DETROIT — Friedman Real Estate has negotiated the sale of a 26,600-square-foot office building in Detroit for an undisclosed price. The property is located at 610 W. Congress St. Congress Real Estate Ventures LLC sold the asset to 610 West Congress Partners LLC. Alan Stern and Steven Silverman of Friedman represented both parties in the sale.
BIRMINGHAM, ALA. — VCP City Center, which is managed by Varden Capital Properties and Tellus Multifamily, has acquired City Center, a 691,777-square-foot, vacant office building in downtown Birmingham. Cushman & Wakefield represented the undisclosed seller in the $31 million sale.
CLARK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a 76,000-square-foot, five-story office building in Clark. Located at 67 Walnut Ave., the property was 97 percent occupied at the time of sale. Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller in the transaction, a joint venture between Mountain Development Corp. and Bukiet Building and Management Co. The buyer was a private investor.
RICHARDSON, TEXAS — Tech consulting firm Infosys (NYSE: INFY) will open a technology and innovation hub in the northeastern Dallas suburb of Richardson. The company claims the project will create 500 new jobs by 2020. Operations at the center will focus on serving the telecommunications, retail and banking industries. According to the Fort Worth Business Press, the company’s total capital investment in the area will be $12.3 million.
ADDISON, TEXAS — Dallas-based coworking firm Common Desk will open a 26,500-square-foot location in Addison, a northern suburb of Dallas. The space will be located within FOURTEEN5, an office park developed by Cawley Partners that is situated just off the Dallas North Tollway. Slated to open in spring 2019, the location will offer private offices, team spaces and game and cocktail lounges.
HENDERSON, NEV. — American Nevada Co. has completed the disposition of three office buildings totaling 162,940 square feet in Henderson. San Francisco-based JMA Ventures acquired the assets for $34 million. This deal is the final transaction to complete the sale of American Nevada’s 1.2 million-square-foot master portfolio in Southern Nevada. The properties are located at 2475, 2485 and 2495 Village View Drive within the master planned Green Valley Corporate Center. Completed in 2004 and situated on 12.7 acres, the subportfolio consists of two two-story and one three-story Class A office buildings with reflective glass, well-designed lobby entries, common areas and tenant interiors, and large, flexible floor plates. Rick Reeder, Brad Tecca, Geoffrey West, Jayne Cayton and Michael Dunn of Cushman & Wakefield’s Capital Markets team in San Diego represented the seller in the transaction.
SAN DIEGO — Santa Monica, Calif.-based BLT Enterprises has completed the sale of an R&D and flex building, located at 5454 Ruffin Road in San Diego’s Kearny Mesa district. San Diego Unified School District acquired the asset for $18 million, or $330 per square foot. BLT acquired the property in 2017. During its ownership, the company converted the 77,000-square-foot, two-story office building back to its original 54,000-square-foot size by removing the dated addition of a second-story office space that was constructed in the late 1980s. Additionally, BLT modernized the property and added an outdoor amenity space, new lobby, exposed high ceilings, skylights, dual-pane, energy-efficient glazing and LED lighting. Ron Jacobson of SD Realty Partners, in conjunction with Brad Black and Chris Pascale of CBRE, represented the seller, while Tom Mercer of Colliers International represented the buyer in the deal.
HOUSTON — Parkway Property Investments LLC will build a 600-space parking garage annex at Phoenix Tower, a 34-story office building located within Greenway Plaza in Houston. The structure, which will adjoin Phoenix Tower’s original eight-story garage, will span eight floors and 247,000 square feet. The groundbreaking is expected to occur before year’s end, and completion is slated for late 2019. HOK is the project architect and Kimley Horn is the project engineer.
DALLAS — Chicago-based NXT Capital has provided a $33 million acquisition loan for a 202,000-square-foot office building in Dallas. The Class A property is located along the Dallas North Tollway within one mile of 61 restaurants, 7,800 residential units and 19 hotels. C.J. Kelly of CBRE placed the loan with NXT Capital on behalf of an undisclosed borrower. The name of the property was also withheld.
DALLAS — Venture X, a Florida-based coworking concept, has opened a 22,553-square-foot space at One McKinney, a 15-story office building located in Uptown Dallas. The space will cover the fifth floor and feature communal areas, conference rooms, 240 dedicated desks and both private and virtual offices. Ryan Hoopes of Colliers International represented Venture X in the lease negotiations. Elliot Prieur and Allison Johnston internally represented the landlord, Gaedeke Group.
