CARLSTADT, N.J. — CB Richard Ellis (CBRE) has secured $6 million in financing on behalf of 590 Commerce Boulevard LLC, the borrower, for 590 Commerce Blvd. in Carlstadt. The 78,721-square-foot office/warehouse building is situated in close proximity to routes 17 and 46, Interstate 80 and the New Jersey Turnpike. James Gunning and Donna Falzarano of CBRE arranged the financing, which was funded by Principal Real Estate Investors.
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QUINCY, MASS. — Meredith & Grew has brokered the $3.2 million sale of a 21,000-square-foot office building located at 122 Quincy Shore Dr. in Quincy. The two-story building is situated 8 miles from downtown Boston and only 1 mile from Route 93. James Elcock, David Goodhue and Katherine Barry of Meredith & Grew represented the seller, Eastport Real Estate Services, and Dana Narlee of Pearson Associates represented the buyer, Lee Kennedy Co.
PHOENIX — Triple Net Properties LLC, on behalf of tenants-in-common, has purchased Townley Business Park, a nearly 176,000-square-foot business park located near the intersection of 23rd Avenue and Dunlap Road in Phoenix, for an undisclosed price. The garden-style park features three buildings and a 1.34-arce undeveloped parcel of land. The property is currently 80 percent leased to a variety of national and regional companies specializing in industries such as insurance, healthcare and real estate. The company purchased the park from ICP Real Estate, which was represented by Amr Ceran. Joseph Byers of Commercial Realty Capital arranged the financing, which was provided by PNC Bank.
RICHMOND, VA. — Rastek Construction & Development has purchased an approximately 38,000-square-foot office/warehouse property, which is located at 6290 Old Warwick Rd. in Richmond. RCS Holdings LLC sold the property for $1.75 million. R. Scott Douglas and Franklin Bell of Thalhimer, a member of Cushman & Wakefield Alliance, handled the transaction.
CINCINNATI — American Financial Group (AFG) has signed a long-term lease to occupy 22 floors of the Great American Insurance Building at Queen City Square, a 40-story office tower located at the intersection of Fourth and Sycamore streets in downtown Cincinnati. AFG will lease approximately 530,000 square feet of the 825,000-square-foot building, representing two-thirds of the building, and will serve as the anchor tenant. The first phase of Queen City Square, the 303 Broadway building, was developed as a public/private partnership between Western & Southern Financial Group, the city of Cincinnati and the Port of Greater Cincinnati Development Authority, and it is expected that the new building will be developed through a similar partnership. Construction is set to begin in mid-2008, with completion scheduled in 2011.
NEW YORK CITY — MMS USA Holdings has renewed its 350,000-square-foot lease at 1675 Broadway in Manhattan, New York City, for 10 years. The building, owned by the Rudin Family, is comprised of 35 stories and 800,000 square feet. MMS USA houses a number of its advertising and communications units at the facility, including MediaVest Worldwide, Publicis Healthcare Communications Group and Manning, Selvage & Lee. Robert Steinman of Rudin Management represented the building owner, and Joseph Thanhauser and Gordon Ogden of Byrnam Wood represented the tenant.
HOUSTON — Mountain West Industrial Properties (Mountain West), a Colorado-based real estate developer, has acquired the Colony Crossing Business Center in Houston. Two buildings make up the 149,735-square-foot distribution park located at 10207 S. Sam Houston Pkwy., and the space is currently 47 percent leased. T.J. Tarbell represented Mountain West in the transaction, for which financial terms were undisclosed. The sellers were Met-Life and Cadence McShane Corp.
SAN ANTONIO — Triple Net Properties, a subsidiary of real estate firm Grubb & Ellis, has completed the sale of Brookhollow Park on behalf of tenant-in-common investors. The four-story, 102,000-square-foot office building is located at the northeast corner of Highway 281 North and Central Parkway North in San Antonio. Ryan Gallagher of Grubb & Ellis represented the buyer, BHP Funding Corp., in the transaction.
SEATTLE — Broadreach Capital Partners and joint venture partners Continental Properties and Unico Properties have sold 1915 Terry, a 252,000-square-foot, mid-rise office tower in Seattle, to Seattle-based Children’s Hospital for $35.9 million. The Broadreach-led partnership acquired the seven-story building in 2006 and negotiated a 15-year lease with Children’s Hospital for the entire building that included a buy-out option in 2007.
BOSTON — Mullen, a full-service advertising agency, has leased 100,000 square feet of office space at 40 Broad St. in Boston for their new corporate headquarters. Mullen will occupy the top four floors of the building, which is currently undergoing capital improvements with completion slated for February 2008. William Collins and Bradley McGill of Jones Lang LaSalle represented the owner, Chicago-based Transwestern. James Brady, Edward Weiss, Robert Romano and Melisa Schneider of Cushman & Wakefield represented Mullen in the transaction.