LOUISVILLE, KY. — NTS Realty Holdings has completed the sale of 100 percent of the membership interests in its wholly-owned subsidiary, which consisted of eight office properties in Louisville, to Kentucky-based Ascent Properties, for $56.5 million. The portfolio was comprised of Plainview Center, which features 98,000 square feet; Plainview Point Office Center I and II, which feature a total of 57,300 square feet; Plainview Point Office Center III, which features 61,700 square feet; 1901 Campus Place, which features 85,300 square feet; Atrium Center, which features 104,300 square feet; Blakenbaker Business Center I, which features 160,700 square feet; and Blakenbaker Business Center II, which features 77,400 square feet.
DUBLIN, OHIO — Grubb & Ellis Realty Investors has acquired 5200 Upper Metro Place, a three-story, Class A office building located in the Columbus, Ohio, suburb of Dublin. Situated on approximately 8 acres, the 96,000-square-foot building is 90 percent leased to a tenant roster that includes Smith’s Medical and CoreSource. The property was acquired from Upper Metro LLC, which was represented by George Stecz of CB Richard Ellis. The acquisition price was undisclosed.
EVANSVILLE, IND. — Evansville-based Summit Real Estate has arranged the sale of Vogel Business Park, a 45,000-square-foot office property located at 5401 Vogel Rd. in Evansville, for $3.9 million. The property contains 20 tenants, including Better Business Bureau, Viola Hair Salon and Body Makeover. Scott Hyatt of Summit represented the buyer, Vogel Business Park LLC, as well as the seller, locally based SSS Development. Additionally, Hyatt completed the $2.97 million sale of another office building located in Evansville. The building was acquired by CWK-Sycamore Street from Lloyd-41 Properties. It is currently leased to Trane Operations.
PHILADELPHIA — Cushman & Wakefield have arranged the sale of a 245,000-square-foot office building in Philadelphia. Liberty Resources acquired the property from 714 Holdings for an undisclosed amount. The 7-story building, located at 714 Market St., is located in the historic Independence Mall submarket in Center City. Roger McManimon and Jack Myers of Cushman & Wakefield represented the seller in the transaction. Vince Jolly of Selisohn, Soens, Hess represented the buyer.
PHOENIX — Ryan Cos. has acquired a 4.8-acre land parcel at 3900 E. Camelback Rd. in Phoenix to develop a Class A office complex. 3900 Camelback Center will feature 177,520 square feet of office space. The three-story, LEED-certified project includes two levels of executive underground parking with direct access to the building’s lobby. Completion is slated for fourth quarter 2009. Ryan Cos. plans to relocate its Western Regional Headquarters to the new development. Jeff Wentworth, Blake Hastings and Nicole Cooley of Grubb & Ellis|BRE Commercial are the exclusive leasing agents for the property.
TUCSON, ARIZ. — Phoenix-based Presson Corp. has acquired Midpoint Plaza, a multi-tenant business park located at 1801 S. Alvernon in Tucson. Midpoint Investors LLC sold the 73,898-square-foot property for $5.9 million. Mike Hefner of Voit Commercial Brokerage and Rob Glaser of Picor represented both parties in the transaction.
FEDERAL WAY, WASH. — Rhapsody Partners has developed Cedar Park at West Campus, a Class A office building located in Federal Way. Designed by Lance Mueller Architects, the 50,990-square-foot building is located within West Campus of Federal Way at 33455 6th Ave. The project features two floors of office space, an outdoor plaza, an underground parking and a flexible plan with a large contiguous open space and lobby area. Seattle-based Ferguson Construction Inc. provided preconstruction, design overview and construction services for the building.
CHARLOTTE AND CONCORD, N.C. — Michael Dean of Colliers Pinkard has negotiated the sale of an office building in Charlotte and a land parcel in Concord, respectively, on behalf of two separate buyers. Fox Entertainment/SPEED Channel purchased a 78,200-square-foot office building for its new headquarters in Charlotte, located at 1200 W.T. Harris Blvd. The facility will undergo renovations, which are projected for completion early next year. The company currently occupies a production studio located along Southern Pine Boulevard. Kelly Givens and David Gordon of Studley also represented the buyer in the transaction, and the seller was represented by Norman Walters of The Keith Corp. Heritage House Fabrics acquired a 5.6-acre land parcel in Concord for its new 50,000-square-foot office/warehouse facility. The new building is twice the size of Heritage’s previous headquarters location. The seller was represented by Bryan Crutcher and Ann Johnson of CB Richard Ellis.
WASHINGTON, D.C. — Detroit-based MayfieldGentry Realty Advisors has acquired 1522 K Street N.W., an 81,094-square-foot, 11-story office building in Washington, D.C., from Intrepid K Street, for an undisclosed amount. The Class B property was 89 percent occupied by 30 tenants at the time of sale, including: Atelier Architects, the National Sleep Foundation and R.E. Bushnell & Law Firm. Steven Gichner and Eric Berkman of Grubb & Ellis’ Washington D.C. office represented the seller. The property is located three blocks from the White House and is adjacent to the St. Regis Washington, D.C. hotel. The new owner plans to renovate the property to achieve Class A status.
ITASCA, ILL. — L.J. Sheridan & Co. has brokered the acquisition of a 75,000-square-foot office building, located at 425 Spring Lake Dr. in Itasca, for $8.8 million. The buyer, Gift of Hope Organ & Tissue Donation Network, plans to expand into the new building from its old location in Elmhurst, Ill. The new building will be retrofitted for general office, medical and laboratory uses. Representing Gift of Hope was Patrick Caruso of L.J. Sheridan. Mark Smith of CB Richard Ellis represented the seller, Falcon Real Estate Investment Co. Gift of Hope plans to occupy the new facility by the fourth quarter of 2009. L.J. Sheridan is currently marketing its previous office.