DALLAS — Granite Properties has acquired Spectrum Center, a 598,000-square-foot office complex, from Crescent Spectrum Center LP. The Class A complex, which is located at the northwest corner of Beltline and the Dallas North Tollway, comprises two 12-story towers with a common lobby and a connecting second floor. Currently, the buildings are 85 percent leased, with Wachovia Bank and Concentra Health Care as anchor tenants. Andrew Levy and Todd Savage of Holliday Fenoglio Fowler represented the seller. Paul Bennett of Granite Properties represented the buyer.
DALLAS — The new Texas Capital Bank Building located at 2000 McKinney in Dallas’ Uptown district recently topped out. The 20-story office tower is part of a $120 million project that also features a five-story residential/retail building. Texas Capital Bank will occupy 100,000 square feet when the 445,0000-square-foot office tower opens this fall. The residential building will open in 2009. A Woodall Rodgers Park is being planned for the adjacent 5.2 acres. Lincoln Property Co. and Corrigan Properties are the owners and project developers. The Beck Group is building the project, and HKS Inc. is the architect.
OAKLAND, CALIF. — SKS Investments has received approval for the development of 1100 Broadway, a 20-story office tower located in Oakland. The project, which is slated to be the highest LEED-rated high-rise office building in the East Bay area, will preserve the adjacent national historic landmark, Key Systems Headquarters. Designed by KMD Architects, the 320,000-square-foot tower will offer modern, angular lines that complement its downtown setting and the Key Station faade, which is currently being restored. The first eight floors, which integrate the new building and the historic building, will provide large full-floors of 20,000 square feet.
FORT LAUDERDALE, FLA. — Stiles Corp. and Fort Lauderdale-based WLD Enterprises are developing Lake Shore Plaza II, a $25 million, 130,000-square-foot office building in Fort Lauderdale, located at 1300 Concord Terrace in Sawgrass International Corporate Park. The five-story building will be LEED-certified. Construction began last April and is expected to complete in May. Stiles Construction Co. is the general contractor.
ALPHARETTA, GA. — Crescent Resources, in partnership with Dallas-based Cobalt Capital Partners, is developing Shiloh 400 Business Center, a $20 million, 240,000-square foot business park in Alpharetta, located near the Georgia 400 and McFarland Road interchange. The project will consist of three 80,000-square-foot buildings situated on an 18-acre campus. Construction is slated for completion in the fall. Wakefield Beasley & Associates is the project architect, and the general contractor is The Conlan Co.
MINNEAPOLIS — The Minneapolis office of CB Richard Ellis | Melody (CBRE) has arranged a total of $11.52 million in financing for two Minneapolis office buildings. The company arranged $7.07 million in permanent financing for Bassett Creek Business Center. The 134,867-square-foot, a multi-level office building, also contains 32 residential condos, which were not included as part of the loan’s collateral. For the second property, The IDC Building, CBRE arranged $4.45 million in permanent financing. The four-story building consists of 63,930 rentable square feet of loft-style offices and first-floor retail. Douglas Seylar and Murray Kornberg of CBRE | Melody secured the funds on behalf of BC Properties and IDC Properties, both entities of Schafer Richardson. Financing was provided by Ameritas Life Insurance Corp.
LOS ANGELES — Maury Gentile and Brian Denton of Grubb & Ellis represented Los Angeles County Employees Association Local 721 in the disposition of a 44,000-square-foot office building in Los Angeles. A private investor purchased the property, which is located at 500 S. Virgil Ave., for $11.6 million. The Partners Realty represented the buyer in the transaction.
PHOENIX — Phoenix-based Marta Pesco Ð Pan American Elementary has purchased a 34,970-square-foot office building, which is located at 2020 W. Indian School Rd. in Phoenix. Glendale, Arizona-based AGD and DDM Investments LLC sold the property for $3 million. Ken Clark of Realty Executives represented the buyer; Marcela Houser of Coldwell Banker Commercial NRT represented the seller in the transaction.
COLUMBIA, MD. — Columbia-based Oekos Management Corp. has acquired Rivers Corporate Center, a 280,000-square-foot, nine-building business park in Columbia, from Rivers Center, a group of Howard County, Md.-based investors, for $44 million. The office/research and development buildings are located along Guilford and Old Columbia roads, near the intersection of Route 32 and Route 29, and were 93 percent leased at the time of sale. Tenants include United Healthcare, Applied Data Systems, Staples and St. Agnes Healthcare. Don Schline and Liz Martin of Manekin’s Columbia office were the sole brokers in the sales transaction. Manekin will also serve as leasing agent.
VIRGINIA BEACH, VA. — Pembroke Associates No. 3 is developing Corporate Center VI, a 60,000-square-foot, three-story Class A office building in the central business district of Virginia Beach. The project is located adjacent to Thalia Creek on a 6-acre land parcel. Construction is scheduled for completion in August. Southern Trust Mortgage has leased 14,819 square feet of office space.