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SEATTLE — Transwestern Investment Company, on behalf of Aslan Realty Partners III LLC, has purchased Park Place, a 21-story, 310,000-square-foot office tower located in downtown Seattle. The company plans to implement a significant capital improvement program to upgrade the building’s common areas and systems. Wright Runsted & Co. have been retained to manage the property; Urbis Partners will handle the leasing. The seller and acquisition price were not disclosed.
NORWALK, CALIF. — MVP Carmenita, an affiliate of the Meridian family of companies, has purchased Carmenita Square Business Park, a 105,442-square-foot business park located on Carmenita Road in Norwalk, for $13.75 million. The park consists of three buildings, which offer units ranging in size from 412 to 7,409 square feet. At the time of acquisition, the property was 90 percent occupied. Robert Socci, Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage’s Anaheim, Calif., office represented the seller, Carmenita Square Business Park LLC, and the buyer in the transaction.
ST. LOUIS — St. Louis-based Sperry Van Ness/Infinity Commercial Group (SVN) has brokered the sale of two St. Louis office buildings for $6.69 million. Robert Kleinlehrer and Trey Buffington of SVN represented Los Angeles-based 515 Olive LLC in the sale of The Millennium Center, a 20-story Class B office building located at 515 Olive St., for $4.14 million. The building contains 226,218 rentable square feet and was 50 percent occupied at the time of closing. The property was acquired by New York-based Nassimi Realty. Kleinlehrer and Buffington also represented St. Louis-based Shell Building LLC in the sale of The Shell Building, a 12-story, 112,000-square-foot office building located at 1221 Locust St., for $2.55 million The buyer, St. Louis-based RSDB, was represented by Hal Hanstein and Ron Kramer of Cardinal Real Estate.
PARSIPPANY, N.J. — McMorgan & Co. has acquired 10 Waterview Blvd., a 208,600-square-foot office property in Parsippany, from TIAA-CREF. The Class A property is 58 percent leased to four tenants and suites are available from 2,484 square feet to 45,032 square feet. Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction. The acquisition price was undisclosed.
WASHINGTON TOWNSHIP, N.J. — NAI James E. Hanson has negotiated the sale of 6 acres of land in Washington Township. Hamilton, N.J.-based Sherute acquired the property, zoned for commercial/office space, from BP Products of North America. The property is located at Route 130 and Meadowbrook Road. Gary Sauerborn of NAI Hanson represented the seller in the transaction. The sale price was undisclosed.
PALO ALTO, CALIF. — San Francisco-based Shorenstein Properties has acquired 601 California Avenue, a 111,653-square-foot office building located within Stanford Research Park in Palo Alto. Built in 1998, the two-story, Class A property is currently 100 percent leased to Wilson, Sonsini, Goodrich and Rosati. The property also includes parking for 385 vehicles. Terms of the transaction were not disclosed.
SAN FRANCISCO — An affiliate of San Francisco-based The Swig Company has acquired a 105,225-square-foot data and telecommunications building, which is located at 274 Brannan St. in San Francisco’s Transbay Terminal/South of Market area. Built in the 1920s, the nine-story property originally served as a maintenance facility for Pacific Railroad. The building was later converted into an office property and then to its current state as a state-of-the-art, fiber-rich telecommunications facility. Tony Crossley and David Brandwein of Colliers’ San Francisco office represented the seller, an affiliate of Yale Properties USA Inc. Mitch Thurston and Andy Ahlers of Capmark Finance Inc.’s San Francisco office arranged acquisition financing for the transaction. The acquisition price was not disclosed.
FORT LAUDERDALE, FLA. — New Boston Fund has acquired AtlanTech Tower, a 12-story, Class A office building located at 6451 N. Federal Hwy. in Fort Lauderdale, for an undisclosed price. Developed in 1973, the 413,390-square-foot property is currently 89 percent leased to tenants such as AT&T, CompHealth, Matria Healthcare, Holy Cross Home Health, Wachovia Mortgage Corp., Conseco Services, Whole Foods Market Regional headquarters and Tropical Financial Credit Union. The property recently underwent a $15 million renovation, which included an upgrade to the lobby and elevators, the installation of a new cooling tower and retrofitting HVAC units, and the addition of a five-story parking structure. Rick Egitto and Bill Balkovatz of Crimson Services LLC represented the seller, an entity controlled by Grosvenor Investment Management on behalf of a large pension fund client.
HUMBLE, TEXAS — Marcus & Millichap has finalized the sale of Atascosita Professional Plaza, a 43,471-square-foot office building located at 7810 FM 1960 Rd. East in Humble, Texas. Ross Cannizaro of Marcus & Millichap represented both the buyer and the seller in the undisclosed transaction.