Office

GRUBB & ELLIS|PARAMOUNT COMMERCE COMPLETES THREE OFFICE SALES

by admin September 9, 2008

GRAND RAPIDS, GRAND HAVEN AND GRANDVILLE, MICH. — Grubb & Ellis|Paramount Commerce has completed the sale of an office facility located at 277 Crahen Ave. NE in Grand Rapids. Aardvark Properties LLC has acquired the property from AMS Liquidating Corp. for an undisclosed amount. Chad Koster and Scott Morgan of Grubb & Ellis|Paramount Commerce represented the seller; John Mundell of Signature Associates represented the buyer in the transaction. Additionally, Grubb & Ellis|Paramount Commerce brokered two smaller office sales in Michigan. In Grand Haven, Steve Wilson and Chad Lahey of Grubb & Ellis|Paramount Commerce arranged the sale of a 5,024-square-foot office building located at 300 N. Ferry St. Jason Beecham has acquired the building from Northway Development Co. for an undisclosed amount. In Grandville, the company has arranged the sale of a 4,068-square-foot office facility located at 4320 44th St. SW. MG Real Estate LLC has acquired the property from Canal Street Leasing for an undisclosed amount. Koster and Ray Kisor of Grubb & Ellis|Paramount Commerce represented the seller; Rusty Richter of Rietberg represented the buyer in the transaction.

September 9, 2008

CUSHMAN & WAKEFIELD COMPLETES $24 MILLION OFFICE SALE

by admin September 9, 2008

NEW YORK CITY — Cushman & Wakefield has completed the sale of 12 East 52nd Street, a 7-story office building located in New York City, for $24 million. The property comprises approximately 17,500 square feet, made up of office space and ground-floor retail space. Jon Epstein, Charles Kinglsey and Yoav Oelsner of Cushman & Wakefield represented the seller, Golden Tree Asset Management, as well as the buyer, Heritage Real Estate.

September 9, 2008

Northeast Office

STUBBLEDINE CO. ARRANGES $2.67 MILLION OFFICE/FLEX SALE

by admin September 9, 2008

WINDHAM, N.H. — The Stubbledine Company (TSC) has arranged the sale of a 25,000-square-foot office/flex building, located at 1 Industrial Dr. in Windham, for $2.67 million. The property was formerly occupied by a major McDonald’s franchisor. The building systems and roof have also been renovated in the past 5 years. David Stubbledine, James Stubbledine and Micah Stubbledine of TSC represented the seller, Rock McCoy, and procured the buyer, Financial Destinations.

September 9, 2008

Office Southeast

FIRM LEASES 150,000 SQUARE FEET IN SAVANNAH BUSINESS PARK

by admin September 8, 2008

SAVANNAH, GA. — AMB Property Corp. has leased 150,000 square feet in the 347,000-square-foot AMB Morgan Business Center Building 100 to Dorel Juvenile Group. Located near the Port of Savannah, Building 100, which was constructed to Silver LEED certifications, is the first building in the master-planned 3 million-square-foot AMB Morgan Business Center. David Sink of Neely Dales in Savannah and Lloyd Cooper of Cushman & Wakefield’s Montreal office represented Dorel.

September 8, 2008

Midwest Office

ICI PROPERTY CONSULTANTS BROKERS 115,000-SQUARE-FOOT OFFICE ACQUISITION

by admin September 8, 2008

COLUMBUS, OHIO — ICI Property Consultants Inc. of Farmington Hills, Mich., has arranged the acquisition of a multi-story office building located in Columbus. The 115,000-square-foot facility, which was operating at 73 percent occupancy at the time of the sale, was an REO held by a local lender. The original asking price for the building was $6.5 million. Alan Stern of ICI Property Consultants represented the buyer, 2323 Realty LLC, in the transaction.

