NORTH FAYETTE, PA. — CB Richard Ellis (CBRE) has completed the leasing of the entire 3000 Park Lane office building located in the Pittsburgh suburb of North Fayette. Intracorp, a subsidiary of CIGNA Corp., will occupy the five-story, 105,000-square-foot building until 2020. Gerry Dudley, Jamie Pivarnik and Robert Zwangler of CBRE’s Corporate Services Group represented the tenant. The landlord, Norcross, Ga.-based Wells Real Estate Funds, was represented by Dan Sliger, Jeremy Kronman and Tina McCall, also of CBRE.
HOUSTON — Marcus & Millichap has brokered the sale of Baytown Primary Medical Tower, a three-story medical office building located on 5.32 acres at 2802 Garth Rd. in Houston. Constructed in 1988, the building totals 46,120 square feet and was 98 percent occupied at the time of closing. Ross Cannizaro of Marcus & Millichap’s Houston office represented the seller, a locally based limited liability company. The property was acquired by another locally based limited liability company for an undisclosed amount.
ATLANTA — Atlanta-based Piedmont Office Realty Trust recently obtained a $250 million unsecured term loan from a syndicate of 12 banks, including co-lead arrangers and book managers J.P. Morgan Securities and Bank of America Securities. The loan, which will mature on June 28, 2010, and may be extended for 1 year, will help fund property acquisitions. As of March 31, Piedmont has a debt to real estate assets ratio of 25.6 percent.
RIVERVIEW, FLA. — Miami-based Adler Group has purchased the 82,120-square-foot Crescent Park I & II, located at 3903¬–4037 Crescent Park Dr. in Riverview, from Cushman & Wakefield for $12.05 million. The single-tenant office building and the multi-tenant flex building are 96 percent occupied. Matt Adler of the Adler Group brokered the sale.
BINGHAM FARMS, MICH. — On behalf of Tel-Bingham Associates – 1977 LLC, Southfield, Mich.-based Bernard Financial Group has arranged a $6.5 million loan for Bingham Office Building I. The office facility, which is located in Bingham Farms, measures 148,692 square feet in size. Summit Investment Partners, a correspondent for Bernard Financial Group, was the lender in the transaction. Bernard Financial Group will also service the loan. The terms of financing were not disclosed.
LOWER SALFORD, PA. — Groundbreaking has occurred for the new $100 million headquarters for biosciences company Almac Group. Situated on 40 acres in Lower Salford, construction will consist of a 240,000-square-foot building. Initially, the building will house two of the company’s divisions, Almac Clinical Services and Almac Clinical Technologies, but plans are already in place to expand other divisions at the site. Completion is scheduled for 2010.
MERIDEN, CONN. — CB Richard Ellis (CBRE) has brokered the sale of Meridian Executive Park in Meriden for $13.2 million. Situated on a 17-acre campus, the property comprises two Class A office buildings, 530 and 538 Preston Ave., which total approximately 155,053 square feet. Amenities at the property include two-story stone lobbies, picnic areas, a jogging path and shower facilities. Jeffrey Dunne, Steven Bardsley and David Gavin of CBRE’s New York Institutional Group, along with Patrick Mulready of the firm’s Hartford, Conn., office represented the seller, Fusco-Meridian Development Associates. The team also procured the buyer, Trammell Crow Company Acquisitions II, which is a real estate acquisition fund sponsored by Atlanta-based Trammell Crow Co.
IRVINE, CALIF. — Maguire Properties has sold Main Plaza to Shorenstein Properties LLC for $211 million. The transaction includes nearly $10 million of cash reserves and assumption of approximately $161 million of project-level financing. The sale is subject to the assumption of the existing project financing and customary closing conditions. The transaction is expected to close third quarter 2008. Main Plaza is located in the heart of the airport area submarket of Irvine. It features two 12-story, Class A office buildings and two free-standing buildings totaling approximately 607,000 square feet. “This transaction demonstrates our commitment to our stated objective of disposing of certain Orange County properties to accomplish our balance sheet objectives,” says Nelson C. Rising, president and CEO of Maguire Properties. “We are extremely pleased with the timing and the results of this disposition.”
TAMPA, FLA. — Boston-based TA Associates has purchased Corporate Oaks, located at 5100 Lemon St. in Tampa, and Centerpointe, located at 5505 W. Cypress St. in Tampa, from USAA Real Estate Co. for $47.3 million. The two buildings total 350,232 square feet and are 92 percent occupied. Cushman & Wakefield’s Mike Davis and Rick Brugge represented the seller.
BETHESDA, MD. — Atlanta-based Piedmont Office Realty Trust has acquired Opus Center at Rock Spring Park II, located on Rockledge Drive in Bethesda, from its developer, Opus East, for an undisclosed amount. Piedmont acquired Opus Center at Rock Spring Park I in November and will rename the two eight-story buildings, which total 407,000 square feet, Piedmont Pointe I and II. Eric Berkman and Steven Gichner of Grubb & Ellis’ Washington, D.C., office represented Opus East, and Piedmont’s Wil Stone and Brad Pittman represented their firm. Piedmont is pursuing Silver LEED certification for the buildings.