Office

CBRE BROKERS $15.15 MILLION OFFICE SALE

by admin July 18, 2008

GREENSBURG, PA. — CB Richard Ellis (CBRE) has brokered the sale of an 83,000-square-foot office building, located at 144 N. Main St. in Greensburg, for $15.15 million The property was constructed in 2007 as a build-to-suit for the Commonwealth of Pennsylvania Department of Labor and Industry, which currently occupies the entire building on a 15-year lease. Stephen Marzullo and Michael Blunt of CBRE’s Philadelphia office represented the seller, Hermitage, Pa.-based Hudson Holding Co. The buyer was undisclosed.

July 18, 2008

CROWN WEST REALTY ACQUIRES 96,000-SF OFFICE BUILDING

by admin July 18, 2008

BOULDER, COLO. — Crown West Realty LLC has purchased a two-story office building in Boulder for $10.9 million. Located at 5775 Flatiron Pkwy., the property offers 96,000 square feet of office space. Invesco Real Estate sold the property, which was built in 1987. At the time of acquisition, the building was 96 percent occupied by a variety of tenants, including CH2M Hill, Konica-Minolta, Wall Street on Demand, Vexcel and SimAuthor Inc.

July 18, 2008

Office Southeast

OPUS EAST BREAKS GROUND ON MARYLAND OFFICE BUILDING

by admin July 17, 2008

LINTHICUM HEIGHTS, MD. — Construction has begun on Rockville, Md.-based Opus East’s 9.5-acre, 160,000-square-foot development of West*Quest C, an office building located in the West*Quest Technology Park on the Baltimore—Washington corridor in Linthicum Heights. Global defense firm Northrop Grumman has signed a 10-year lease to fully occupy the building, which was constructed to LEED standards. The building will deliver in the third quarter of 2009.

July 17, 2008

Midwest Office

GE REAL ESTATE PROVIDES $33.2 MILLION ACQUISITION LOAN FOR OFFICE PORTFOLIO

by admin July 17, 2008

EDEN PRAIRIE, PLYMOUTH AND BLOOMINGTON, MINN. — GE Real Estate has provided a $33.2 million flexible fixed-rate loan to Dougherty Commercial Properties for the acquisition of nine offices throughout suburban Minneapolis. The 3-year loan includes two 1-year extensions. Totaling 448,254 square feet, the portfolio consists of two office buildings and seven flex buildings across five properties in Eden Prairie, Plymouth and Bloomington. Minneapolis-based Dougherty and its joint venture partner JRK Birchmont Advisors are investing approximately $11 million of equity in the transaction, which was brokered by Chris Perry and Matt Halberg of Grandbridge Real Estate.

July 17, 2008

Office Texas

SCM REAL ESTATE BROKERS SALE OF 75,057-SQUARE-FOOT OFFICE BUILDING

by admin July 17, 2008

EULESS, TEXAS — Arlington, Texas-based SCM Real Estate Services has brokered the tenant-in-common purchase of a 75,057-square-foot office building located at 150 Westpark Way in Euless. SCM represented the tenant-in-common buyer group in the transaction; the seller was undisclosed. SCM has also been brought on to manage the property. A capital improvement plan will be implemented that will include a new HVAC system, roof and interior aesthetics, as well as parking lot improvements. Darrel Higginbotham of SCM will serve as exclusive marketing agent for the property’s remaining space.

July 17, 2008

Office Western

GROUND BREAKS FOR QUAIL GARDEN CORPORATE CENTER

by admin July 17, 2008

ENCINITAS, CALIF. — Wiegand Neglia Corp. is developing Quail Corporate Center, an approximately 33,000-square-foot commercial project located at 662 Encinitas Blvd. in Encinitas. Designed by Hanna Gabriel Wells, the project consists of a single-story commercial office and/or medical condominium complex. Expected to be the first private LEED-certified building in Encinitas, the property will feature natural daylight and ventilation elements; an energy-efficient envelope and mechanical systems; reclaimed water for landscape irrigation and recycled material use. Completion is slated for second quarter 2009. Peter Curry and Matt Campbell of Grubb & Ellis|BRE Commercial are representing the property.

July 17, 2008

Office Western

THOMPSON NATIONAL PROPERTIES ACQUIRES OFFICE/RESTAURANT BUILDING

by admin July 17, 2008

PARK CITY, UTAH — Thompson National Properties LLC, on behalf of the Vulture Fund, has purchased the Blind Dog Building in Park City for an undisclosed price. The property, which is located at 1781 and 1787 Sidewinder Dr., is commonly referred to as the Blind Dog Building because it is anchored by the Blind Dog Restaurant. The three-story, more than 15,000-square-foot building was built in two phases, with the final phase completed in 2002. At the time of acquisition, the value-add property was 73 percent occupied. The seller was not disclosed.

July 17, 2008

Office Southeast

25,000-SQUARE-FOOT OFFICE/RETAIL PROPERTY SOLD IN MARGATE, FLA.

by admin July 16, 2008

MARGATE, FLA. — A local family trust recently sold a 25,524-square-foot office/retail building, located at 2515 N. State Rd. 7 in Margate, to BJ&S Properties for $2.2 million. Adam Von Romer of Investment Real Estate Associates’ Miami office represented the seller.

July 16, 2008

Northeast Office

CBRE BROKERS 107,071-SQUARE-FOOT OFFICE SALE

by admin July 16, 2008

MINEOLA, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of Century Plaza, a three-story, Class A office building located at 330 Old Country Rd. in Mineola. The building totals approximately 107,071 square feet, and was 96.8 percent leased at the time of closing. Tenants at Century Plaza include Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn LLP; Fatwire Corp.; Liberty Mutual Insurance Co.; American Student List; and Kelly, Rode & Kelly LLP. Jeffrey Dunne, Steven Bardsley and Chris Leonard of CBRE’s New York Institutional Group, along with Martin Lomazow and Roy Chipkin of the company’s Long Island office, represented the owner and procured the buyer. Both parties were undisclosed.

July 16, 2008

Office Texas

PHASE I OF LAKEVIEW BUSINESS PARK BEGINS

by admin July 16, 2008

MISSOURI CITY, TEXAS — Construction had begun for Phase I of Lakeview Business Park, a 168-acre industrial park located in Missouri City. Phase I construction will consist of three buildings totaling 240,000 square feet; the buildings will range in size from 38,000 to 153,000 square feet. Each will feature 24- to 30-foot clear ceiling heights, ESFR sprinkler systems and concrete tiltwall construction. The project will also be applying for LEED certification. Upon full build-out, Lakeview Business Park will include approximately 2.5 million square feet of light industrial space. Phase I is scheduled for completion in February 2009. The project is being developed by a joint venture involving Dallas-based Trammell Crow Co. and its affiliate Crow Holdings. CB Richard Ellis is serving as exclusive listing agent for the industrial park.

July 16, 2008

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