LEONIA, N.J. — Carter Validus Mission Critical REIT Inc. has acquired the Infocrossing Data Center property in Leonia, a northern suburb of Newark. The 67,000-square foot property is fully leased to Infocrossing Inc., a wholly owned subsidiary of Wipro (NYSE: WID). Server Farm Realty, a national data center developer and operator, collaborated with Carter Validus Mission Critical REIT in its purchase of the property.
THE WOODLANDS, TEXAS — The Lionstone Group, a national real estate investment firm, has sold Waterway Plaza I and II in The Woodlands to Clarion Partners. The two Class A office buildings are located at 10003 and 10001 Woodloch Forest Drive and total 366,074 square feet. The buildings are 98 percent leased with a single-anchor tenant occupying more than 50 percent of the office space under a long-term lease. Jeff Hollinden, Robert Williamson and Trent Agnew of HFF marketed the property on behalf of Lionstone Cash Flow Real Estate Partners One, a joint venture between Lionstone and a large state pension fund. The properties sold for the highest price per square foot paid to date for suburban office property in the Houston MSA, according to HFF.
DALLAS — Miami-based Parmenter Realty Partners has acquired a 14-story, 310,771-square-foot office building in the Central Expressway submarket of Dallas. The property, located at 7557 Rambler Road, is the eighth investment in Parmenter's Fund IV. Parmenter plans to make upgrades to the facility in order to achieve LEED certification. The firm now owns more than 2 million square feet of office space in Dallas.
HOUSTON — Armando Montelongo Cos. Inc., a commercial real estate investment firm, has purchased Northchase Place, a 75,000-square-foot Class B office building in Houston. The four-story property is located at 13700 Veterans Memorial Drive. Armando Montelongo Cos. purchased the asset for approximately $26 per-square-foot.
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
ATLANTA — Franklin Street Properties Corp. has acquired a 28-story office building located in Atlanta’s Midtown submarket from Jamestown Properties for $157.9 million. Situated at 999 Peachtreet St., the property was constructed in 1987 and contains approximately 621,000 rentable square feet and a parking garage. Occupancy was 95 percent at the time of closing. Jamestown first purchased the tower in 2007 and since then has made improvements that resulted in the 2009 LEED-EB certification of the building. Jamestown also repositioned the tower’s street-level retail space with tenants that include restaurant Empire State South. Eastdil Secured represented Jamestown in the deal.
LONG BEACH, CALIF. AND COLUMBUS, OHIO — Molina Healthcare has sold its headquarters office complex in Long Beach, Calif., and an office building in Columbus, Ohio, for $158 million in a sale-leaseback transaction. The 160,000-square-foot building in Columbus was acquired in December 2012 and serves as the principal health plan operations of Molina Healthcare of Ohio. The Long Beach corporate office complex is approximately 500,000 square feet and was purchased in 2011. Angelo Gordon & Co., AGNL Clinic L.P was the buyer. The McKinney Advisory Group, led by Damian McKinney, represented Molina Healthcare in the transaction. In addition, Western Reserve Partners LLC, led by Victor Faris, managing director, and supported by associate Matthew Reus and analyst Andrew Foster, served as a co-advisor and placement agent to Molina Healthcare.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (NYRR) has entered into an agreement to acquire the fee simple interest in a 10-story office building in Manhattan for $220.3 million. The 347,000-square-foot building is located at 333 W. 34th St. Midtown and is fully occupied. NYRR is purchasing the interest from SL Green Realty Corp. (SL Green). Tenants at the building include The Segal Co., The Metropolitan Transportation Authority, Godiva Chocolatier Inc. and Sam Ash New York Megastores LLC. The Jones Lang LaSalle New York Capital Markets team represented SL Green in this transaction.
PHILADELPHIA — SSH Real Estate has sold Chestnut Place, a 140,000-square-foot, Class B office building in Philadelphia, to a partnership led by Alterra Property Group LLC for $17.5 million. The seller was 15th and Chestnut L.P., a limited partnership led by general partners Peter Soens and Jeffrey Seligsohn, principals of SSH Real Estate. The partnership acquired the building in 2005 for approximately $11.4 million. During the past several years, SSH Real Estate has positioned selected office leases to have the flexibility to allow for residential conversion. The building is located at the corner of 15th and Chestnut streets.
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.