MIAMI — RREEF Real Estate purchased the Town & Country Corporate Center in Miami, a five-story, 117,458-square-foot office building located at Kendall Drive and 117th Avenue, for an institutional client. Gabe Menocal of Miami-based Powerhouse Realty represented RREEF in the purchase from KICAN Realty. The sale amount was not released.
ALEXANDRIA, VA. — Transwestern Realty Finance Partners, a commercial real estate investment firm, closed an $11 million loan for MGP Real Estate’s acquisition of the 348,218-square-foot, four-building office property Braddock Place. This is the second time the investment and real estate companies have worked together on financing.
SAN ANTONIO — Corporate Office Properties Trust (COPT) has acquired three office buildings for a total of $40.5 million. Two of the buildings are located in San Antonio; known as 151 Technology Center, the buildings were acquired for $17.3 million. The two-story buildings are located at 1560 Cable Ranch Rd. and total 122,975 square feet. Both are fully occupied, with prominent tenants including Sears, Air Force Federal Credit Union and AFNI. The third building in the transaction, the 124,305-square-foot Cresterra building located in Colorado Springs, Colo., was acquired for $23.2 million. COPT’s San Antonio portfolio now consists of four office buildings totaling 601,000 square feet; two office buildings currently under construction that total 91,000 square feet; and 58 acres of land that can support approximately 725,000 square feet of development.
TEMPE, ARIZ. — A 12-story office tower in Tempe has traded hands for $92.5 million. The 299,540-square-foot, Class A tower is located within Hayden Ferry Lakeside, a 43-acre mixed-use development of office, retail and residential space. SunCor Development Co. has sold the building to HF Lakeside II LLC, a subsidiary of Sumitomo Corporation of America. “SunCor has done a superb job attracting blue-chip companies to this mixed-use development,” said Robert Obringer, vice president of HF Lakeside II LLC. “This waterfront property and the overall vision for Hayden Ferry Lakeside are extremely impressive and the quality architecture, construction and central location are what drove us to be a buyer,” he said. The property is currently 83 percent leased to tenants such as KPMG, MetLife, and Fidelity National Title Insurance. “Hayden Ferry Lakeside is well on its way to achieving the ultimate vision created by SunCor,” said Randy Levin, vice president of commercial/urban development and design for SunCor. “Vibrant commercial and residential aspects of the development are flourishing. Clearly, the central live-work-play theme of Hayden Ferry Lakeside is striking a chord in this market,” Levin said. The sale transaction was negotiated by executive director Chris Toci and director Ted Harrison of Cushman …
LOS ANGELES — Fox Interactive Media has signed a 12-month lease for 421,000 square feet of office space at Horizon at Playa Vista in Los Angeles. The company will occupy virtually the entire first phase of the 15-acre office campus. The first phase consists of two five-story buildings surrounded by pedestrian pathways and open courtyard spaces. Designed by Johnson Fain, the property features many modern aspects including a progressive, contemporary design and state-of-the-art workplace technology. Located at the intersection of Bluff Creek Drive and Campus Center Drive, the property is seeking Gold LEED certification. Fox Interactive plans to consolidate its Los Angeles facilities, which currently house a variety of companies including My Space, Fox Sports Interactive and Rotten Tomatoes. The company plans to take occupancy by June 2009. Cushman & Wakefield arranged the lease on behalf of the owners, Lincoln Property Company and ASB Real Estate Investments; Studley Inc. represented Fox Interactive Media.
SAN DIEGO — Trammell Crow Company’s (TCC) private equity group has acquired a 49,347-square-foot office building, which is located within the Torrey Pines submarket of San Diego. Constructed in 2001 and located off Genesee Avenue, the two-story property features 24,674-square-foot floorplates, 9-foot ceilings with acoustical system and ample parking. TCC’s private equity group, along with the firm’s Southern California Business Unit, plan to renovate and update the asset and reposition it as either Class A office space or lab/biotech space for single or multi-tenant uses. Jerry Keeney and Matt Nickels Jr. of CB Richard Ellis’ (CBRE) San Diego office will market and lease the property, while Dick Shope and Jennifer McClendon, also of CBRE, are managing the property.
HENDERSON, NEV. — Southwest Gas Corp. has selected Jaynes Corp. to develop its $10.8 million operations facility in Henderson. The new facility, Southwest Operations Center, will feature a 58,000-square-foot concrete tilt-up office/warehouse building, a 14,000-square-foot fabrication shop and a 16-building training facility complex, as well as streets and utilities to support the operations center. The training center will feature 16 mock-up buildings and an open excavation area, which will be used to train employees. The complex is situated on a 16-acre site located south of St. Rose Parkway and east of Henderson Airport. Completion is slated for June 2009.
BALTIMORE — St. John Properties is developing a 104-acre office park in Fredrick, Md., which will feature more than 400,000 feet devoted to scientific research. The project, located south of Fredrick near the intersection of MD Route 85 and MD Route 270, will house 11 tenants in separate buildings, ranging from 25,000 square feet of space to 62,050 square feet of space, and is expected to deliver in the first quarter of 2009.
EDWARDSVILLE, ILL. — Sacramento, Calif.-based Panattoni Development Co., acting as general contractor, has negotiated a build-to-suit contract with St. Louis-based World Wide Technology for a 700,000-square-foot office/industrial facility located within the 7 million-square-foot planned Lakeview Commerce Park in Edwardsville. World Wide Technology plans to use 10,000 square feet for office facilities, and 690,000 square feet for warehousing, distribution and technology purposes. Amenities at the building include 32-foot clear-height ceilings, ESFR sprinkler systems, and modern loading and trailer storage areas. The value of the property, which was leased for a 5-year term, is estimated at approximately $30 million to $31.5 million. Thomas Homco and David Zeigler of Lee & Associates’ St. Louis office represented Panattoni; Ryan Keiser and Tim Convy of CB Richard Ellis represented World Wide Technology in the transaction. The building is slated for completion in December.
KANSAS CITY, MO. — Grubb & Ellis|The Winbury Group has acquired the Kansas City assets of Greenleaf Properties and is merging the commercial real estate operations of the two offices in Kansas City. The deal comes after Omaha, Nebraska-based Grubb & Ellis|Pacific Realty acquired the sum of Greenleaf’s assets in Lincoln, Nebraska, and absorbed the company’s local office. Co-founder of Greenleaf Properties, Walt Clements, will become affiliated with Grubb & Ellis|The Winbury Group. Greenleaf Properties will continue to develop in Kansas City, and Grubb & Ellis|The Winbury Group will lease and manage the facilities. Existing properties that were acquired in the merger include Deer Creek Woods in Overland Park, Kan., and Ridgeview Falls in Olathe, Kan.