ADDISON, TEXAS — CB Richard Ellis (CBRE) Investors has acquired The Colonnade, an approximately 1 million-square-foot, three-building office property located in Addison. The three buildings, named Colonnade I, II and III, are located at 15301-15305 N. Dallas Pkwy; they range from 12 to 16 stories and are connected by a three-story, vaulted glass atrium. Occupancy is at 75 percent. CBRE Investors is pursuing LEED certification for the property, as it is for all of its other Dallas-area properties. The acquisition price was not disclosed.
TEXARKANA, TEXAS — The Cirrus Group has acquired a 31,600-square-foot medical office building located at 1902 Moores Lane in Texarkana. The building is situated on two acres near the campus of Christus St. Michael’s Health System. The property will be leased to Collom & Carney Clinic Association and Northeast Texas Surgery Center. The seller and the acquisition price were undisclosed.
THE WOODLANDS, TEXAS — Wachovia Bank N.A. has provided $23.53 million in construction financing for Sierra Pines, a 180,000-square-foot, speculative office building located in The Woodlands. Situated on 35.5 acres at 1601 Sawdust Rd., the Class A office building is scheduled for completion in January 2009. It is the first phase of a three-building, 540,000-square-foot office development. Holliday Fenoglio Fowler’s Matt Kafka and Adam Jackson originated the loan on behalf of Stream Realty Partners LP. The property is leasing at a rate of $18 per square foot triple-net.
MISSION VALLEY, CALIF. — Behringer Harvard Opportunity REIT I Inc. has acquired Crossroads Office Park in Mission Valley from an undisclosed seller. The seven-story office building is located two miles northeast of San Diego International Airport and five miles north of downtown San Diego. The transaction amount was undisclosed. The property is situated on a 5-acre site and provides more than 139,000 square feet of space to a diverse list of tenants. Tenants benefit from a high parking ratio of 3.8 surface spaces per 1,000 square feet of rentable office space. The building has also earned an Energy Star rating from the Environmental Protection Agency. “We acquired this well-located, value-added asset at a significant discount to replacement cost. We believe this Energy Star-rated property provides us with an attractive opportunity to create value by stabilizing its occupancy and moving rents to market levels,” said Robert Behringer, founder and CEO with Behringer Harvard. Area attractions near the property include Mission Bay Park, Sea World, Qualcomm Stadium and Fashion Valley.
COLORADO SPRINGS, COLO. — Corporate Office Properties Trust has acquired a three-story, Class A office building, which is located at 3535 Northrop Grumman Point in Colorado Springs, for $23.2 million. Situated within the Colorado Springs Airport Business Park, known as Cresterra, the property offers 124,305 square feet of office space. The building is 100 percent, long-term leased to Grumman Corp., and serves as the company’s Colorado Springs headquarters.
ALEXANRDIA, VA. — B&B Realty Investments received a $13 million mezzanine loan from Cohen Financial for the purchase of the 271,688-square-foot Alexandria Corporate Park, which was sold by Bethesda, Md.-based First Potomac Realty Trust. The flex property, located at 6315 Bren Mar Drive, is fully occupied by a variety of tenants, including the General Services Administration. Mark Strauss and Kevin Greenberg of Cohen Financial’s Newport Beach office arranged the financing for the buyer.
MIAMI — RREEF Real Estate purchased the Town & Country Corporate Center in Miami, a five-story, 117,458-square-foot office building located at Kendall Drive and 117th Avenue, for an institutional client. Gabe Menocal of Miami-based Powerhouse Realty represented RREEF in the purchase from KICAN Realty. The sale amount was not released.
ALEXANDRIA, VA. — Transwestern Realty Finance Partners, a commercial real estate investment firm, closed an $11 million loan for MGP Real Estate’s acquisition of the 348,218-square-foot, four-building office property Braddock Place. This is the second time the investment and real estate companies have worked together on financing.
SAN ANTONIO — Corporate Office Properties Trust (COPT) has acquired three office buildings for a total of $40.5 million. Two of the buildings are located in San Antonio; known as 151 Technology Center, the buildings were acquired for $17.3 million. The two-story buildings are located at 1560 Cable Ranch Rd. and total 122,975 square feet. Both are fully occupied, with prominent tenants including Sears, Air Force Federal Credit Union and AFNI. The third building in the transaction, the 124,305-square-foot Cresterra building located in Colorado Springs, Colo., was acquired for $23.2 million. COPT’s San Antonio portfolio now consists of four office buildings totaling 601,000 square feet; two office buildings currently under construction that total 91,000 square feet; and 58 acres of land that can support approximately 725,000 square feet of development.
TEMPE, ARIZ. — A 12-story office tower in Tempe has traded hands for $92.5 million. The 299,540-square-foot, Class A tower is located within Hayden Ferry Lakeside, a 43-acre mixed-use development of office, retail and residential space. SunCor Development Co. has sold the building to HF Lakeside II LLC, a subsidiary of Sumitomo Corporation of America. “SunCor has done a superb job attracting blue-chip companies to this mixed-use development,” said Robert Obringer, vice president of HF Lakeside II LLC. “This waterfront property and the overall vision for Hayden Ferry Lakeside are extremely impressive and the quality architecture, construction and central location are what drove us to be a buyer,” he said. The property is currently 83 percent leased to tenants such as KPMG, MetLife, and Fidelity National Title Insurance. “Hayden Ferry Lakeside is well on its way to achieving the ultimate vision created by SunCor,” said Randy Levin, vice president of commercial/urban development and design for SunCor. “Vibrant commercial and residential aspects of the development are flourishing. Clearly, the central live-work-play theme of Hayden Ferry Lakeside is striking a chord in this market,” Levin said. The sale transaction was negotiated by executive director Chris Toci and director Ted Harrison of Cushman …