WILKINS, PA. — The Regus Group has acquired a 12,000-square-foot office condo located within Penn Center East in Wilkins. The condo is located on the fourth floor of 201 Penn Center Blvd., and features 33 offices, as well as three conference rooms. The seller and the acquisition price were undisclosed. Penn Center East is a mixed-use development containing seven Class A office buildings totaling 625,000 square feet and more than 300,000 square feet of retail space.
SAN ANTONIO — Oak Brook, Ill.-based Inland Mortgage Capital Corp. has provided a $10.35 million acquisition loan for a three-building office park located in San Antonio. North Park Corporate Center Phase II is situated on 7.35 acres at 17319 San Pedro Ave. in the city’s Hollywood Park neighborhood. The three buildings total 86,400 square feet of leaseable space. The financing is an interest-only, floating-rate, first-mortgage bridge loan with a 76 percent loan-to-value ratio. The undisclosed borrower will use the financing to acquire the property and lease the remaining space. The property was 75 percent occupied at the time of closing. Leslie Lundin of Inland originated the loan.
VALLEY FORGE, PA. — CB Richard Ellis (CBRE) has brokered the sale of a 251,751-square-foot office/industrial building located in Valley Forge for $24 million. The facility is situated on 15.29 acres at 2621 Van Buren Ave., within the 250-acre Valley Forge Corporate Center. It features Class A office space, as well as warehouse and light manufacturing space. At the time of closing, it was 96 percent occupied by a tenant roster that includes Comcast Corp., PayChex, Texas Instruments and PJM Interconnection. Michael Hines and Lizann McGowan of CBRE’s Philadelphia office represented the seller, BPG Properties. The property was acquired by New Jersey-based Lingwood Partners.
HOUSTON —McShane Corp. has been selected by OakBend Medical Center to develop Grand Parkway Medical Office Center, an off-campus medical office building located in Houston. The three-story, 60,000-square-foot facility will be situated on 5 acres at Grand Parkway, approximately 7.5 miles from the hospital. It will feature medical suited divisible from 1,200 square feet, as well as an ambulatory surgery center. Groundbreaking is set to occur in September, with completion slated for fourth quarter 2009. The Houston office of Cadence McShane Corp. will provide design/build services for the project. Denver-based Marasco & Associates will provide the concept design, and Houston-based Seeberger + Associates will serve as architect of record. Grand Parkway Medical is the first of two medical office facilities McShane will be building for OakBend Medical Center. The second facility will be located on-campus. No details have been released.
RICHARDSON, TEXAS — CB Richard Ellis (CBRE) has brokered the sale/leaseback of a 59,343-square-foot office building located at 2180 N. Glenville Dr. in the Dallas suburb of Richardson. Darrin Roberts and Peter Danna of CBRE represented the seller, SBC Asset Management; the buyer, Attrich, was represented by Robert Mills of PM Realty Group. The single-tenant property is currently occupied by AT&T Services. The acquisition price was not disclosed.
NEWPORT BEACH, CALIF. — The PRES Companies has sold eight office condominiums in its newly completed projects, Dove Office Condos and Quail Office Condos in Newport Beach, for a total consideration of $3.87 million. The recently completed projects feature for-sale office condominiums with individual units ranging in size from 300 to 20,000 square feet. Recent buyers include law firm Garrett & Heaton, accounting firm Montagna & Associates and Urban Trends, a consumer design and development company. Both projects are located in close proximity to the 405 and 455 Freeways as well as the 73 Toll Road.
CHATTANOOGA, TENN. — Diversified Realty Ventures has acquired the Atrium Medical Office Buildings located at the intersection of Gunbarrel Road and Jarnigan Road in Chattanooga. The 103,088-square-foot, Class A medical office facility, which consists of two buildings situated on 6.83 acres, was sold by Atrium Memorial Limited Partnership and Atrium Memorial Limited Partnership II. Dail Longaker of Columbia, S.C.-based Colliers Keenan was the sole broker for the $16.44 million transaction. Financing was provided by the Richmond, Va., office of Wells Fargo.
INDIANAPOLIS — Oak Brook, Ill.-based Krusinski Construction Co. has completed a 52,000-square-foot technical operations facility for Comcast located at 5330 East 65th St. in Indianapolis. The new building, which includes 34,877 square feet of office space and a 16,323-square-foot warehouse, was built behind Comcast’s previous location. Krusinski has begun demolition of the former location, which will become a parking lot for approximately 500 cars. The parking lot is slated for completion in mid-August. Features of the pre-cast and steel structure, which is located on 10 acres, include one dock and two drive-in doors. Lori Ott of Dallas-based Gromatzky Dupree and Associates was the architect for the project.
NEWARK, N.J. — McGowan Builders has broken ground for the construction of the two-story, 44,000-square-foot Leaguers Headquarters and Head Start Building located at 405-425 University Ave. in Newark. The first floor of the $23.5 million project will house The Leaguers’ Head Start program, after-school activities and community services for adults. The second floor will contain The Leaguers’ administrative offices, as well as commercial office spaces. The building features the capability for a third-floor expansion. The building will also contain a 75-space underground parking garage. The facility is scheduled for completion in 2009. McGowan is providing general contracting services for the project. EI Associates is serving as architect and engineer, with Wilson Woodridge also providing architectural services.
NEW YORK CITY — The Barcel Group has brokered the sale of a 15-story office tower located at 202 W. 40th St. in New York City for $22.8 million. The building totals 38,000 square feet and has recently undergone renovations. A retail unit in the building is occupied by Fashion 40 Lounge. Marcel Fridman of Barcel represented both undisclosed parties in the transaction. The property traded at a price of $600 per square foot and a capitalization rate of 5.5 percent. Acquisition financing was arranged by Joseph Taub of Meridian Capital.