skinner and Michael Donaldson of the firm’s Orando, Fla., office brokered the transaction.

February 3, 2009

Midwest Office

G&E|WEST SHELL TO MANAGE DUKE ASSETS TOTALING 872,000 SQUARE FEET

by admin February 3, 2009

CINCINNATI — Cincinnati-based Grubb & Ellis|West Shell Commercial has been selected by Duke Realty Corp. to assume property management and leasing responsibilities for four office buildings and two retail centers in Ohio. The properties, totaling 872,000 square feet, include three downtown Cincinnati office buildings located at 312 Elm, 311 Elm and 312 Plum; Triangle Office Park located in Sharonville, Ohio; and two anchored retail centers located on Mason-Montgomery Road in Deerfield, Ohio. The retail properties are anchored by a Lowe’s Home Improvement Warehouse and a Bigg’s Supercenter. As part of the arrangement, which went into effect February 1st, Duke will continue to own the properties and provide tenants with customer support service. Leasing, maintenance and on-site support will be provided by Grubb & Ellis|West Shell Commercial.

February 3, 2009

Northeast Office

PHILIPS INTERNATIONAL BEGINS OFFICE CONDO CONVERSION

by admin February 3, 2009

VALLEY STREAM, N.Y. — New York City-based Philips International has begun a multi-million dollar capital improvements program at 99 W. Hawthorne Ave. in Valley Stream. Construction to the seven-story, 45,330-square-foot property will include a conversion of the building’s space into 99 for-sale office condominiums, which will range in size from 1,000 square feet to 7,486-square-foot, full-floor spaces. The lobby and common area will also see renovations. Kelly Koukou and Mark Greenspan of CB Richard Ellis will handle marketing for the new office condos. A construction timetable was not released.

February 3, 2009

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