Office

Dalan Management Buys Two Midtown South Office Buildings for $36M

by Amy Works February 18, 2015

NEW YORK CITY — Dalan Management has purchased two 12-story office buildings located at 10 and 12 East 33rd St. in New York City’s Midtown South neighborhood. The assets, which feature 22 full-floor office lofts and ground-floor retail space, sold for $36 million as part of a 1031 exchange. Additionally, the properties, which total 61,100 square feet, are zoned for conversion to residential or hotel space. Timour Shafran and Phil Fierro of Citicore represented Dalan, while Pavan Uttam of UP Real Estate Advisors represented the seller, Adee Associates, in the transaction.

February 18, 2015

New Jersey Northeast Office

JV Buys 345,218 SF Morris Corporate Center Building in New Jersey

by Amy Works February 18, 2015

PARSIPPANY, N.J. — A joint venture between Intercontinental and Ivy Realty has acquired Morris Corporate Center 4 (MCC 4) in Parsippany for an undisclosed price. Situated within the 182-acre Morris Corporate Center campus, MCC 4 offers 345,218 square feet of office space within two interconnected five-story buildings at 369 and 379 Interpace Parkway. Constructed in 2000, MCC 4 is the newest office building at Morris Corporate Center. Jeffrey Dunne, Kevin Walsh, Brian Schulz, Frank Maresca, Remy deVarenne and Sarah Jones-Maturo of CBRE represented the seller, a subsidiary of MetLife, in the transaction.

February 18, 2015

California Office Western

Meridian Provides $35M in Financing for San Francisco Office, Retail Property

by Nellie Day February 18, 2015

SAN FRANCISCO — Meridian Capital Group has provided $35 million in acquisition financing for an office and retail property in San Francisco. The 46,000-square-foot property is located at 166 Geary Street in the city’s Union Square area. The loan was provided to The Jackson Group, Sun Equity Partners and Concord Real Estate. The 36-month, floating-rate mortgage was structured to accommodate the sponsors’ unique business plan. The borrowers plan to separate the asset into two commercial condos post-closing by pre-allocating $25 million to one portion of the asset and $10 million to the remainder. Financing was provided by a national balance sheet lender. It features full-term, interest-only payments. The loan was arranged by Shaya Ackerman and Moshe Majeski of Meridian Capital Group.

February 18, 2015

Colorado Office Western

Palisades Private Capital Fund Buys Plaza Quebec in Centennial for $12.7M

by Nellie Day February 18, 2015

CENTENNIAL, COLO. — Palisades Private Capital Fund I (PPCFI) has acquired Plaza Quebec, a 94,394-square-foot office building in Centennial, for $12.7 million. The Class A building is located at 6025 South Quebec Street in the southeastern suburbs of Metro Denver. Plaza Quebec was built in 1984 and renovated in 2009. It is 85 percent occupied by tenants like Cherry Creek Mortgage Company and Peoples National Bank. The property is situated on the edge of Greenwood Plaza, near Greenwood Athletic Club and the boutique Village Shops at the Landmark. PPCFI is a $50-million fund sponsored by Palisades Mexico Partners (PMP). PMP is a partnership between Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors LLC, and Finsa Global Equities, owned by Sergio Argüelles, president and CEO of FINSA, an industrial real estate development firm. The seller, Crown West Realty LLC, was represented by Tim Richey and Mike Winn of CBRE. Financing was arranged by Brad Zampa of CBRE.

February 18, 2015

California Office Western

Katella Property Owner Buys Los Alamitos Office Building

by Nellie Day February 17, 2015

LOS ALAMITOS, CALIF. – Katella Property Owner has purchased a 149,326-square-foot office building in Los Alamitos for an undisclosed sum. The building is located at 3131 Katella Ave. Katella Property Owner was represented by Shaun R. McCullough of Lee & Associates–Long Beach. The seller, Supermedia Services, was represented by Case Commercial. McCullough and Jeff Coburn will serve as the new owner’s exclusive leasing agents.

