Office

RESEARCH CORPORATE CENTER SELLS FOR $7.7 MILLION

by admin May 27, 2008

TEMPE, ARIZ. — El Segundo, Calif.-based Tempe Investment Associates LLC, a Titan Real Estate Investment Company, has completed the disposition of Research Corporate Center in Tempe. Located at 2085 E. Technology Dr., the three-story, 45,238-square-foot office building sold for $7.7 million. The buyer was an undisclosed party out of California. Built in 1989, the center was 100 percent leased at the time of acquisition. The largest tenant is Cytec Engineering Materials Inc., a global specialty chemicals and materials company. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ (CBRE) Phoenix office, along with Kevin Shannon and Ken White of CBRE’s South Bay, Calif., office, represented the seller in the transaction.

May 27, 2008

MIDFLORIDA FEDERAL CREDIT UNION ACQUIRES FORMER WACHOVIA LOCATION

by admin May 23, 2008

LAKELAND, FLA. — MidFlorida Federal Credit Union has acquired a 3,904-square-foot bank building in Lakeland, from Jacksonville, Fla.-based Wachovia Bank NA, for $1.3 million. The property is situated on a .61-acre-site at 1817 Crystal Lake Rd. Larry Bossarte and Cheryl Bossarte of NAI Realvest represented both the seller and the buyer in the sales transaction. MidFlorida will open a new branch at the facility.

May 23, 2008

Midwest Office

HARBINGER ARRANGES SALE OF INTERSTATE BUILDING

by admin May 23, 2008

KANSAS CITY, MO. — Leawood, Kan.-based Harbinger Property Group has arranged the sale of the Interstate Building, a 40,542-square-foot office building located at 417 E. 13th St. in downtown Kansas City. The seven-story building is situated within the city’s new Power & Light District. The buyer, Matt Abbott of Abbott Development, plans to renovate the property, to feature office space above an upscale bar and restaurant on the first floor. The seller, represented by Harbinger, was undisclosed.

May 23, 2008

Northeast Office

CONSTRUCTION UNDERWAY ON $125 MILLION OFFICE BUILDING

by admin May 23, 2008

BOSTON — Turner Construction Co. has begun construction on ONE Marina Park Drive, a new $125 million Class A office building that is part of the Fan Pier development in Boston. Situated along the waterfront, the 18-story, approximately 500,000-square-foot office building is part of the first phase of construction for the 21-acre master planned project. Developed by The Fallon Company, Fan Pier is set to include 3 million square feet of first-class office space, a hotel and spa, luxury residences and a 6-acre marina.

May 23, 2008

Office Texas

LIVE OAK CAPITAL PLACES $25.5M FOR OFFICE BUILDING

by admin May 23, 2008

HOUSTON — Live Oak Capital has arranged a $25.5 million construction loan on behalf of Woodcreek Development Co. for a six-story, 146,238-square-foot office building in Houston. The Reserve at Park Ten is located at the northeast corner of Park Ten Place and Broadfield Boulevard, just north of the Katy Freeway in Houston’s Energy Corridor. Kingharn Dalton is serving as general contractor for the project. Live Oak placed the loan through Houston’s Amegy Bank.

May 23, 2008

Office Western

BRISTOL PARK MEDICAL PLAZA SELLS FOR $13 MILLION

by admin May 23, 2008

IRVINE, CALIF. — Irvine-based Sanderson J Ray has purchased Bristol Park Medical Plaza in Irvine for $13 million or $458 per square foot. Located at 250 E. Yale Loop, the 28,365-square-foot property is fully occupied by five tenants, including Bristol Park Medical and Irvine Diagnostics Center. Dennis Vaccaro of Faris Lee Investments represented the buyer and the seller, Orange County, Calif.-based Yorba Hawthorne LLC, in the transaction.

May 23, 2008

Office Western

CONSTRUCTION COMPLETE FOR 57,000-SQUARE-FOOT OFFICE CAMPUS

by admin May 23, 2008

SAN DIEGO — Soledad Development Group has completed the developed of Highland Skypark, a 57,000-square-foot office campus located along Ruffin Road in San Diego. Designed by Smith Consulting Architects, the $5 million project features five office buildings ranging in size from 4,765 to 20,060 square feet. 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; MPE Consulting served as electrical engineer and TSA Contracting Inc. served as general contractor.

May 23, 2008

Office Southeast

SEAGIS PROPERTY GROUP PURCHASES DEERFIELD BEACH FACILITY VIA SALE-LEASEBACK

by admin May 22, 2008

DEERFIELD BEACH, FLA. — Pennsylvania-based Seagis Property Group has acquired a 92,000-square-foot, 5.6-acre facility via a sales-leaseback transaction in Deerfield Beach, from Doormark, Inc., for $8 million. The property is located at 400 Goolsby Blvd. in northern Broward County. JC Conte of Staubach’s Miami office was the sole broker in the sales transaction.

May 22, 2008

Midwest Office

CWCAPITAL PROVIDES $46.5 MILLION OFFICE LOAN

by admin May 22, 2008

NORTHBROOK, ILL. — CWCapital has provided a $46.5 million loan for the refinancing of Corporate Center I and II in Northbrook. The properties consist of two Class A office buildings totaling 255,837 square feet. They are currently 99 percent leased; anchor tenants include Potash and Merrill Lynch. The loan, which was originated by Patrick McNulty of CWCapital, is for a 5-year term at a fixed rate, and was financed through the company’s Capital Markets Group.

May 22, 2008

Northeast Office

U.S. REALTY CAPITAL ARRANGES $14 MILLION IN FINANCING

by admin May 22, 2008

KING OF PRUSSIA, PA. — U.S. Realty Capital (USRC) has arranged a $14 million first mortgage for the refinancing of a multi-tenant office facility in suburban King of Prussia. The facility is located off North Gulf Road. The loan has a 15-year fixed rate term with a 20-year amortization schedule. The loan was funded by a life insurance company. The borrower was undisclosed.

May 22, 2008

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