WHIPPANY, N.J. — A partnership between Vision Equities and Rubenstein Partners has purchased Alcatel-Lucent's former campus in Whippany. Located on 194 acres at 67 Whippany Road, the property consists of 15 office, laboratory and support buildings. The 1.4 million-square-foot campus was vacant at the time of the sale. The Cushman & Wakefield team of David Bernhaut and Robert Donnelly, Jr., represented the seller and procured the buyer. The acquisition price was not released, but it recently appraised for more than $42 million.
ASHLAND, VA. — Showcase Woodworking Ltd. has completed the disposition of a 115,000-square-foot office/warehouse facility in Ashland. Christen & Anne Nelson acquired the property, which is located at 100 Haley Road, for $2.2 million. Robert Porter Jr. and Kevin Cox of Porter Realty Co. represented the seller; Richard Porter, also of Porter Realty Co., represented the buyer in the transaction.
MOUNTAIN VIEW, CALIF. — Cassidy Turley BT Commercial Palo Alto has presided over the $8.55 million investment sale of a 23,611-square-foot Class A office building, located at 800 California Street in downtown Mountain View. The three-story, multi-tenant building was fully leased at the time of trade. In the transaction, Cassidy Turley’s Brian Henry, Kalil Jenab and Mike represented both the buyer and seller, Menlo Park, Calif.-based Peninsula Land & Capital LLC and 800 California LLC, respectively.
SAN DIEGO — Jones Lang LaSalle has closed a $13.5 million lease renewal and expansion at the San Diego Tech Center, a landmark, Class A complex located at 9645 Scranton Road in the Sorrento Mesa area of San Diego. The new 60-month lease totaling more than 96,000 square feet renews Novatel Wireless’ commitment for four suites at the property and adds 20 percent more space. Jones Lang LaSalle’s Jay Alexander, Chad Urie and Tim Olson represented MPG Office Trust – San Diego Tech Center in the transaction, and Cushman Wakefield’s Dennis Hearst and David Viani represented the tenant. The San Diego Tech Center includes a five-acre Japanese garden and an on-site Karl Strauss Brewery.
WASHINGTON, D.C. — Internal Revenue Services (IRS) has signed a 10-year lease for 100,500 square feet of office space at 999 North Capitol in the Union Square complex. The IRS will be relocating from 1750 Pennsylvania Ave. and is expected to take occupancy January 2012. Jones Lang LaSalle represented the tenant; Akridge and Cushman & Wakefield represented the landlord, CIM Group, in the transaction. Terms of the lease were not released.
OVERLAND PARK, KAN. — Cohen Financial has secured a $14.5 million loan for the refinancing of the Waddell & Reed office building in Overland Park. Located at 6301 Glenwood Ave., the 107,320-square-foot building is fully leased to Waddell & Reed. Brandon Harrington of Cohen Financial originated the 10-year, low interest fixed-rate loan, which carries a 25-year amortization schedule. Goldman Sachs Commercial Mortgage Capital provided the loan.
SAN ANTONIO — Phoenix-based Cole Real Estate Investments has acquired the Medtronic office building, located within The Rim mixed-use development in San Antonio, from Transwestern. The office property is a 142,000-square-foot Class A property that was constructed in 2008. Medtronic, Inc., a manufacturer of medical devices, occupies the property with a remaining lease term of approximately 10 years with two 5-year renewal options. Boyd Messman represented Cole in house, while Ty Puckett represented Transwestern in house.
CHANTILLY, VA. — Federal Partners has acquired Meadows I, a 104,003-square-foot office building in Chantilly. Located at 4755 Meadow Wood Lane within Westfields Corporate Center, the property has undergone recent improvements, including a new roof, facade renovations, major mechanical upgrades and updated restrooms. Paul Collins, Bill Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Turley represented the seller, an institutional client represented by Hart Realty Advisors, in the transaction. Terms of the sale were not released.
NORTH CHARLESTON, S.C. — Mt. Pleasant, S.C.-based Ziff Properties has completed the disposition of Corporate Square II, which is located at 4925 LaCross Road in North Charleston. Real Estate Value Advisors purchased the 32,656-square-foot office building for an undisclosed price. The property is currently 93 percent occupied by tenants, including Leschaco Inc., Hearst Communications, Sentry Management and Family Services. Frank Norvell of Charleston, S.C.-based The Norvell Group represented the seller in the transaction.
MORRIS TOWNSHIP, N.J. — ProSight Specialty Insurance has signed a 10-year lease for 40,310 square feet within 412 Mt. Kemble Avenue, a 474,100-square-foot office property located in Morris Township. The space will serve as the firm's new headquarters. The Jones Lang LaSalle team of Thomas Reilly and Derek DeMartino represented the tenant in lease negotiations. Brian Decillis provided in-house representation for Mack-Cali.