February 17, 2015

California Office Western

Los Angeles Office Building Changes Hands

by Nellie Day February 17, 2015

LOS ANGELES – A 37,962-square-foot office building in Los Angeles has sold to a medical group. The price was not disclosed. The nine-story building is located at 8436 West 3rd Street. It is situated a half-block east of La Cienega. The medical group intends to occupy a portion of the property. The seller, CIM Group, was represented by Lynwood Fields and Bob Safai of Madison Partners.

February 17, 2015

Office Texas

SACA Brokers Sale of Warehouse/Office Building in San Antonio

by Haisten Willis February 17, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA) has brokered the sale of 5150 Service Center Drive, an industrial building in northeast San Antonio. SACA’s Zach Dobin and Ed Cross represented the seller, Custom Food Group of Dallas. SACA marketed the 30,000-square-foot facility and worked with the buyers’ representative to close the sale in December 2014. The buyer, Urrea Professional Tools, designs tools used in transportation and oil and gas industries. SACA is an independently owned and operated member of the Cushman & Wakefield alliance.

February 17, 2015

Industrial New Jersey Northeast Office

JLL Brokers Three Transactions for SHI International in New Jersey

by Amy Works February 17, 2015

PISCATAWAY AND SOMERSET, N.J. — JLL has represented SHI International in three separate transactions, totaling 870,000 square feet, in New Jersey. SHI sold a 153,000-square-foot office building, located at 33 Knightsbridge Road in Piscataway, to Rutgers, The State University, for an undisclosed price. Bill Brown of Cushman & Wakefield represented the buyer in the transaction. Additionally, SHI completed a 10-year lease with Trammell Crow Co. and Clarion Partners for a 305,751-square-foot warehouse located at 10 Knox Dr. in Piscataway. SHI will use the newly constructed facility to accommodate its growing warehouse and configuration business. Nathan Demetsky and Paul Torosian of JLL represented the building owner in the deal. In the final transaction, SHI acquired a 414,000-square-foot office building, located at 300 Davidson Ave. in Somerset, from MetLife Inc. for an undisclosed price. The building is located adjacent to SHI’s headquarters at 290 Davidson Ave. Jeffrey Dunne of CBRE Inc. represented MetLife in the transaction.

February 17, 2015

Massachusetts Northeast Office

CBT Architects Selected to Transform Spear Street Capital’s Riverworks Property

by Amy Works February 17, 2015

WATERTOWN, MASS. — Spear Street Capital has selected CBT Architects to reposition its 200,000-square-foot Riverworks property in Watertown. CBT Architects plans to transform the three historic mill buildings into an integrated office campus. The company will renovate and upgrade the common areas, including the courtyard, lobby and café; upgrade signage; and perform general architectural services for the property, such as space planning. CBT’s design for the property blends a mix of modern and traditional materials and motifs to create inviting and attractive spaces. The project includes work on the main entrance/arrival area, lobby, common hallways and elevator lobbies and fitness center, as well as the café and dining spaces located along the Charles River.

February 17, 2015

Healthcare Massachusetts Northeast Office

Vantage Builders Completes 55,000 SF Renovation for Omnicare

by Amy Works February 17, 2015

PEABODY, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 55,000-square-foot renovation project for Omnicare Inc. Located at Two Technology Dr. in Peabody, the $1.3 million project includes the creation of new office, pharmacy and shipping/receiving space for the company. The first phase of the project was an interior gut of the building, including the removal of pre-existing offices and structural walls. Additionally, the work included a completely new electrical distribution and lighting, mechanical and plumbing work and new VCT flooring. The office build-out encompassed 16,000 square feet and created a dozen new offices and rooms for cubicles. The new space also includes a lunchroom and high-tech training center with room for 40 trainees. The 22,000-square-foot pharmacy area offers ample room to Omnicare’s staff and robotics equipment, while the shipping area offers 22-foot clear heights and a built-in ramp. Vantage also installed a new HVAC system for the property. The project team included PFB Architects Inc. and Melling Engineering. The building, which is part of Centennial Park, is owned by Combined Properties.

February 17, 2015

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