SAN DIEGO — Pacific Sorrento LLC has purchased Mira Oberlin Plaza, a 77,309-square-foot office building in San Diego. Westcore Oberlin LLC, an entity of Westcore Properties, sold the building for $24.9 million. The facility is located at 5880 Oberlin Dr. in the Sorrento Mesa area of San Diego. Fouy Ly of Sperry Van Ness’ Irvine, Calif., office represented the buyer; Westcore was self-represented in the transaction.
VIRGINIA BEACH, VA. — CTN Ventures has purchased a 13,125-square-foot office building located at 5226 Indian River Rd. in Virginia Beach from JFS Real Estate for $1.55 million. The 1-acre property was purchased as an investment. John Duffy, Jr., of Thalhimer’s Virginia Beach office represented the seller.
NEW BRITAIN, CONN. — iCap Realty Advisors of New York has arranged the sale of Hart Street Medical Center, a 53,000-square-foot medical office building located in New Britain, for $9 million. The complex is located directly across from the Hospital of Central Connecticut. Additionally, iCap secured $7 million in non-recourse, acquisition financing for the buyer to fund the purchase. The loan carries a 5-year term and a 78 percent loan-to-value ratio. Harout Ghazarian of iCap represented the seller, and Zeev Douek, also of iCap, represented the buyer in the sale. Both parties were undisclosed.
NEWPORT NEWS, VA. — Virginia Beach, Va.-based Divaris Real Estate has brokered Municipal Partners purchase of the 98,506-square-foot Class A Symantec Building, located at 1 Symantec Way on the corner of Oyster Point Road and Canon Boulevard in Newport News, from Symantec Corp. for an undisclosed amount. Financing for the three-story property, which was built in 2002 on an 11.12-acre site, was handled by Town Bank Peninsula. Cushman & Wakefield represented Symantec in the sale.
CHERRY VALLEY, ILL. — Ragnar Benson Construction, acting as general contractor, has broken ground on One Bell Valley Commons, a 68,000-square-foot, Class A office building, which will be located along Interstate 90 in Cherry Valley. The three-story facility will be composed of custom-designed office spaces ranging in size from 1,000 to 22,000 square feet per floor. RSM McGladrey, which is relocating its operations from downtown Rockford, Ill., is the first tenant that has been announced for the building. Bell Valley Commons LLC owns the property; Rockford-based Cody Design Group Inc. is the designer/architect for the project. The estimated cost of construction was not disclosed.
DALLAS — Prime Income Asset Management, a Dallas-based advisory and management company, has acquired Stanford Corporate Centre and the adjoining Telos Fitness Center building, located in the Far North submarket of Dallas. Also known as the Clear Channel Buildings, Stanford Corporate centre is a 13-story, 274,684-square-foot office building. It is anchored by Clear Channel and EnCana Oil & Gas, which combined occupy more than half of the building’s rentable space. Additional tenants in the 98 percent-leased tower include CRC Insurance Services, and Premier Business Centers. The office property also contains a four-level parking garage with 1,005 spaces. The Telos Fitness Center building totals 63,000 square feet. Prime purchased the property from Morgan Stanley Real Estate. Locally based NexBank syndicated a $26 million acquisition loan to fund the purchase. Regis Property Management, an affiliate of Prime, will manage daily operation of the office building.
RANCHO BERNARDO, CALIF. — Los Gatos, Calif.-based Granum Partners is developing Bernardo Terrace Corporate Center, a 330,000-square-foot office complex located at 11111 Rancho Bernardo Rd. in Rancho Bernardo. The first 110,000-square-foot building of the three-building campus is complete and move-in ready. When completed, the four-story buildings will feature 15-foot floor-to-floor heights, a high parking ratio, a fitness center and state-of-the-art technology such as broadband and fiber optics. The remaining two buildings will each offer 110,000 square feet of space. BPA Architecture Planning Interiors provided design services for the project; A.O. Reed served as construction manager.
CUPERTINO, CALIF. — RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s Asset Management division, has formed a joint venture with Snell&Co to acquire Torre Plaza in Cupertino for an undisclosed price. The 91,288-square-foot office building offers a unique butterfly designed-floor plate, which allows tenants twice the amount of exterior glass and natural light. Located at 10201 Torre Ave., the property was vacant at the time of acquisition. Cushman & Wakefield represented the undisclosed seller in the transaction.
FORT LAUDERDALE, FLA. — Thomas D. Wood & Co.’s Tom Wood, Jr., and Ben Jimenez recently secured $8 million in financing for the 84,000-square-foot Bayview Offices, located at 1040 Bayview Dr. in Fort Lauderdale, which is home to tenants including Corinthian Colleges and Bank of America. The loan comes at a fixed rate of 6.25 percent for 5 years, and the loan term is 10 years with a 25-year amortization. A regional bank financed the loan, which has a loan-to-value rate of 67 percent.
ATLANTA — The Georgia Automobile Dealers Association, a trade group comprised of more than 600 Georgia car dealerships, has purchased 1 acre in Shadowood Office Park and will break ground in mid-August on a new 10,900-square-foot headquarters building. Located on Powers Ferry Rd. in Atlanta, the property will be constructed by Pro Building Services and will deliver in March 2009. Norcross, Ga.-based Wakefield Beasley & Associates provided design services. Richard Bowers & Co. completed the sale.
