Cypress Creek Building Selling?

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Rumor has it that Marshall Watson, a tenant in the Cypress Executive Center, located at 1901 Cypress Creek Road, wants to now expand and possibly buy the building.

Paul Kilgallon of Mainstreet Capital Realty currently owns the 138,400 square foot building.  According to CRE-sources data, the building stands at just over 60% vacant.

It was confirmed that Rick Miller with CBRE’s Boca office is representing the buyer.

Grubb & Ellis Sold?

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Talk of the sale of Grubb & Ellis to Colony Capital LLC, a Los Angeles-based hedge fund manager, circled on Friday.

Grubb & Ellis Co. (NYSE:GBE)  announced in March that is it had hired San Francisco-based investment banking firm JMP Securities to explore strategic alternatives for the company, including a potential sale or merger, provides the latest sign of changes rippling through the CRE brokerage services market.

Grubb then struck a potentially lifesaving $18 million financing deal in late March with Colony Capital LLC, a Los Angeles-based hedge fund manager.

That deal gave Colony—led by billionaire real estate investor Tom Barrack—a 60-day exclusivity period to consider a larger strategic transaction with Grubb, whose stock has been battered by the commercial real estate downturn as well as an ill-fated combination with Santa Ana-based NNN Realty Advisors in 2007.

The exclusivity period ended in May.  As a result, Grubb actively engaged in discussions with additional parties, while continuing discussions with Colony.

 

Tenant Talk

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Rumor has it that…

Garda Cash Logistics only signed a short-term lease at Via Mizner in Boca Raton and will be out looking to buy a new headquarters building within a year.

Pernod Liqueur, believed to be based out of LA, is looking for around 20,000 SF of space. From what we’ve heard, Pernod may be representated by a Cushman & Wakefield broker.

If you have some additional inside scoop on either of these tenants, leave us a comment!