SUGAR LAND, TEXAS — Dallas-based Velocis has acquired Two Sugar Creek Center, a 143,410-square-foot, Class A office building located at 77 Sugar Creek Blvd. in the Houston metro of Sugar Land. Built in 1999, the six-story property was 85 percent leased at the time of sale and features on-site conferencing facilities, a 240-space parking structure and an additional 1.5 acres of developable land. H. Dan Miller and Trent Agnew of HFF represented the seller, TA Realty, in the transaction.
PLANO, TEXAS — Stream Realty Partners has brokered the sale of Jupiter Service Center, an office/industrial asset totaling 126,485-square-foot in Plano. The four-building property is situated on nine acres at the corner of Jupiter Road and 10th Street, less than a mile from the President George Bush Turnpike. Jamie Jennings, James Mantzuranis, Matt Dornak and Ryan Wolcott of Stream Realty represented the seller, Situs, a Houston-based advisory and management firm. Kennington Property Co. purchased the asset for an undisclosed price.
MARLBOROUGH, MASS. — R.W. Holmes Realty has arranged the sale of Mount Royal Office Park, located at the interchange of Route 20 and Interstate 495 in Marlborough. Mount Royal Associates II, an entity of Haynes Management, sold the three-building property to CB Equities Mt Royal for $8.5 million. The buyer plans to rename the property to Knowledge Park @ Marlborough and renovate the 160,000-square-foot property with a new exterior front façade, new signage, an updated fitness center with showers and a common area with a club room. Additionally, the buyer will occupy a portion of the building and plans to lease out suites ranging from 1,600 square feet to 20,000 square feet. Craig Johnson, Garry Holmes and Jim Bartholomew of R.W. Holmes represented the seller and procured the buyer in the transaction.
DALLAS — Henry S. Miller Brokerage Co. (HSM) has closed the sale of Tollway Towers East, a 20,354-square-foot office property located at 15441 Knoll Trail Drive in Dallas. Dan Spika of HSM represented the buyer, TDI GP LLC in the transaction. Ron Hebert of Marcus & Millichap represented the seller, CIP 2014/CP Tollway Owner LLC.
CHICAGO — Peapod has unveiled plans to move its headquarters from suburban Skokie to 300 South Riverside Plaza in Chicago. Founded in 1989, Peapod is an online grocery delivery store that operates out of 23 markets. All 220 employees will move to the 53,000-square-foot office by April 2018. Currently occupying a 33,000-square-foot space, Peapod is moving to downtown in order to access a deeper talent pool of data analytics and tech employees. Owned by Third Millennium Group, 300 South Riverside Plaza is a 23-story Class A office tower in Chicago’s West Loop. Matt Pistorio and Joy Jordan of The Telos Group represented ownership in the lease transaction. David Burden and Tom Berarducci of Colliers International represented Peapod.
ENGLEWOOD, COLO. — Bentall Kennedy has received $52.4 million in financing to acquire a 223,177-square-foot trophy office asset in Englewood. The asset is located at 9151 E. Panorama Circle within the Panorama Corporate Center. The property was built in 2017. It is fully leased to Arrow Electronics. Amenities include an employee kitchen, cafeteria, 8,000 square feet of meeting space, and a fitness center with showers and a locker room. HFF’s Cary Abod and Eric Tupler secured the five-year, 3.41 percent fixed-rate, full-term, interest-only loan through a correspondent life insurance company lender.
PLANO, TEXAS — A partnership between Patrinely Group and Rosewood Property Co. will develop One Heritage Creekside, a 343,800-square-foot office building within Heritage Creekside, a 72-acre master-planned community in Plano. The 12-story property will offer elevated terrace garden areas, ground-floor dining and shopping and an adjacent covered parking structure. Delivery is currently scheduled for the fourth quarter of 2019. JLL will handle the leasing of the property.
CLAYTON, MO. — Franklin Partners has acquired The Plaza in Clayton, a 325,172-square-foot office building in Clayton, about nine miles west of St. Louis. The purchase price was not disclosed. The 16-story property is located at 190 Carondelet Plaza. Smallwood, Reynolds, Stewart, Stewart designed the building, while St. Louis-based THF Realty developed the property in 2001. Paul Lundstedt, Dan Deuter, Mark Palmer, Artie Kerckoff and TJ Redmond of CBRE represented the seller, KBS REIT.
NEW YORK CITY — Savanna has acquired an office building located at 19 W. 44th St. in Midtown Manhattan. Deka Immobilien GmbH sold the 18-story, 303,943-square-foot property for an undisclosed price. Originally constructed in 1916, the property features pre-war architecture as well as oversized loft-style windows, outdoor terraces and a historic masonry façade and entrance. Savanna plans to reposition the building through a series of cosmetic and base building capital improvements, along with a new branding campaign. Mesa West Capital provided financing for the acquisition and repositioning of the property. Russell Frahm of Mesa West Capital originated the financing, which was arranged by Lawrence Britvan, Matt Jacobs and Michael Straw of Hodges Ward Elliott. Cole Schotz PC advised Savanna in the transaction, while Colliers International represented the seller in the deal.
WESTBOROUGH, MASS. — CBRE/New England has arranged the sale of Westborough Office Park, a four-building Class A office park located in Westborough. Equus Capital Partners sold the property to Carruth Capital for $40.7 million. Situated on 46 acres, the 384,000-square-foot property comprises 1700, 1800, 1900 and 2000 W. Park Drive. At the time of sale, the property was 90 percent occupied. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.
