NORRISTOWN, PA. — Brandywine Realty Trust has sold 2490 Blvd. of the Generals in Norristown for an undisclosed price to Gola Corporate Real Estate. The 20,600-square-foot office facility is situated on 1.9 acres in the Valley Forge Business Center and will serve as the buyer’s Philadelphia regional headquarters. Gola plans to renovate the building. Andrew Spillard and Mitch Reading of CB Richard Ellis represented the seller, and the buyer was represented in-house by Mark Gola.
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WASHINGTON, D.C. — Vornado Realty Trust has closed loans, totaling $341 million, for three of its Washington D.C. properties, from an undisclosed lender. The portfolio includes a $150 million loan for a redeveloped office property, located at 2101 L St.; a $104 million loan for a residential development project, located at 1229-1231 25th St.; and a $87 million loan for a residential development, located at 220 20th St.
ARLINGTON, VA.— Bill Asbill, Bob Donhauser and Cary Abod of Holliday Fenoglio Fowler’s Washington, D.C. office have arranged a $112 million construction loan for National Gateway I and II, a 438,800-square-foot, Class A office complex in Arlington, on behalf the The Meridian Group. The financing is structured as a 3-year adjustable-rate loan with Corus Bank. The project is part of the 4.5 million-square-foot Potomac Yards Arlington mixed-use development and will include two 9-story towers with 367,382 square feet of office space and 71,418 square feet of retail, inclusive of a 46,600-square-foot health club pre-leased to LA Fitness International. Wachovia has also pre-leased space for a bank branch. The office complex will be located at the intersection of Glebe Road and Jefferson-Davis Highway, adjacent to the Washington Reagan National Airport.
COVINGTON, LA. — St. Tammany Parish, La.-based Cypress Bend Real Estate and Metairie, La.-based Property One are developing a $48 million, 24-acre office park in Covington. The development will include a four-story, 105,000-square-foot Class A office building, with adjoining executive conference center, and Stone Creek Club & Spa, a 52,000-square-foot facility featuring a full-service spa and 12 tennis courts. LLOG Exploration Co. will move its headquarters to the park and occupy two floors. Construction is scheduled to be completed on the office building in February 2009 and the healthclub in March 2009. Property One will also manage and lease the property.
LEXINGTON, S.C. — Columbia, S.C.-based Arnold Companies is redeveloping Southlake Center, a 42,504-square-foot, one-story office building in Lexington, for $1.8 million. The building is situated on 5 acres at 714 Southlake Dr. and is anchored by Amedisys, a home healthcare company. Construction began in May 2007 and is slated for completion in March.
NEW YORK CITY — Marty and Eric Meyer of GVA Williams have negotiated the $32 million sale of 127 W. 25th St., a 12-story building in the Chelsea area of Manhattan, New York City. The undisclosed owner plans to renovate the 90,000-square-foot, Class B building. The Meyers represented both the buyer and the seller, 127 W. 25th Street Corp., in the transaction. In addition, the Myers have brokered the $28 million sale of 35 W. 36th St. in the Penn Plaza district of Manhattan. The property is 100 percent leased to 15 tenants and totals 57,636 square feet. Douglaston Equities sold the property to an undisclosed New York-based investor. GVA Williams represented both the buyer and the seller in the disposition. The building was sold 1 year ago for $19 million.
NEW YORK CITY — Marty and Eric Meyer of GVA Williams have negotiated the $32 million sale of 127 W. 25th St., a 12-story building in the Chelsea area of Manhattan, New York City. The undisclosed owner plans to renovate the 90,000-square-foot, Class B building. The Meyers represented both the buyer and the seller, 127 W. 25th Street Corp., in the transaction. In addition, the Myers have brokered the $28 million sale of 35 W. 36th St. in the Penn Plaza district of Manhattan. The property is 100 percent leased to 15 tenants and totals 57,636 square feet. Douglaston Equities sold the property to an undisclosed New York-based investor. GVA Williams represented both the buyer and the seller in the disposition. The building was sold 1 year ago for $19 million.
WILTON, CONN. — Luzern Associates has purchased Wilton Office Plaza in Wilton for $12.25 million from 372 Wilton Associates, LLC., an entity managed by Silverman Realty Group. The 88,078-square-foot office building is located along Route 7 and was approximately 44 percent leased at the time of the sale. The two-story facility should benefit from the widening of Route 7, which will allow access to interstate 84, 95 and Merritt Parkway. Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis represented the seller and procured the buyer in the sale.
WILTON, CONN. — Luzern Associates has purchased Wilton Office Plaza in Wilton for $12.25 million from 372 Wilton Associates, LLC., an entity managed by Silverman Realty Group. The 88,078-square-foot office building is located along Route 7 and was approximately 44 percent leased at the time of the sale. The two-story facility should benefit from the widening of Route 7, which will allow access to interstate 84, 95 and Merritt Parkway. Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis represented the seller and procured the buyer in the sale.
CARLSBAD, CALIF. — Zinola LP has purchased a 22,156-square-foot R&D building, which is located at 5816 Dryden Rd. in Carlsbad, for $3.4 million. Built in 1989 on 1.44 acres, the multi-tenant property is part of the Carlsbad Airport Center development. At the time of acquisition, the property was 100 percent leased to California Pegasus and Pelican Packaging. Brandon Keith of Commercial Realty Advisers represented the buyer; Paul Lafrenz, Shauna Fick, John Barksdale and Lars Eisenhauer of CB Richard Ellis represented the seller, California Pegasus LLC, in the transaction.