PEAPACK, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a leasehold interest in an office park in Peapack for $23 million. The property, which is located on 70 acres at 100 Route 206 North, consists of 10 connected buildings totaling approximately 518,000 square feet of space. It was built in 1982 as a campus for Beneficial Management but was most recently occupied by Pfizer, which also holds the fee interest in the property. The seller for the leasehold interest was Hamilton Associates LP, and the buyer was Pharmacia & Upjohn Company LLC, an entity controlled by Pfizer. Jeffrey Dunne, Kevin Walsh and Christopher Leonard of CBRE's New York Institutional Group teamed up with Bill Moylan of CBRE's Boston office to represent the seller.
HOUSTON — KBS Realty Advisors has sold the 139,834-square-foot Atrium at Park Ten office building to Beacon Investment for an undisclosed amount. The property is located on 6 acres at 16340 Park Ten Place in Houston. In the past 8 years, the owner has invested $2 million in capital improvements into the property; the Atrium is currently 88 percent leased. Holliday Fenoglio Fowler's Susan Hill arranged fixed-rate financing for Beacon. Dan Miller and Martin Hogan of HFF brokered the sale.
SAN JUAN CAPISTRANO, CALIF. — Lee & Associates has completed the $2.52 million sale of a 16,842-square-foot office building at Valle Ranch Business Park in San Juan Capistrano. Completed in 2006 and visible off Interstate 5, the distressed property is situated next to the San Juan Capistrano Unified School District building. Lee & Associates’ Dave Smith and Rob Rader represented both the private-investor buyer, Sheila LLC, and the seller, Pacific Western Bank, in the transaction; Newport Beach, Calif.-based Barnard Ventures acted as asset manager for PWB.
MIAMI — NGP Fund V has purchased a four-property Florida office portfolio totaling 196,915 square feet from South Florida Federal Partners for $95.1 million. The Miami properties include a 60,157-square-foot building located at 8801 NW 7th Ave.; a 45,911-square-foot building located on SW 120th St.; and a 41,064-square-foot building located on Miami Gardens Drive. One 28,667-square-foot property is located on 31st Ave. in Oakland Park. United States Citizenship and Immigration Services lease the buildings under a 15-year agreement. Hermen Rodriquez and Ike Ojala of Holliday Fenoglio Fowler's Miami office brokered the sale.
PRINCETON, N.J. — The New Jersey and Dallas offices of Holliday Fenoglio Fowler have joined to arranged the refinancing of a Princeton office building. The property is located at 1100 Campus Road. It rises five stories and contains 166,991 square feet of Class A space. Constructed in 2006, the building is fully leased to Novo Nordisk through May 2023. The financing, which was arranged by HFF's Jon Mikula and Brian Carlton, carries a 5-year term and a fixed interest rate. The borrower is Denver-based REIT Dividend Capital Total Realty Trust, and the lender is a life insurance company. HFF also brokered the $51 million sale of the property to Dividend in November 2009.
WOODBRIDGE, CONN. — A private investor affiliated with Aliquant Corp. has acquired a 50,000-square-foot office building in Woodbridge for $5.07 million. Woodbridge Corporate Park is a three-story building that was constructed in 1988. It was 65 percent occupied at the time of closing. Aliquant Corp. plans to move its headquarters into 15,000 square feet of the building. Steven Inglese of New Have Group represented the buyer in the deal. Inglese also helped the buyer procure acquisition financing through NewAlliance Bank. The seller is an entity controlled by Boston-based Paradigm Properties. The seller's representative was Bob Motley of Cushman & Wakefield.
ACTON, MASS. — KBS Realty Advisors has sold an Acton office park to a joint venture between National Development, Winrock Partners and Charles River Realty. Nagog Park comprises nine two- and three-story buildings situated within a 120-acre, master-planned corporate park. The nine buildings total 385,556 square feet and were constructed between 1983 and 1997. Tenants at Nagog Park include Liberty Mutual, BAE Systems, Verizon/MCI, Tatara Systems, Mintera Corp. and Azuki Systems. The Cushman & Wakefield Capital Markets Group of Robert Griffin, Jr.; Edward Maher, Jr.; David Pergola; Christopher Griffin and Brian Doherty represented the seller and procured the buyer. The acquisition price was not released.
SAN DIEGO — Cushman & Wakefield has brokered the $38.3 million purchase of the 110,000-square-foot Bernardo Terrace, a Class A, four-story office building located at 11111 Rancho Bernardo Rd. in the Rancho Bernardo submarket of San Diego. Designed by BPA Architecture Planning Interiors, the 27-acre campus was completed by Granum Partners in 2008. Cushman & Wakefield’s Steve Rosetta, Mike Macie, Alex Perry and Darren Morgan represented the buyer, Palomar Community College District, in the transaction, and Jones Lang LaSalle’s Jay Alexander and Lynn LaChapelle represented the seller, NMSBPCSLDHB.
MILWAUKEE — Education Management Corp. (EDMC), on behalf of The Art Institute of Wisconsin (Ai), has leased 40,000 square feet of office space at the P.H. Dye House, which is located at 320 E. Buffalo St. in Milwaukee’s Third Ward. Ai is one of The Art Institutes, a system of more than 45 educational institutions located throughout North America. Additionally, Ai is a school of EDMC, which is one of the largest providers of post-secondary education in the country. Chris Joyner and Trey Campbell of Fischer & Co. represented EDMC; Michael Seramur of Ogden & Co. represented the property owner and managing member, Michael Gardner of the Gardner Group, in the transaction. Terms of the lease were not released.
DALLAS — RCP Central Expressway Office Ltd. has invested $2.65 million in two Dallas office buildings located at 6060 and 6080 Central Expressway. The two properties total 270,499 square feet. The eight-story 6060 building is 82 percent leased, and 6080 is fully leased to Corinthian Colleges. The firm invested in the property at $68 per square foot, which is half of the replacement costs.