MARYLAND HEIGHTS, MO. — Indianapolis-based Duke Realty Corp. has entered into a build-to-suit agreement for the construction of a 146,000-square-foot, Class A office building for Amsterdam-based Elsevier in Maryland Heights. Situated on 11 acres within Riverport Business Park at 13610 Riverport Dr., the three-story building will feature 48,000-square-foot floor plates, a cafeteria and more than 825 parking spaces. Completion is scheduled for summer 2009. Scott Panzer and Lisa Campofranco of Newmark Knight Frank represented Elsevier in the transaction. Whitaker Varley negotiated the deal for Duke.
MASSACHUSETTS — An affiliate of Harbor Group International has made a $4 million preferred equity investment with American Realty Capital to facilitate its acquisition of 18 Rockland Trust bank branches. The portfolio totals 121,057 square feet of properties located throughout suburban Massachusetts. The total sale price of the branches was not disclosed.
DALLAS — Saxon Capital and Morgan Stanley Credit Corp. recently leased 71,174 square feet of office space at Intellicenter Dallas. Dennis Barnes with CB Richard Ellis (CBRE) represented Koll Development Co., the landlord. Bob Edge, Matt Heidelbaugh and Mari Jones with Cushman & Wakefield represented the tenant.
TEMPE, ARIZ. — El Segundo, Calif.-based Tempe Investment Associates LLC, a Titan Real Estate Investment Company, has completed the disposition of Research Corporate Center in Tempe. Located at 2085 E. Technology Dr., the three-story, 45,238-square-foot office building sold for $7.7 million. The buyer was an undisclosed party out of California. Built in 1989, the center was 100 percent leased at the time of acquisition. The largest tenant is Cytec Engineering Materials Inc., a global specialty chemicals and materials company. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ (CBRE) Phoenix office, along with Kevin Shannon and Ken White of CBRE’s South Bay, Calif., office, represented the seller in the transaction.
LAKELAND, FLA. — MidFlorida Federal Credit Union has acquired a 3,904-square-foot bank building in Lakeland, from Jacksonville, Fla.-based Wachovia Bank NA, for $1.3 million. The property is situated on a .61-acre-site at 1817 Crystal Lake Rd. Larry Bossarte and Cheryl Bossarte of NAI Realvest represented both the seller and the buyer in the sales transaction. MidFlorida will open a new branch at the facility.
KANSAS CITY, MO. — Leawood, Kan.-based Harbinger Property Group has arranged the sale of the Interstate Building, a 40,542-square-foot office building located at 417 E. 13th St. in downtown Kansas City. The seven-story building is situated within the city’s new Power & Light District. The buyer, Matt Abbott of Abbott Development, plans to renovate the property, to feature office space above an upscale bar and restaurant on the first floor. The seller, represented by Harbinger, was undisclosed.
BOSTON — Turner Construction Co. has begun construction on ONE Marina Park Drive, a new $125 million Class A office building that is part of the Fan Pier development in Boston. Situated along the waterfront, the 18-story, approximately 500,000-square-foot office building is part of the first phase of construction for the 21-acre master planned project. Developed by The Fallon Company, Fan Pier is set to include 3 million square feet of first-class office space, a hotel and spa, luxury residences and a 6-acre marina.
HOUSTON — Live Oak Capital has arranged a $25.5 million construction loan on behalf of Woodcreek Development Co. for a six-story, 146,238-square-foot office building in Houston. The Reserve at Park Ten is located at the northeast corner of Park Ten Place and Broadfield Boulevard, just north of the Katy Freeway in Houston’s Energy Corridor. Kingharn Dalton is serving as general contractor for the project. Live Oak placed the loan through Houston’s Amegy Bank.
IRVINE, CALIF. — Irvine-based Sanderson J Ray has purchased Bristol Park Medical Plaza in Irvine for $13 million or $458 per square foot. Located at 250 E. Yale Loop, the 28,365-square-foot property is fully occupied by five tenants, including Bristol Park Medical and Irvine Diagnostics Center. Dennis Vaccaro of Faris Lee Investments represented the buyer and the seller, Orange County, Calif.-based Yorba Hawthorne LLC, in the transaction.
SAN DIEGO — Soledad Development Group has completed the developed of Highland Skypark, a 57,000-square-foot office campus located along Ruffin Road in San Diego. Designed by Smith Consulting Architects, the $5 million project features five office buildings ranging in size from 4,765 to 20,060 square feet. Planning & Engineering served as civil engineer; Ridge Landscape Architects provided landscape architectural services; Prime Structural engineers served as structural engineer; DEC Engineers provided mechanical engineer services; MPE Consulting served as electrical engineer and TSA Contracting Inc. served as general contractor.