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.
DURHAM, N.C. — Mount Olive College, a small, private Christian college, has renewed its lease for 17,904 square feet at Central Park South, located at 5001 S. Miami Blvd. in Durham. Central Park South is part of a two-building office campus totaling 220,500 square feet. Mount Olive renewed its lease for seven years. Lee Clyburn of Avison Young represented the landlord, James Campbell Co., in the transaction. Gardner Gibson of David Moore Advisors represented the tenant.
CHESTERFIELD, MO. — Reinsurance Group of America Inc. (RGA) has broken ground on its new 405,000-square-foot global headquarters at 16600 Swingley Ridge Road in Chesterfield, about 20 miles west of St. Louis. When Clayco Corp. completes the site in 2014, the complex will include two five-story office towers linked by a two-story atrium lobby. The headquarters will include a café seating 500 people and a 2,500-square-foot fitness facility.
MARYLAND HEIGHTS, MO. — World Wide Technology Inc. (WWT) has opened a new headquarters facility at its campus in Maryland Heights, about 20 miles northwest of St. Louis. The two-story, 57,200-square-foot building will accommodate WWT’s rapid growth an, according to the company. The facility includes an open space layout, a 150-seat auditorium, digital signage and a briefing center. Green technologies were included in the construction, such as plastic reflective roofing, motion sensors, efficient plumbing and recycled building materials. M+H Architects, O’Toole Design, Legacy Building Group and Keeley Construction are the design team for the project. The address for WWT’s new headquarters building is 701 Fee Fee Road.
NEW YORK CITY — Colliers International has arranged an eight-year, 17,000-square-foot relocation and expansion at 469 Seventh Ave. in New York City for Summit Business Media. The B2B media and information company, which serves the insurance, financial services and investment advisory markets, will occupy the entire 10th floor. Summit will move from its 475 Park Ave. location into its new expanded space by July. Eric Meyer and Martin Meyer of Colliers arranged the lease on behalf of the building owners. Alan Wildes of Cushman & Wakefield represented the tenant in the transaction.
BOSTON — Interior construction is now complete for The Perseus Books Group’s new 12,000-square-foot office, located at 44 Farnsworth St. in Boston. The nine-story building includes 96,000 square feet of office space, according to CoStar Group. The independent publishing company is relocating from Cambridge to the new space. The Perseus Books Group is moving 30 employees into the new space, as well as one of their divisions, Da Capo Press. Construction Coordinators Inc. provided construction management services, and Leslie Saul & Associates was the architect for the project.
DENVER – A 680,277-square-foot office building in Denver has sold to Franklin Street Properties Corp. for $183 million. The building is located at 1999 Broadway in the city’s Central Business District. The acquisition included a nine-story parking structure. The building is 96 percent leased.
ATLANTA — Colonial Properties Trust has sold Three Ravinia, an 814,000-square-foot Class A office asset in Atlanta, for $144.3 million. The property is 92.1 percent occupied. Colonial plans to use proceeds from the sale to repay a portion of its outstanding balance on the company's unsecured credit facility.
NORFOLK, VA. — Town Point Club Inc. has renewed its lease for 18,394 square feet of office space in the World Trade Center, located at 101 W. Main St. in Norfolk. Town Point Club is a private business club comprised of formal and casual dining areas, meeting rooms, business center, bar, lounge and smoking room. The membership includes business executives, military officers and entrepreneurs. Michael Divaris of Divaris Real Estate Inc. represented the tenant in the deal.