TEMPE, ARIZ. – Held Properties has acquired Crossroads of Tempe, a 96,691-square-foot office complex, for $17.1 million. The Class A complex is located at 303 and 309 West Elliot Road in Tempe. Both buildings were constructed in 2008. Chris Tocci and Chad Littell of Cushman & Wakefield represented both the buyer and seller, Via West Properties and Southwest Value Partners, in this transaction.
SAN JOSE, CALIF. — MCP Trimble Campus LLC has purchased The Campus, a 250,000-square-foot office park in San Jose, for $96 million. The Campus is located at Trimble Road and Orchard Parkway. The four-building project received a significant redesign after it was purchased by a joint venture between Bixby Land Co. and Cornerstone in 2012. The building exteriors were reskinned and atrium entryways were installed. The property also received an outdoor living room and amenities area that included an outdoor gourmet kitchen, dining areas, fountains, plush couch seating around a fire table, eco-friendly landscaping and more. The property is occupied by Verizon and ASML US.
LOS ANGELES — Lincoln Property Co. has purchased the Burbank Collection, a three-building office campus in the Los Angeles submarket of Burbank, for an undisclosed sum. The property is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The Burbank Collection occupies an entire city block in the downtown district. The project represents roughly half of the city’s 740,000-square-foot, Class A office inventory, according to Lincoln. Notable tenants at the project include Cartoon Network and Nickelodeon. The company plans to convert the three-acre site into a cohesive, walkable campus that emphasizes the existing open space. An unfinished loading alley that bisects the site will be converted into a central pedestrian walkway that will connect new outdoor decks and terraced dining areas. Public art and significant landscaping will be featured throughout the property. The renovation is scheduled for completion early next year. Lincoln Property Company was represented by CBRE. The seller was Kennedy Wilson.
REDONDO BEACH, CALIF. – Montana Avenue Capital Partners (MAC) has acquired a 50,000-square-foot office/industrial building in Redondo Beach for $9.5 million. The office building is located at 2400 Marine Ave. MAC plans to invest $2 million into the property, which will be rebranded as a collaborative workspace called “LINQ on Marine.” MAC was represented by JLL’s Steve Solomon, who will also handle the building’s leasing. The seller, Klein Family Partnership, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.
SANDY SPRINGS, GA. — Atlanta-based Fairlead Commercial Real Estate has purchased Embassy Row, a four-building office campus in Atlanta’s Central Perimeter office submarket, for an undisclosed price. Located on Peachtree Dunwoody Road in Sandy Springs, the 37-acre, 551,515-square-foot campus fronts GA 400 near Abernathy Road. Fairlead partnered with Bridge Investment Group Partners, manager of the ROC Funds, to purchase the office campus from ARES Management LLC. Embassy Row’s Building 100, which is occupied by the Art Institute of Atlanta, is not part of the transaction. Fairlead and Bridge Investment plan to invest $10 million to upgrade the buildings’ operating systems, common areas and tenant amenities. Will Yowell and Justin Parsonnet of CBRE represented ARES in the transaction.
ALLEN, TEXAS — TIG Real Estate Services Inc. plans to build Ridgeview Business Center, a $31 million, 154,000-square-foot, six-story office building in Allen. Located on eight acres along the Sam Rayburn Tollway between Stacy and North Watters roads, Ridgeview Business Center will be the first office building developed in the corridor, which includes 1,300 acres of developable land stretching six miles from U.S. 75 southwest to Custer Road between the Sam Rayburn Tollway south service road and Ridgeview Drive. Future land-use plans show office, entertainment and mixed-use development along the corridor. Construction will begin once 25 percent of the space has been pre-leased. International architectural firm Gensler has designed the exterior.
ALISO VIEJO, CALIF. – MicroVention has leased a 205,000-square-foot office building within the Summit Office Campus in Aliso Viejo. Construction is scheduled to commence on the four-story building this summer. The global neurovascular company will relocate its world headquarters to the site in the first half of 2017. MicroVention will invest about $100 million into the new facility. This will include an innovation/research and development center for MicroVention, as well as for its subsidiary, Terumo. Parker Properties will develop the project on behalf of MicroVention. It will be designed by Ware Malcomb Architects. The company was represented by Jeff Cannon of Savills Studley. The landlord, Parker Properties, was represented by CBRE’s Carol Trapani. HFF acted as the capital markets advisor representing Parker Properties.
FAIRBORN, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of two office buildings located at 2900 and 3000 Presidential Drive within Wright Executive Center in Fairborn, near Dayton. Presidential LP acquired the properties, which total 120,000 square feet, for $5.2 million. The buyer plans to renovate the buildings’ common areas and offer tenant improvement allowances. Benton Benalcazar of NGKF and David Elson of Neyer Management represented the sellers, 2900 Presidential Drive LLC and 3000 Presidential Drive LLC, in the transaction.
PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of Waterview Plaza, a Class A office building located at 2001 Route 46 East in Parsippany. Norwalk, Conn.-based Marcus Partners acquired the 130,000-square-foot property for an undisclosed sum from Waterview Plaza Associates LLC, which developed the property in 1981. Key tenants at the property include Hennion & Walsh and HQ Global Workplaces LLC/Regus Corp., both with long-term leases. The buyer has a $2.6 million capital improvement program slated for the property. David Bernhaut, Andy Merin, Andy Schwartz and Nick Karali of Cushman & Wakefield represented the seller in the transaction. Additionally, the buyer retained Cushman & Wakefield as leasing agents for the property.
NEW YORK CITY — TOWN Residential has arranged the purchase of a retail/office building located at 734 Broadway in New York City’s NoHo district. 734 Broadway Acquisitions LLC purchased the 19,000-square-foot property for an undisclosed price. The five-story property features 6,500 square feet of usable retail space and four floors of office space totaling 12,500 square feet. The buyer plans to renovate the property, which was vacant at the time of acquisition. Jonathan Butwin and Scott Dweck of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.
