PHOENIX — California-based Fenway Properties has purchased Camelwest Plaza, a 173,388-square-foot office development located at 1951 and 2001 W. Camelwest Rd. in Phoenix. The property, which includes two four-story buildings and two three-story parking garages, sold for $9.5 million. At the time of acquisition, the property was 70 percent occupied. Koll Bren Fund V, managed by Newport Beach, Calif.-based Koll Bren Schreiber Realty Advisors, sold the property. Trevor Klinkhamer, Ray Harris and Alissa Leon of Grubb & Ellis|BRE Commercial, along with former Grubb & Ellis|BRE brokers Dennis Desmond and Nathan Thinnes represented the seller. Mark Lucescu of Newport Beach-based Lucescu Realty also represented the seller in the transaction. The buyer was self-represented.
COLUMBUS, OHIO — Alterra Real Estate Advisors has brokered the sale of The Cliffs office building, which is located at 2323 West Fifth Ave. in Columbus. The 118,000-square-foot office facility was acquired by 2323 Realty Group LLC of Bloomfield Hills, Mich., for $5.3 million. Citizens Bank sold the building, which was 86 percent leased at the time of the sale. Ross Lanford of Alterra represented the seller; Alan Stern of ICI Property Consultants represented the buyer in the transaction.
BOLINGBROOK, ILL. — Oak Brook, Ill.-based Krusinski Construction Co., as general contractor, has completed Remington Medical Commons, a Class A medical office facility located at 329 Remington Blvd. in Bolingbrook. Krusinski Construction was retained by developer Irgens Development Partners LLC to complete the two-story, 38,752-square-foot building. The facility is situated on a 3-acre site adjacent to the Adventist Bolingbrook Hospital campus. Tenants at the facility include Bolingbrook Family Medicine and Nephrology Associates of Northern Illinois. The extensive piping installed by Krusinski is ready to serve six additional tenants, which are expected include primary care physicians and medical specialists.
NASSAU BAY, TEXAS — Houston-based PM Realty Group has arranged the lease of 59,797 square feet located at 2100 Space Park Dr. across from NASA’s Johnson Space Center in Nassau Bay. Lockheed Martin Corp. will occupy two floors of the building, effective this month. The contractor is expanding its presence in the Bay Area of metropolitan Houston as it begins work for NASA on the Orion Crew Exploration Vehicle. Doug Little, Wade Bowlin and Erik Haugen of PMRG represented the building’s landlord, Fund II & Fund III Associates; Derrell Curry of Studley represented Lockheed Martin.
VISTA, CALIF. — Global Building and CITYMARK Development Corp. have developed Premier Crossing, a $20 million medical and professional office park in Vista. Located at the intersection of South Melrose Drive and Sycamore Avenue, the 51,716-square-foot project offers 10 buildings ranging in size from 3,870 to 6,280 square feet and are divisible to as small as 1,800 square feet. Davis Davis Architects provided architectural services for the for-sale project, while Richard & Richard Construction Company served as general contractor.
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.