BOSTON — Richards Barry Joyce & Partners (RBJ) has completed the sale of 285 Summer St., a 53,790-square-foot office building located in Boston’s Fort Port Channel District, for $14.25 million. The six-story building is currently occupied by Payette Associates, which first purchased the building in 1991. Richard Herlihy, Richard Bradbury, Kimberly Cinnamond and Michael Joyce of RBJ represented the seller and procured the buyer, Aegean Capital.
FREEHOLD, N.J. — Construction is wrapping up for 83 South Street, a 40,293-square-foot office building located in Freehold. The three-story structure features a covered garage, a granite floor lobby, on-site security and card access, 124 parking spaces and 5,000 square feet of secured basement storage space. Suzanne Macnow, Patricia Riedel and Paul Vlecides of CB Richard Ellis will market the space on behalf of the owner, The TAK Group. The building was completed in mid-May, and occupancy is expected by the end of the summer.
RICHMOND, VA. — On behalf of Partners Health Trust, Trammel Crow Co., in collaboration with Henrico Doctors’ Hospital, is building a 95,000-square-foot medical office building located at 7611 Forest Ave. in Richmond. The four-story Forest Medical Plaza, which is on Henrico Doctors’ Hospital’s main campus, is slated for completion in April 2009. Virginia Cardiovascular Specialists has leased more than 17,000 square feet on the facility’s first floor; additionally, Henrico Doctors’ Hospital has signed a 20,000-square-foot lease for an ambulatory surgery center that will contain four operating rooms. Lewis Stoneburner and Walton Makepeace of CB Richard Ellis’ Richmond office will handle the leasing for the building.
INDIANAPOLIS — On behalf of St. Francis Hospital & Health Centers, BremnerDuke Healthcare Real Estate has broken ground on two medical office buildings totaling more than 40,000 square feet in Indianapolis. Located at the intersection of Franklin and Southport roads, the 22,000-sqaure-foot Franklin Township Medical Office Building is scheduled to open in October. The facility will be anchored by a primary care practice, with 16,000 square feet of space available for additional tenants. Additionally, a two-story medical office building, which is scheduled to open in December, is being constructed at the intersection of U.S. Route 31 and Southport Road. Anchor tenants at this 20,000-square-foot facility include a physical therapy clinic and a primary care practice. Another 5,000 square feet of space will be available for additional tenants.
DALLAS — Dallas-based Henry S. Miller Commercial has brokered the sale of a 68,000-square-foot office building located at 2828 Forest Lane in Dallas. Jerry Avery and Huntley Luna of Henry S. Miller represented the seller, Great North American Properties. The buyer, Jorest Property, was represented by Brian Min. The acquisition price was not disclosed.
LOWRY, COLO. — Stanisz Development is developing Spruce Street Place, a professional/medical office and retail project in Lowry. Located at the corner of First Avenue and Spruce Street, the 21,268-square-foot building will offer 10,013 square feet of retail space on the ground level and approximately 11,255 square feet of professional office/medical space on the second floor. Additionally, a second phase of construction will include a freestanding 4,000 to 8,000-square-foot building, which will be located at the corner of Ultser Court and East First Avenue. Completion is slated for late summer of this year. Alan Ford Architects provided architectural services for the project. Rick Egitto, Gary Garcia and Megan Maddocks of Crimson Services are marketing the project.
DERRY, N.H. — Grubb & Ellis Healthcare REIT has acquired Nutfield Professional Center, an approximately 70,000-square-foot medical office facility located at 44 Birch St. in Derry. The property contains 22 office condominiums and 337 parking spaces, and is master-leased to HCA Health Services of New Hampshire, a subsidiary of Hospital Corp. of America. It is situated adjacent to Parkland Medical Center, an 86-bed regional hospital that is also operated by HCA Health Services of New Hampshire. The seller and the acquisition price were undisclosed.
ADDISON, TEXAS — KBS Real Estate Investment Trust has acquired Millennium Tower, a 14-story, Class A office tower located 15455 N. Dallas Pkwy. in the Dallas suburb of Addison. Situated on 3.34 acres, the property includes the 353,461-square-foot building, as well as a six-level parking garage. The building features a café, a bank and property management offices. It is currently 87 percent leased to a tenant roster that includes Dresser Inc., SAS Institute, UnumProvident Corp., and HBO Time Warner. KBS acquired the property from San Francisco-based RREEF North America for an undisclosed price. Bill Rogalla provided in-house representation to KBS; Gary Carr and Russell Ingram of CB Richard Ellis’ Dallas office represented the seller. Kim Brooks and Matt Didyk of Transwestern Commercial Services’ Dallas office will handle leasing of the remaining space in the tower; Dallas-based PM Realty Group will manage the property.
HOUSTON — Houston-based American Spectrum Realty (ASR) has acquired a two-building office complex located in the Uptown Galleria submarket of Houston. The properties include Westheimer I, a four-story, 90,123-square-foot office building located at 2640 Fountain View; and Westheimer II, a four-story, 87,953-square-foot building located at 2650 Fountain View. The two properties are situated on 6.28 acres. ASR provided in-house representation in the transaction. The seller, Laguna Hills, Calif.-based Foremost Fountainview, was represented by Alan Pekarcik and Dan Vittone of the Irvine, Calif., office of Voit Commercial Brokerage, and Darrell Betts of the Houston office of Grubb & Ellis.
PASADENA, CALIF. — Los Angeles-based IDS Real Estate Group has completed the $2.8 million renovation and restoration of 80 South Lake Avenue in Pasadena. The eight-story building offers 71,500 square feet of office space. The company restored and upgraded the building to Class A standards by renovating the exterior, the parking structure, building lobby, exterior landscaping, common areas and restrooms. Additionally, IDS rehabbed the interior corridors with architectural photographs collected from the Pasadena Museum of History. Several design firms worked on the project, including Los Angeles-based Wirt Design, Pasadena-based SKA Design and Culver City, Calif.-based LRM Landscape Architecture. Ontario, Calif.-based Jaska Building Systems served as general contractor. The building is currently 95 percent occupied by a variety of tenants such as Wells Fargo Bank, Starbucks Coffee and E-Z Delta.