Office

Endurance Real Estate Group Buys 190,729 SF Business Center in Pennsylvania

by Amy Works February 13, 2015

UPPER CHICHESTER TOWNSHIP, PA. — An affiliate of Endurance Real Estate Group has acquired Naaman’s Creek Business Center, a five-building, 190,729-square-foot flex portfolio located in Upper Chichester Township, for $9.8 million, or $51.12 per square foot. Situated within Naaman’s Creek Center, the business center’s five buildings range from 25,000 to 60,000 square feet. At the time of acquisition the property was 50 percent occupied. Built in the late 1990s through the early 2000s, the buildings feature all-masonry facades, 19-foot clear ceiling heights and flexible configurations to accommodate a variety of tenant requirements. The seller was not disclosed.

February 13, 2015

California Office Western

Rancho Cucamonga Office Building Sells for $13.4M

by Nellie Day February 12, 2015

RANCHO CUCAMONGA, CALIF. – A 39,600-square-foot office building in Rancho Cucamonga has sold to CFRE Holdings LLC for $13.4 million. The building is located at 8163 Rochester Ave. CFRE was represented by Cathy Jones, Paul Miachika, Jessica Cegavske and Roy Fritz of Sun Commercial Real Estate. The seller, 8163 Rochester Partners LLC, was represented by Isaiah Harf of Stan Johnson Company.

February 12, 2015

North Carolina Office Southeast

JPB Holdings Acquires TrustAtlantic Office Building in Raleigh for $7.3M

by John Nelson February 12, 2015

RALEIGH, N.C. — JPB Holdings LLC has acquired the 32,272-square-foot TrustAtlantic office building located at 4801 Glenwood Ave. in Raleigh for $7.3 million. The fully leased property’s anchor tenant is TrustAtlantic Bank, with other tenants including Workday Inc., Maginnis Law and Executive Suites of North Carolina. Jimmy Barnes and Whit Brown of NAI Carolantic represented JPB Holdings in the transaction. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the seller. Built in 1973, the Class A office building was renovated in 2009 to LEED Silver standards.

February 12, 2015

Office Texas

CPA:17 – Global Acquires Office and Data Center in San Antonio for $22M

by Haisten Willis February 11, 2015

SAN ANTONIO — W. P. Carey Inc., a global net lease REIT specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net lease properties, has acquired an office and data center facility on behalf of CPA:17 – Global, one of its managed non-traded REITs. The 120,147-square-foot facility is located in San Antonio and is leased to iHeartCommunications Inc. for a period of 20 years. The total acquisition price was approximately $22 million. Constructed in 2002 as a build-to-suit for Clear Channel, the facility serves as the company’s primary IT and finance shared service center.

February 11, 2015

Georgia Office Southeast

Lincoln Property Co. Southeast Arranges Volkswagen’s Office Lease Renewal in Alpharetta

by John Nelson February 11, 2015

ALPHARETTA, GA. — Lincoln Property Co. Southeast has brokered Volkswagen Group of America’s long-term renewal of its 16,557-square-foot office lease in Alpharetta. The automaker renewed its lease at Two Northwinds, a six-story, 146,972-square-foot Class A office building located at 2520 Northwinds Parkway in Atlanta’s North Fulton submarket. Hunter Henritze and Michael Howell of Lincoln Property Co. Southeast represented the landlord, Equity Office, in the lease transaction. Shannon Newell of JLL represented Volkswagen.

February 11, 2015

California Office Western

Laurus Corp. Buys Pasadena Office Building

by Nellie Day February 11, 2015

PASADENA, CALIF. — Laurus Corp. has purchased a 163,194-square-foot office building in Pasadena for a reported $52.5 million. The Class A building is located at 199 S. Los Robles Ave. The property is situated between the cross streets of Cordova and El Dorado, just one block south of the Paseo Colorado lifestyle center. It sits adjacent to the Pasadena Convention Center, near Old Town Pasadena, the Lake Avenue Business and Shopping District and the Del Mar Metro Gold Line Station. Notable employers in the area include the California Institute of Technology, NASA’s Jet Propulsion Laboratory, the Art Center College of Design, Bank of America, OneWest Bank, Tokio Marine Insurance and Western Asset Management.

February 11, 2015

Arizona Office Western

ConneXion Office Building in Tempe Sells for $5.2M

by Nellie Day February 11, 2015

TEMPE, ARIZ. – ConneXion, a 49,464-square-foot office building in Tempe, has sold to ViaWest Group for $5.2 million. The building is located at 7855 S. River Parkway in the ASU Research Park. The property was formerly known as Transamerica Research Center. The seller, Aegon USA, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office, along with Andrew Cheney and Craig Coppola of Lee & Associates. ViaWest plans to hold the property. It will serve as the property manager and asset manager.

February 11, 2015

Arizona Office Western

Siete II Building in Phoenix Sells for $3.2M

by Nellie Day February 11, 2015

PHOENIX – Orsett Acquisitions LLC has purchased the Siete II building, a 54,072-square-foot office building in Phoenix, for $3.2 million. The Class B building is located at 3707 North 7th Street. It was built in 1988. Phil Breidenbach, Peter Nieman, Kathy Foster and Lindsey Carlson of Colliers Office Solutions Group represented both the buyer and seller, UFB Development Corporation, in this transaction.

February 11, 2015

California Office Western

UrbanBlox Buys Los Angeles Creative Office Building for $8.5M

by Nellie Day February 10, 2015

LOS ANGELES – UrbanBlox has acquired a 51,055-square-foot office building in Downtown Los Angeles’ Jewelry District for $8.5 million. The building is located at 718 S. Hill Street. The firm plans to redevelop the building into creative office space with ground-floor retail. This is UrbanBlox’s 12th acquisition in the past 15 months. The firm has been purchasing creative, mixed-use and multifamily properties in the LA River, Downtown Los Angeles, Hollywood and Silver Lake areas. UrbanBlox was represented by JLL’s Mike Condon Jr. The seller was BRC Advisors.

February 10, 2015

California Office Western

United Trust Fund Completes Sale-Leaseback in San Diego

by Nellie Day February 10, 2015

SAN DIEGO – United Trust Fund (UTF) has acquired and leased back a 27,340-square-foot office building in San Diego. The office building is fully leased to a large construction company that holds a 15-year net lease at the property. UTF also owns the company’s regional headquarters in Arizona, Chicago and Massachusetts. The property’s address and price were not disclosed.

February 10, 2015

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