BEACHWOOD, OHIO — The Pavilion Office Building, a 42,598-square-foot property, has sold to a private investor for $3.2 million. The property, located at 24100 Chagrin Blvd. in the metro Cleveland area, sold at 96 percent of the original listing price. Cooper Commercial Investment Group represented the buyer and seller, a private group based out of Beachwood, in the deal.
MILWAUKEE — Michael Best & Friederich LLP has renewed its 89,725-square-foot office lease for five more years in downtown Milwaukee. The office building is located at 100 E. Wisconsin Ave. and is managed by Reit Management & Research LLC. Steve Steinmeyer, Jack Keenan and Dan Jessup of Jones Lang LaSalle represented Michael Best in the deal and Kevin Armstrong and Steve White of CBRE represented the landlord, CommonWealth REIT. Michael Best & Friederich is a broad-based business law firm that has offices in Milwaukee, Madison, Waukesha and Manitowoc, Wis. and Chicago.
FORT WORTH, TEXAS — Arlington-based SkyWalker Property Partners has sold two historic office buildings, located at 215 and 219 S. Main St. in Fort Worth, after investing more than $350,000 in their restoration. An investment group known as 1915 South Main LLC, which is affiliated with JRH Partners, purchased the adjacent brick buildings. The buildings total 12,970 square feet and once served as a regional office for Illinois-based Greenlee Textron Inc. The buildings are primed for retail or office use and sit blocks away from downtown Fort Worth. The new owner is seeking tenants for the buildings, which sit on a lot with two parking areas, totaling 47 spaces. Blake Lloyd of CBRE represented the buyer in the transaction.
PHOENIX — Mosaica Office Building, a 65,900-square-foot office building in the Phoenix submarket of Ahwatukee, has sold to BASIS Schools, Inc for $2 million. The Class C building is located at 10210 South 50th Place. The building was vacant at the time of the sale. College preparatory school BASIS Ahwatukee is scheduled to occupy the space in August 2013. The seller was Educational Facilities Acquisitions LLC. The transaction was executed by Eric Wichterman and Mike Coover of Cassidy Turley and Terry Warren of Arizona Charter Commercial Realty.
BOTHELL, WASH. — Canyon Park Highlands II and III, a pair of life science research/office buildings in Bothell, have sold to Senior Housing Properties Trust for $38 million. The 144,900-square-foot properties are located on 30thDrive about 20 miles northeast of Seattle. The buildings serve as the headquarters of Seattle Genetics, one of the city’s largest biotechnology companies. The seller, Washington Capital Management Inc., was represented by Lori Hill,Stuart WilliamsandAnn Chamberlinof Jones Lang LaSalle’s Capital Markets team and Daniel SegerandMark Flippo, leasing and market specialists with the firm.
LOS ANGELES — Premier Business Centershas leased the 12th floor at The Wilshire Landmark I building in the Los Angeles submarket of Brentwood. The building is located at 11755 Wilshire Blvd. The office space and executive suites operator will occupy 28 executive suites and office spaces, two meeting rooms, a kitchen, business lounge and reception area.
GAITHERSBURG, MD. — Equus Capital Partners has acquired a four-building, 282,523-square-foot office and lab portfolio in Gaithersburg for $41.4 million. The acquisition included a 4.9-acre parcel that can accommodate the development of 125,000 square feet of office and lab space. The buildings are 95 percent occupied to life science tenants, including Medimmune and Qjagen. The properties are located at 25, 35 and 45 W. Watkins Mill Road, near I-270. Jim Meisel, Dek Potts and Matt Nicholson of HFF as well as Robert Scheer and Matt Brady of Scheer Partners represented the seller in the transaction. Roy Perry and Kyle Turner of Equus also assisted in the deal.
COLUMBIA, S.C. — The University of South Carolina Development Foundation has acquired 1027 Barnewell St. in Columbia's central business district for $1.3 million. The 10,000-square-foot office building was formerly occupied by the South Carolina School Board Association. Dick Stanland of NAI Avant represented the seller in the transaction.
MINNEAPOLIS — City Center Realty Partners, in a partnership with Angelo, Gordon & Co., has purchased 320,000 square feet of office space in downtown Minneapolis. The space occupies floors 18-36 of the Plaza Seven, a mixed-use tower located in the Nicollet Mall corridor at 45 S. Seventh St. The acquisition includes the building’s heated underground garage with 315 parking spaces. City Center Real Estate Services, an affiliate of City Center Realty Partners, will manage the new property. Jones Lang LaSalle will serve as the leasing agent for the office space. In addition to the office building, the Plaza Seven tower includes retail and a hotel.
BOTHELL, WASH. — Canyon Park Highlands II and III, a pair of life science research/office buildings in Bothell, have sold to Senior Housing Properties Trust for $38 million. The 144,900-square-foot properties are located on 30th Drive about 20 miles northeast of Seattle. The buildings serve as the headquarters of Seattle Genetics, one of the city’s largest biotechnology companies. The seller, Washington Capital Management Inc., was represented by Lori Hill, Stuart Williams and Ann Chamberlin of Jones Lang LaSalle’s Capital Markets team and Daniel Seger and Mark Flippo, leasing and market specialists with the firm.
