INDIANAPOLIS — Tim Hoffman and Gary Woodworth of CB Richard Ellis’ Indianapolis office have negotiated the disposition of two office buildings in Indianapolis for Premier Equities. The purchase represents the buyer’s first move into the Indianapolis market. Park Fletcher One and Two, two multi-level office buildings located in the Indianapolis International Airport corridor, total 161,937 square feet and are approximately 88 percent leased. Douglas Commercial Properties of Minneapolis acquired the property, and has retained CB Richard Ellis to manage and lease the buildings.
NORRISTOWN, PA. — David Csontos of GVA Williams New Jersey has completed the sale of Valley Forge Corporate Center I & II in Norristown. Located at 2500 and 2600 Monroe Blvd., Valley Forge Corporate Center I & II are part of the Valley Forge Corporate Center, a 14-building business campus that contains a total of 880,000 square feet. Building I is comprised of 72,880 square feet set within two stories on 6.65 acres. It is currently leased to Idearc. Building II is a one-story facility that contains 45,500 square feet on 4.15 acres. It is currently leased to a major regional transmission organization. The sale price was undisclosed.
HOUSTON — Transwestern Houston has begun construction on a 700,000-square-foot office project located 1 mile south of Interstate 10 at the intersection of Eldridge and Enclave parkways in Houston. The property, called Eldridge Oaks, is a Class A, LEED-registered office project that will be built in two phases on 21 acres. The first phase will comprise a 350,000-square-foot office tower and the second phase, which will be built on the remaining land after Phase I construction is complete, will be either a build-to-suit project or a second office tower. The project’s first phase is scheduled for completion in September 2009.
AUSTIN, TEXAS — North Carolina-based Oaks Development Group has finalized the purchase of a medical building located on Park Bend Drive behind St. David Medical Center in Austin. The 29,724-square-foot property, called Post Oak Center North Building 1, is a Class A medical office building that the buyer will lease in a tenant-ownership model. Oaks Development Group purchased the building from an undisclosed seller, and MSL Investments will handle leasing for the property.
BURBANK, CALIF. — Kennedy Wilson sponsored funds, KW Property Fund II and KW Property Fund III, have acquired a three-building office portfolio in Burbank for $94.1 million. The portfolio includes 303 North Glenoaks Avenue, a 10-story, 176,813-square-foot property; the six-story, 86,703-square-foot 333 North Glenoaks Avenue building; and 300 East Magnolia, also known as Burbank Executive Plaza, a six-story, 63,899-square-foot property. Major tenants of the portfolio properties include Turner Broadcasting, Front Porch Communities, Universal Music and Video, and BDC Travel. The seller was not disclosed.