DENVER — The Dallas office of Holliday Fenoglio Fowler LP (HFF) has arranged a $149.54 million loan for the construction of 1800 Larimer, a 22-story office development in Denver. Westfield Development Partners, the development arm of Denver-based Frederick Ross Co., is developing the 495,998-square-foot, Class AA, Platinum LEED pre-certified tower. Trey Morsbach and Clint Corn of HFF worked exclusively on behalf of Westfield to secure the 42-month, adjustable-rate loan through Wachovia Bank, N.A.
ST. CHARLES, ILL. — Chicago-based JCF Real Estate has plans to develop The Corporate Reserve of St. Charles, a 50-acre business park located in the western Chicago suburb of St. Charles. At full build-out, the $100 million development will include approximately 600,000 square feet of Class A office space. The first phase of construction, which is set to begin immediately, will include two single-story, 15,000-square-foot speculative office buildings and a three-story, 45,000-square-foot spec office building. In addition, the park will be able to accommodate build-to-suit projects ranging in size from 2 to 19 acres. Long-term plans also include the potential for restaurant users in some of the build-to-suit and outlot parcels, as well as a full-service hotel. The initial phase of construction has an expected completion date of the second quarter of 2009. Amenities at the business park will include outdoor parking, heated sidewalks to eliminate icing in the winter, 24-hour secured access to the buildings, native landscaping, ponds, and a series of walking paths and picnic areas.
ROCKTON, ILL. — Chemtool has announced plans to relocate its corporate headquarters to a new facility in Rockton. Groundbreaking is expected to occur this summer for a three-story, 75,000-square-foot office building located along Illinois Route 2. The company will also eventually renovate an adjacent 330,000-square-foot industrial building on the site. Both facilities are located on a 178-acre site that Chemtool acquired earlier this year from Beloit Corp., which closed its plant at the site in the late 1990s. Chemtool will relocate from its current headquarters in Crystal Lake, Ill.
MERCHANTVILLE, N.J. — Construction has begun on the Renaissance Building, an 8,000-square-foot building in Merchantville. The $3 million redevelopment project is being developed by RLC III, LLC. Situated on a .8-acre lot on the corner of Maple and Chapel avenues, the site was formerly home to a gas station, nursing home and dentist’s office. PNC is set to occupy the building early next year and the facility has approximately 4,000 square feet available for one to three more retailers. Metro Commercial is the exclusive leasing agent for the project.
FORT WORTH, TEXAS — A partnership between Dallas-based Cawley Partners and New York-based Greenstreet Real Estate Partners has sold the Ridglea Bank Building in Fort Worth. The 181,601-square-foot office building, which is located at 6300 Ridglea Place, currently is 98 percent leased. GNL Properties purchased the 12-story tower. The Dallas office of Holliday Fenoglio Fowler (HFF) represented the seller. HFF also arranged acquisition financing for the purchaser through GE Real Estate.
FORT WORTH, TEXAS — Meridian Capital Group has arranged $3.7 million in financing for Grammercy Center, a four-story office building in Fort Worth. The 52,847-square-foot building is located at 6815 Manhattan Blvd. Elliot Treitel of Meridian’s new Jersey office negotiated for the borrower, Martin Tauber.
LANSING, MICH. — East Lansing-based CB Richard Ellis | Martin (CBRE) has completed the sale of a vacant, 34,800-square-foot Regent Inn hotel located at 6501 S. Cedar St. in Lansing. The property was acquired by NuUnion Credit Union, which plans to raze the 1.63-acre site and redevelop it into a branch location for the credit union. Jason Kildea of CBRE represented the seller, Wachovia SBA Lending. NuUnion was represented by Alliance Commercial. The acquisition price was not disclosed.
WAYNE, MICH. — Colliers International has brokered the sale of 32,430 square feet of office space located at 35005 Michigan Ave. in Wayne. Jeffrey Ambrose and Gary Glotzhober of Colliers represented the seller, Wayne Properties, as well as the undisclosed buyer. The acquisition price was not disclosed.
CARLE PLACE, N.Y. — CB Richard Ellis has completed the $65 million sale of One Old Country Road, a 315,750-square-foot office building in Carle Place. At the time of the sale, the five-story facility was 95 percent leased by 49 diversified tenants. Located within .5 miles from Exit M1 of the Meadowbrook Parkway, the property features a full-service cafeteria, a barber shop and covered parking. Jeffrey Dunne, Steven Bardsley, Rikki Lawrence and Bruce Nelson of CB Richard Ellis represented the owner, Treeline 1 OCR, an entity controlled by The Treeline Companies, and procured the buyer, CLK/HP One Old Country LLC, in the transaction.
WARMINSTER, PA. — Equity Retail Brokers has completed the sale of a 1.5-acre bank site located at 157 York Rd. in Warminster. Viriva Community Credit Union plans to open a bank on the parcel by October 2008. Ken McEvoy of Equity Retail negotiated the acquisition. The sale price was undisclosed.