CERRITOS, CALIF. — Cerritos Corporate Center, a 460,356-square-foot industrial business park, has sold to Angelo Gordon for $42.5 million. Gordon worked in partnership with Crowsnest Properties. The center is located at 13810-13950 Cerritos Corporate Drive in Cerritos. The institutional-quality business park is composed of seven free-standing buildings on three parcels. It is currently 95 percent leased. The seller, The Abbey Company, was represented by CBRE’s Kevin Shannon, Darla Longo, Barbara Emmons, Scott Schumacher, Rick McGeaghand John Biven.
ORLANDO, FLA. — Stiles Realty, in partnership with Orlando-based Divaris Real Estate, has arranged the $8.6 million sale of Baldwin Park I and II, two Class A office buildings totaling 64,695 square feet in Orlando. The office properties are located at 4750 and 4776 New Broad St., three miles from downtown Orlando. Stiles and Divaris represented the seller in the transaction. Orlando-based MDS Baldwin Park LLC, a private investor, was the buyer.
BALA CYNWYD, PA. — A joint venture between Keystone Property Group and Mack Cali Realty Corp. has acquired 15 office properties and three parcels located in suburban Philadelphia submarkets for $233 million. Keystone plans to reinvest in the portfolio by modernizing the office buildings.The partnership will also seek to develop the three parcels, located in Lester, Media and Berwyn, which include up to 162,200 buildable square feet. The acquisition adds approximately 1.7 million square feet of existing office space to Keystone’s portfolio.
CONCORD, N.H. — NAI Norwood Group has arranged the sale of 247-249 Pleasant St., two 5,356-square-foot office buildings in Concord. Judy Niles-Simmons and Karl Norwood of NAI Norwood Group represented the seller, the State of New Hampshire Department of Administrative Services. The buyer, Dartmouth-Hitchcock, a New Hampshire-based healthcare system, purchased the property for $900,000. Situated on one acre, the two buildings are located across from Concord Hospital.
SAN ANTONIO — Constellation Brands Inc., a global alcoholic beverage company and the No. 1 importer of beer in the U.S., has signed a lease at Eilan, a mixed-use development in San Antonio. Constellation will occupy 13,077 square feet in one of the development’s two four-story office buildings, which feature concrete construction for sound dampening, enclosed loading docks and covered-structure parking. Eilan also includes residential and retail space as well as a hotel, spa and restaurant. Lindsey Tucker and Steve Thomas of CBRE San Antonio, who handle all office leasing at Eilan, represented the development in the negotiations.
SCOTTSDALE, ARIZ. — Kierland One, a 175,441-square-foot, Class A office building in Scottsdale, has sold to Hines and joint venture equity partner Pacific Coast Capital Partners for an undisclosed sum. The building is located at 16430 N. Scottsdale Road in the Scottsdale Airpark submarket. The building was vacant at the time of sale. The seller, Cornerstone Real Estate Advisers LLC, acted on behalf of an institutional investor. It was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office. The JV represented itself in this transaction.
CERRITOS, CALIF. — Cerritos Corporate Center, a 460,356-square-foot industrial business park, has sold to Angelo Gordon for $42.5 million. Gordon worked in partnership with Crowsnest Properties. The center is located at 13810-13950 Cerritos Corporate Drive in Cerritos. The institutional-quality business park is composed of seven free-standing buildings on three parcels. It is currently 95 percent leased. The seller, The Abbey Company, was represented by CBRE’s Kevin Shannon, Darla Longo, Barbara Emmons, Scott Schumacher, Rick McGeagh and John Biven.
CHAMPAIGN, ILL. – Sperry Van Ness/Ramshaw Real Estate has arranged the $2 million sale of 202 West Park, a 26,000-square-foot office building in downtown Champaign. Community Elements sold the property to Hickory Point Bank & Trust. Jerry Ramshaw of Sperry Van Ness/Ramshaw Real Estate represented the seller in the transaction.
BLOOMFIELD HILLS, MICH. — Bernard Financial Group has arranged a $1 million loan for Bloomfield Boulevard Office Building. The 19,157-square-foot office property is located in Bloomfield Hills, about 25 miles north of Detroit. Bloomfield Blvd. LLC was the borrower. Kevin Kovachevich of Bernard Financial originated the loan. Symetra Life Insurance Co. served as the lender.
PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of Sunrise Lake Center, a two-building office portfolio in Pearland, approximately 15 minutes south of downtown Houston. The asset commanded a list price of $4.6 million. The properties include a four-story, 37,243-square-foot office tower and a 34,983-square-foot professional building located at 9307 and 9223 Broadway Street, respectively. Jerry Goldstein of Marcus & Millichap’s Houston office represented the seller, a financial institution, and also secured the buyer.