Office

NINE-STORY OFFICE TOWER COMPLETE

by admin April 30, 2008

ALISO VIEJO, CALIF. — Irvine, Calif.-based Snyder Langston recently completed the construction of a 246,600-square-foot, built-to-suit office tower for Newport Beach, Calif.-based Pacific Life Insurance Company. Located at 45 Enterprise within Summit Office Campus in Aliso Viejo, the nine-story property features a steel frame with pre-cast concrete exterior, and glass and metal panels; redundant mechanical and electrical systems; and a six-level parking structure. Irvine-based Ware Malcomb provided architectural services for the project.

April 30, 2008

VIRTU COMMERCIAL TAKES FOUR-BUILDING OFFICE COMPLEX FOR $1.55 MILLION

by admin April 30, 2008

NEVADA CITY, CALIF. — San Francisco-based Virtu Commercial has acquired Miner’s Village, a four-building office complex located at 206 Sacramento St. in Nevada City. Nevada City-based Kibbe Trust sold the property for $1.55 million. The property offers 26 small executive suites and views of historic downtown Nevada City. Lock Richards of Sperry Van Ness/Highland Commercial in Nevada City represented both parties in the transaction.

April 30, 2008

Office Southeast

OAKS DEVELOPMENT ACQUIRES MEDICAL OFFICE

by admin April 29, 2008

PUNTA GORDA, FLA. — North Carolina-based Oaks Development Group has purchased Cypress Professional Center, a 29,927-square-foot, Class A medical office building in Punta Gorda, from Corazon Development, for $7.8 million. The property is located at 25097 Olympia Ave. near the Charlotte Regional Medical Center. Mark Alexander of Sperry Van Ness’ Fort Myers, Fla., office represented the seller, and the buyer was represented by Bob King of Tampa, Fla.-based RJ King & Associates. Birmingham, Ala.-based Red Mountain Bank provided financing for the acquisition.

April 29, 2008

Midwest Office

GE REAL ESTATE PROVIDES $100 MILLION LOAN FOR 330 N. WABASH

by admin April 29, 2008

CHICAGO — GE Real Estate has provided $100 million in bridge financing for 330 North Wabash, a 52-story, Class A office building located in Chicago’s River North neighborhood. The bridge loan, which carries a 5-year, interest only term, will allow the borrower, Prime Group Realty Trust (PGRT), the opportunity to recapitalize and reposition the property. As part of the refinancing, PGRT had previously sold off the second through 13th floors of the tower to a joint venture controlled by LaSalle Hotel Properties, which plans to develop the space into a five-star hotel. PGRT will use the funds to attract new tenants once the property’s major tenants vacate the building in April 2010. The financing was brokered by Chicago-based Draper & Kramer.

April 29, 2008

Midwest Office

FALCON ARRANGES 75,000-SQUARE-FOOT OFFICE SALE

by admin April 29, 2008

ITASCA, ILL. — New York City-based Falcon Real Estate Co. has arranged the sale of a 75,000-square-foot office building, located at 425 Spring Lake Dr. in Itasca, for $8.77 million, or $117 per square foot. The vacant Class B office building is situated on 7.2 acres. It was previously leased to Riverside Publishing, which recently moved out. Falcon represented the seller, 425 Spring Lake Corp.; the office building was acquired by a non-profit organization that provides medical services.

April 29, 2008

Northeast Office

THREE-STORY OFFICE BUILDING SELLS FOR $1.4 MILLION

by admin April 29, 2008

MILFORD, CONN. — Vidal Wettenstein and Arnold Peck Commercial have co-brokered the $1.4 million sale of a three-story office building in Milford. Located at 57 Plains Rd., the facility features 24,000 square feet set on approximately .78 acres. Scott Zakos of Vidal Wettenstein represented the buyer, 57 Plains Road, LLC., and Kevin Weirsman of Arnold Peck represented the seller, Tarkhan Associates, in the transaction.

April 29, 2008

Office Western

EIGHT-BUILDING FACILITY TRADES HANDS FOR $7 MILLION

by admin April 29, 2008

ALTADENA, CALIF. — Marty Cohan, Josh Levy and Paul Brehme of Marcus & Millichap’s West Los Angeles office represented the seller in the disposition of an eight-building facility in Altadena. Located at 183-205 E. Palm St., the approximately 35,646-square-foot property sold for $7 million. The seller and the buyer were not disclosed.

April 29, 2008

Northeast Office

FIRST OFFICE BUILDING BREAKS GROUND IN RIVER'S EDGE

by admin April 28, 2008

MEDFORD, MALDEN AND EVERETT, MASS. — Preotle, Lane & Associates has broken ground on the first of three office buildings in the River’s Edge master planned development in Medford, Malden and Everett. Located at 200 River’s Edge Dr., the building will comprise 115,000 square feet on four levels. The facility, which is precertified Gold LEED core and shell is slated for completion January 2009. Phase I of River’s Edge will feature three office buildings totaling 410,000 square feet, a 220-unit luxury rental building and a 10-acre riverfront park.

April 28, 2008

Northeast Office

CB RICHARD ELLIS ARRANGES 160,335-SQUARE-FOOT LEASE

by admin April 28, 2008

NEW YORK CITY — CB Richard Ellis has arranged a 160,335-square-foot lease for Mediaedge at 825 7th Ave. in Manhattan, New York City. The media firm extended its 129,620-square-foot lease on floors two through seven and acquired an additional 30,715 square feet on floors eight and nine through a sublease from International Marketing Group. Gregory Tosko, Bruce MacAffer and Mary Ann Tighe of CB Richard Ellis negotiated the lease for Mediaedge. Jeffrey Sussman of Edward Minskoff Properties represented the building owners, Edward J. Minskoff Equities and Vornado Realty Trust.

April 28, 2008

Office Texas

CHESAPEAKE ENERGY CORP. TO PURCHASE PIER 1 IMPORTS BUILDINGS

by admin April 28, 2008

FORT WORTH, TEXAS — Chesapeake Energy Corp. has agreed to purchase the Pier 1 Imports building in downtown Fort Worth. The 460,000-square-foot office building sits on 14.7 acres near the banks of the Trinity River. Chesapeake will use the facility to accommodate further growth of its Barnett Shale district headquarters and its North Texas employees.

April 28, 2008

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