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.
WESTMONT, ILL. — Chicago-based NAI Hiffman has completed the sale of Oakmont Circle I, a four-story, 115,000-square-foot office building located at 601 Oakmont Lane in Westmont. The building is 90 percent occupied by tenants including J.P. Morgan Chase & Co. and KeyBank. Daniel O’Neill and James Adler of NAI Hiffman’s office brokerage group were the sole brokers in the transaction. The property was acquired by Boston-based TA Associates Realty from Indianapolis-based Duke Realty Corp.
O’FALLON, MO. — St. Louis-based Gray Design Group, serving as project architect, has assisted in the completion of Schneider Electric’s multi-million dollar technology center located in O’Fallon. The new 100,000-square-foot facility features a state-of-the-art electronic testing laboratory, classrooms, training rooms, and demonstrations and display areas. Additional amenities include a two-story atrium that contains a 120-foot long skylight, as well as informal client gathering areas that feature wireless Internet access, a coffee bar and private lounge areas.
VOORHEES, N.J. — CD Realty Advisors has sold 1020 Laurel Oak Rd., a three-story Class A office building in Voorhees, for $7.93 million. The 56,499-square-foot facility was sold to Ironstone Village as part of a 1031 exchange transaction. Situated at the intersection of Haddonfield-Berlin and Laurel Oak roads, the property is 98 percent leased to tenants such as Exam One, the Food and Drug Administration and Cardiac Care Specialists. Michael Blunt, Michael Hines and Robert Fahey of CB Richard Ellis represented the seller in the transaction.
NEW YORK CITY — The CB Richard Ellis Capital Markets Group has arranged $39 million in financing for the acquisition of the Standard Motors Building in the Long Island City neighborhood of Queens, New York City. The seven-story facility is located at 37-18 N. Blvd. The borrower, a joint venture between a local developer and an institutional fund, plan to utilize a portion of the fund to redevelop the building. Upon redevelopment, the building will contain 43,000-square-foot floor plates, high ceilings, large windows and 24-hour access. Keith Braddish, Jason Gaccione and Maury Zanoff of CBRE arranged the financing.
GARLAND, TEXAS — Bob Moore Construction has completed construction on the second phase of First Garland Business Center, an office property located at 3901 W. Miller Rd. in Garland. The 435,180-square-foot building, which was developed by First Industrial Trust, is now available for lease at a minimum of 100,000-square-foot units. Hardy McCullah/MLM Architects provided architectural services for the project. Bob Moore Construction also provided construction services for the first phase, a 509,000-square-foot property that was completed in 2001.
WOODINVILLE, WASH. — TRF Pacific and Washington Capital, two Seattle-based companies, have partnered to acquired Woodgate Center, a 46,943-square-foot office building in Woodinville. Seattle-based Schuster Group sold the property for $14 million. At the time of acquisition, the building was 100 percent leased. Paul Sleeth of Seattle-based Colliers Retail Investment Team represented both parties in the transaction.
LAS VEGAS — CORE Construction~Nevada has broken ground for the construction of Campos Office Building and parking structure, which is located at 215 E. Bonanza Rd. in Las Vegas. Being built for the Nevada State Public Works Board, the property will offer a five-story, 84,814-square-foot office portion and a 103,247-square-foot parking structure. Completion of the $26.8 million project is slated for September 2009. SH Architecture provided architectural services for the project.
CHARLESTON, S.C. — The Medical University of South Carolina has opened Ashley River Tower, a $275 million, 641,000-square-foot state-of-the-art hospital specializing in cardiovascular and digestive disease in Charleston. The facility is comprised of a four-story diagnostic and treatment building, a seven-story patient hospitality tower and a garden atrium that connects the two buildings. The project is the first phase of the hospital’s expansion plan and features 156 beds, nine operating rooms and family lounges on each floor. Construction began in October 2004 and was completed this February. New York-based NBBJ was the project architect.