CARY, N.C. — KBS Real Estate Investment Trust I, a non-traded real estate investment trust headquartered in Newport Beach, Calif., has finalized a 154,519-square-foot office lease for Xerox Business Services LLC in Cary. Xerox, which was represented by Tom Flynn and Matthew Cooke of Jones Lang LaSalle, renewed its lease at the 248,823-square-foot Crescent Green. Ed Pulliam and John Brewer of CBRE-Raleigh represented KBS. Xerox Business Services, an affiliate of Xerox Corp., and its predecessor, Affiliated Computer Solutions, have been at Crescent Green since 2006.
CHICAGO — Work is complete on the $75 million renovation of 400 S. Jefferson St. in Chicago, which will serve as the new headquarters for Hillshire Brands Co., formerly known as Sara Lee Corp. The project included repurposing an existing, 300,000-square-foot industrial building, with crews demolishing the building to its cast-in-place concrete skeleton and rebuilding the new exterior. The project team included Leopardo, the general contractor; Sterling Bay Cos., the owner and developer; Proteus Group, the architect; Project Management Advisors, the project manager; and Colliers International, the tenant representative.
HAMMOND, IND. — Insulation Fabricators Inc. has signed a lease for 40,000 square feet of industrial space at 3200 Sheffield Ave. in Hammond. The space is part of Long-Middendorf Corp.'s 600,000-square-foot facility, located 20 miles south of Chicago. The property features 24-hour building maintenance staff and security and immediate access to I-90. Chris Gary of NAI Hiffman represented both parties in the transaction.
BOYLSTON, MASS. — CTA Construction has completed the new, 126,000-square-foot Tahanto Regional Middle/High School for the Berlin-Boylston Regional School District. The $33 million project replaces a 98,000-square-foot school building, which is in severe disrepair. The former school will be demolished by this June. The new building features two separate entrances for the middle and high school, along with a shared auditorium, dining commons and gymnasium. Site work for the project included new athletic fields and parking areas. The project team included the Tahanto Regional Middle/High School Building Committee; PMA Construction Services, the project manager; and HMFH Architects, the project architect.
CAMBRIDGE, MASS. — Suffolk Construction has placed the final steel beam on the Broad Institute's 75 Ames Street expansion project. Suffolk is constructing a $175 million, 375,000-square-foot research and development facility in Kendall Square in Cambridge. The expansion will increase the Broad Institute's research space to 500,000 square feet. The new facility will provide a collaborative space where researchers can develop advancements in biomedicine. The project is scheduled for completion in January 2014.
NEW YORK CITY — G&H Building Co. has sold three apartment buildings, constructed in the early 1900s, in the Jamaica section of Queens for $16.4 million. The deal includes two six-story apartment buildings and one four-story walk up building, totaling 159 units. The three properties, located at 153-19 89th Ave., 138-42 90th Ave. and 90-25 138th Place, total 164,900 square feet. Daniel Shragaei of GFI Realty Services represented the seller in the transaction. Yosef Katz, also of GFI, represented the buyer, a local investor.
SHIPPENSBURG, PA. — WRDC has acquired the Shippensburg Shopping Center, a 142,965-square-foot property on Walnut Bottom Road in Shippensburg. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller, Hill Management, in the transaction.
PRINCETON, N.J. — SES Americom has extended its lease for 79,000 square feet of office space at 4 Research Way in Princeton. The company, which owns and operates 52 geostationary communication satellites, uses the location as its U.S. headquarters. Marc Trevisan and Robert Rudin of Cushman & Wakefield represented the tenant in the transaction. The landlord, National Business Parks, was represented in-house by Vincent Marano and Tom Stange.
KATY, TEXAS — Global Growth Trust, in a joint venture arrangement with Trinsic Residential Group, has plans to develop a $32 million, Class A apartment community in Katy known as Aura Grand Corners. The garden-style property will feature 291 units and will be part of the Grand Lakes master-planned community. The property will feature a clubhouse, business center, fitness center, dog park, resort-style swimming pool and garages. Dallas-based Trinsic will serve as the project's general contractor and developer. This is the second joint venture project between Global Growth and Trinsic. Last month, the joint venture announced the development of the $34.9 million Aura Castle Hills near Dallas.
AUSTIN, TEXAS — Preferred Apartment Communities (PAC) has purchased the 192-unit McNeil Ranch in Austin for approximately $21 million. The apartment community is currently 97.4 percent occupied. PAC expects to refinance the existing first mortgage debt on McNeil Ranch with a portion of the net proceeds from its recently completed private placement and a $13.6 million loan originated by Jones Lang LaSalle Operations. PAC has also recently purchased the 408-unit Ashford Park in Atlanta and the 328-unit Lake Cameron in Raleigh, N.C.