Navistar inks suburban Chicago deal with Orix La Salle Venture In a move to consolidate most of its suburban office locations, Chicago-based Navistar International Corp. has signed a lease for a 260,000 sq. ft. build-to-suit office building in the mixed-use Cantera development in Warrenville, Ill., west of Chicago.
The agreement was also signed by ORIX LaSalle Warrenville Venture, a partnership between LaSalle Partners Development Inc. and ORIX Real Estate Equities Inc. On behalf of Navistar, the venture will purchase 26 acres at Cantera.
LaSalle Partners Inc. is developing and marketing Cantera for the property's owners, the Warrenville Development Limited Partnership. In addition to its role as co-developer, ORIX will provide the entire financing package for the Navistar project.
Groundbreaking for the six-story office building is scheduled for March, with occupancy for about 850 Navistar employees by fourth quarter 2000. Overall, Cantera will consist of 5 million sq. ft. of office, 1 million sq. ft. of high-tech and R&D, 1 million sq. ft. of retail and amenities and 500 multi-family residential units.
Campbell Estate dives into D.C. with Summit acquisition The Estate of James Campbell made its first foray into the Washington, D.C., real estate market with the recent $43.8 million purchase of Summit I & II from RREEF REIT of America.
The Campbell Estate completed the transaction as part of a Section 1031 Tax Exchange. Totaling 290,000 sq. ft. of office space, Summit I & II are in Reston, Va. Insignia/ESG has assumed management of the buildings, which are 100% occupied.
The Estate of James Campbell, a real estate investment firm advised by TA Associates, owns properties in 13 states across the country, and is seeking to diversify its holdings within a national portfolio.
Randall Point Phase II plans for additional space approved PanCor Construction and Development has received approval from the Elgin, Ill., City Council to develop 41 acres surrounding Randall Point Executive Center at Interstate 90 and Randall Road.
PanCor will buy the property from a private owner for an undisclosed sum.
The acquisition paves the way for PanCor to add an additional 550,000 sq. ft. of office space to the Randall Point Executive Center. The developer recently completed a 37,000 sq. ft. single-story office building and is currently erecting a four-story 80,000 sq. ft. complex on Phase I of the development. Scheduled for a spring groundbreaking, a 187-room full service Four Points Hotel by Sheraton is also part of Phase I. PanCor recently named Insignia/ESG to market and lease Randall Point.
A condition of the sale required protection of the Sleepy Hollow Ravine located to the north of the site. PanCor, the city of Elgin and private investors contributed to the purchase of the 4.3-acre nature preserve, which acts as a buffer separating the office park from a residential community.
Clarion buys the farm from Stauffer Management Boston's Fallon Hines & O'Connor Inc., a Trammell Crow company, negotiated the sale of Nyala Farms Corporate Center in Westport, Conn., to New York's Clarion Partners, which purchased the office park on behalf of a state pension fund client.
Advised by Boston's Miller & Favazzo Properties Inc., Stauffer Management Co., a subsidiary of Zeneca Holdings Inc., sold the property for more than $90 million to Clarion Partners.
The five-building, 385,000 sq. ft. trophy quality office park off Interstate 95 is considered one of Fairfield County's premier locations and is 96% leased. In addition to the five interconnected office buildings, Nyala includes four underground parking garages, a barn/annex converted to a back-up computer center and a fully refurbished Victorian farm house that serves as the park's management office. Nyala was built in stages between 1972 and 1977 as Stauffer Chemical's world headquarters, and completely renovated between 1991 and 1996.
Stauffer and Miller & Favazzo, the property's asset managers, retained Fallon Hines & O'Connor to sell Nyala Farms as part of the culmination of a long-range strategic plan put in place when Nyala was bought in 1987 as part of Zeneca's acquisition of Stauffer Chemical Co.
Nyala Farms tenants include Phibro Energy, Playtex Products, Smith Barney, and Deloitte & Touche.