BILLERICA, MASS. — KBS Real Estate Investment Trust has acquired Rivertech Park in Billerica for $45.2 million. The 285,772-square-foot park, which is located along the Route 3 corridor, contains two twin office buildings that are 100 percent leased. Nuvera Fuel Cells leases Rivertech I, a 110,684-square-foot office facility, and Entegris leases Rivertech II, a 175,088-square-foot building. The seller was undisclosed.
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VALHALLA, N.Y. — GE Real Estate has provided a $16.5 million on book loan for the acquisition of a three-story Class A office building in Valhalla in Westchester County. Abbey Road Advisors and Guardian Life Insurance Co. of America have acquired the 98,026-square-foot building along with four other subdivided lots totaling 27 acres. Located at 465 Columbus Ave., the building’s largest tenant is the New York City Department of Environmental Protection.
AUSTIN, TEXAS — Hines, a commercial real estate development firm, is developing a new museum facility for The Austin Museum of Art (AMOA) located at Fourth and Guadalupe Streets in downtown Austin. The museum, which will be a three-story, 40,000-square-foot facility, is one piece of a two-part project by Hines. The museum development also will feature a 30-story, 425,000-square-foot office building located one block South of Republic Square called Museum Tower, which will be the first LEED-certified project in downtown Austin. Pelli Clarke Pelli will serve as architect for both projects.
SUGAR LAND, TEXAS — Live Oak Capital Ltd., a commercial real estate mortgage banking firm, has arranged fixed financing on behalf of Fidelis Realty Partners Ltd. for the Frost Bank building located at 8410 Highway 90A in Sugar Land. The 1.74 acre site includes a 17,575-square-foot office building and an 815-square-foot motor bank. Financing was arranged through ViewPoint Bank in Houston, which structured a 75 percent loan-to-acquisition cost with a 10-year term, 30-year amortization and a fixed interest rate of 6.5 percent.
MIAMI — Hyundai Mobis Corp. has acquired 18 acres in Beacon Lakes Business Park from AMB Codina Beacon Lakes LLC for the future site of its 400,000-square-foot Latin American Service Parts headquarters in Miami, for an undisclosed price. The property is located on the southwest corner of NW 17th St. and NW 132nd Ave. John Vaught and Elsa Heredia of CB Richard Ellis’ Miami Airport office represented the buyer. David Albert of Flagler Real Estate’s Miami office represented the seller.
ARLINGTON, VA. — The United States Patent and Trademark Office has signed a 10-year lease for a 168,468-square-foot office space at Randolph Square in Arlington from Transwestern Monument Randolph Square LLC, a joint venture of Washington, D.C.-based Monument Realty and Chicago-based Transwestern Investment Co. Randolph Square, a 9-story, 208,000-square-foot office complex, is located at 2800 S. Randolph St. and expected to deliver in April. Matt Bundy and Joshua Masi of Transwestern and Doug Olson and Bethany Allen of Monument Realty represented the landlord. Todd Valentine of Studley’s represented the tenant.
LAKELAND, FLA. — South Florida-based Skyrise Development Group will develop Lakeland First Business Park, a 58,700-square-foot office and warehouse facility in Lakeland, located at 1485 W. 10th St. The project is situated on 5 acres near Interstate 4 and I-75, and will feature offices and 20 retail-warehouse spaces. Construction is slated to begin in April.
SOUTHFIELD, MICH. — L. Mason Capitani/TCN Worldwide (LMC) has arranged the sale of a two-building, 139,471-square-foot office complex located at 16000 W. Nine Mile Rd. and 23100 Providence Dr. in Southfield. The buyer, a local investor, plans to add a new medical wing on the first floor of the buildings to attract tenants affiliated with nearby Providence Hospital. Gary Grochowski and Garrett Middlekauff of LMC represented the undisclosed seller. The sale price was also undisclosed.
WILTON, CONN. — NewStar Financial has provided $14.85 million in financing for Wilton 372 Office Plaza in Wilton. The 88,078-square-foot office facility is located at 372 Danbury Rd. The borrower, Wilton 372 Associates, a single asset entity controlled by Luzern Realty Fund, will use the funds to acquire and reposition the property. Jim Korinek, Andrea Goldman, Zibby Shiver, Jake Clapton, Don Davis and Evan Turner of NewStar worked on the transaction.
CHICAGO — Jackson, Miss.-based Parkway Properties has acquired Citicorp Plaza, a three-building, 600,446-square-foot office complex located at 8410, 8420 and 8430 W. Bryn Mawr Ave. in Chicago, for $100 million. The property comprises three 11-story, Class A buildings connected by an enclosed walkway, as well as an adjacent three-story parking garage and surface parking. The property is 86 percent leased, and includes tenants such as Citicorp North America, US Cellular Corp., CareerBuilder.com and the Association for Operations Management. Parkway purchased the property on behalf of its Office Fund from Apollo Real Estate Advisors’ Value Enhancement Fund IV. Parkway’s $500 million fund is now fully invested.