MIAMISBURG, OHIO — Marcus & Millichap has arranged the $9 million sale of PNC Bank Office Building in Miamisburg, about 45 miles north of Cincinnati. The 68,000-square-foot office building, located at 3385 Newmark Drive, serves as offices for PNC’s mortgage division. PNC has occupied the property since 2004. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A New York-based private investor was the buyer.
TUCSON, ARIZ. — Cushman & Wakefield has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily property located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26-unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR brokered the deal. In the second transaction, West Ina Center Marana Arizona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal.
MALVERN AND LANGHORNE, PA., FRANKLIN, MASS. — Goldman Sachs Asset Management Private Real Estate (GSAM) has acquired a portfolio of five industrial flex properties in suburban Philadelphia and Boston totaling 525,000 square feet for an undisclosed amount. The properties are located in Malvern and Langhorne Pa., and Franklin, Mass. The addition of the five properties brings GSAM Private Real Estate’s industrial portfolio in the Northeast and Mid-Atlantic regions to 13 properties totaling 2.4 million square feet. GSAM Private Real Estate represented itself in the transaction. The seller was not disclosed.
KINGWOOD, TEXAS — NAI Partners has negotiated an office lease at One Kingwood Place, a 200,000-square-foot office campus located in the northern Houston suburb of Kingwood. Oil and gas firm Valence Operating Co will occupy 12,000 square feet at the campus. Jacob Aldridge, Zach Leger and Rani Jones of NAI Partners represented the landlord in the lease negotiations. Kyle Whitney and Victor Valenzuela of Transwestern represented Valence Operating Co.
TROY, MICH. — Henry Ford Health System has signed a 276,250-square-foot office lease in Troy. The health system will occupy the space at 1414 E. Maple Road. John Boyd and Grant Bruce of Signature Associates represented the landlord, Sure Holdings LLC, in the lease transaction.
LONG ISLAND, N.Y. — Rosewood Realty Group has arranged the sale of a two-story medical office building in Southampton for $9.7 million at a 6.8 percent capitalization rate. Built in 1996, the 21,606-square-foot building is located 92 miles east of Manhattan at 365 County Road 39A and sits on 2.4 acres of land. Aaron Jungreis of Rosewood represented the seller, Benton Plaza LLC. Rosewood’s Jack Zalta represented the buyer, a private investor.
KING OF PRUSSIA, PA. — The Leser Group will renovate a 40,000-square-foot office building at 170 N. Henderson Road in King of Prussia, a suburb of Philadelphia. When completed, the estimated $3 million project that was designed by RHJ Associates will create a state-of-the-art medical office building as well as expanded parking and a modernized facade. The Leser Group, a New York based real estate development firm, owns the building and Colliers International manages the property. The project is slated for completion by the first quarter of 2019.
NEW YORK CITY — Savitt Partners, which owns 530 Seventh Avenue, a 490,000-square-foot office property in Midtown Manhattan, has executed several new leases at the property. Influential Network, an artificial intelligence marketplace, has signed a 1,700-square-foot lease; online designer jewelry marketplace TrueFacet extended its 6,600-square-foot lease with an additional 3,500 square feet; media agency Junction37 inked a deal for 2,100 square feet; and customer experience platform Kustomer renewed its 5,150-square-foot lease. Brian Neugeboren, Nicole Goetz and Bob Savitt of Savitt Partners arranged the lease transactions. Built in 1930, 530 Seventh Avenue is located two blocks south of Times Square at the intersection of 7th Avenue and West 39th Street. It is also the home of The Skylark, a classically styled cocktail lounge.
SOUTHFIELD, MICH. — 601W Cos., the owner of the 2.2 million-square-foot Southfield Town Center, is nearing completion of a $56 million renovation to the office complex. Property manager Transwestern is overseeing the renovations. Improvements include updates to the walkway that connects the buildings, complete renovations to the front lobby and entranceway and upgrades to the parking structures. A new entrance to the 3000 building has also been added. Expanded tenant amenities include the addition of multiple green spaces, collaborative areas, a new conference center and Starbucks coffee bar. 601W Cos. purchased Southfield Town Center for $177.5 million in 2014. The five-building property was originally completed in 1989.
DURHAM, N.C. — Florida-based Accesso Partners LLC, along with capital partner Torchlight Investors, has acquired 10 office buildings totaling 690,520 square feet within Meridian Corporate Center, a 270-acre office park in Durham. The campus is located adjacent to Research Triangle Park. The sales prices were not disclosed, but the Triangle Business Journal reports Accesso acquired a nine-building portfolio within Meridian Corporate Center from New York-based Investcorp for $95.7 million. The portfolio was 91 percent leased at the time of sale. In addition, Accesso acquired another 74,072-square-foot building on the campus from Origin Investments for $12.4 million. Ryan Clutter, Scot Humphrey and Chris Norvell of HFF arranged the transactions on behalf of the sellers. Susan Hill of HFF arranged acquisition financing through J.P. Morgan Chase Bank on behalf of the buyers. The new ownership plans to enhance the office campus with a conference center, tenant lounge, collaborative areas, fitness center and exterior landscaping. The majority of tenants at the park are in the software, technology and life science fields, including NVDIA, Parexel, EBSCO Information System’s NoveList division, Spoonflower and Avaya. In addition to office space, Meridian Corporate Center is also home to a 332-unit apartment community (The Heights at Meridian) and a …
