FORT WORTH, TEXAS — Completion is nearing for Rattikin Square, a historic office project located at 4936 Collinwood Ave. in Fort Worth. The building originally served as an officer’s club for nearby Camp Bowie Army Base. Most recently, it was the site of the Rangoon Racquet Club, a popular 1970s bar. The current renovation will convert the building into 7,000 square feet of office space. A courtyard and a fountain will also be constructed on the property. Tenants already announced include the law practice of Jeffrey Rattikin, who is also the owner of the project, as well as three exchange companies and the Westside office of Rattikin Title Co. Leasing for the remaining two first-floor spaces is being undertaken by Chris Stewart of Coldwell Banker Commercial Searcy Vasseur Group.
RICHARDSON, TEXAS — Delray Beach, Texas-based Dockerty Romer & Co. (DRC) has arranged $6.2 million in bridge financing for a 101,232-square-foot office building located at 2201 North Central Expressway in Richardson. The two-story property was 78 percent leased at the time of closing. The borrower, South Florida-based BRI 1816 2201 LP, plans to perform some rehabilitation to the lobby and commons areas while launching an extensive leasing campaign. Bob Dockerty and Jamen Lachs of DRC arranged the financing. Terms of the loan were undisclosed.
HOUSTON — Hines has arranged the lease of a full floor at Phoenix Tower, a 34-story, 629,000-square-foot office tower located at 3200 Southwest Freeway in Houston. Express Energy Services Operating will occupy 25,113 square feet of space within the tower. Paula Bruns of Hines represented building ownership, FSP Phoenix Tower LP, which is an affiliate of Franklin Street Properties Corp. David Anderson of Fritsche Anderson Realty Partners represented the tenant. Hines, in its role as property leasing manager, has been involved with a capital improvements program for the building that includes the installation of energy-efficient, exterior glass panels; a renovation of the building’s common areas and entrances; the addition of a conference facility; and the addition of a Jack Nicklaus-designed putting green on top of the building’s parking garage.
SPARKS, NEV. — A San Juan Capistrano, Calif.-based private investor has purchased Sparks Plaza, an approximately 17,400-square-foot office flex building in Sparks. The fully leased, three-tenant property is located at 780 Vista Blvd. The transaction was valued at $3.92 million with a 6.8 percent CAP rate. Aiman Noursoultanova of CB Richard Ellis represented the seller, J.B. Company LLC, in the transaction.
GREENVILLE, S.C. — The British manufacturer Deltex Medical Group has acquired an office at 330 E. Coffee St. in Greenville as part of the expansion of its North American operations and will begin to look for new facilities in 6 to 8 months. The expansion could create 20 additional jobs over the next 2 years to provide sales, marketing and clinical training support to hospitals and medical centers. The company’s initial capital investment is estimated at $2 million.
MISHAWAKA, IND. — BremnerDuke Healthcare Real Estate is developing a 205,000-square-foot medical office building on Saint Joseph’s Regional Medical Center’s (SJRMC) campus in Mishawaka. The four levels of the facility will be connected to the hospital, and will feature an MRI Center, a Wound Care center and Riley Hospital for Children’s Pediatric Clinic. A 120-stall subsurface parking structure for physicians will also be part of the facility. Situated on the north side of the SJRMC campus on Douglas Road and Edison Lakes, the facility will be connected to a new 658,000-square-foot inpatient hospital being constructed on SJRMC’s 90-acre property. BremnerDuke’s medical office building is slated for completion in the summer of 2009, while Saint Joseph’s inpatient facility is scheduled for completion and occupancy at the end of 2009. George Cressy, Sheral Litell, Corey Cressy, Noah Davey and Mindy Risser of Grubb & Ellis|Cressy & Everett in Mishawaka have been retained to lease the medical office project.
BURLINGTON, MASS. — The Gutierrez Company has received all of the necessary local approvals for the development of Burlington Research Center, a 600,000-square-foot biotechnology research property located at 43-63 South Ave. in Burlington. Current plans for the 16-acre project call for three buildings containing research and development, office, retail and restaurant space. The project is also seeking LEED certification from the U.S. Green Building Council. Richards Barry Joyce & Partners has been named leasing agent for the project, with The Gutierrez Company serving as developer.
NEW YORK CITY — A joint venture between Manhattan, New York City-based Hidrock Realty and Meritage Properties has acquired the Mary McFadden Building, a 17-story, 162,000-square-foot office tower located at 240 W. 35th St. in New York City. The property is fully occupied by a roster of approximately 40 tenants, including Doubledown Media, First Funds and A Better Chance. The purchase marks Hidrock’s fourth acquisition in the Herald Square/Penn Station submarket. Acquisition financing was provided by HSH Nordbank, with Holliday Fenoglio Fowler serving as the financing broker. Hidrock will provide property management and leasing services for the tower. The seller and sale price were not disclosed.
PLYMOUTH MEETING AND WAYNE, PA. — Haverford, Pa.-based GPX Realty Partners has completed a $10 million capital improvements program for The Woods Office Center. The complex totals 77 acres, and is located on two land parcels at 521-531 Plymouth Rd. in Plymouth Meeting and 983-999 Old Eagle School Rd. in Wayne. It comprises 17 buildings and 570,000 square feet of office space. Upgrades to the office center include new landscaping and common area finishes, parking lot upgrades, sidewalk and curbing enhancements, exterior lighting upgrades, new park identification signage, and high-tech tenant services and amenities. GPX acquired the property last year for $60 million.
AURORA, COLO. — Forest City Science + Technology Group, a division of Forest City Enterprises Inc., has broken ground for the construction of Colorado Science + Technology Park at Fitzsimons in Aurora. Initial plans include the development of Forest City’s first life science building, which will accommodate the growth of the region’s existing life science industry as well as existing incubator tenants on site. Additionally, the site will feature a Hyatt Place hotel and conference facility, and an approximately 175,000-square-foot office building for University Physicians Inc. At full development, the 578-acre project is projected to generate statewide totals of $11.5 billion in economic production, $4.3 billion in annual personal income and nearly 100,000 jobs. The Colorado Science + Technology Park at Fitzsimons, which is located near Interstate 225 and Colfax, is a 184-acre medical and research.