HOUSTON — GE Real Estate has provided $71.35 million in financing Newport, Calif.-based Chase Merritt for the acquisition and renovation of Four Corners, a Class B office park located at the southeast intersection of Westheimer and Sage roads in Houston. The mixed-use office property is located adjacent to the Galleria shopping center, and includes 395,473 square feet of office space, 29,920 square feet of retail and two parking structures. This marks the second transaction between GE Real Estate and Chase Merritt in Houston’s Galleria West Loop submarket in the past 6 months.
DALLAS — Equastone has brokered a lease for 98,894 square feet at Stemmons Place, an office tower located at 2777 N. Stemmons Fwy. in Dallas. Children’s Medical Center Dallas is the 20-story building’s newest tenant, signing a 10-year lease at the 634,381-square-foot office tower for an undisclosed amount. The Class A property is now more than 80 percent leased as a result of the transaction. Josh White, Carl Ewert and Brad Selner of Staubach represented the tenant in the transaction, and Reid Caldwell, Kim Butler and Linda Simpson of Transwestern represented the landlord.
DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of a 145,482-square-foot office building, located at 999 E. Touhy Ave. in Des Plaines, for $11.6 million. The five-story building is situated on 5.97 acres. The buyer, Siete 7 LLC, plans to occupy approximately 30,000 square feet of the building and expand over time. Howard Wiese and Frank Roti of Marcus & Millichap represented the buyer, as well as the seller, 999 East Touhy LLC.
PITTSFIELD TOWNSHIP, MICH. — Michigan-based J.S. Vig Construction Co. has broken ground for the development of the new Great Lakes Environmental Research Laboratory for the National Oceanic and Atmospheric Administration (NOAA). Located in Pittsfield Township, the 54,423-square-foot facility will contain wet and dry laboratories, conference facilities, a library, a marine instrumentation shop and office space. The new building will be nearly double the size of NOAA’s existing facility, which is located in Ann Arbor, Mich. Completion is scheduled for later this year.
INDIANAPOLIS — Grubb & Ellis Healthcare REIT has acquired an approximately 34,000-square-foot medical office building located in Indianapolis. Epler Park Building B is located at 5550 S. East St., and is 95 percent leased to multiple tenants. The property is located near Community Hospital South, which recently launched a $130 million expansion. The seller and the acquisition price were undisclosed.