ADDISON, ILL. — Arjo Inc. has signed a 62,000-square-foot office lease renewal for its North American headquarters in Addison, about 20 miles west of Chicago. The medical technology company is expanding by 18,000 square feet to occupy the entire second floor at Meadows Corporate Center I. Dave Burden of Colliers International negotiated the lease transaction on behalf of Arjo. Over the past 10 years, Arjo has grown steadily from 31,000 square feet to become the largest tenant in the building today, according to Colliers.
SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.
PHILADELPHIA — Equus Capital Partners has acquired a portfolio of seven office buildings in Philadelphia’s western suburbs from Liberty Property Trust for $92 million. The properties, four Class B and three Class A assets, encompass 593,000 square feet of office space in Wayne, Malvern and King of Prussia. The transaction was completed on a direct basis between Equus Capital and Liberty Property Trust, a publicly traded REIT based in Malvern. George Haines, Joseph Felici, Tim Feron, and David Thomas oversaw the acquisition for Equus. The portfolio is located throughout the Western Suburban submarkets of Philadelphia and close to a mix of amenities including the King of Prussia Mall, Uptown at Worthington and SEPTA’s regional high-speed line.
TOTOWA, N.J. — Cushman & Wakefield has been appointed as leasing agent for a 113,000-square-foot, Class A office property in Totowa. The property is a former call center located at 515 Union Blvd. and is currently undergoing a multi-million dollar redevelopment by the owner, Totowa Investment Group. Slated for delivery later this year, the building sits on 6.6 acres and offers close proximity to major retailers and hospitality providers along the route 46 corridor. Frank Truesdell, Christian Politan and Adam Matloff of Cushman & Wakefield are heading the assignment.
SEYMOUR, CONN. — Fischer Commercial Real Estate has arranged the sale of a 12,980-square-foot office building in downtown Seymour. Alan Fischer of Fischer represented both the buyer and seller in the all-cash transaction. The building, located at 115 Main St. on .8 acres, is the former home of a Bank of America branch. The buyer is a local investor who plans to reconfigure the space into multiple office suites and street retail.
ALLEN, TEXAS — Bradford Commercial Real Estate Services has secured a 10,105-square-foot office sublease at 1101 Central Expressway in the northeastern Dallas metro of Allen. Susan Singer and Jared Laake of Bradford represented the sublessor, Insureon Holdings LLC. Calvin Wong of Engvest Commercial Realty LLC represented the sublessee. The two-building office development was built in 2006 and is now 96 percent leased.
NEW ALBANY, OHIO — Red Roof has unveiled plans to open a new, 43,000-square-foot corporate headquarters in New Albany, about 15 miles northeast of Columbus. The office, located at 7815 Walton Parkway, will house 150 corporate employees. The company plans to expand its portfolio of sub-brands, including Red Roof Inn, Red Roof PLUS and The Red Collection. The St. Clair Hotel in Chicago, The Red Collection’s flagship location, is scheduled to open this year.
Nashville’s office market, frequently heralded as up and coming, continues to see a great deal of interest from both local and outside investors, and the region’s rapid population growth and low vacancy rates continue to sustain a construction boom. Even with a high influx of new projects highlighting local news, the Nashville area still maintains the lowest vacancy rates of any market in the United States, according to CoStar. Compared to the rest of the country, Nashville has the second highest employment growth and the highest office employment growth, combined with one of the lowest unemployment rates of any major metro area. These encouraging demographics lead most to believe that Nashville will continue its growth rate, especially in the urban core. Since the 1990s the Nashville market followed national trends, seeing most office market growth creep from the central business district (CBD) to the suburban submarkets. After the Great Recession began to subside, which around here was in 2011, an optimistic focus was placed on the growth of the CBD. This local storyline was buttressed by a national narrative of a return to urbanism. This growth, which really began its current unprecedented run late in 2011 and early 2012, is …
LAWRENCEVILLE, N.J. — Vision Real Estate Partners has negotiated an 89,000-square-foot office lease at 1009 Lenox Drive in Lawrenceville, New Jersey, for software company Billtrust and 14,000 square feet for law firm Pelletieri at 989 Lenox Drive. The two properties are part of the 817,000-square-foot Class A Princeton Pike Corporate Center. Billtrust, a payment cycle management software company founded in 2001, has established its new headquarters at the campus.
WESTWOOD VILLAGE, CALIF. — CBRE has brokered the sale of a multi-tenant retail and office property located at 1136-1140 Westwood Blvd. in Westwood Village. More LLC acquired the property from a private family trust for approximately $4 million. The two-story building features 6,340 square feet of retail and office space. Current tenants include D’Amores Pizza and a variety of office users. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller and the buyer in the deal.