TUSTIN, CALIF. — Jack Markovitz Trust has purchased Red Hill Corporate Plaza, a 44,123-square-foot office building in Tustin, for $12.9 million. The trust acquired the property in a 1031 exchange for cash flow purposes. Built in 1984, the property serves as headquarters for Oncotech, a company that provides molecular oncology testing services. Phil Cohen of Lee & Associates’ Irvine, Calif., office represented the buyer and the seller, John R. Saunders of Red Hill LLC, in the transaction.
TAMPA, FLA. — Helios AR Real Estate Fund I, a $100 million fund managed by an affiliate of the Adler Group, has purchased the 332,582-square-foot Breckenridge Park from Americas Capital Partners. The business park, which consists of Class A office and industrial space spread across 15 buildings, was sold for an undisclosed amount. Matthew Adler of the Adler Group represented the buyer, and Mike Davis of Cushman & Wakefield represented Americas. The property is located at the interchange of I-4 and U.S. 301 in Tampa.
WORCESTER, MASS. — Jones Lang LaSalle (JLL) has brokered the sale of a five-story, 160,000-square-foot office building, located at 55-57 Union St. in Worcester. The building includes 20,000 square feet of wet lab space, as well as a vivarium. The buyer, TDG Union Street LLC, plans to reposition the property in an effort to attract life sciences tenants. Planned improvements include the renovation of the building’s lobby, the construction of a café and tenant fit-ups. The building will be renamed Redstone Center. Brendan Callahan of JLL represented the seller, Charles River Laboratories, and procured the buyer. Callahan and JLL’s Daniel Cordeau were retained to lease the property on behalf of the buyer. The acquisition price was not disclosed.
LYNDHURST, N.J. — Ridgewood, N.J.-based Poskanzer Skott Architects has completed renovations to Cityview Corporate Center, a 138,300-square-foot, Class A office building located in Lyndhurst. Construction consisted of seven tenant fit-up assignments, as well as the renovation of the building’s common space. Poskanzer Skott provided space planning services and construction documentation for the projects, in addition to designing the projects. Cityview Corporate Center is located within Meadowlands Corporate Center; it features Cityview Café, a computer-monitored access card system, a UPS/Fed Ex drop-off location and ample parking.
ATLANTA — The Federal Aviation Administration has leased a 98,000-square-foot office building in the Camp Creek Business Center. The facility, located at 1500 Centre Parkway in Atlanta, will house 400 workers when the FAA occupies the space early next year. Further details of the lease were not released. The FAA joins the Department of Homeland Security and the Federal Bureau of Prisons in the center. Duke Realty’s Corey Richardson represented the landlord in the transaction.
RICHMOND, VA. — AH Richmond Tower 1 has purchased 0.38 acres of land from James Center Development Co. c/o CSX for $3 million. Plans for the space, located at the intersection of 10th and Canal streets in Richmond, include the Williams Mullen Center, a high-rise office building. Jeffrey Cooke and Suzanne White of Thalhimer brokered the sale.
NILES, ILL. — Advantage Freight Network has selected Summit Design + Build to serve as general contractor for the company’s new corporate headquarters located at 7230 N. Caldwell Ave. in Niles. Currently housed in Deerfield, Ill., the firm is relocating to an existing 48,326-square-foot facility, which Summit Design + Build is completely renovating. The new facility consists of 38,932 square feet of office space, which includes private offices, huddle rooms, conference rooms, a training room, restrooms, a kitchen, a vending area and an open office area with the capacity to house more than 300 employees. Additional plans include a workout facility, a heated parking garage and a parking lot for more than 200 cars. The facility, which is situated on a 4.3-acre site, is slated for completion in the first quarter of 2009. Cornerstone Architects is the project architect; Anthony Burns and Jeff Josephs of Sydney Partners represented Advantage Freight Network in the transaction.
OTSEGO AND GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has brokered two Michigan office transactions totaling more than 65,000 square feet. In Otsego, the company has arranged the sale of a 51,606-square-foot office property located at 313 W. Allegan. The Cardinal Newman Liberal Arts Project has purchased the building from Otsego Public Schools for an undisclosed amount. The property was acquired for a proposed liberal arts college. Jed Schildroth and Andrew Visser of Grubb & Ellis|Paramount Commerce represented the seller in the transaction. Additionally, Ray Kisor of Grubb & Ellis|Paramount Commerce has brokered the acquisition of a 14,154-square-foot office property located at 246 Ionia Ave. NW in Grand Rapids. Van Andel Institute has purchased the facility from the Diocese of Grand Rapids. Stan Wisinski of The Wisinski Group represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story office building located in New York City for $5.75 million. The building totals 6,468 square feet; it is fully occupied by a restaurant on the ground floor and three offices on the upper floors. All of the tenants are under gross leases, with an annual rent increase of 4 percent. Ben Sgambati and Jin Lee of Marcus & Millichap’s New Jersey office represented the seller, a locally based investor. Lee represented the buyer, a New Jersey-based investor. The property traded at a price of $889 per square foot.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has completed the sale of Two Riverway, a 17-story, Class A office tower located in the Galleria submarket of Houston. Two Riverway is situated within the 27-acre Riverway master-panned community, which is located on the corner of Post Oak and Woodway Drive. The 369,479-square-foot property is currently 92 percent leased; Chicago Bridge & Iron and IBM are the tower’s two main tenants, jointly occupying 55 percent of the building’s total space. HFF’s H. Dan Miller, Robert Williamson, Marty Hogan and Trent Agnew represented the seller, Coventry Fund X, which is an affiliate of Coventry Realty Advisors. The buyer was Two Riverway Holdings LLC, which is a subsidiary of Donerail Corp. The acquisition price was not disclosed.
