ROCKTON, ILL. — Chemtool has announced plans to relocate its corporate headquarters to a new facility in Rockton. Groundbreaking is expected to occur this summer for a three-story, 75,000-square-foot office building located along Illinois Route 2. The company will also eventually renovate an adjacent 330,000-square-foot industrial building on the site. Both facilities are located on a 178-acre site that Chemtool acquired earlier this year from Beloit Corp., which closed its plant at the site in the late 1990s. Chemtool will relocate from its current headquarters in Crystal Lake, Ill.
MERCHANTVILLE, N.J. — Construction has begun on the Renaissance Building, an 8,000-square-foot building in Merchantville. The $3 million redevelopment project is being developed by RLC III, LLC. Situated on a .8-acre lot on the corner of Maple and Chapel avenues, the site was formerly home to a gas station, nursing home and dentist’s office. PNC is set to occupy the building early next year and the facility has approximately 4,000 square feet available for one to three more retailers. Metro Commercial is the exclusive leasing agent for the project.
FORT WORTH, TEXAS — A partnership between Dallas-based Cawley Partners and New York-based Greenstreet Real Estate Partners has sold the Ridglea Bank Building in Fort Worth. The 181,601-square-foot office building, which is located at 6300 Ridglea Place, currently is 98 percent leased. GNL Properties purchased the 12-story tower. The Dallas office of Holliday Fenoglio Fowler (HFF) represented the seller. HFF also arranged acquisition financing for the purchaser through GE Real Estate.
FORT WORTH, TEXAS — Meridian Capital Group has arranged $3.7 million in financing for Grammercy Center, a four-story office building in Fort Worth. The 52,847-square-foot building is located at 6815 Manhattan Blvd. Elliot Treitel of Meridian’s new Jersey office negotiated for the borrower, Martin Tauber.
LANSING, MICH. — East Lansing-based CB Richard Ellis | Martin (CBRE) has completed the sale of a vacant, 34,800-square-foot Regent Inn hotel located at 6501 S. Cedar St. in Lansing. The property was acquired by NuUnion Credit Union, which plans to raze the 1.63-acre site and redevelop it into a branch location for the credit union. Jason Kildea of CBRE represented the seller, Wachovia SBA Lending. NuUnion was represented by Alliance Commercial. The acquisition price was not disclosed.
WAYNE, MICH. — Colliers International has brokered the sale of 32,430 square feet of office space located at 35005 Michigan Ave. in Wayne. Jeffrey Ambrose and Gary Glotzhober of Colliers represented the seller, Wayne Properties, as well as the undisclosed buyer. The acquisition price was not disclosed.
CARLE PLACE, N.Y. — CB Richard Ellis has completed the $65 million sale of One Old Country Road, a 315,750-square-foot office building in Carle Place. At the time of the sale, the five-story facility was 95 percent leased by 49 diversified tenants. Located within .5 miles from Exit M1 of the Meadowbrook Parkway, the property features a full-service cafeteria, a barber shop and covered parking. Jeffrey Dunne, Steven Bardsley, Rikki Lawrence and Bruce Nelson of CB Richard Ellis represented the owner, Treeline 1 OCR, an entity controlled by The Treeline Companies, and procured the buyer, CLK/HP One Old Country LLC, in the transaction.
WARMINSTER, PA. — Equity Retail Brokers has completed the sale of a 1.5-acre bank site located at 157 York Rd. in Warminster. Viriva Community Credit Union plans to open a bank on the parcel by October 2008. Ken McEvoy of Equity Retail negotiated the acquisition. The sale price was undisclosed.
SAN DIEGO — San Diego-based La Jolla Car Wash has acquired a 34,000-square-foot office property, which is located at 1060 Eighth Ave. in San Diego. La Mesa, Calif.-based Pacific View Properties sold the property for $7.6 million. The buyer intends to occupy a portion of the four-story, Class B office building and lease the remaining space. Brian Mulvaney and Jon Boland of Voit Commercial Brokerage’s San Diego office represented the seller; Jeff Hoffman and Hans Strom of Strom Commercial represented the buyer in the transaction.
RIVERSIDE, CALIF. — Newport Beach, Calif.-based CT Realty Corp. has purchased Citrus Park, a 12-building office and industrial park located in Riverside, for $24.5 million. Located on 43 acres, the park consists of 417,811 total square feet. Two buildings are two-story office buildings totaling 78,115 square feet and the remaining buildings are single-story industrial office/warehouse facilities offering approximately 332,695 total square feet. CT Realty plans to invest $7 million to redevelop the park into separate parcels available for sale or lease. Additionally, the entire park will be redeveloped to offer a contemporary, campus-like business park environment. Rick Fuller of Lee & Associates represented both the buyer and the seller, Fleetwood Enterprises Inc., in the transaction. Equity financing was provided by CT California Fund V and Fund VI, with debt financing provided by Pacific Coast Capital Partners.