DORAL, FLA. — Adrian Development Co. is developing Lakeview Offices at Doral, a 440,000-square-foot office park in Doral, located at 41st Street and the Florida Turnpike. The project will be LEED-certified and is comprised of 300,000 square feet of Class A office space and 140,000 square feet of retail space. Construction is slated to begin in the fall, with initial occupancy in fall 2009. Andrew Trench and Joyce Alarcon of Miami-based Holly Real Estate/TCN Worldwide are marketing the property.
JACKSON COUNTY, MISS. — Spartanburg, S.C.-based Tindall Corp. has opened a $26 million, 165,000-square-foot facility in Jackson County, north of Moss Point, Miss. The project was developed under the GO ZONE law, which provides economic incentives for projects built on the Gulf Coast following Hurricane Katrina. The state-of-the-art facility includes 10,000 square feet of office space. Previously, Tindall operated a plant in Biloxi, Miss., which was damaged by the storm.
HANOVER TOWNSHIP, N.J. — The Garibaldi Group/CORFAC International has brokered the sale of an 18,000-square-foot office building in Hanover Township. Located at 20 Leslie Court, the building was purchased for an undisclosed price by Preferred Business Systems, which will be utilizing 10,000 square feet of the space. Jeff Toia and Toby Nelson of Garibaldi represented the buyer and the seller, Hanover Business Associates, in the transaction.
HANOVER TOWNSHIP, N.J. — The Garibaldi Group/CORFAC International has brokered the sale of an 18,000-square-foot office building in Hanover Township. Located at 20 Leslie Court, the building was purchased for an undisclosed price by Preferred Business Systems, which will be utilizing 10,000 square feet of the space. Jeff Toia and Toby Nelson of Garibaldi represented the buyer and the seller, Hanover Business Associates, in the transaction.
SAN ANTONIO — KBS Realty Advisors has completed the sale of the 156,657-square-foot Cypress Tower located at 1222 N. Main Ave. in San Antonio. H-E-B Grocery Co. purchased the office property from KBS Realty Advisors for an undisclosed amount. San Antonio-based H-E-B Grocery Co. is the major tenant in the building, which was 54 percent leased at the time of sale. Bill Rogalla of KBS Realty Advisors represented the company in the transaction, and Chuck King of Travis Commercial represented the buyer.
DALLAS — Addison, Texas-based Silver Tree Partners has acquired The Summit at Preston Trails, a three-building office property located at 17101 Preston Rd. in Dallas. The company purchased the 142,000-square-foot office complex from Atlanta-based U.S. Office Holdings LP for $11.25 million. Silver Oak Investments and First Texas Realty Group Inc. represented the buyer in the transaction, and Cushman & Wakefield of Texas Inc. represented the seller.
SAN DIEGO — Venture Development has completed the renovation of Sorrento Glen Business Park located in the Sorrento Valley area of San Diego. Designed by Pacific Cornerstone Architects, the $2 million redevelopment project included the exterior renovation of approximately 14 office and light lab condominiums within two single-story buildings totaling an estimated 44,900 square feet. Lusardi Construction served as general contractor for the project.
CHARLOTTE AND CORNELIUS, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore, Md.-based Alex Brown Realty have acquired a business park portfolio, comprised of three properties in Charlotte and Cornelius, from Charlotte-based Beacon Ventures, for $50 million. Coffey Creek International Business Center features 395,989 square feet, and is located at the intersection of Beam Road and Cross Beam Drive in Charlotte. Hickory Grove Business Park is situated on 18 acres and features 12 buildings, totaling 110,017 square feet, in Charlotte. The facility is located along E. WT Harris Boulevard, and was 71 percent occupied at the time of sale. Lake Norman Commerce Center features seven buildings, totaling 91,719 square feet, and is located at the intersection of Catawba Avenue and Liverpool Parkway in Cornelius. The facility is situated on 9.3 acres and was 95 percent occupied at the time of sale. The seller was represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, and the joint venture partners were represented in-house.
CHARLOTTE AND CORNELIUS, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore, Md.-based Alex Brown Realty have acquired a business park portfolio, comprised of three properties in Charlotte and Cornelius, from Charlotte-based Beacon Ventures, for $50 million. Coffey Creek International Business Center features 395,989 square feet, and is located at the intersection of Beam Road and Cross Beam Drive in Charlotte. Hickory Grove Business Park is situated on 18 acres and features 12 buildings, totaling 110,017 square feet, in Charlotte. The facility is located along E. WT Harris Boulevard, and was 71 percent occupied at the time of sale. Lake Norman Commerce Center features seven buildings, totaling 91,719 square feet, and is located at the intersection of Catawba Avenue and Liverpool Parkway in Cornelius. The facility is situated on 9.3 acres and was 95 percent occupied at the time of sale. The seller was represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, and the joint venture partners were represented in-house.
NORRISTOWN, PA. — Gene McHale, Mike Flynn, Steve Compton and Taylor Young of Beacon Commercial Real Estate have brokered the sale of a flex building in Norristown. Located at 2490 Armistead Blvd. in the Valley Forge Business Campus, the fully leased facility totals 24,000 square feet. Beacon represented the buyer, RWR Properties, and the seller, The Buccini/Pollin Group, in the transaction. The sale price was undisclosed.
