JOHNS CREEK, GA. — Trammell Crow Atlanta Development has broken ground on two 100,000-square-foot medical office buildings in Johns Creek, along West Johns Crossing. The four-story buildings will be situated on an 18-acre site, adjacent to the Emory Johns Creek Hospital. The project broke ground in April and is projected for completion in March 2009. Trammell Crow purchased the site from JC Office, for $8.7 million. Pierce and Bobby Mayson of Atlanta-based Lavista Associates were the sole brokers in the land acquisition.
PORTLAND, ORE. — Jennifer Medak, John Medak and Tom Dechenne of NAI Norris, Beggs & Simpson represented the undisclosed seller in the disposition of the 501 Hood Building in Portland. A private local investor acquired the property for $3.4 million. At the time of acquisition, the three-story, 22,926-square-foot office was 98 percent leased by medical and legal professionals.
TAMPA, ORLANDO, AND BRANDON, FLA. — Cushman & Wakefield has negotiated two office building sales and a land acquisition in Florida, totaling $43 million. Flagler Development purchased Bridgeport Center, a 170,924-square-foot, nine-story office building in Tampa, from AEW Capital Management, for $29.5 million. The property was 95 percent occupied at the time of sale. The seller was represented by Mike Davis and Rick Brugge of Cushman & Wakefield. Rudnick Development purchased Reflections at Hidden Lake, a 96,322-square-foot office investment property in Orlando’s Lake Mary submarket, from an undisclosed seller, for $9 million. Mike Davis, Rick Brugge and Matthew McKeever of Cushman & Wakefield represented the seller. Life Link Foundation acquired 10 acres at Crosstown Center in Brandon, for $4.7 million. The nonprofit organization will develop offices in the 1.1 million-square-foot mixed-use project, bordered by Lee Roy Selmon Expressway and Highway 301. The buyer was represented by Andy May and Bruce Erhardt of Cushman & Wakefield.
CHATTANOOGA, TENN. — Chattanooga, Tenn.-based CBL & Associates has opened a four-story, 76,000-square-foot office building, located at 2034 Hamilton Place Rd. in Chattanooga. The property is adjacent to its headquarters building, CBL Center, and will serve as the headquarters for EMJ Corporation and Vision Hospitality, as well as offer space for additional businesses
SAN DIEGO — Falcon Real Estate Investment Co. has acquired University Pacific Centre, a four-story, 96,581-square-foot office building located at 8899 University Center Ln. in San Diego’s University Towne Center. The company purchased the property for $42 million, on behalf of GEM University Pacific LLC, an overseas private investor in a 1031 exchange. At the time of acquisition, the property was 87 percent leased to tenants, including Pharmaceutical Research Associates, EpiCept Corp. and the Merrill Corp. Adam Edwards, Daniel Broderick and Rick Stumm of Eastdil Secured represented the seller, San Francisco-based Alecta Real Estate USA LLC, in the transaction; Falcon represented the buyer.
SAN DIEGO — WNM Properties LLC has purchased Citibank Office Plaza, a five-building, multi-tenant office complex located at 11818-11858 Bernardo Plaza Ct., for $12 million. The 51,830-square-foot property is currently 47 percent occupied by eight tenants, including Citibank, Architects BPA Associates, Southwest Consulting Group and Prime Structural Engineers. Steve Rowland, Michael Roberts, Chris Hobson and Robert Kuzman of Grubb & Ellis|BRE Commercial represented the seller, Citibank, in the transaction; Triwell Properties represented the buyer. Citibank plans to lease back the bank branch building on a long-term basis.
RICHMOND, VA. — 2820 WL Group, has acquired Waterford I, a 47,000-square-foot, Class A office building in Richmond, from Continental Waterford, for $7 million. The property is located at 2820 Waterford Lake Dr., and was 100 percent occupied at the time of sale. Eric Robison and Dean Meyer of Virginia-based Thalhimer, a member of the Cushman & Wakefield Alliance, represented the seller. The buyer was represented by Jack Creighton of Boston-based SourceNet Financial.
ARLINGTON, VA. — The United States Patent and Trademark Office has signed a 10-year lease for a 168,468-square-foot office space at Randolph Square in Arlington from Transwestern Monument Randolph Square LLC, a joint venture of Washington, D.C.-based Monument Realty and Chicago-based Transwestern Investment Co. Randolph Square, a 9-story, 208,000-square-foot office complex, is located at 2800 S. Randolph St. and expected to deliver in April. Matt Bundy and Joshua Masi of Transwestern and Doug Olson and Bethany Allen of Monument Realty represented the landlord. Todd Valentine of Studley’s represented the tenant.
MIAMI — Scott Leeds has acquired an 8,000-square-foot office building, located at 2541 S.W. 27th Ave. in Miami, from Miami-based Physicians Investment Group, for $2.6 million. The property is situated on 22,000 square feet between Coral Way and Highway 1. Stephen and Eric Gaunt of CresaPartners’ Miami office represented the buyer. The seller was represented by Alexandra Tovar of Miami-based Fortune Realty.
CHICAGO The Chicago office of Hines has signed a lease for the anchor tenant of River Point, the developer s 52-story office tower located at 444 W. Lake St. in Chicago. William Blair & Co. will occupy more than 340,000 square feet of the 1.1 million-square-foot tower. Groundbreaking for the project is set to occur late this year, with completion scheduled for mid-2011. William Blair & Co. was represented by The Staubach Company in site selection and lease negotiations.