Peter Block, senior vice president, Anne Arnold, senior associate, and Brad Teitelbaum, associate, all with Grubb & Ellis’ Private Capital Markets group, and Steve Algermissen, executive director, and Kazuko Morgan, executive vice president, both of Cushman & Wakefield, represented the seller in the transaction.
“With its high-traffic location and long-term credit tenant in place, we saw strong buyer response in this offering,” Block said.
Apple Inc. will occupy the site’s 18,000-square-foot retail building, which is scheduled to open within the next several months on the Lincoln Park property. The retailer has a 10-year ground lease on the property and options to extend its lease another 20 years.
Sterling Commerce Center in Dublin, OH Sold to Wells Real Estate Funds
The Grubb & Ellis team of Paul Lundstedt and Jeffrey Shell, executive vice presidents, John Ecclestone, vice president, John Gavin, executive vice president, and Richard Schuen, president of Grubb & Ellis
Adena Commercial, LLC, facilitated the transaction on behalf of Duke Realty.
“Sterling Commerce Center is a high-class property fully leased by a strong credit tenant,” said Lundstedt. “This transaction represents good forward momentum in a recovering market.”
Located at 4600-4725 Lakehurst Court and 6060 Emerald Parkway, Sterling Commerce Center is the global headquarters of Sterling Commerce Inc., a subsidiary of AT&T and leading provider of integrated telecommunications services.
The property consists of two four-story and two three-story Class A office buildings with a total of 322,679 leaseable square feet. Built between 1990 and 1998, the property offers ample parking, an attractive campus setting and close proximity to Interstate 270.
Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
Houston Food Bank Buys Sysco Industrial Complex
The complex offers a total of approximately 441,000 square feet of space that includes a 272,711-square-foot distribution center, freezer facility and truck maintenance facility, all situated on approximately 34 acres of land.
“This transaction was a real community effort led by the Houston Food Bank and Sysco with the support of many organizations and philanthropists, including the City of Houston,” said Stillwell. “It was extremely rewarding to be able to secure this transaction and have it work out so well for both parties involved. Sysco is a great corporate citizen and the Houston Food Bank does an exceptional job serving our community.”
(Sysco Texas locations bottom right map)
The freezer facility, located at 555 Allen St., offers 153,341 square feet of space split among a large freezer, cool dock and small office areas. The property was built in 1991.
Offering nearly 16,000 square feet of space, the truck maintenance facility was built in 2001 on roughly 12 acres of land. The facility includes three repair bays and one wash bay, as well as a diesel fuel station.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com
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