SUNNYVALE, CALIF. — Orleans Business Park, a duo of institutional-quality office/R&D buildings totaling 100,000 square feet, has changed hands in Sunnyvale. The park is fully leased to Bloom Energy. DivcoWestpurchased the asset from a partnership between AEW andOrchard Partners, LLC for an undisclosed sum. The seller was represented by Joseph Moriarty, Russell Ingrum, Sean Sullivan and Tyler Meyerdirk of CBRE’s Northern California Institutional Group.
CHARLOTTE — Cedar Ridge Group LLC has acquired the Markets at Cedar Ridge, a 27,920-square-foot retail center located at 7520 S. Tryon St. in Charlotte. Shane Buckner of NorthState Capital Partners and David Dupree of BCB Investments represented the buyer in the transaction. David Morris of Legacy Real Estate Advisors represented the seller. The center is less than 72 percent occupied, and the value-add deal falls under the company's strategy of buying “real estate assets in good locations that can be acquired below replacement cost,” says Buckner.
ORLANDO — Harvest Holdings has acquired Sand Lake Plaza, a 25,116-square-foot retail center in Orlando for $4.7 million. Built in two phases in 1995 and 2005, the property is fully leased and located at 1431 W. Sand Lake Road. The property is just east of South Orange Blossom Trail and across from the Florida Mall, the largest shopping mall in Central Florida. Daniel Baker of CBRE represented the seller, an affiliate of Ram Realty Services and Square Mile, in the transaction.
SPRINGFIELD, MO. — The owners of the Woodruff building in Springfield are moving forward with a $13 million renovation plan that would transform the vacant structure into a 96-unit apartment complex dubbed Sky Eleven. The multifamily property, which is located at 333 Park Central E., will feature studio, one-, two- and three-bedroom apartments. Plans for the 10-story property include a pool, doorman service, theater room, fitness area, restaurant and office space on the first floor. Woodruff Historic Building LLC has hired general contractor Build LLC and architectural firm Buxton Kubik Dodd Creative for the building remodel. The Vecino Group, which is developing the Landmark Building across the street, is also part of the redevelopment team.
WOODRIDGE, ILL. — HSA Commercial Inc. will break ground this month on an 180,480-square-foot speculative warehouse facility at Park 355 in Woodridge, a western suburb of Chicago. HSA Commercial is partnering with Denver-based Industrial Income Trust for the project. The proposed industrial building will include 30-foot clear heights, frontage on I-355, 49 exterior truck docks and four drive-in doors. The industrial property will also be divisible by 17,580-square-foot suites to accommodate smaller industrial tenants seeking immediate leasing opportunities.
MINNETONKA, MINN. — OneBeacon Insurance Group, a provider of specialty insurance products, has renewed and expanded its 23,764-square-foot office lease to 45,092 square feet on floors five, six and seven of 601 Tower at Carlson in Minnetonka, a western suburb of Minneapolis. The lease agreement brings the trophy building to 95 percent occupancy. Newport Beach, Calif.-based KBS Real Estate Investment Trust II, a non-traded REIT, purchased the 288,458-square-foot property in 2011. OneBeacon Insurance Group has been a building tenant since 2006. Tom Wille of the CLW Real Estate Services Group in Tampa, Fla., represented OneBeacon in the transaction. Mike Marinovich of CBRE in Minneapolis negotiated the lease on behalf of KBS.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of 500 Fort Washington Ave., a 56-unit multifamily building located in the Washington Heights neighborhood, for $8.6 million. The six-story, 44,295-square-foot walk-up includes 11 one-bedrooms, 35 two-bedrooms, nine three-bedrooms and one office unit. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, a private investor, and identified the buyer, also a private investor.
CARTERET, N.J. — Everflow Supplies has acquired a 100,000-square-foot industrial property, located at 100 Middlesex Ave. in Carteret, about 15 miles south of Newark, for $4 million. The seller was Wyckoff Associates. Everflow, a distributor of valves, heating components, plumbing specialty and pipe products in New Jersey, will move from its current 65,000-square-foot distribution headquarters, located at 2401 E. Linden Ave. in Linden, to the new building. The property is strategically located near several major roadways, including the New Jersey Turnpike and Routes 1 and 9. The property is also close to Port Newark, Central New Jersey and Lower Manhattan. Jordan Metz of Bussel Realty Corp. represented Everflow in the transaction.
NEW YORK CITY — Simpson Thacher & Bartlett LLP has renewed its 595,000-square-foot lease for 20 years at 425 Lexington Ave. in Manhattan. The international law firm’s headquarters occupies 26 floors of the 31-story building. Lewis Miller, Ken Rapp and Ramneek Rikhy of CBRE represented Simpson Thacher & Bartlett in the transaction. The New York office of Hines represented the owner, its Hines U.S. Core Office Fund. The law firm was established in 1884 and has more than 850 lawyers with offices located in Beijing, Hong Kong, Houston, London, Los Angeles, Palo Alto, Calif., Sao Paulo, Seoul, Tokyo and Washington, D.C.
PALMER, MASS. — Polymer Corp. has signed a lease for 58,000 square feet of single-story industrial space at One Third Street in Palmer, located about 35 miles west of Worcester. One Third Street is a modern building with warehouse and office space and is located in Palmer Industrial Park. David Stubblebine of the Stubblebine Co. represented the tenant in the transaction. Development Associates represented the landlord, Manchem LLC. Polymer Corp. manufactures low-volume, close-tolerance plastic parts and assemblies for blue-chip customers.