HOUSTON — Colliers International has arranged the sale of the 75,289-square-foot Northwest Central Plaza, located at 5500 N.W. Central Drive in Houston. The two-story office building is located in the Northwest Far submarket. David Carter and Jay Kyle of Colliers International represented the seller, MLCW NWC LP, in the transaction.
FARMERS BRANCH, TEXAS — Stream Realty Partners has facilitated a lease expansion at The Centre, a 52-acre campus consisting of 11 office buildings. The Centre is located at 4100 Alpha Road in Farmers Branch in the West LBJ submarket. TexasLending.com’s 11,763-square-foot lease brings its total footprint at The Centre to 79,153 square feet. Seth Thatcher of CASE Commercial Real Estate Partners represented the landlord, Daltex Centre LP, in the transaction.
TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.
PASADENA, CALIF. — A 103,169-square-foot, Class A office campus in Pasadena has received $24.3 million in financing. The funds will allow a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, reposition and lease the property, known as 150 Orange Grove. The joint venture will deploy a significant amount of capital into the property’s renovations and building systems in order to attract new tenants. The campus is fully occupied by the seller, Avery Dennison. The labeling and packaging company will lease the space back through early 2014 as it finalizes its relocation. Renovations will begin in late 2013 and are scheduled for completion in mid-2014.The loan was provided by PCCP, LLC.
CULVER CITY, CALIF. – A 52,348-square-foot office building in Culver City has sold to a private investor for $12.6 million. The three-story building is located at 6133 Bristol Parkway. The previous owner, a joint venture between Palisades Equity Partners and an institutional investor, recently repositioned the center. The JV made a substantial investment in its building improvements and ultimately enhanced the rent roll’s credit quality.The buyer was represented by James Hooks of CRESA. The seller was represented by Steve Solomon and Chris Strickfaden of Jones Lang LaSalle.
GARDEN GROVE, LOS ALAMITOS, CALIF. — A two-building medical office portfolio that includes properties in Garden Grove and Los Alamitos has received $11 million in financing. The properties include the 74,367-square-foot Grove Medical Arts Building, which is located at 12665 Garden Grove Blvd., and the 45,886-square-foot Los Alamitos Medical Professional Building, which is located at 10861 Cherry Street in Los Alamitos. The 20-year, fully amortizing, fixed-rate financing was arranged by HFF’s Mark Wintner on behalf of a joint venture between Pacific Prime Properties and Hager Pacific. Financing was provided by ING Investment Management. The funds were used to refinance existing debt on the property and return capital to the borrower.
WASHINGTON, D.C. — CoStar has received LEED Platinum for Commercial Interiors (CI)certification for the remodel of its headquarters at 1331 L St. in Washington, D.C. Sustainable features of the building include exclusive use of fluorescent and LED light fixtures, Greenguard-certified workstations and offices, extensive water conservation measures, Smart Building System technology, a green roof garden, and electric car charging stations in the building’s garage. CoStar currently has one LEED Platinum CI office in Boston and two offices in Atlanta and San Diego pending Platinum CI certification. Six of its offices are maintained in LEED-Gold certified buildings.
TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.
PASADENA, CALIF. — A 103,169-square-foot, Class A office campus in Pasadena has received $24.3 million in financing. The funds will allow a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, reposition and lease the property, known as 150 Orange Grove. The joint venture will deploy a significant amount of capital into the property’s renovations and building systems in order to attract new tenants. The campus is fully occupied by the seller, Avery Dennison. The labeling and packaging company will lease the space back through early 2014 as it finalizes its relocation. Renovations will begin in late 2013 and are scheduled for completion in mid-2014. The loan was provided by PCCP, LLC.
CULVER CITY, CALIF. – A 52,348-square-foot office building in Culver City has sold to a private investor for $12.6 million. The three-story building is located at 6133 Bristol Parkway. The previous owner, a joint venture between Palisades Equity Partners and an institutional investor, recently repositioned the center. The JV made a substantial investment in its building improvements and ultimately enhanced the rent roll’s credit quality. The buyer was represented by James Hooks of CRESA. The seller was represented by Steve Solomon and Chris Strickfaden of Jones Lang LaSalle.
