PEARLAND, TEXAS — Lead developer TAB Lonestar Holdings, an affiliate of ZT Properties USA, and co-developer Wallace Bajjali Development Partners LP are developing an office complex located at Shadow Creek Parkway and Texas 288 in Pearland. The 160,000-square-foot, Class A office development called ZT Shadow Creek Business Center, is being built on 7.5 acres and will house two, four-story buildings at 80,000 square feet apiece. The project’s first phase breaks ground in the first quarter of this year and is scheduled for completion by mid-2009. BanDier Realty Partners LLC and CB Richard Ellis are handling pre-leasing for both phases of the project.
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SAN DIEGO — San Diego-based Gateway Management has purchased Scripps Crest Corporate Center, a 31,073-square-foot office building located at 9845 Erma Rd. in San Diego, for $5 million. The property, which consists of two floors of office space over a one-level parking garage, is currently 53 percent leased to 13 tenants, including First Associates Mortgage, Dynamics Research Corp., Scripps Mortgage and Forsythe Appraisals. Michael Roberts, Brian Starck, Steve Rowland, Tony Russell and Richard Gonor of Grubb & Ellis|BRE Commercial represented the buyer and the seller, Pacific Equity Ventures LLC, c/o Andrew Kaplan, in the transaction
DALLAS — Sperry Van Ness, a commercial real estate brokerage firm, has completed the sale of Regal Gardens Office Center located at 8625 King George in Dallas. The four-building, one-story office property totals 67,992 square feet on 4.44 acres. The buildings, which were built in 1979, were 23 percent occupied at the close of escrow. Los Angeles-based Geostem LLC purchased the property from an undisclosed seller. Steve Fithian of Sperry Van Ness’s Fort Worth, Texas, office represented the buyer in the transaction.
SAN DIEGO — Sunroad Enterprises is currently developing Sunroad Centrum I, an 11-story office tower located on Kearny Villa Road in San Diego’s Kearny Mesa area. The 275,000-square-foot property was designed by Brian Paul & Associates, and will be Kearny Mesa’s first LEED certified office tower. Completion of the project is slated for early May. The tower is the first phase of development within Sunroad Enterprises’ master-planned Sunroad Centrum community, which, when complete, will include 1 million square feet of Class A office space, more than 1,000 residential units and a 2-acre park.
LOS ANGELES — TC Bixel LLC has purchased a two-building office portfolio totaling approximately 98,000 square feet for $18.5 million. Located in Los Angeles, the portfolio consists of a 37,881-square-foot building located at 1111 W. 6th St. and a 59,997-square-foot property located at 1125 W. 6th St. Additionally, the transaction included a two-story parking structure, which is located at 1330 W. 5th St. The buildings feature renovated lobbies, renovated exteriors and new landscaping. Adam Tescher of CB Richard Ellis represented the buyer; Kevin Tamura of DAUM Commercial Real Estate Services, along with James Tagliere of Excel Real Estate Management Consultants Corp., represented the seller, Sixth Street Capital Investors, in the transaction.
TEMPE, ARIZ. — Rancho Palos Verdes, Calif.-based Ireland Miller has acquired a 30,000-square-foot, single-tenant office building, which is located at 5005 S. Wendler Dr. in Tempe, for $8.1 million. The property was constructed in 2003 as a build-to-suit for its current tenant, ITT Technical Institute. John Glassmoyer of CB Richard Ellis’ Phoenix office represented the seller, Sitka, Alaska-based Shee Atika Holdings, in the transaction.
CHARLOTTE, N.C. — Brynn Brooks of Medalist Capital’s Charlotte office has arranged a $20 million fixed-rate land loan for a 23-acre property in Charlotte’s historic South End district. Owners Cherokee Investment Partners and GreenHawk Partners of Raleigh, N.C. are developing the property.
ANCHORAGE, ALASKA — Capmark Finance Inc. has originated a total of $9.97 million in fixed-rate financing for the acquisition of two single-tenant General Services Administration (GSA) office properties in Anchorage. The properties are 100 percent occupied by the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA). Each property is a two-story, Class A, built-to-suit GSA facility, with the first story being utilized as covered parking and the second story as office space. The 75,000-square-foot FBI property was constructed in 1994 and the 30,000-square-foot DEA facility was built in 2001. Marvin Hill and Greg Ciambruschini of Capmark’s Washington D.C. office secured a $6.95 million loan for the FBI building and an approximately $3 million loan for the DEA facility. Dexia Real Estate Capital Markets funded the loans, which have 10-year terms and 30-year amortizations. Together the loans covered 73 percent of the acquisition costs of the two properties.
PONTIAC, MICH. — Sperry Van Ness (SVN) has completed the sale of Ottawa Tower, a vacant, nine-story office building located at 51111 Woodward Ave. in Pontiac, for $1.35 million. The 250,000-square-foot building is situated on 1.77 acres, and features fiber optics, a fitness center, adjacent garage parking, full loading dock facilities, high-speed elevators, and individual heating and cooling zones. The building was formerly occupied by General Motors, and has been vacant for the past 5 years. Robert Pliska of the Birmingham, Mich., office of SVN, along with Michael Dudash of Troy, Mich.-based Hayman Cos. represented the seller, Grand Rapids, Mich.-based Ottawa Tower Ventures. Harry Altick of SVN’s Greenbrae, Calif., office represented the buyer, a private San Francisco-based investor. The new owner is planning minor improvements to the property to position it as a turnkey lease opportunity for a prospective tenant.
DES PLAINES, ILL. — Skokie, Ill.-based The Missner Group has been selected as design/builder for a 60,000-square-foot, build-to-suit medical office for the Illinois Bone & Joint Institute (IBJI). The three-story facility, which will be located at 900 E. Rand Rd. in Des Plaines, is scheduled for a September completion. IBJI will occupy approximately 20,000 square feet of the building, and will lease the remaining space to other tenants. Stephen Rankin Associates is serving as project architect. Larry Debb and John Kosich of GVA Williams are co-developing the project and serving as the owners’ representatives.