BRANSON, MO. — Springfield, Mo.-based Sperry Van Ness/Rankin Co. (SVN) has brokered the sale of a controlling interest in Branson Financial Center, a 46,462-square-foot, Class A office building located in Branson, for $4.2 million. The building is the only “smart” building in Branson, and incorporates high-tech features such as multimedia presentation and conference rooms, and Internet-ready offices into the infrastructure of the building. Mike Fusek of SVN represented the Springfield-based buyer, of which he is also a managing member. The investment company purchased a 51 percent share of the property. Tom Roth, also of SVN, represented the undisclosed Branson-based developer.
Office
FLORHAM PARK, MORRIS TOWNSHIP AND BRANCHBURG, N.J. — Advance Realty Group has sold three office properties to Normandy Real Estate Partners for an undisclosed price. Totaling more than 500,000 square feet of space, the properties include the Park Place campus in Florham Park, 310 Madison Avenue in Morris Township and Branchburg Centre in Branchburg.
PHOENIX — Parkway Properties, on behalf of Parkway Properties Office Fund L.P., has purchased Desert Ridge Corporate Center, a three-building corporate center located in Phoenix, for $81.6 million. Located on 14.8 acres in the North Central submarket of Phoenix, the property consists of two four-story Class A office buildings totaling 275,000 square feet and one 18,000-square-foot multi-tenant specialty retail building. At the time of acquisition, the property was 89.2 percent leased to 39 tenants. The company plans to invest an additional $2.25 million for closing costs, building improvements, leasing costs and tenant improvements during the first 2 years of ownership. Concurrent with the purchase, a $49.2 million first mortgage was funded through Babson Capital Management LLC with a fixed interest rate of 5.77 percent, an initial 36-month interest-only period and a maturity date of January 2016.
TUCSON, ARIZ. — Arbor Properties has acquired as 25,256-square-foot office building, which is located within the Swan Corporate Center at 4703 E. Camp Lowell in Tucson, for $6.37 million or $252 per square foot. Built in 2003, the property is 100 percent leased to Alliance Bank of Arizona and Research Corporation. Bob Kivel of Commercial Retail Advisors represented the buyer; PICOR Commercial Real Estate represented the undisclosed seller in the transaction.
ROYAL PALM BEACH, HIALEAH, KENDALL, MIAMI AND OAKLAND PARK, FLA. — Moss & Associates are constructing a $60 million, LEED-certified project for developer South Florida Federal Partners that is inclusive of a U.S. Citizenship and Immigration Services (USCIS) facility in Royal Palm Beach and four agency field offices in Hialeah, Kendall, Miami and Oakland Park, Fla. The 40,000-square-foot Royal Palm Beach facility, located at 9300 Belevedere Rd., includes a naturalization ceremony room and wireless Internet café; the Miami agency, located at NW 7th Ave. between Interstate 95 exits 7 and 8A, will feature 73,888 square feet of office space and a two-story lobby; the Hialeah agency, located at Miami Gardens Dr. and NW 59th Ave., will feature 46,000 square feet of office space; the Oakland Park agency, situated midway between I-95 and the Florida Turnpike will feature 43,500 square feet of space; and the Kendall office, located at SW 120th Street and 147th Avenue will feature 43,500 square feet of space. The Royal Palm Beach facility will open in November 2008, and the field offices are slated for completion in the summer of 2008.
BOSTON — Boston-based Meredith & Grew has joined Colliers International global real estate services company. As part of the transition to the Colliers brand, Meredith & Grew will now be known as Colliers Meredith & Grew. Tom Hynes, the current chairman of Meredith & Grew, will remain in his position. Kevin Phelan will remain president of the firm and Ron Perry will continue on as executive vice president and head of brokerage.
BOSTON — Channel Center Holdings, a joint venture comprised of an affiliate of Commonwealth Ventures and GEAM Value Add Realty Partners, sells 40 Channel Center in Boston. The five-story building was purchased by a joint venture partnership of Spalding Tougias Architects and Superior Dining Group. Spalding Tougias will occupy one floor of the 26,000-square-foot building and Superior Dining will operate a full-service restaurant within the entire street-level space. Renovation work has begun on the interior of the building, which is slated for occupancy in late March.
PHOENIX — Crown West Realty has completed the disposition of Broad Court, a 40,000-square-foot office complex located at 3230 E. Broadway Rd. in Phoenix. Eastern Columbia Properties purchased the three-building complex for $5.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Grubb & Ellis represented the buyer; the seller was self-represented in the transaction.
MIAMI — Miami-based Apex DMG has secured a $30 million loan from Mellon Bank for the acquisition and renovation of One Flagler, a 145,000-square-foot, 15-story office tower in downtown Miami. The Morris Lapidus designed building will feature office condominiums, for-lease office and more than 15,000 square feet of retail space. Additional amenities include high-tech security upgrades and dedicated jewelry floors with industry-specific technical improvements. The building is located at the corner of Flagler St. and NE First Ave., and is scheduled for completion in mid-2008. Miami-based Cabo Construction is the general contractor.
WASHINGTON, D.C. — New York-based Louis Dreyfus Property Group and Fisher Brothers are developing 700 Second Street NE, a 10-story, 515,000-square-foot office building near Capitol Hill in Washington. The Class A, LEED-certified building is the third phase of Station Place, a state-of-the-art three-building office complex totaling 1.6 million square feet on a 5.5-acre site. CB Richard Ellis is the exclusive leasing agent for the project, expected to deliver in the fall of 2009.