GLENDALE, ARIZ. — Sun Commercial Real Estate’s Investment Services Group has arranged the sale of a medical office building located at 20325 N. 51st Ave. in Glendale. A California-based buyer acquired the property for $4.5 million, or approximately $375 per square foot. DaVita Dialysis occupies the 12,148-square-foot property on an absolute net-leased basis, with at least 10 years remaining on its lease. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate handled the transaction. The name of the seller was not released.
BOCA RATON, FLA. — Cushman & Wakefield has brokered the $42.1 million sale of ADT Inc.’s 171,489-square-foot global headquarters located at 1501 Yamato Road in Boca Raton. ADT provides security and automation solutions for homes and businesses in the United States and Canada. Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based RAIT Financial Trust. A joint venture between Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties LLC acquired the office asset. Cushman & Wakefield’s Jason Hochman arranged a $28.6 million, non-recourse acquisition loan on behalf of the new ownership. The building is located within The Park at Broken Sound, a 700-acre mixed-use park. Constructed in 1983, the office building features a skylit atrium, water feature, golf course views and a structured parking garage. The building is fully leased to ADT and was fully renovated in 2011 before the tenant took occupancy.
WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …
ROCHELLE PARK, N.J. — Cushman & Wakefield has arranged the sale of 395 W. Passaic St., a four-story, 107,969-square-foot office building in Rochelle Park. The sales price was not disclosed. Cushman & Wakefield represented the sellers, Garrison Investment Group and Onyx Equities, in the transaction. They buyer was Ramaa Management. The three-acre property was 80 percent leased to eight tenants at the time of sale.
CHICAGO — The Howard Hughes Corp. and Riverside Investment & Development, along with Clark Construction, have broken ground on 110 North Wacker, a 1.4 million-square-foot office tower in the heart of Chicago’s central business district. More than 30 percent of the 55-story tower is preleased to Bank of America. Designed by Goettsch Partners, the Class A building is located between the Chicago River and Wacker Drive. Amenities will include a conference center, fitness facility, retail and dining space. Bank of America and JP Morgan Chase provided a $495 million construction loan. USAA Real Estate also provided an equity investment. Completion is slated for the fourth quarter of 2020.
CHICAGO — J.C. Anderson Inc. has completed a 26,000-square-foot office build-out for Fitch, Even, Tabin & Flannery LLP in Chicago. The law firm chose to modernize its space on the 21st floor at 120 S. LaSalle St. The project features a new reception desk, open ceilings and private offices. Renovations also include an open layout and technology upgrades. Partners by Design provided architectural services.
PHOENIX — New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Finland-based Ilmarinen Mutual Pension Insurance Co., has purchased 24th at Camelback, an office property located in Phoenix’s Camelback Corridor submarket. Hines U.S. Office Value Added Venture III sold the property for an undisclosed price. The eight-story property features 302,209 square feet of Class A office space. CBRE represented the seller in the deal.
BRISBANE, CALIF. — Meridian has completed the disposition of a multi-tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transaction. Built in 1983, the six-story building features 104,000 square feet of office space. CBRE’s Northern California Capital Markets team represented the seller and buyer in the deal.
LOS ANGELES — Vanbarton Group has acquired an office building located at 6725 Sunset Blvd. in Los Angeles’ Hollywood submarket. Crown Realty & Development sold the property for $37.7 million. The five-story multi-tenant property features 73,835 square feet of office space. At the time of sale, the property was fully leased by 15 tenants. Additionally, the transaction included an adjacent three-level parking structure. Kevin Shannon, Rob Hannan, Ken White, Michael Moll of NKF Capital Markets, along with John Tronson of Avison Young and Kreg Groat of Crown Realty & Development, represented the seller in the sale.
CHARLOTTE, N.C. — Cambridge Properties plans to convert a former Kohl’s department store at 9315 N. Tryon St. in Charlotte into an 87,000-square-foot office building. The transit-oriented development is located across the street from the main entrance to University of North Carolina at Charlotte and near the JW Clay Boulevard light-rail station. In addition, the building is situated within walking distance to more than 30 restaurants. The property features high ceilings and a mezzanine level and has the ability to accommodate a new glass storefront, collaborative meeting space, employee lounge/game area and an outdoor back patio. Alexandra Mann, Barry Fabyan and Charley Leavitt of JLL are handling the building’s leasing assignment. Last year, JLL leased roughly 96,000 square feet of creative office space to Verizon Wireless at the site of a former Super Kmart in east Charlotte.