MORRISTOWN, N.J. — TIAA-CREF has acquired 299 Madison Ave, a three-story office building in Morristown. The 57,062-square-foot facility is in close proximity to the Convent Station train station and the Morristown business district. Jeffrey Dunne, Kevin Walsh, Jeffrey Oram, Thomas Mallaney and Daniel Casey of CB Richard Ellis represented the seller, 299 Madison Realty Partners, and procured the buyer in the transaction. The sale price was undisclosed.
Office
RICHARDSON, TEXAS — Renner Building Partnership has finalized the sale of an office building located at 689 West Renner Rd. in Richardson to a private local investor. Development plans for the 7,122-square-foot property, as well as the sale price, were undisclosed. Greg Woodring of Henry S. Miller Commercial represented the seller in the transaction.
SANFORD, FLA. — Matthew McKeever and Mike Davis of Cushman & Wakefield represented the seller, Reflections at Hidden Lake LLC, in the sale of the Reflections at Hidden Lake, a 96,000-square-foot office complex in Sanford, for $9 million. The property includes a 60,000-square-foot, three-story building and an adjacent 36,000-square-foot single-story building. The complex is located on Lake Mary Blvd. across from the Seminole Community College, and was 98 percent leased at closing.
NEW YORK CITY — Carlton Advisory Services has arranged $92 million in senior debt and mezzanine financing for the acquisition of 511-541 W. 25th St. The 158,908-square-foot property, which is located in the Chelsea area of Manhattan, New York City, was purchased by the Cardinal Investment Group. The loan was placed by Michael Campbell, Steve Fenster and Steven Rock of Carlton.
NEW YORK CITY — SL Green has negotiated a 156,000-square-foot lease with The Segal Company at 333 W. 34th St. in Manhattan, New York City. The Segal Company will occupy floors two through five of the 10-story building. Currently located at One Park Avenue, the company is expected to move to their new location first quarter 2010.
EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.
EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.
WALNUT CREEK, CALIF. — Alamo Essex LLC, a joint venture between Alamo, Calif.-based Alamo Group and Essex Property Trust, has acquired 1500 Newell Avenue in Walnut Creek. Located at the corner of South Main Street and Newell Avenue, the eight-story property offers 51,343 square feet of office space. Sean Cooley, Mike Zylstra, Forrest Gherlone and Joyce Gutzeit of Cornish & Carey Commercial represented both the buyer and the seller, Hong Kong-based Shaw Foundation Properties Corp., in the transaction. The financial terms of the transaction were not disclosed.
LOGANVILLE, GA. — Faison Enterprises’ Atlanta office has acquired 37 acres in Loganville from David and Alice Still for the development of North Logan Commons, a 370,000-square-foot power center along Highway 78. Anchor tenants include Lowe’s Home Improvement Warehouse, Best Buy, Dick’s Sporting Goods, PetsMart and OfficeMax. The project is expected to open in spring 2009. Faison is also planning South Logan Commons, a 350,000-square-foot power center situated 41 acres from North Logan Commons, which is slated for completion in 2010.
TAMPA, FLA. — Crescent Resources is building Corporate Center Four at International Plaza, an eight-story, 247,000-square-foot Class A office facility in Tampa. The LEED-certified building is located at Boy Scout Blvd. and Lois Ave. and will open in fall 2008.