September 8, 2008

Midwest Office

NAI OLYMPIA PARTNERS ARRANGES OFFICE SALE FOR PLASTIC SURGEON

by admin September 8, 2008

CARMEL, IND. — NAI Olympia Partners has arranged the acquisition of a 22,037-square-foot office building, formerly the Woodland Professional Center, located at 2000 E. 116th St. in Carmel. Catherine Winslow has acquired the facility and will use the second floor for Winslow Facial Plastic Surgery. Winslow has plans to create an Aesthetic and Wellness Center at the facility, which will house multiple other practices including functional dentistry, chiropractic services, podiatry, optometry and general medicine. Woodland PC Partners LLC, which was represented by Thomas Frank of Summit Realty Co., sold the building for an undisclosed amount. Brooke Augustin of NAI Olympia Partners represented the buyer in the transaction.

September 8, 2008

Northeast Office

M MOSER ASSOCIATES COMPLETES GREEN OFFICE BUILD-OUT

by admin September 8, 2008

NEW YORK CITY — The New York office of M Moser Associates has completed the office build-out for the new headquarters of Principal Global Investors, a subsidiary of The Principal Financial Group. The space occupies the entire 25th floor of 888 Seventh Avenue in Manhattan, New York City, totaling 19,800 square feet. The office was designed to achieve LEED certification; sustainable features include low-flow fixtures, a state-of-the-art HVAC system, and sensors that monitor the amount of natural light available and adjust the internal lighting to compensate. Principal’s headquarters is the first LEED-certified office space in the building.

September 8, 2008

Office Texas

COMPLETION NEARING FOR RATTIKIN SQUARE

by admin September 8, 2008

FORT WORTH, TEXAS — Completion is nearing for Rattikin Square, a historic office project located at 4936 Collinwood Ave. in Fort Worth. The building originally served as an officer’s club for nearby Camp Bowie Army Base. Most recently, it was the site of the Rangoon Racquet Club, a popular 1970s bar. The current renovation will convert the building into 7,000 square feet of office space. A courtyard and a fountain will also be constructed on the property. Tenants already announced include the law practice of Jeffrey Rattikin, who is also the owner of the project, as well as three exchange companies and the Westside office of Rattikin Title Co. Leasing for the remaining two first-floor spaces is being undertaken by Chris Stewart of Coldwell Banker Commercial Searcy Vasseur Group.

September 8, 2008

Office Texas

DRC ARRANGES $6.2 MILLION OFFICE BRIDGE LOAN

by admin September 8, 2008

RICHARDSON, TEXAS — Delray Beach, Texas-based Dockerty Romer & Co. (DRC) has arranged $6.2 million in bridge financing for a 101,232-square-foot office building located at 2201 North Central Expressway in Richardson. The two-story property was 78 percent leased at the time of closing. The borrower, South Florida-based BRI 1816 2201 LP, plans to perform some rehabilitation to the lobby and commons areas while launching an extensive leasing campaign. Bob Dockerty and Jamen Lachs of DRC arranged the financing. Terms of the loan were undisclosed.

September 8, 2008

Office Texas

HINES ARRANGES FULL-FLOOR LEASE AT PHOENIX TOWER

by admin September 8, 2008

HOUSTON — Hines has arranged the lease of a full floor at Phoenix Tower, a 34-story, 629,000-square-foot office tower located at 3200 Southwest Freeway in Houston. Express Energy Services Operating will occupy 25,113 square feet of space within the tower. Paula Bruns of Hines represented building ownership, FSP Phoenix Tower LP, which is an affiliate of Franklin Street Properties Corp. David Anderson of Fritsche Anderson Realty Partners represented the tenant. Hines, in its role as property leasing manager, has been involved with a capital improvements program for the building that includes the installation of energy-efficient, exterior glass panels; a renovation of the building’s common areas and entrances; the addition of a conference facility; and the addition of a Jack Nicklaus-designed putting green on top of the building’s parking garage.

September 8, 2008

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