NEW YORK CITY — A joint venture led by New York City-based The Clarett Group has acquired 180 Madison Avenue, a 23-story, 274,000-square-foot office building located in New York City, for $146 million. Clarett and its joint venture partner, Prudential Real Estate Investors, plan to implement a capital improvement plan. The JV acquired the property from Sitt Asset Management, which was represented by Doug Harmon and Adam Spies of Eastdil Secured. CB Richard Ellis has been brought on as leasing agent for the building.
SAN DIEGO — The Jackson Drive Group (JDG) has completed the disposition of a commercial property in San Diego. Located at 7404-7424 Jackson Dr., the property consists of a 12,220-square-foot multi-tenant, professional building and a freestanding 6,500-square-foot Bank of America branch. At the close of escrow, the property was 100 percent occupied. 7404-7424 Jackson Drive TIC acquired the property for $3.5 million. Scott Collins and Gina Coldani of NAI San Diego represented the seller; the buyer was self-represented in the transaction.
CHARLOTTE, N.C. —Litchin Corp. recently sold the 215,226-square-foot, three-building office park Prosperity Place, located at 10130, 10150 and 10200 Mallard Creek Rd. in Charlotte, to Lancaster, Pa.-based High Associates for $25.6 million. Ryan Clutter, Patrick Gildea and Adam Basch of CB Richard Ellis’ Charlotte office represented the seller.
WEST PALM BEACH, FLA. — Aventura, Fla.-based Sara CCMC Holdings has sold a 7,190-square-foot medical office building, located at 4475 Medical Center Way in West Palm Beach, to the local firm PBD&P for $1.17 million. Robert Smith and Warren Sears of CB Richard Ellis represented the seller. The buyer plans to turn the space into a dermatology practice.
FARMINGTON HILLS AND NOVI, MICH. — Farmington Hills-based Northern Equities Group has leased three spaces in Michigan to the international automotive supplier Harman Becker Automotive Systems. The buildings, which total more than 100,000 square feet, will house offices, labs, evaluation, and research and development areas. The first lease was a 10-year renewal for Harman Becker’s existing 60,000-square-foot office located at 39001 West 12 Mile Rd. in Farmington Hills. To house its new engineering center, Harman Becker has signed a 10-year lease for 51,000 square feet of space within LaSalle Technology Centre South, which is located at 28845 Cabot Dr. in Novi. Also in Novi, the company has signed a short-term lease for 6,000 square feet of space within the Cabot Technology Centre located at 28700 Cabot Dr. Chris Secontine in the Southfield, Mich., office of Signature Associates represented Harman Becker Automotive Systems in the transactions.
NEW YORK CITY — New York City-based SL Green Realty Corp. has begun multi-million dollar renovations to three of its New York City office properties. A $7 million renovation is currently underway at 711 Third Ave. in Manhattan. Renovations to the 20-story, 553,000-square-foot office building include an upgraded lobby and elevator cabs, a state-of-the-art security system, an expansion of the building’s Third Avenue entrance and the restoration of the mosaic mural that surrounds the elevator banks. TPG Architecture is managing the renovation process. Also in Manhattan, a $10 million improvement program is underway at 810 Seventh Ave. The 41-story, 694,000-square-foot property will receive renovations to the lobby, elevator cabs, fire alarm system, common corridors and bathrooms. A façade restoration and electrical system upgrade will also be completed. A+I Design is serving as the project’s design architect. Finally, a $16 million renovation is underway at 16 Court St., a 38-story, 284,000-square-foot office building located in Brooklyn. Renovations will include a new lobby and elevator cabs; a modernization of the elevator equipment; new windows; a façade restoration and upgrades to the restrooms and common corridors. TPG will also be overseeing this project.
NEW YORK CITY — New York City-based Winoker Realty has arranged the acquisition of a 5,000-square-foot office condominium, located on the third floor of 134 West 29th Street in Midtown Manhattan, New York City, for $2.9 million. The condo was purchased by DNT Enterprises, which will be relocating from its previous office at 60 E. 42nd St. Jonata Dayan and Adam Ben-Dayan of Winoker represented DNT Enterprises. The owner, PADAM LLC, was represented by Dan Segal of Newmark Knight Frank and Russell Miller of Brown Harris Stevens.
BRANCHBURG, N.J. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has arranged a $9.8 million bridge loan for Branchburg Centre, a 91,719-square-foot office building located at 3040 Route 22 West in Branchburg. The two-story property is currently 85 percent occupied by a tenant roster that includes Hewlett Packard and Ortho Biotech. James Gunning and Donna Falzarano of CBRE secured the loan on behalf of Normandy Realty Partners through a New England-based commercial bank.
IRVING, TEXAS — The Dallas office of Opus West Corp. has begun construction for Regent Center II, a 55,000-square-foot office building located in Irving. The new two-story building is situated within the DFW Freeport office complex, and is adjacent to Regent Center I, which was developed by Opus in 1993. The project is scheduled for completion in December. Stream Realty Partners will handle leasing for the new building and the vacant space in Regent Center I.
NEWNAN, GA. — Coweta Summit Associates recently sold the three-story, 67,333-square-foot medical office building Summit Healthplex, located at 1755 Highway 34 East in Newnan, to an undisclosed buyer for $26 million. Tenants include Georgia Bone & Joint, Georgia Rehabilitation Center and Meriwether County Hospital Authority. Atlanta-based Bull Realty’s Paul Zeman brokered the property for the seller.