SAN DIEGO — Venture Development has completed the renovation of Sorrento Glen Business Park located in the Sorrento Valley area of San Diego. Designed by Pacific Cornerstone Architects, the $2 million redevelopment project included the exterior renovation of approximately 14 office and light lab condominiums within two single-story buildings totaling an estimated 44,900 square feet. Lusardi Construction served as general contractor for the project.
CHARLOTTE AND CORNELIUS, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore, Md.-based Alex Brown Realty have acquired a business park portfolio, comprised of three properties in Charlotte and Cornelius, from Charlotte-based Beacon Ventures, for $50 million. Coffey Creek International Business Center features 395,989 square feet, and is located at the intersection of Beam Road and Cross Beam Drive in Charlotte. Hickory Grove Business Park is situated on 18 acres and features 12 buildings, totaling 110,017 square feet, in Charlotte. The facility is located along E. WT Harris Boulevard, and was 71 percent occupied at the time of sale. Lake Norman Commerce Center features seven buildings, totaling 91,719 square feet, and is located at the intersection of Catawba Avenue and Liverpool Parkway in Cornelius. The facility is situated on 9.3 acres and was 95 percent occupied at the time of sale. The seller was represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, and the joint venture partners were represented in-house.
CHARLOTTE AND CORNELIUS, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore, Md.-based Alex Brown Realty have acquired a business park portfolio, comprised of three properties in Charlotte and Cornelius, from Charlotte-based Beacon Ventures, for $50 million. Coffey Creek International Business Center features 395,989 square feet, and is located at the intersection of Beam Road and Cross Beam Drive in Charlotte. Hickory Grove Business Park is situated on 18 acres and features 12 buildings, totaling 110,017 square feet, in Charlotte. The facility is located along E. WT Harris Boulevard, and was 71 percent occupied at the time of sale. Lake Norman Commerce Center features seven buildings, totaling 91,719 square feet, and is located at the intersection of Catawba Avenue and Liverpool Parkway in Cornelius. The facility is situated on 9.3 acres and was 95 percent occupied at the time of sale. The seller was represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, and the joint venture partners were represented in-house.
NORRISTOWN, PA. — Gene McHale, Mike Flynn, Steve Compton and Taylor Young of Beacon Commercial Real Estate have brokered the sale of a flex building in Norristown. Located at 2490 Armistead Blvd. in the Valley Forge Business Campus, the fully leased facility totals 24,000 square feet. Beacon represented the buyer, RWR Properties, and the seller, The Buccini/Pollin Group, in the transaction. The sale price was undisclosed.
RALEIGH, N.C. — Duke Realty is building a 160,000-square-foot headquarters building for Time Warner Cable at Perimeter Park in Raleigh. The four-story, Class A building will be LEED-certified. Construction is scheduled to begin next month and complete in April 2009. Giffels, a global architecture, engineering and project management firm, designed the build-to-suit facility.
RALEIGH, N.C. — Duke Realty is building a 160,000-square-foot headquarters building for Time Warner Cable at Perimeter Park in Raleigh. The four-story, Class A building will be LEED-certified. Construction is scheduled to begin next month and complete in April 2009. Giffels, a global architecture, engineering and project management firm, designed the build-to-suit facility.
LIBERTY TOWNSHIP, OHIO — Grubb & Ellis Healthcare REIT has acquired Liberty Falls Medical Plaza, an approximately 44,000-square-foot medical office building located at 6770 Cincinnati-Dayton Rd. in Liberty Township. The two-story building is currently 91 percent leased. It is located adjacent to the $83 million Liberty Campus, an outpatient center affiliated with Cincinnati Children’s Hospital Medical Center that is scheduled to open in August. The seller, as well as the sale price, were undisclosed.
LIBERTY TOWNSHIP, OHIO — Grubb & Ellis Healthcare REIT has acquired Liberty Falls Medical Plaza, an approximately 44,000-square-foot medical office building located at 6770 Cincinnati-Dayton Rd. in Liberty Township. The two-story building is currently 91 percent leased. It is located adjacent to the $83 million Liberty Campus, an outpatient center affiliated with Cincinnati Children’s Hospital Medical Center that is scheduled to open in August. The seller, as well as the sale price, were undisclosed.
WYOMING, MICH. — Marcus & Millichap has completed the sale of the Majznerski Dental Office, an 8,200-square-foot, single-tenant medical office building located in Wyoming, for $2.29 million in a sale/leaseback transaction. Bill O’Connor of Marcus & Millichap’s Detroit office and Geoff Meekhoff of the firm’s Grand Rapids, Mich., office represented the seller, which signed a new 10-year net lease at the close of the sale. The property was acquired by a private California-based investor.
WYOMING, MICH. — Marcus & Millichap has completed the sale of the Majznerski Dental Office, an 8,200-square-foot, single-tenant medical office building located in Wyoming, for $2.29 million in a sale/leaseback transaction. Bill O’Connor of Marcus & Millichap’s Detroit office and Geoff Meekhoff of the firm’s Grand Rapids, Mich., office represented the seller, which signed a new 10-year net lease at the close of the sale. The property was acquired by a private California-based investor.