INGLEWOOD, CALIF. — Wireless Watchdogs has purchased a 14,566-square-foot office/flex building in Inglewood for an undisclosed sum. The building is located at 317 S. Isis Ave. It was built in 1985. The wireless expense management firm plans to renovate a portion of the office space to use for its corporate headquarters. Ryan Harding of Newmark Grubb Knight Frank represented the buyer, while the seller, Altemus Co., was self-represented.
MILWAUKEE — Farbman Group has acquired the 22-story Chase Tower in Milwaukee for $30.5 million. Situated on the corner of East Wisconsin Avenue and North Water Street, the Chase Tower includes 480,000 square feet of office space and a 746-space parking structure. Farbman plans to upgrade the first and second floors, which host the building’s amenities. Tenants at the office tower include JPMorgan Chase, Infinity Healthcare, WUWM Public Radio and law firm O’Neil, Cannon, Hollman, DeJong & Laing. Brookfield Real Estate Opportunity Fund was the seller.
NEW YORK CITY — An investment group led by David Berley, chairman of Walter & Samuels Inc., has acquired a boutique office building located at 242 W. 27th St. in Chelsea. Panzel Development Associates sold the property for $14 million. Situated on the campus of the Fashion Institute of Technology, the 18,000-square-foot building features seven floors of office space, including a penthouse with a 500-square-foot deck and ground-floor loft duplex space. Ben Tapper, Noah Buchwald and Ross Weiner of Eastern Consolidated represented the seller, while Adelaide Polsinelli of Eastern Consolidated represented the buyer in the deal.
OMAHA, NEB. — Investors Realty Inc. has brokered the $3.2 million sale of the Airport Commerce Center in Omaha. Baceline Airport Commerce Center LLC sold the 65,101-square-foot industrial and office property, which is located at 1102-1234 E. Harman Ave. PPP Lot 4 LLC purchased the multi-tenant building. Ember Grummons and Lee Ehlers of Investors Realty represented the seller, and Mike Moylan represented the buyer.
AVON, MASS. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of an office and distribution warehouse facility located at 80 Stockwell Drive in Avon. Hilco Real Estate, a unit of Hilco Global, sold the 241,454-square-foot property for $9.55 million. Situated on 12.7 acres, the property features 35,840 square feet of office space and 205,614 square feet of warehouse space. Additionally, the property features two presentation rooms, private offices, 22-foot ceilings, 17 dock doors and an open floor plate. Peter Whoriskey and Michael Frisoli of NGKF represented the seller, while Joel Miller of Permanser represented the undisclosed buyer in the transaction.
CHICAGO — American Realty Advisors has acquired 1K Fulton, a Class A office property in Chicago, for $257 million. The complex consists of a 10-story building, formerly a cold storage facility that was built in 1923, and a six-story building that was added in 2015. Sterling Bay was the seller of the 550,000-square-foot property, which is currently 97 percent leased. Hartshorne Plunkard Architects designed the complex. Google’s Midwest headquarters currently occupies roughly two-thirds of the office space. “We were attracted to this asset because it has long-term leases with quality tenants, such as Google,” says Martha Shelley, senior portfolio manager for American Realty Advisors. “We anticipate that this property will remain a key driver of the continued growth of the River West Fulton Marketplace over time given the abundance of street level amenities, immediate proximity of public transportation, new hotels and housing adjacent to this asset.” Floor plates at 1K Fulton range from 38,500 square feet to 71,000 square feet. Amenities at the property include indoor parking, a rooftop deck, shuttle service, Pressbox dry cleaning, ZipCar, bicycle detailing and repair station, a fitness center and ground-floor retail and restaurants. “This acquisition fulfills all of our criteria: superior location, great tenants, …
SAN FRANCISCO — Blackstone has purchased Market Center, a 753,000-square-foot office project in downtown San Francisco, for an undisclosed sum. The two-building project is located at 555 and 575 Market St. The campus was 93 percent leased at the time of sale. Market Center is home to Uber, TIBCO Software, PNC Bank and Bank of San Francisco. It will soon serve as the Northern California regional headquarters for Equity Office. Equity Office, a wholly owned affiliate of Blackstone Real Estate Partners, will manage the on-site team. Blackstone represented itself in the transaction, while Eastdil Secured represented the seller, John Hancock Real Estate, the U.S. division of Manulife Financial Corporation. CBRE’s Bill Cumbelich, Tom Poggi and Alexis Walsh will handle leasing.
SOLANA BEACH, CALIF. — Newmark Grubb Knight Frank (NGKF) has arranged the sale-leaseback of a three-building school campus located at 1010 Solana Drive in Solana Beach. LePort Real Estate LLC sold the 15,881-square-foot property to an intermediary for Builders Trust for $6.25 million. The property is fully occupied LePort Educational Institute Inc. Nick Carey, Byron Foss, Wade Tift and Brent Bohlken of NGKF represented the seller, while Commercial Asset Group represented the buyer in the transaction.
HOUSTON — Trammell Crow Co. has completed Phase I of the FMC Technologies Campus at Generation Park, a 173-acre office complex located at the northeast corner of the Sam Houston Tollway in Houston. Locally based FMC Technologies is a provider of technologies and services to the oil and gas industry specializing in subsea systems. Phase I of the complex, which features six buildings situated on 71 acres, is comprised of more than 1 million square feet of office, workshop and warehouse space plus a 2,036-space parking garage. Each building is connected with covered and landscaped pedestrian walkways. A six-story, 369,000-square-foot office building within Phase I was recently awarded LEED Gold certification by the U.S. Green Building Council. Gensler was the project architect and managed the LEED certification process. Other members of the design team included civil engineer Cobb Fendley & Associates Inc.; landscape architect Clark Condon Associates, Inc.; structural engineer Cardno Haynes Whaley; MEP engineer Wylie Consulting Engineers; and general contractor David E. Harvey Builders. McCord Development constructed the project’s off-campus road and utilities infrastructure, along with an adjacent amenity lake with walking trails.
FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.
