VIRGINIA BEACH, VA. — To accommodate recent growth, Virginia Beach-based Liberty Tax Service will add an additional 30,000 square feet to its currently 31,000-square-foot headquarters, located in the Corporate Landing Business Park on Dam Neck Road in Virginia Beach. The expansion was spurred on by the company’s acquisition of eSmart Tax last year. The project is expected to cost $6.46 million and generate 144 new jobs.
GRAND RAPIDS, MICH. — Marcus & Millichap Capital Corp. has arranged a $9.37 million fixed-rate loan for the acquisition of a 160,000-square-foot office facility located at 4420 44th St. SE in Grand Rapids. The loan is based on a 10-year term, with a 25-year amortization schedule. Financing for the property was provided by an undisclosed commercial bank at a 5.75 percent fixed-rate for the first 5 years. Jake Roberts and Anita Paryani in the West Los Angeles office of Marcus & Millichap Capital Corp. arranged the financing for the office building.
LINCOLN, MASS. — CB Richard Ellis (CBRE) has brokered the sale of Lincoln North, a three-story, Class A office building located in Lincoln, for $28.5 million. The building is situated at 55 Old Bedford Rd. and totals 128,163 square feet. Bill Moylan, Gary Lemire, Matt Pullen and Andy Majewski of CBRE’s Capital Markets Team represented the seller, IBUS Asset Management. Larry Smith of Cranberry Hill Associates represented the buyer, FFMS Lincoln North LLC, which is an affiliate of Cranberry Hill Associates. Smith is also the original developer of the property, and has continually served as property manager since its construction.
NEW YORK CITY — The Moinian Group has launched a $15 million capital improvement program for 295 Madison Avenue, a 47-story, 330,000-square-foot office tower located in Manhattan, New York City. Renovations will include a new grand lobby featuring Italian travertine stone flooring and walls, mirrored glass elevator walls, new digital turnstiles and elevator cabs. A new steel canopy will be built at the building’s entrance with the building’s signage prominently displayed in lights. The buildings ornate cast iron façade will be restored, and the exterior limestone surfaces will be power washed. The building will also see 2,000 new tilt-and-turn windows throughout the building. Finally, high-end retail space will be constructed along the building’s Madison Avenue front, and extending 180 feet along 41st Street. Gensler Architecture has been selected to design the retail space and the new grand lobby. Mitch Konsker, Matthew Astrachan, Mitchell Arkin and Mikael Nahmias of Cushman & Wakefield are serving as leasing agents for the property. Completion is scheduled for the first quarter of 2009.
IRVINE, CALIF. — San Diego-based Western Financial Planning Corp. has purchased a two-story office building for $3.7 million. Located at 9861 Irvine Center Dr. in Irvine, the 9,900-square-foot property offers 16 private offices, a built-in kitchen with bar, stove and cooking area, and signage on Irvine Center Drive. Western Financial plans to use the building to accommodate its growing business. Erik Thompson of DAUM Commercial Real Estate Services represented the buyer; Craig Fitterer and Mark Jerue of Lee & Associates represented the seller, A&L Holdings, in the transaction.
NEW YORK CITY — New York City-based Broad Street Development has sold 370 Lexington Avenue, a 27-story, 305,000-square-foot office property located in Midtown Manhattan, New York City. The property was acquired by Sherwood Equities and JPMorgan Chase for $155 million. Broad Street first acquired the property in 2006 for $97.2 million. The company has since completed a capital improvements plan that included a major lobby renovation, the addition of pre-built and build-to-suit office spaces, and numerous infrastructure improvements. The repositioning has brought occupancy to more than 90 percent as of closing.
WEST WINDSOR, N.J. — Princeton-based Commercial Property Network (CPN) has negotiated the sale of a 49,000-square-foot office building located at 693 Alexander Rd. in West Windsor. The property was acquired by The Trustees of Princeton University for $8.42 million. Princeton is also preparing to move into another nearby building that totals approximately 120,000 square feet and is currently under construction. William Barish of CPN represented the undisclosed seller. Representing the buyer was Peter Dodds of Morford & Dodds.
EULESS, TEXAS — Marcus & Millichap has brokered the sale of Metro Center Office Building in Euless. Situated on 1.7 acres at 1701 W. Euless Blvd., the property comprises a three-story, 42,537-square-foot office building. Brett Butler and Ron Hebert of the Dallas office of Marcus & Millichap represented the seller, a California-based limited liability company. Russell Turman of Marcus & Millichap’s Fort Worth office represented the buyer, a Texas-based corporation. The acquisition price was undisclosed.
TEMPE, ARIZ. — Bellevue, Wash.-based McCandless Tempe LLC has purchased a Class B office building, which is located at 1204 E. Baseline Rd. in Tempe. The 20,430-square-foot property sold for $2.7 million or $132 per square foot. Matt Schrauth of Omni American represented the buyer; Eric Wichterman of Grubb & Ellis|BRE Commercial represented the seller, Temecula, Calif.-based Scaglioni Revocable Family Trust, in the transaction.
SUMMERVILLE, S.C. — Trammel Crow Co. has purchased a 310-acre parcel in Summerville from Eastway Properties for an undisclosed amount for the seven-building, 3 million-square-foot Omni Commerce Park. The phased project is expected to break ground this month, beginning with a 772,000-square-foot property slated to deliver in second quarter 20009. Trammel Crow will construct the first phase, a building that will include cross dock capabilities, ESRF fire suppression and trailer staging areas, to LEED standards.