BURBANK, CALIF. — Point. 360, a full-service audio and video facility, has acquired a 31,317-square-foot building in Burbank for $8 million. Point. 360 has been leasing the property, which is located at 1122 and 1133 N. Hollywood Way, from Hollywood Way Office Ventures LLC for the past 10 years. Stacy Vierheilig-Fraser, Stella Kanyan and Eugene Page of Charles Dunn Company’s Studio City, Calif., office represented both parties in the transaction.
CLEVELAND — Wells Real Estate Investment Trust II has signed Squire, Sanders & Dempsey law firm to an early 10-year lease extension for its offices within Key Tower in Cleveland. Squire, Sanders & Dempsey occupies more than 150,000 square feet of office space in the 57-story building. The firm’s 10-year extension takes its lease to the year 2022. Chris Livingston and Rob Roe of The Staubach Company, which has merged with Jones Lang LaSalle, represented Squire, Sanders & Dempsey; Douglas Miller and John Klayman of The Richard E. Jacobs Group represented Wells Real Estate Investment Trust II in the transaction. Terms of the lease were not disclosed.
CINCINNATI AND DAYTON, OHIO — Colliers Turley Martin Tucker has arranged two office sales in Ohio. Scott Abernethy, Mike Hartmann, Donald Murphy, Robert Ryan and Peter Snow of Colliers Turley Martin Tucker — Cincinnati, brokered the sale of 27,000 square feet of office space located at 8119 Cornell in Cincinnati. NorthPointe Development LLC sold the property, which was valued at $3.8 million, to Reconstruction Ortho LLC. In Beavercreek, Tony Witt in the Dayton office of Colliers Turley Martin Tucker represented Research Park Associates in the sale of a 15,960-square-foot office building located at 3975 Research Blvd. The single tenant facility, which was valued at $1.9 million, was acquired by KRM Partners.
DALLAS — Realty Capital Partners (RCP) has acquired an 8-acre property containing two office buildings in the Southwestern Medical District of Dallas for redevelopment. The two buildings total 125,000 square feet; one of the buildings will be demolished to make way for a new multifamily development, while the other 30,000-square-foot building will be preserved. RCP will subsequently develop a 300-unit, Class A apartment community on the property. For the transaction, RCP formed RCP Medical District Urban Living Ltd, a limited partnership designed to provide equity for the purchase of the property. The seller was not disclosed.
DALLAS — Los Angeles-based Catalyst Fund LLC has acquired a mortgage interest in Coit Central Tower, a 247,000-square-foot, Class A office tower located in Dallas. Catalyst acquired the interest from Gramercy Capital Corp., which retains the property’s senior debt. The property is owned by International Capital Partners. It was 40 percent leased at the time of closing. Catalyst Fund is a $65 million real estate fund formed by RPD Catalyst.
PHOENIX — Scottsdale, Ariz.-based Washington & 25th Street LLC are renovating a 33-year-old, two-story 17,444-square-foot office building, which is located at 2502 E. Washington St. in Phoenix. The more than $1.5 million renovation includes a redesign of the property’s exterior façade, extensive interior improvements, replacement of the windows, the installation of an elevator, upgrades to the electrical service and mechanical system and the installation of a new roof. Scottsdale-based Perlman Architects provided design services for the project; Gilbert, Ariz.-based Bjerk Builders Inc. is serving as general contractor. Completion is slated for November. Nashville, Tenn.-based W.D. Schock has signed a 5-year, 8,722-square-foot lease for the first floor of the property. Virgil Berry of Phoenix-based Berry Realty & Associates represented the tenant; Chris Ackel, Pat Horan and Tyler Hanney of CB Richard Ellis’ Phoenix office represented the landlord in the transaction.
CARLSBAD, CALIF. — A joint venture between Carltas Company and Finest City Realty Advisors Inc. is nearing completion for the construction of ECR Corporate Center, a medical office property located at 6250 and 6260 El Camino Rd. in Carlsbad. The project consists of a two-story, 63,000-square-foot building, which will house Tri-City Wellness Center, and a two-story, 27,000-square-foot medical office building. Tri-City Wellness Center is a health club and rehab facility that offers lap, exercise and therapy pools; spas; a walking and running track; exercise studios; locker rooms; and physical therapy rooms. Smith Consulting Architects provided architectural services for the estimated $20 million project, while Lusardi Construction is serving as general contractor.
BEL AIR, MD. — Construction is nearing completion on the 85,000-square-foot, $20 million Class A office property Physicians Pavilion II, located at West MacPhail Road and Maryland Route 24 in Bel Air. The building is more than 50 percent leased with tenants including Upper Chesapeake Health System, MacPhail Pharmacy, Harford Gastroenterology Associates and The Daily Grind. The project, which is a collaboration between Lutherville, Md.-based MacKenzie Commercial Real Estate and York, Pa.-based Kinsley Construction, will deliver in September.
INVERNESS, FLA. — Jenkintown, Pa.-based Gramercy Capital Corp. has sold a 17,544-square-foot office property, located at 1007 U.S. Highway 41 North in Inverness, to Highway 41 LLC for $1.05 million. The 3.05-acre property was built in 1973 and is 60 percent occupied by Bank of America. Bartow McDonald of Sperry Van Ness’ Ocala, Fla., office and Peter Stevens and Jim Pasquarella of Wayne, Pa.-based CBRE represented the seller. Venu Reddy of Coldwell Banker Commercial Landmark’s Brooksville, Fla., office represented the buyer.
YORKVILLE AND AURORA, ILL. — Leopardo Construction has completed the 58,000-square-foot Rush-Copley Healthcare Center located at 1100 W. Veterans Pkwy. in Yorkville. The medical office building, which is the first phase of a 45-acre multi-phase development, will provide non-ambulatory care, including radiology, MRI, CT scans, ultrasound, mammography and bone density scans. Leopardo served as the construction manager, with Anderson Mikos Architects providing architectural services for the project. Additionally, Leopardo Construction has begun a 12,400-square-foot addition and renovation of the Rush-Copley Medical Center located at 2000 Ogden Ave. in Aurora. The project includes an 8,400-square-foot intensive care unit (ICU) addition and a renovation of existing space that will create 7,100 square feet on new ICU space. The facility will also undergo a 1,300-square-foot renovation of existing space. The renovation includes the conversion of four existing ICU rooms, which have been recreated in another part of the hospital.