Office

Canada Pension Plan Buys Stake in San Francisco Office Building

by Nellie Day January 9, 2015

SAN FRANCISCO — A joint venture between Canada Pension Plan Investment Board (CPPIB) and Hudson Pacific Properties has acquired a 45 percent interest in a 1-million-square-foot office building in San Francisco for $219.1 million. The Class A building is located at 1455 Market Street. The 22-story property was acquired by Hudson in December 2010. Hudson will retain a 55 percent ownership in the property, as well as its “general partner” status. It will also continue to oversee the building’s leasing and management. The office building fronts an entire block along 11th Street in San Francisco’s Mid-Market neighborhood. The concrete building was constructed in 1976. It features a nine-story podium topped by a 14-story tower. The building currently serves as the global headquarters for Uber and Square. It was previously a critical data center for Bank of America. A repositioning and expansion of the property’s ground-floor retail will commence early this year. The goal is to attract high-end retail and restaurant users to the space. Hudson plans to use joint-venture proceeds for a like-kind exchange, which could include an acquisition from Blackstone Real Estate Partners V and VI, as part of the Equity Office Properties’ San Francisco Peninsula and Silicon Valley …

January 9, 2015

California Office Western

Peregrine Realty Partners Buys Woodland Hills Office Building

by Nellie Day January 8, 2015

LOS ANGELES – Peregrine Realty Partners has acquired an office building in the Warner Center Business Park for $19.5 million. The six-story building is located at 5950 Canoga Ave. in the Woodland Hills submarket. This sale marks the closing of a three-building portfolio that included 5955 De Soto and 21155 Califa Street. The seller, a joint venture between Oakfield Realty Partners and Long Wharf Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.

January 8, 2015

California Office Western

FNIS Holdings Buys Irvine Office Building for $3.4M

by Nellie Day January 8, 2015

IRVINE, CALIF. – FNIS Holdings has acquired a 9,900-square-foot office building in Irvine for $3.4 million. The building is located at 8855 Research Drive. FNIS was represented by Blake Garrett of Cushman and Wakefield. The seller, Research Property LLC, was represented by Bob Rieden of Lee & Associates – Newport Beach.

January 8, 2015

New Jersey Northeast Office

The Berger Organization Adds 58 Park Place its Portfolio

by Amy Works January 8, 2015

NEWARK, N.J. — The Berger Organization has acquired 58 Park Place in Newark from PPSJ Corp. for an undisclosed price. The 30,000-square-foot office property is 50 percent occupied by the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Habitat for Humanity, which is currently located at 60 Park Place, plans to relocate to the fourth floor of 58 Park Place. This acquisition adds to the company’s current Newark portfolio, which includes 10, 50 and 60 Park Place and 570 and 765 Broad Street. Additional terms of the transaction were not released.

January 8, 2015

Connecticut Northeast Office

O,R&L Brokers $4.63M Sale of Connecticut Office Building Portfolio

by Amy Works January 8, 2015

ROCKY HILL AND BERLIN, CONN. — O,R&L Commercial has brokered the $4.63 million sale of a four-building office portfolio in Berlin and Cromwell. Universal Enterprise LLC purchased the properties, which includes one building in Berlin and three buildings in Cromwell, for $4.63 million from RH Medical Center Associates LLC and Mill Crossing Associates, respectively. The 12,000-square-foot medical office building, located at 546 Cromwell Ave. in Rocky Hill, sold for $1.6 million, and the 35,000-square-foot Mill Crossing, located at 1224 Mill St. in Berlin, sold for $3.03 million. The buyer plans to expand the three-building complex at Mill Crossing to include a fourth building featuring 10,000 square feet of office/medical office space. Jay Morris of O,R&L Commercial represented all parties in the transaction.

January 8, 2015

Loans Midwest Minnesota Office

NorthMarq Secures $10.7M Loan for Office Property in Minnetonka, Minn.

by Danielle Everson January 8, 2015

MINNETONKA, MINN. — NorthMarq Capital’s Minneapolis office has arranged $10.7 million in acquisition financing for the Williston Business Center, a 354,730-square-foot office property in Minnetonka. Patrick Minea and Dan Trebil of NorthMarq arranged financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company.

January 8, 2015

Industrial Midwest Office Wisconsin

The Dickman Co. Arranges 10,300 SF Industrial Lease in Cudahy, Wis.

by Danielle Everson January 8, 2015

CUDAHY, WIS. — The Dickman Co. has arranged the lease of a 10,300-square-foot industrial/office space located at 5801 S. Pennsylvania Ave. in Cudahy. Samuel D. Dickman, Samuel M. Dickman Jr. and Anthony Huenerbein of The Dickman Co. represented the landlord, Hansen Storage Company LLC. Tony Haning of Jones Lang LaSalle represented the tenant, KONE Inc.

January 8, 2015

Office Texas

Transwestern Brokers Sale of Office Property in Austin

by Haisten Willis January 8, 2015

AUSTIN — Transwestern has brokered the sale of Park Central to an investment partnership headed by Vista Equities Group of Houston. Park Central is a 114,091-square-foot office building located in Austin’s north submarket near the intersection of I-35 and Parmer Lane. The three-story building was 74 percent leased to six tenants at the time of sale. Hale Umstattd and Leah Gallagher of Transwestern represented the seller. The property was built in 2008. GE Capital Corp. provided financing for the acquisition, which Tyler Ford of HFF’s Houston office arranged.

January 8, 2015

Industrial Michigan Midwest Mixed-Use Office Retail

The Boulder Group Arranges $2.6M Sale of FedEx Property in Michigan

by Danielle Everson January 7, 2015

FREELAND, MICH. — The Boulder Group has arranged the $2.6 million sale of a single-tenant FedEx property located at 8273 Garfield Road in Freeland. The 27,000-square-foot FedEx was built in 1991. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property includes 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16-foot clear height ceilings. FedEx has 11 years remaining on their lease, which expires June 30, 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. A Florida-based private investor purchased the property.

January 7, 2015

Office Texas

HFF Arranges Sale of Office Property in San Antonio

by Haisten Willis January 7, 2015

SAN ANTONIO — HFF has arranged the sale of Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the South Texas Medical Center in San Antonio. HFF marketed the property on behalf of the seller, DNA Partners. Highpoint Towers is situated on a 13-acre site at 8401 and 8515 Datapoint Drive, which is accessible from I-10, Loop 410 and Loop 1604. The assets are located in the northwest office submarket and include views of the San Antonio skyline and hill country. The new ownership plans to make renovations to the project including upgrading the lobbies, adding exterior aesthetics, elevators and bathrooms. John Taylor, Kelsey Roop, Patrick McCord and Ryan McBride led the HFF sales team representing the seller.

January 7, 2015

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