LAKELAND, FLA. — South Florida-based Skyrise Development Group will develop Lakeland First Business Park, a 58,700-square-foot office and warehouse facility in Lakeland, located at 1485 W. 10th St. The project is situated on 5 acres near Interstate 4 and I-75, and will feature offices and 20 retail-warehouse spaces. Construction is slated to begin in April.
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SOUTHFIELD, MICH. — L. Mason Capitani/TCN Worldwide (LMC) has arranged the sale of a two-building, 139,471-square-foot office complex located at 16000 W. Nine Mile Rd. and 23100 Providence Dr. in Southfield. The buyer, a local investor, plans to add a new medical wing on the first floor of the buildings to attract tenants affiliated with nearby Providence Hospital. Gary Grochowski and Garrett Middlekauff of LMC represented the undisclosed seller. The sale price was also undisclosed.
WILTON, CONN. — NewStar Financial has provided $14.85 million in financing for Wilton 372 Office Plaza in Wilton. The 88,078-square-foot office facility is located at 372 Danbury Rd. The borrower, Wilton 372 Associates, a single asset entity controlled by Luzern Realty Fund, will use the funds to acquire and reposition the property. Jim Korinek, Andrea Goldman, Zibby Shiver, Jake Clapton, Don Davis and Evan Turner of NewStar worked on the transaction.
CHICAGO — Jackson, Miss.-based Parkway Properties has acquired Citicorp Plaza, a three-building, 600,446-square-foot office complex located at 8410, 8420 and 8430 W. Bryn Mawr Ave. in Chicago, for $100 million. The property comprises three 11-story, Class A buildings connected by an enclosed walkway, as well as an adjacent three-story parking garage and surface parking. The property is 86 percent leased, and includes tenants such as Citicorp North America, US Cellular Corp., CareerBuilder.com and the Association for Operations Management. Parkway purchased the property on behalf of its Office Fund from Apollo Real Estate Advisors’ Value Enhancement Fund IV. Parkway’s $500 million fund is now fully invested.
PEARLAND, TEXAS — Lead developer TAB Lonestar Holdings, an affiliate of ZT Properties USA, and co-developer Wallace Bajjali Development Partners LP are developing an office complex located at Shadow Creek Parkway and Texas 288 in Pearland. The 160,000-square-foot, Class A office development called ZT Shadow Creek Business Center, is being built on 7.5 acres and will house two, four-story buildings at 80,000 square feet apiece. The project’s first phase breaks ground in the first quarter of this year and is scheduled for completion by mid-2009. BanDier Realty Partners LLC and CB Richard Ellis are handling pre-leasing for both phases of the project.
SAN DIEGO — San Diego-based Gateway Management has purchased Scripps Crest Corporate Center, a 31,073-square-foot office building located at 9845 Erma Rd. in San Diego, for $5 million. The property, which consists of two floors of office space over a one-level parking garage, is currently 53 percent leased to 13 tenants, including First Associates Mortgage, Dynamics Research Corp., Scripps Mortgage and Forsythe Appraisals. Michael Roberts, Brian Starck, Steve Rowland, Tony Russell and Richard Gonor of Grubb & Ellis|BRE Commercial represented the buyer and the seller, Pacific Equity Ventures LLC, c/o Andrew Kaplan, in the transaction
DALLAS — Sperry Van Ness, a commercial real estate brokerage firm, has completed the sale of Regal Gardens Office Center located at 8625 King George in Dallas. The four-building, one-story office property totals 67,992 square feet on 4.44 acres. The buildings, which were built in 1979, were 23 percent occupied at the close of escrow. Los Angeles-based Geostem LLC purchased the property from an undisclosed seller. Steve Fithian of Sperry Van Ness’s Fort Worth, Texas, office represented the buyer in the transaction.
SAN DIEGO — Sunroad Enterprises is currently developing Sunroad Centrum I, an 11-story office tower located on Kearny Villa Road in San Diego’s Kearny Mesa area. The 275,000-square-foot property was designed by Brian Paul & Associates, and will be Kearny Mesa’s first LEED certified office tower. Completion of the project is slated for early May. The tower is the first phase of development within Sunroad Enterprises’ master-planned Sunroad Centrum community, which, when complete, will include 1 million square feet of Class A office space, more than 1,000 residential units and a 2-acre park.
LOS ANGELES — TC Bixel LLC has purchased a two-building office portfolio totaling approximately 98,000 square feet for $18.5 million. Located in Los Angeles, the portfolio consists of a 37,881-square-foot building located at 1111 W. 6th St. and a 59,997-square-foot property located at 1125 W. 6th St. Additionally, the transaction included a two-story parking structure, which is located at 1330 W. 5th St. The buildings feature renovated lobbies, renovated exteriors and new landscaping. Adam Tescher of CB Richard Ellis represented the buyer; Kevin Tamura of DAUM Commercial Real Estate Services, along with James Tagliere of Excel Real Estate Management Consultants Corp., represented the seller, Sixth Street Capital Investors, in the transaction.
TEMPE, ARIZ. — Rancho Palos Verdes, Calif.-based Ireland Miller has acquired a 30,000-square-foot, single-tenant office building, which is located at 5005 S. Wendler Dr. in Tempe, for $8.1 million. The property was constructed in 2003 as a build-to-suit for its current tenant, ITT Technical Institute. John Glassmoyer of CB Richard Ellis’ Phoenix office represented the seller, Sitka, Alaska-based Shee Atika Holdings, in the transaction.