ONTARIO, CALIF. – Airport Wineville Business Park has sold to Wohl Investment Company for $4.5 million. The 53,937-square-foot park is located at 5140 Airport Dr. and 151-181-201 S. Wineville Ave. It was built between 1988 and 1990. The seller was McLellan Estate Company. It was represented by Patrick Barnes of Colliers and GM Properties’ Jason Jamison and Dustin Wheelan.
NASHVILLE, TENN. — Grandbridge Real Estate Capital has arranged an $18.5 million first mortgage loan on a five-story, 152,216-square-foot office building in Nashville. Chris Caison and C.J. Webb of Grandbridge’s Charlotte office arranged the fixed-rate loan through one of Grandbridge’s insurance correspondent lenders. The loan is a seven-month forward financing commitment, according to Grandbridge.
MORRISTOWN, N.J. — Atlantic Health System (AHS) has purchased a two-property, 128,000-square-foot medical office and office building portfolio in Morristown from Ivy Realty and CenterSquare Investment Management for $22.5 million. The acquisition includes properties at 55 Madison Avenue and 101 Madison Avenue, both of which are located directly across from the Morristown Medical Center, which AHS also owns. 55 Madison Avenue is an 89,000-square-foot office building; 101 Madison Avenue is a 39,000-square-foot medical office building, which was renovated in 2008. Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories. The Colliers International team of Jacklene Chesler, Bryn Cinque, and James Bailey represented AHS in the transaction. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Robert Borny.
WARREN, N.J. — GSK Consumer Healthcare has signed a 10-year lease for 144,000 square feet of space at 184 Liberty Corner Road, also known as Center 78, in Warren. The Class A, 372,000-square-foot commercial office building is owned by Normandy Real Estate Partners. The four-story Center 78 was constructed in 1982. Normandy Real Estate Partners completed a multi-million capital improvement project at the building in 2012. The property features a 3,200-square-foot, full-service café; a 1,500-square-foot conference center and a 2,200-square-foot fitness center. The tenant was represented by Daniel Loughlin, Scott Lesh, and J.C. Giordano III with JLL. William O’Keefe of DTZ represented Normandy Real Estate Partners.
NEWTOWN, CONN. — Western CT Medical Group (WCMG) has leased 15,200 square feet of medical office space in a building to be constructed at 170 Mt. Pleasant Rd. in Newtown, from Maplewood Healthcare. The two-story, 30,000-square-foot medical office building is expected to be delivered in early summer 2016 and will be the second of two medical office buildings located at 164 and 170 Mt Pleasant Rd. Maplewood Healthcare is a partnership of Maplewood Senior Living and Allegiance Realty Corp. Todd Payne and Bob Cascella of Goodfellow represented the landlord, while Cushman and Wakefield represented the tenant.
AUSTIN, TEXAS — Accesso Partners has acquired Riata Corporate Park, a 688,432-square-foot, eight-building complex on a 51-acre campus in northwest Austin. The complex includes a 94,000-square-foot standalone building recently vacated by Apple. The former Apple building includes WiFi and a recently renovated lobby. All space is ready to be leased. It is currently the largest block of vacant space in the northwest Austin submarket. Riata Corporate Park has three fitness centers and is slated to receive a Whole Foods Café concept as an additional amenity. Susan Hill of HFF arranged the financing.
FARMERS BRANCH, TEXAS — Stream Realty Partners has secured a 13,386-square-foot lease for AIR Engineering and Testing Inc., at Westwood Business Park located at 1801 Royal Lane in Farmers Branch. AIR Engineering and Testing is a provider of testing, adjusting and balancing, commissioning services and energy modeling for mechanical building systems. Todd Noonan of Stream represented the tenant, AIR Engineering and Testing, while Chris Andler with Property Advisers Realty represented the landlord in the transaction. Westwood Business Park is a 12-building complex located near the major North Dallas thoroughfares of North Stemmons Freeway (I-35 E) and LBJ Freeway (I-635). PAR Capital Partners Inc. purchased the property in August 2014, and a renovation is underway.
LAKE FOREST, CALIF. — Bailard Inc. and CT Realty have acquired Palm Terrace, a 155,795-square-foot property office complex in Lake Forest, for $30 million. The three-building property is located at 25521, 25531 and 25541 Commercentre Drive. Palm Terrace is 90 percent leased. Notable tenants include Del Taco, Portfolioco, Anyone Home Inc. and Parsons. The property features a campus environment with an outdoor eating area and courtyard. CT Realty represented the joint venture in this transaction. The seller, LaSalle Investment Management, was represented by JLL’s Bob Prendergast and Baker Morphy. CT Realty will act as property manager. JLL’s Jay Nugent and Greg Puccinelli will retain the leasing assignment.
DENVER — City Office REIT has acquired Superior Pointe, a 149,006-square-foot office property in Metro Denver, for $25.8 million. The Class A property is located at 7595 E. Technology Way. Superior Pointe is 90 percent occupied. Notable tenants include Microsoft, Quiznos and ProBuild. The acquisition is anticipated to generate an initial full-year cash NOI yield of about 7.5 percent, based on the purchase price and planned capital improvements.
STAMFORD, CT. — Darien, Conn.-based Baywater Properties and an affiliate of True North Management Group of White Plains, N.Y., have acquired a 110,000-square-foot commercial office building at 2777 Summer Street in Stamford. At the time of acquisition, the seven-story office building was less than 50 percent occupied. The Baywater-True North venture plans to invest in a significant renovation of the building’s common areas, including the front lobby. The venture recently signed a lease for approximately 14,000 square feet with Keller Williams Realty, and is in active discussions with tenants whose needs total more than 15,000 square feet. The property offers on-site security, 24/7 key-card access, covered parking, shuttle service to the Stamford Transportation Center and a deli/café in the lobby.
