LOS ANGELES AND SAN DIEGO — As part of a $25 million capital improvement plan, Equity Office, an affiliate of The Blackstone Group, has completed renovations totaling $6.5 million on three office buildings located in Los Angeles and San Diego. 6701 Center Dr. and 5670 Wilshire Blvd. in Los Angles both received $2 million in renovations, including elevator cab modernization and path of travel upgrades. For $2.5 million, 701 B St. in San Diego underwent lobby renovations and elevator cab modernization.
WESTLAKE VILLAGE, CALIF. — Gary Heathcote of the local architecture firm Heathcote & Associates has purchased a two-story, 15,000-square-foot office building, located at 3396 Willow Lane in Westlake Village, from an undisclosed exchange entity for $3 million. Jack Dwyer of NAI Capital’s Westlake Village office represented Heathcote in his acquisition of the property, which will serve as the new headquarters of Heathcote & Associates. Larry Ray of Capital Line Financial and Kelvin Davis of First Community Bank helped arrange financing for the purchase. Tony Principe of Westcord Commercial Group in Westlake Village represented the seller.
SAN DIEGO — Chris Ross and Paul Braun of Colliers International’s San Diego office represented Cardinal Enterprises in its purchase of a 6,502-square-foot office suite in the Cabrillo Medical Center from Fenway Properties V for $2.68 million. The buyer will turn the space, located at 7695 Cardinal Ct. in San Diego, into a dermatology and cosmetic surgery office, which will open in January 2009. Matthew Carlson of Cushman & Wakefield’s San Diego office represented the seller.
VIRGINIA BEACH, VA. — Virginia Beach-based Olympia Development Corp., owner of the four-building, 338,850-square-foot Convergence Center office complex, has started construction on the five-story, 89,000-square-foot Convergence Center IV. Capital investment for the new property, located at 301 Bendix Rd. in Virginia Beach, is estimated at $22.3 million. The building will deliver in summer 2009, and it will employ an estimated 400 to 500 workers when fully occupied.
FORT MYERS, FLA. — Fort Myers-based J.L. Wallace has finished work on the 4,279-square-foot SunTrust Bank at Gulf Coast Town Center. Located at 17100 Ben Hill Griffin Pkwy. in Fort Myers, the building features detailed cabinetry and extensive glass work. Harold Morgan, Jim Ruby and Robbyn Spears of J.L. Wallace served as the construction team.
CHICAGO — NAI Hiffman has brokered the investment sale of a seven-story office building located at 180 N. Wacker Dr. in Chicago. Marc Realty has acquired the facility from a local private investment group for an undisclosed amount. Tenants at the 71,489-square-foot building include Hogan Marren Ltd., Coogan’s Riverside Saloon, Hitchcock Design Group, HTAH Law and FSNB Private Bank. Chad Firsel, Art Burrows and John Bullen of NAI Hiffman’s Investment Services Group represented both parties in the transaction.
DALLAS — Marcus & Millichap has brokered the sale of the former Greyhound Office Building, a 93,087-square-foot office property located in Dallas. Situated on 2.66 acres at 15110 N. Dallas Pkwy., the property comprises the six-story office building and a three-level parking garage. The building was fully occupied by Greyhound and served as the company’s corporate headquarters until it relocated. Ron Hebert of Marcus & Millichap’s Dallas office and Matthew Kipp of the firm’s Newport Beach, Calif., office represented the seller; Hebert also procured the buyer. Both parties were undisclosed.
POMONA, CALIF. — Marcus & Millichap Capital Corp. has secured an $8.8 million fixed-rate loan for the refinancing of a 242,000-square-foot office building located at 2001 W. Mission Blvd. in Pomona. Terms of the financing include a 3-year term with interest-only payments and a loan-to-value ratio of 50 percent. Adam Petriella of Marcus & Millichap’s West Los Angeles office originated the financing. Both parties were undisclosed.
ATLANTA — Grubb & Ellis Realty Investors has acquired the 199,000-square-foot One Live Oak office complex, located at 3475 Lenox Rd. in Atlanta, from Fort Worth, Texas-based Crescent Real Estate Equities for an undisclosed amount. The property, which includes a seven-level parking deck, is 92 percent leased; tenants include the Securities and Exchange Commission, University of Georgia Real Estate Foundation and Corporate Offices Georgia. W. Hayes Swann and Matt Tritschler of New York City-based DTZ Rockwood represented Crescent.
SUNRISE, FLA. — Malvern, Pa.-based Liberty Property Trust has acquired a 106,910-square-foot office building from Real Estate Capital Partners for an undisclosed amount. Located at 13621 N.W. 12th St. in Sunrise’s 612-acre Sawgrass International Corporate Park, the property is 100 percent leased to UnitedHealthcare.