BLUE BELL, PA. — CBRE has arranged two life sciences leases totaling 13,067 square feet at PROTECS Innovation Center, a 50,000-square-foot lab and life sciences building in the northern Philadelphia suburb of Blue Bell. Molecular diagnostics firm KorGene committed to 8,259 square feet, and pharmaceutical and biotechnology firm ThirdLaw Technologies inked a deal for 4,808 square feet. Paul Touhey and Cody Lehrer of CBRE represented the landlord, 4 Valley Square Group LP, in the lease negotiations.
TAMPA, FLA. — A joint venture between Pacer Partners and Drake Real Estate has sold a 120,500-square-foot office building in Tampa for $26.9 million. The property is located at 3620 Queen Palm Drive within Sabal Park, nine miles east of downtown Tampa. The asset was fully triple net leased to Ford Motor Credit Corp. at the time of sale. The sellers, which acquired the property in 2016, extended the tenant’s lease five years prior to the sale. Dale Peterson, Joe Chick, Kristen McFarland and Courtney Snell of CBRE represented the joint venture in the transaction. CTO Realty Growth purchased the asset for an undisclosed price.
FREDERICKSBURG, VA — Edge has negotiated the $5.5 million sale of The Park at Snowden, a six-building, 22,400-square-foot medical office portfolio in Fredericksburg. The asset was 95 percent leased at the time of sale and is situated adjacent to Mary Washington Hospital. Tenants at the park include National Spine & Pain Centers, Fresenius Center, Integrated Health, Century Pediatrics, Fredericksburg Dental Associates and other medical practitioners affiliated with the Mary Washington Healthcare System. The Park at Snowden was delivered in 2002 and sits on 1.7 acres. Joe Friedman and Cristine Kleine of Edge represented the seller, a Fredericksburg-based private partnership, in the transaction. The team also procured the buyer, affiliates of Bethesda, Md.-based Fernau LeBlanc.
DENVER — Angelo Gordon has received a $49 million loan for the refinancing of Stanford Place III, a Class A office building in Denver. Prime Finance provided the loan, which Jeff Halsey and Brady O’Donnell of CBRE Capital Markets arranged. Located at 4582 S. Ulster St., Stanford Place III features 367,445 square feet of office space with immediate access to interstates 25 and 225. The property features a deli/café, tenant lounge, structured parking, nine-foot ceilings, a training center, secure bike barn and 22,000-square-foot rectangular floor plates. Current tenants include AIMCO, RS&H and Kimley Harris. SteelWave serves as property manager.
WARNER ROBINS, GA. — The Boeing Co. has signed a 21,000-square-foot office lease in Warner Robins. The aerospace company will occupy three suites within the 39,000-square-foot building located at 691 Wellborn Road. Boeing expects to move into the space in January. Built in 2004, the property is situated less than one mile from Robins Air Force Base. Patrick Barry of Coldwell Banker Commercial Eberhardt & Barry represented the undisclosed landlord in the lease transaction.
HOUSTON — Energy giant Chevron has a signed lease to be the inaugural tenant at The Ion, a 300,000-square-foot office building in Midtown Houston. The Ion is a redevelopment of the former Sears building at 4201 Main St. that targets both entrepreneurial startups and established corporate users. Houston-based Rice Management Co. owns the building, which is set to open next spring. The square footage of Chevron’s lease was not disclosed.
ARVADA, COLO. — Green Bay, Wisonsin-based Associated Bank has provided a $9.6 million construction loan to Mortenson Development/Seavest Healthcare Properties for the development of Candelas Medical Office Building in Arvada. The 42,425-square-foot property will be located at the intersection of West 91st Place and Candelas Parkway. This is Associated Bank’s first transaction for a Mortenson and Seavest joint venture. Mortenson is a privately held, Minnesota-based organization providing fully integrated development services to clients nationwide, and Seavest is an institutional healthcare real estate investment manager.
KATY, TEXAS — Hoover Ferguson, a provider of bulk containers and chemical tanks, has signed a 16,603-square-foot office lease at Katy Ranch Office for its new corporate headquarters. Approximately 60 employees will relocate from the current headquarters building at 2135 Highway 6 S. in Houston beginning in December. Sam Hansen and Doug Pack of Avison Young represented the landlord, Freeway Properties, in the lease negotiations.
DUNWOODY, GA. — Seattle-based Zillow Group will open its Southeastern regional hub in Dunwoody and create 200 jobs. According to the Atlanta Business Chronicle, the online residential real estate company leased two floors at Three Ravinia Drive, a 31-story office tower in Atlanta’s Central Perimeter submarket. A majority of the jobs will support Zillow Offers, the company’s home buying program. Kristi Brigman of the Georgia Department of Economic Development represented the Global Commerce division on this project in partnership with the Metro Atlanta Chamber, Decide DeKalb and the City of Dunwoody Development Authority. According to LoopNet Inc., CBRE handles leasing efforts on behalf of the undisclosed owner. A timeline for Zillow moving into the space was not disclosed.
MILPITAS, CALIF. — Vertical Ventures has acquired Sycamore Technology Park, a three-building office/R&D campus in Milpitas, from a local Bay Area-based investor for $45.5 million. NorthMarq’s San Francisco office arranged financing for the acquisition. Situated within Oak Creek Business Park, the portfolio includes 475, 501 and 525 Sycamore Drive. Constructed in 1983, the three buildings offer a total of 213,519 square feet, which is currently 84 percent leased to two different tenants. Nathan Prouty of NorthMarq secured $39.9 million in senior bridge financing for the acquisition, as well as to fund capital improvements and future leasing costs for the project. Eric Fox, Steve Hermann, Seth Siegel, Adam Lasoff and Ryan Venezia of Cushman & Wakefield represented the seller. Leasing of the project will be handled by Cushman & Wakefield’s San Jose, Calif., team of Gregory Davies, Eric Hallgrimson, Steven Horton and Kelly Yoder.