PLANO, TEXAS — Locally based developer KDC has partnered with JBP Properties to develop Phase III of Parkside on Legacy in Plano. The third phase will deliver office options ranging in size from 200,000 to 500,000 square feet on a 16-acre site that is located within Legacy Business Park. Myers Commercial will market the buildings for lease. A construction timeline was not disclosed.
DALLAS — Coca-Cola Southwest Beverages, a Dallas-based bottler of the soft drink giant, has signed an office lease at Lincoln Centre, a 1.6 million-square-foot office campus located at 5420 LBJ Freeway in North Dallas. Matthew Schendle and Clint Madison of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Conor McCarthy and Greg Biggs of JLL represented the tenant, which expects to move in to its new space next year. The square footage of the lease was not disclosed.
DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has acquired the former Sakthi Automotive Group USA real estate portfolio in southwest Detroit for $38.5 million. The office and industrial campus was in receivership. Huntington National Bank filed a lawsuit last year against Sakthi after the auto supplier defaulted on its debts. Friedman Real Estate brokered the sale of the 620,000-square-foot portfolio, which spans five buildings and also includes developable land. Kevin George and Jared Friedman of Friedman facilitated the deal in partnership with court-appointed receiver Kevin English of Lark Advisors LLC. Dragich Law Firm served as counsel for the receiver. The facilities primarily served as Sakthi’s manufacturing operations, housing machining equipment, robotics assembly and warehousing space. The campus is currently home to one tenant, MOBIS, which is an automotive parts supplier for Fiat Chrysler Automotive and Hyundai.
IRVINE, CALIF. — A joint venture between Meridian and Harrison Street has purchased a Class A office building located at 114 Pacifica Court in Irvine. The joint venture plans to invest additional capital in building improvements to convert the property into medical office space. Situated on 4.8 acres, the property features 110,400 square feet. At the time of sale, the property was 60 percent occupied. Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once conversion is complete. Anthony DeLorenzo and Todd Tydlaska of CBRE represented the seller, an institutional owner, while the joint venture represented itself in the deal. John Wadsworth and Aaron Phillips of Colliers International will handle leasing for the property following the medical office conversion.
SAN DIEGO — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of an office building located at 6059 Cornerstone Court West in San Diego. A private buyer acquired the asset for $20.6 million, or $398 per square foot. Verimatrix, a San Diego-based company that specializes in content security for digital television services, occupies the 51,690-square-foot building, which is located within Cornerstone Heights Corporate Center. Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller, whiel Joe Winkelmann of Colliers International represented the buyer in the transaction.
ATLANTA — Piedmont Office Realty Trust, a metro Atlanta-based office REIT, has signed financial tech firm Deluxe Corp. to a 172,000-square-foot office lease at Glenridge Highlands II in Atlanta. The 20-story office tower is located at 5565 Glenridge Connector in Atlanta’s Central Perimeter submarket. Deluxe plans to bring approximately 700 jobs to metro Atlanta with more to come in the near future. The company plans to invest approximately $12 million to construct, build-out and furnish the space at Glenridge Highlands II. Piedmont Office Realty Trust owns the 424,000-square-office building, as well as the adjacent Glenridge Highlands I, and is planning to develop a new 250,000-square-foot office tower on the campus.
NEW YORK CITY — RAL Development Services, in partnership with the New York City Economic Development Corp., has topped out Zero Irving, a 240,000-square-foot office building located in the Union Square neighborhood of Manhattan. Designed by Davis Brody Bond, the 21-story building is located at 124 E. 14th St. and will ultimately feature 176,000 square feet of Class A office space and 10,000 square feet of ground-floor retail space that will house a food hall, event space and a fitness center. Completion is scheduled for early 2021.
PHILADELPHIA — California-based Ensemble Real Estate Investments has acquired a trio of life sciences buildings within Philadelphia’s Navy Yard for $83 million. The properties total 366,803 square feet and are occupied by WuXi Advanced Therapies Inc. Ensemble, which has five offices across the country, now owns five life sciences buildings totaling approximately 550,000 square feet within the Navy Yard. The seller(s) was not disclosed.
WAYNE, N.J. — JLL has negotiated the sale of 1 Corporate Drive, an 18,000-square-foot office property located in the Northern New Jersey city of Wayne. The building is situated on 2.7 acres. Frank Recine and Derek DeMartino of JLL represented the seller, USAlliance Financial Federal Credit Union, in the transaction. Philip J. Kreizer & Associates represented the buyer, Retina Center of New Jersey.
QUAKERTOWN, PA. — NAI Summit has arranged the sale of a 7,945-square-foot office building in Quakertown, located in between Philadelphia and Allentown in the Lehigh Valley region. Mike Adams and Mark Magasich of NAI Summit represented the seller, Heather-Jo Inc., in the transaction. Jim Dietrick of Remax represented the buyer, JLKM Property Management.
