Office

SHORENSTEIN CLOSES ACQUISITION OF CLASS A OFFICE TOWER

by admin May 2, 2008

HOUSTON — Shorenstein Properties LLC has purchased 5 Post Oak Park, a 28-story, Class A office tower in Houston. Located at 4400 Post Oak Pkwy. in the Galleria submarket, the 567,396-square-foot building is 93 percent leased to tenants such as Amegy Bank, UBS and Willbros USA. A partnership between GE Asset Management Inc. and Crescent Real Estate Equities LP sold the property, which also includes an adjacent 1,673-space parking structure. Shorenstein Properties made the purchase on behalf of its ninth investment fund, Shorenstein Realty Investors Nine, LP. The Houston office of Holliday Fenoglio Fowler represented the seller in the transaction.

May 2, 2008

WRIGHTWOOD CAPITAL PROVIDES $28 MILLION ACQUISITION LOAN

by admin May 2, 2008

SEATTLE — Wrightwood Capital has provided a $28 million loan for the acquisition of the Fourth & Pike Building, which is located at 1424 Fourth St. in Seattle. The 10-story, more than 96,700-square-foot building has been designated a landmark building under the Seattle Landmarks Preservation Board. The building is currently leased to a mix of tenants, including Ben Bridge Jeweler, Quicksilver and The Walking Company. The borrower is John Klimp of The Mayfield Company. The opportunity was sourced through Tom Bracken of Capmark Finance.

May 2, 2008

Office Western

MERIDIAN CAPITAL ARRANGES $10 MILLION LOAN FOR TAFT BUILDING

by admin May 2, 2008

HOLLYWOOD, CALIF. — Meridian Capital Group has arranged $10 million for the refinancing of the Taft Building, a 12-story, 105,000-square-foot office building in Hollywood. Located at the intersection of Hollywood and Vine streets, the property was designed in the Renaissance Revival style and comprises more than 130 office tenants and 2 ground-floor retail spaces. The loan will be used for capital improvements, including restoration of the exterior façade and recapturing the main lobby entrance. Allan Lieberman of Meridian’s New York office negotiated the loan on behalf of the borrower, 1680 Vine Investment Company LLC.

May 2, 2008

Office Western

CROWNE DEVELOPMENT TO BUILD $12.27 MILLION OFFICE PARK

by admin May 2, 2008

HENDERSON, NEV. — Crowne Development is developing Crowne Professional Park, a six-building office park located at Interstate 215 and Stephanie Street in Henderson. The 65,000-square-foot park offers office condos ranging in size from 2,500 to 15,000 square feet. The complex also offers highly accented exteriors, decorative breezeways and balconies. Suzanna Rutar Architects provided architectural services for the $12.27 million project, which is slated for completion in June. Ron Opfer of Coldwell Banker Premier Realty is handling the marketing of the condos.

May 2, 2008

Office Southeast

ONE RIVERVIEW SQUARE SELLS FOR $49.6 MILLION IN MIAMI

by admin May 1, 2008

MIAMI — Boston-based Eaton Vance has acquired One Riverview Square, a 147,895-square-foot, eight-story office building in Miami, from Rubicon America Trust, for $49.6 million. The Class A property is 100 % leased to the United States Government GSA Immigration and Customs Enforcement and the Social Security Administration. Tom Holtz, Steve Buss and Ryan Watts of CB Richard Ellis’ Minneapolis office, as well as Christian Lee, Charles Foschini and Christopher Apone of its Miami office were the sole brokers in the transaction and exclusively represented the seller. The building is located on the north side of the Miami River, in close proximity to Interstate 95.

May 1, 2008

Office Southeast

CITYPLACE TOWER OPENS IN PALM BEACH GARDENS

by admin May 1, 2008

PALM BEACH GARDENS, FLA. — The Related Companies and Crocker Partners will open CityPlace Tower, a $110 million, 300,000-square-foot office building in Palm Beach Gardens, this month. The property features 18 stories and is located at the south entrance of CityPlace, a 72-acre mixed-use development, on the northwest corner of Okeechobee and South Quadrille boulevards. Tenants include INTECH, Carlton Fields, P.A., The ComVest Group, Shutts & Bowen, JB Hanauer & Co. and Goodrich. The ground floor will feature a Regions Bank with drive-through teller and Clevelands Clinic’s Health and Wellness Center. Boston-based Elkus/Manfredi Architects was the project architect.

May 1, 2008

Office Southeast

ANSPACH BUILDS LABORATORY AND TRAINING FACILITY

by admin May 1, 2008

WEST PALM BEACH, FLA. — The Anspach Effort, Inc. has built a $7.5 million, 50,000-square-foot facility adjacent to its headquarters in West Palm Beach. The three-story building includes a multi-laboratory complex, lecture hall and medical training areas. Construction began in October 2006. Anspach manufactures high-speed instrumentation for specialized surgical applications. Catalfumo Construction was the general contractor.

May 1, 2008

Office Western

BIXBY LAND ACQUIRES OFFICE COMPLEX FOR $36.4 MILLION

by admin May 1, 2008

SANTA CLARA, CALIF. — Bixby Land has acquired Coronado One, a two-story office complex located at 3111 and 3141 Coronado Dr. in Santa Clara, for $36.4 million. The 118,400-square-foot property is currently leased to Applied Materials Inc. Peter Castleton of Voit Commercial Brokerage, along with Eric Fox of Commercial Property Services, represented the buyer and undisclosed seller in the transaction.

May 1, 2008

Office Western

57,000-SQUARE-FOOT OFFICE CAMPUS COMPLETE IN SAN DIEGO

by admin May 1, 2008

SAN DIEGO — Soledad Development has developed Highland Skypark, a 57,000-square-foot office campus located on Ruffin Road in San Diego. The project features five office buildings ranging in size from 4,765 to 20,060 square feet. Smith Consulting Architects provided architectural services for the project. 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; and MPE Consulting served as electrical engineer. TSA Consulting Inc. served as general contractor for the project.

May 1, 2008

Office Western

CITY CENTER WEST SELLS FOR $34.5 MILLION

by admin April 30, 2008

LAS VEGAS — WFG III LLC has completed the disposition of City Center West, a 105,968-square-foot office building located at 7201 W. Lake Mead Blvd. in Las Vegas. JB Matteson purchased the property for $34.5 million. Current tenants include Citadel Broadcasting, First American Title, A.G. Edwards, Chicago Title, Safeco Insurance and Mason McDuffie. Kevin Shannon, Charles Moore, Christina Roush and Marlene Fujita of CB Richard Ellis represented the seller in the transaction.

April 30, 2008

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