WASHINGTON, D.C. — J Street Development, through a joint venture with a fund advised by Hartford, Conn.-based UBS Global Asset Management, has acquired a 109,959-square-foot office building, located at 666 11th St. in Washington. The 11-story building, which was built in 1968, is proximate to all five metro lines and includes a three-level garage. J Street is in the midst of planning interior and exterior renovations.
ST. LOUIS — The 1015 Locust Building, which is located on the corner of 11th and Locust in downtown St. Louis, is undergoing $3.5 million in renovations. Los Angeles-based ICO Development and New York-based Sovereign Partners purchased the 270,000-square-foot office building this year and have since rebranded the property. Renovations of the lobby and exterior changes began in August, with completion expected by December. Renovations to the lobby will include the addition of a restaurant and retail space, as well as a modernized appearance, which was designed by Eileen Hamburg of Quintin Design Resources. Work on the exterior will include a new color palette and new canopies, which will be added over the building’s ground floor. CB Richard Ellis handles leasing for the property.
ARLINGTON, TEXAS — Groundbreaking will occur next week for The Hatala Development, a three-building office complex located in downtown Arlington. The first building to be constructed on the 2.16-acre parcel is the Hatala Building. The single-story structure will contain 13,561 square feet of ground-level office space and a 6,198-square-foot, underground garage. The other two buildings will rise two stories and will total 4,450 and 3,800 square feet. Additionally, Hatala Systems Group will occupy 4,100 square feet of the Hatala Building. The project is being developed by locally based ART Properties, which is also handling leasing. Locally based Gagliardi Group is serving as project architect, and construction financing is being provided by Chase Bank.
SAN DIEGO — San Diego-based Veralliance Properties is renovating Campus Pointe, a 450,000-square-foot office/life-science project located at 10300 Campus Point Dr. in San Diego. Designed by San Diego-based Tucker Sadler, the two-story Class A project will feature an ultramodern design with floor-to-ceiling glass, a two-story atrium, a two-story spiral staircase, a multi-purpose conference center, a fitness center with showers and lockers, and a bistro with an outdoor seating area. Eli Lilly & Co. has signed a 10-year lease for approximately 150,000 square feet of space at the new project. The company plans to relocate to the campus upon completion in March 2009. Brent Jacobs, Greg Bisconti and Brian Cooper of Cushman & Wakefield’s Life Science Group represented Eli Lilly & Co; Mark Wayne and Steve Wolf, also of Cushman & Wakefield, represented Veralliance Properties.
DOWNERS GROVE, ILL. — Chicago-based HSA Commercial Real Estate’s PrimeCare and Corporate Services Division has completed a 35,000-square-foot medical office building located at 6840 South Main St. in Downers Grove. The building, which is situated on a 2.15-acre site, will house Advocate Good Samaritan Hospital’s outpatient services center. Downers Grove Pediatrics has leased 3,841 square feet of space on the second floor of the facility. Roger Knigge of HSA represented both parties in the second-floor lease transaction. Additionally, HSA owns an existing medical office building at 6800 South Main St., which neighbors the new facility. The older building is expected to undergo extensive upgrades later this year. The entire complex is named Advocate Good Samaritan Outpatient Center.
OKLAHOMA CITY — Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT has acquired the Oklahoma City Medical Portfolio, a two-property medical office building portfolio located in Oklahoma City. Both properties are located on the campus of Deaconess Hospital. The first property, 5701 North Portland, is a three-story, approximately 61,000-square-foot building that is connected to the hospital by way of an underground tunnel. It is 86 percent leased to 17 tenants. The second property, 5401 North Portland, is a six-story, approximately 126,000-square-foot building that is physically attached to the hospital. It is 96 percent leased to 16 tenants. Grubb & Ellis Healthcare REIT acquired the property from Deaconess Portland MOB LP, which was represented by Toby Scrivner and Jeff Matulis of Tulsa, Okla.-based Stan Johnson Co. The acquisition price was not disclosed.
ABILENE, TEXAS — Marcus & Millichap has negotiated the sale of Corporate Place, a 45,278-square-foot office complex located at 3301 N. Third St. in Abilene. Greg Gaynor of the firm’s Austin, Texas, office, listed the property on behalf of the undisclosed seller. It was acquired by a Central Texas-based real estate investor for an undisclosed amount.
SAN DIEGO — Sudberry Properties Inc. has broken ground for the construction of a 150,000-square-foot professional building in San Diego. The six-story, build-to-suit facility is located at the intersection of Interstate 15 and Scripps Poway Parkway within Miramar Ranch North. The $60 million building is part of Sudberry’s The Watermark, a planned 32-acre office campus. The new complex will include the corporate headquarters building for MedImpact Healthcare Systems Inc., which is slated to open in April 2010. Scripps Highland M/I Development LP owns the property. Bank of America and KeyBank are providing construction financing. Hanna Gabriel Wells is serving as project architect.
OCEANSIDE, CALIF. — AMB Property Corporation® and Lee & Associates have brokered the sale of 6.48 acres of land located within the 120-acre AMB Pacific Coast Business Park in Oceanside. Pacific Marine Credit Union (PMCU) acquired the property for an undisclosed price. PMCU plans to develop a two-story, 60,000-square-foot office building on the site, which will serve as the company’s new corporate headquarters. The property will include a ground-level retail credit union branch and ATM locations, as well as general and administrative offices. Larry Strickland and Rusty Williams of Lee & Associates represented the seller, AMB, in the transaction; Kirk Allison and Vic Gausepohl of Colliers International represented the buyer.
MINEOLA, N.Y. — Garden City, N.J.-based Metropolitan Realty Associates (MRA) has disposed of a 6,810-square-foot office property, located at 410 E. Jericho Turnpike in Mineola, for $1.41 million, or $207 per square foot. The two-story, Class A property is currently vacant; it was formerly the headquarters of Birchwood Associates, which has since liquidated its commercial property holdings. Ron Kleinberg of Tri-State Properties represented MRA in the transaction. The buyer, Stuart Finz, was represented by Ross Selinger of ITRA Realty Group/Selinger Enterprises. In January, Finz purchased an adjacent, 13,000-square-foot land parcel from MRA.