PEARLAND, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged a $12.84 million construction loan for the development of ZT Shadow Creek Business Center, a Class A, speculative office project located within the Shadow Creek Ranch master-planned community in Pearland. Situated on 3.5 acres, construction will consist of an 80,000-square-foot building, which is due for completion in fall 2009. The project represents the first phase of a multi-phase office development in Shadow Creek Ranch. The loan carries a 24-month term with an 80 percent loan-to-value ratio. Charlie Gasper and Colby Mueck of HFF secured the loan through Sterling Bank, which was represented by Lance Schielack. The borrower was ZT Group Business Center One LP. The project is being developed by a partnership between T.A.B. Lone Star Holdings, which is an affiliate of the Houston-based ZT Group of Companies, and Houston-based Wallace Bajjali Development Partners.
RENO, NEV. — Marcus & Millichap has brokered the disposition and acquisition of a 79,533-square-foot office building, which is located at 10375 Professional Circle in Reno. Built in 2008, the property is situated on a 5.04-acre lot within the Reno Tahoe Tech Center. The location offers close proximity to the Reno Tahoe International Airport and Meadow Wood Regional Mall, as well as visibility from Interstate 395. Nicholas Scelsa and Kenneth Blomsterberg of Marcus & Millichap represented the undisclosed seller, while Kirk Trammel, Will Stuart and San Goldenberg, also of Marcus & Millichap, represented the buyer, which was not disclosed. Terms of the transaction were not released.
COLUMBIA, S.C. — Jackson, Miss.-based Parkway Properties has sold the 460,000-square-foot Capitol Center office property, located at 1201 Main St. in Columbia, to an undisclosed party for $47.5 million. Sale of the center, which is 97.5 percent occupied, will bring Parkway a gain of $11.7 million. The gross sales price represents a 9.5 percent cap rate.
FORT LAUDERDALE, FLA. — Amera-Barron has completed the first 67,000-square-foot office building at the Riverbend Transit Oriented Development, a 6 million-square-foot community planned at the intersection of Broward Boulevard and Interstate 95 in Fort Lauderdale. The developer is finalizing approval for two additional four-story, 120,000-square-foot office buildings, slated to begin construction in second quarter 2009. The Class A buildings will include fiber optics, low-emission window systems and 15,000 square feet of retail space on the ground floor. The buildings are part of Riverbend’s 700,000-square-foot first phase.
PHOENIX — Redwood City, Calif.-based Shutterfly Inc. has signed a long-term lease for 101,269 square feet of space at Cotton Center Business Park in Phoenix. The company plans to relocate to its new address, 4410 Cotton Center Blvd., in early 2009. Cotton Center Business Park is an office development park offering seven operating buildings, three under development properties and 38 acres of land for future development. John Hanson, Matt McGregor, Mark Detmer and Bo Mills of Cushman & Wakefield represented Shutterfly; Bob Crum of Ross Brown Partners and Mark Krison of CB Richard Ellis represented the owner, Malvern, Pa.-based Liberty Property Trust, in the transaction.
MAITLAND, FLA. — Liberty Property Trust will break ground next month on the 220,000-square-foot Maitland Summit Park III, located in Maitland Summit Park in Maitland, with delivery expected in November of next year. The facility will be built to Gold LEED standards and will feature waterless urinals, low-flow shower heads, high-performance glass and low-emission paints. Milwaukee-based Metavante Corp. will occupy 107,000 square feet of the building upon completion.
GOODLETTSVILLE, TENN. — Nashville, Tenn.-based Baron + Dowdle Construction is developing a 58,000-square-foot facility, located at 800 S. Cartwright St. in Goodlettsville, for the motor coach manufacturer Prevost. The 20-acre development will feature a large conference room, locker rooms, a customer lounge and 13,000 square feet of office space. Landmark Realty is assisting with construction, Littlejohn Engineering is responsible for site engineering and TLP Architects designed the building. The facility will deliver summer 2009.
BLOOMINGDALE, ILL. — Bloomingdale-based Roman Inc. has acquired a 120,822-square-foot building within the Covington Corporate Center located at 468-472 Brighton Dr. in Bloomingdale. The facility, which was sold by CenterPoint Properties for an undisclosed amount, has served as the Roman Inc. headquarters for the past 18 months. John Cash, Mark Moran, Daniel Wilkins and David Haigh of NAI Hiffman’s Industrial Services Group represented the seller in the transaction.
BETTENDORF, IOWA — Dallas-based RM Crowe has acquired the Terrace Park Professional Center, a medical office building located on the hospital campus of Trinity Regional Health Systems in Bettendorf. Situated within the Quad Cities, the three-story facility houses 59,615 square feet of rentable area. The building is the first acquisition of RM Crowe’s $50 million fund that is designated to pursue healthcare real estate opportunities nationwide. The acquisition price was not disclosed.
NEWARK, N.J. — Tucker Development Corp. has released the plans for Liberty Plaza, a $150 million office project located in Newark. Plans for Phase I call for the construction of a 22-story, 430,000-square-foot office tower. Amenities will include more than 750 parking spaces, dining areas, a rooftop garden, a fitness center, a banking facility and retail space. At full build-out, the project will have the capacity for more than 1 million square feet. Liberty Plaza will be situated on 3.5 acres adjacent to the New Jersey Transit Broad Street rail station. It will offer tenants an Urban Transit Hub Tax Credit, and is also located within Newark’s Urban Enterprise Zone. The project is being designed by RMJM Hillier.