BROOKFIELD, WIS. — Colliers International has brokered the lease renewal of 87,786 square feet of office space in Brookfield. Old Republic Insurance Co. has renewed a 74,077-square-foot lease while expanding to an additional 13,709 square feet at Deer Creek Corporate Center. Lyle Landowski and Joe Lak of Colliers International brokered the deal.
PENNSAUKEN, N.J. — Colliers International has brokered the sale of an industrial and office building located at 1700 Suckle Highway in Pennsauken. Edison Lithograph and Printing acquired the property for $4.2 million. The printing company plans to expand its operations at the 114,000-square-foot facility. Situated on 7.7 acres, the building features 18-foot clear heights, tailgate and drive-in loading, abundant parking, heavy power and highway frontage on Route 130. The seller, Hill-Rom, is relocating to a renovated facility in Moorestown, N.J. Marc Isdaner of Colliers represented the seller, while Scott Mertz of NAI Mertz Corp. represented the buyer in the deal.
PLANO, TEXAS — J.C. Penney (NYSE: JCP) has sold its home office campus and 45 surrounding acres of land in Plano to Dreien Opportunity Partners for $353 million. The 1.8 million-square-foot asset is known as Campus at Legacy West. J.C. Penney plans to lease back approximately 65 percent, or 1.1 million square feet, of the campus, with the remaining space available for new tenants. The building lease expense would be offset by a reduction in maintenance costs, property taxes and interest expense as a result of paying down debt with proceeds from the transaction, according to the apparel and home furnishings retailer. “Since we began exploring the sale of our home office, we have been quite pleased by the level of interest in the building,” says Marvin Ellison, J.C. Penney’s chairman and CEO. “This transaction also represents a significant financial milestone for the company, as proceeds from the sale give us the opportunity to reduce outstanding debt and make improvements to our workspace, creating a modern and efficient environment.” Eight office wings that span 56.8 acres flank the three-story office building. The Class A campus is situated near the intersection of Dallas North Tollway and State Highway 121 within the …
NEWARK, N.J. — Kuwait-based KFH Capital Investment Co. has received $107.3 million in financing for the acquisition of Two Riverfront Plaza, a 337,543-square-foot office tower in Newark. James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, N.J., office secured the loan, which was provided by Ladder Capital. KFH Capital Investment Co. acquired the 12-story office tower for $165 million. The property is fully occupied by Panasonic Corp. through April 2031. The acquisition was previously announced in early December.
SAN ANTONIO — Preferred Real Estate Investments has purchased 151 Technology, a two-building office complex located on 15 acres in San Antonio. Corporate Office Properties Trust sold the property for an undisclosed price. Totaling 122,093 square feet, the complex consists of one fully leased building and one vacant building. The asset was 62 percent occupied at the time of closing. Peloton Commercial Real Estate has been retained to lease and manage the property.
NEW BRAUNFELS, TEXAS — NAI Partners has arranged the sale of a 128.5-acre site at 7965 Old Bastrop Road in New Braunfels. Schlameus Trust sold the commercially zoned site to Don Buttrom for an undisclosed price. Brett Lum of NAI Partners represented the seller, while Wayne Windle of Anders Pierce Realty represented the buyer in the deal.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has arranged the acquisition of a two-story office building located at 801 E. Border St. in Arlington. Bardin Square Investors Ltd. acquired the property from Snowden Family Properties LLP for an undisclosed price. Renee Efimoff of Coldwell Banker Commercial Advisors represented the buyer, while Jordan Foster of Peyco Southwest Realty represented the seller in the transaction.
TOMBALL, TEXAS — Marcus & Millichap has arranged the sale of Acadiana Courte, an office property located at 16506-16522 Avenplace/16430 A-E N. Eldridge in Tomball. A developer sold the 20,135-square-foot property for an undisclosed price. Keith Lloyd of Marcus & Millichap represented the seller. The name of the buyer was not released.
ATLANTA — GLL Real Estate Partners has purchased The Forum at West Paces, a nine-story, 220,000-square-foot office tower located at 3290 Northside Parkway in Atlanta’s Buckhead submarket. The Munich-based real estate fund management group bought the Class A asset from Atlanta-based Cousins Properties for an undisclosed price. Built in 2001, The Forum at West Paces was 96 percent leased at the time of sale to tenants including healthcare and financial institutions, wealth managers, attorneys, investment funds and other professional services. The building features tenant balconies on every floor, onsite security, a fitness center and an adjacent five-story parking garage. CBRE’s Atlanta office represented Cousins Properties in the transaction.
NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.