FORT LAUDERDALE, FLA. — Metro has purchased a 5,747-square-foot office building from 2495 E. Commercial Blvd. LLC for $1.2 million. The property is located on 19,366 square feet of land at 2495 E. Commercial Blvd. in Fort Lauderdale. The buyer was represented by Luna Nichols of Fort Lauderdale-based NAI Rauch, Weaver, Norfleet, Kurtz & Co. The firm’s Robert Edlin represented the seller.
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NEW BEDFORD, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $2 million in acquisition financing for an 18,100-square-foot office building located in New Bedford. George Fantini and Mark Whelan of F&G placed the loan through StanCorp Mortgage Investors. Terms of the loan were not disclosed. The undisclosed borrower is acquiring the property as part of a 1031 exchange.
SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of Petroleum Tower, a two-building office property located at 8626 and 8700 Tesoro Dr. in San Antonio. The property consists of twin eight-story buildings totaling 112,315 and 111,042 square feet, with a 10,931-square-foot atrium connecting them. Property amenities include a restaurant, covered parking and fiber optic cable access. The tenant roster includes Lockheed Martin Corp., CYTO Laboratories, the Internal Revenue Service and AT&T Mobility. CBRE’s Todd Mills led a team of brokers from the firm’s San Antonio and Austin, Texas, offices in completing the sale. The buyer was James Cotter, a local private investor. The acquisition price was not disclosed.
CENTURY CITY, CALIF. — Newmark Realty Capital Inc. has arranged an $88 million loan for an office tower, which is located at 1900 Avenue of the Stars in Century City. The 27-story tower offers 600,000 square feet of office space. George Mitsanas, Monique Monzon and Peter Hillakas of Newmark Realty Capital Inc. secured the financing. Specific terms of the loan were not disclosed.
MIAMI — Guggenheim Real Estate and Stiles Corp. have received a $47.5 million loan for their 420,080-square-foot SunTrust International Center office building. Located at the intersection of Flagler Street and S.E. Third Avenue in Miami, the property is 88 percent leased to Bank of America, SunTrust Bank, Walgreens and other tenants. Financing for the 5-year, fixed-rate loan was provided by a life insurance company. Todd Sugimoto of Holliday Fenoglio Fowler’s Los Angeles office and Fred Welker of the firm’s Miami office secured the loan.
MERRITT ISLAND, FLA. — Marcus & Millichap has represented two undisclosed parties in the sale of the 21,600-square-foot Merritt Island Medical Office for $3.03 million. The property, which is NNN leased, is located at 595 N. Courtenay Parkway in Merritt Island. Kevin Yaryan, Patrick Skinner and Michael Donaldson of the firm’s Orando, Fla., office brokered the transaction.
CINCINNATI — Cincinnati-based Grubb & Ellis|West Shell Commercial has been selected by Duke Realty Corp. to assume property management and leasing responsibilities for four office buildings and two retail centers in Ohio. The properties, totaling 872,000 square feet, include three downtown Cincinnati office buildings located at 312 Elm, 311 Elm and 312 Plum; Triangle Office Park located in Sharonville, Ohio; and two anchored retail centers located on Mason-Montgomery Road in Deerfield, Ohio. The retail properties are anchored by a Lowe’s Home Improvement Warehouse and a Bigg’s Supercenter. As part of the arrangement, which went into effect February 1st, Duke will continue to own the properties and provide tenants with customer support service. Leasing, maintenance and on-site support will be provided by Grubb & Ellis|West Shell Commercial.
VALLEY STREAM, N.Y. — New York City-based Philips International has begun a multi-million dollar capital improvements program at 99 W. Hawthorne Ave. in Valley Stream. Construction to the seven-story, 45,330-square-foot property will include a conversion of the building’s space into 99 for-sale office condominiums, which will range in size from 1,000 square feet to 7,486-square-foot, full-floor spaces. The lobby and common area will also see renovations. Kelly Koukou and Mark Greenspan of CB Richard Ellis will handle marketing for the new office condos. A construction timetable was not released.
BREA, CALIF. — Gary Griggs and Brett Cervantes of Marcus & Millichap have completed the disposition and acquisition of North Hills Professional Plaza, an 11,800-square-foot office complex. Located at 255 W. Central Ave. in Brea, the property sold for $2.6 million. Built in 1997, the two-story property was 100 percent occupied at the time of acquisition to eight medical and professional tenants. The seller and buyer were not disclosed.
NAPERVILLE, ILL. — Calamos Real Estate LLC has secured a 33,778-square-foot office lease within its CityGate Centre development, which is located at the intersection of Interstate 88 and Route 59 in Naperville. PMA Financial Network has leased the office space in order to house its corporate headquarters. The approximately 212,000-square-foot LEED-Silver certified building is now 50 percent occupied. Additional tenants within the building include Citi Smith Barney and Amata Office Suites. The CitiGate Centre project, which is currently underway, is slated to include approximately 1 million square feet of high-end corporate office space, as well as 150,000 square feet of specialty retail and restaurants. The 144-room Hotel Arista is also located at the mixed-use development. Dru Shoemaker, Brian Whiting and Jack McKinney of J.F. McKinney & Associates represented the developer, Calamos Real Estate LLC, in lease negotiations. Keith Cade of Newmark Knight Frank represented PMA Financial Network in the transaction. Terms of the lease were not disclosed.