PORTLAND, ORE. — KBS REIT has acquired ADP Plaza, a two-building office campus located at the intersection of First Avenue and Sheridan Street in downtown Portland, for $33.1 million. The two four-story buildings offer a total of 180,772 square feet and feature a 117,614-square-foot parking garage. Built in 1981, the property is 91 percent occupied by two tenants. Automatic Data Processing (ADP), for which the plaza is named, occupies 115,180 square feet, and Oregon Health and Science University occupies 48,506 square feet.
Office
COLORADO SPRINGS, COLO. — SVN Equities has acquired Academy Point Service Center, a two-building, 77,000-square-foot office/flex property located at 1030 and 1050 S. Academy Dr. in Colorado Springs, for $5 million. At the time of acquisition, the property was 84 percent leased to tenants, including GSA, Lockheed Martin and BAE Systems. Kurt Holzkamp and Ed Bartlett of SVN Colorda LLC represented the buyer; Chris Bodnar, Geoff Baukol, Chad Brue and Ron Urgitus of CB Richard Ellis represented the seller, Illinois-based CMD Realty Investment Fund III LP, in the transaction.
TOWN AND COUNTRY, MO. — The St. Louis office of Clayco has been selected as the design/builder for the shell and core of a three-story, 80,000-square-foot office building located at the intersection of South Outer 40 and Maryville Centre drives in Town and Country. 825 Maryville will be a Class A office building that can accommodate single or multiple tenants. The building will feature offices with garden views, as well as a lobby that will feature an ornamental, glass staircase. Construction began in October, with completion scheduled for next summer. Forum Studio Inc. is serving as project architect.
PHILADELPHIA — Wrightwood Capital has provided $9.83 million on behalf of the sponsor, a joint venture between 806 Capital and Seligsohn Soens Hess, to finance the acquisition of 1201 Chestnut Street in Philadelphia. The 15-story office building will undergo upgrades as part of the transaction. Totaling approximately 90,000 square feet, the building features three retail suites at street level. Office spaces occupy the remaining floors. The complex is located between three courthouses and near a variety of restaurants and retail amenities, as well as Thomas Jefferson Hospital, in the Center City/Market East submarket. The sponsor’s planned improvements include upgrading the lobby, elevator landings and restrooms and leasing the available space at market rents. Josh Zegen of Alpine Commercial Capital sourced the financing. A 36-month loan was structured by Wrightwood Capital.
SAN DIEGO — Denver-based Simpson Parkview LP has broken ground for the construction of a 20,300-square-foot office building, which is located at 3540 Aero Ct. in the Kearny Mesa submarket of San Diego. Designed by Denver-based KTGY Group, the two-story, Class A property will feature steel frame construction with a stone exterior, a covered parking area and floor plates designed for medium-sized users. Warmers Corporation is serving as general contractor for the project, which is slated for completion in May 2009.
CHICAGO — Chicago-based Reed Illinois Corp. has been selected to complete a 40,000-square-foot office build-out for the U.S. Census Bureau. The office is located on the 16th floor of a building located at 500 W. Madison Ave. in Chicago, and will be used by the agency as a regional office for the upcoming 2010 Census. The build-out will include a complete remodeling and upgrade of the office space. Mekus Studios is providing architectural services for the project. Completion is scheduled for January.
PRINCETON, N.J. — Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis’ New York Institutional Group have brokered the $13 million sale of Princeton Commerce Center, a 7-unit, single-story office complex in Princeton. Oestreicher Properties purchased the 70,985-square-foot building from Commerce Center at Princeton, LLC. Located at 29 Emmons Dr., the property is situated on 8.57 acres and contains a 5.1 per 1,000-square-foot parking ratio. Dunne, Welsh and Oram represented the seller and procured the buyer in the transaction. The sale was a 1031 exchange.
BOSTON — The National Consumer Law Center (NCLC) has purchased 22,500 square feet of office space at Seven Winthrop Square for $5.5 million from Seven Winthrop Square, LLC. The five-story office building totals 27,000 square feet. NCLC purchased the second through fifth floors of Seven Winthrop Square, located at the corner of Otis and Summer streets in Boston’s financial district. Occupancy for NCLC, which is relocating from its 15,000-square-foot leased office space at 77 Summer St. in Boston, is slated for second quarter 2008. Tom Robinson and Jim Belli of The Codman Company represented the buyer in the transaction, and the seller was represented in-house.
NEW YORK CITY — The first branch of LibertyPointe Bank has opened in Brooklyn, New City. The branch, located at 1427 Coney Island Ave. in Brooklyn’s Midwood neighborhood, was developed by Boymelgreen Developers. Services for personal, retail and commercial banking customers are offered.
FORT WORTH, TEXAS — Westwood Contractors is scheduled to break ground on a 30,000-square-foot addition to Buxton’s corporate headquarters in Fort Worth. The addition will occupy part of a 3.5-acre tract of land and is being designed by Gideon Toal, a Fort Worth-based architecture firm. The existing 20,000-square-foot facility is located in the Mercantile Center off of Meacham Boulevard. The new wing will feature private conversation rooms, a media presentation room and amphitheater, and a kitchen and outdoor dining spaces. Completion is slated for summer 2008.