LOS ANGELES — A joint venture between Lincoln Property and Rockwood Capital has purchased Gateway El Segundo, a 355,000-square-foot office campus, for $120 million. The campus is located at 300, 360, 390, 400 and 460 N. Sepulveda Blvd. in the Los Angeles submarket of El Segundo. The campus includes three Class B office buildings, two single-story retail buildings and outdoor meeting spaces. The office buildings are currently 52 percent leased, while the retail space is fully leased to six fast-casual and quick-service restaurants. The JV plans to undertake a multi-million-dollar renovation at Gateway El Segundo to transform it into a creative office campus. Upgrades will include an improved central courtyard, spec suites for smaller creative tenants seeking move-in-ready spaces, and modernized lobbies, restrooms and fitness center. Renovations are expected to be completed by fall 2017.
LOS ANGELES — Equity Office has announced plans to reposition Howard Hughes Center, a 1.3 million-square-foot office center in the West Los Angeles submarket of Playa Vista. The renovation will transform the project into a connected, creative campus. Initial upgrades will include enhanced, flexible outdoor entertainment areas, drought-tolerant landscaping with mature trees, upgraded “wired” lobbies, contemporary spec suites and customizable floor plans. The repositioning will also better connect the five-building campus. Equity Office is a U.S. office platform that is wholly owned by Blackstone’s real estate funds. Blackstone acquired Howard Hughes Center in November 2016.
KINGWOOD, TEXAS — Origin Investments has completed the disposition of Kingwood Medical Arts, a medical office building located at 300-350 Kingwood Medical Drive in Kingwood. A healthcare REIT acquired the property for an undisclosed price. The 90,000-square-foot property is anchored by a 30,000-square-foot surgical center operated by a venture between Memorial Hermann Health System and United Surgical Partners.
MUNSTER, IND. — Calmwater Capital has provided a $44 million bridge loan to Simborg Development to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the remaining vacancies at Lake Business Center in Munster near Chicago. The 993,017-square-foot former Simmons Bedding Factory contains industrial and medical office space and was 83 percent leased at the time of the transaction. The building is located at 9100, 9120 and 9200 Calumet Ave. A significant portion of the credit facility will finance the payoff of the existing loan, investor buyout and tenant improvements. Ryan Malatesta of Calmwater Capital was the loan originator in the transaction.
OAK BROOK, ILL. — Bradford Allen has been named the exclusive leasing agent for 1900 Spring Road, a 107,000-square-foot Class A building in Oak Brook, about 20 miles west of Chicago. The building is also known as Citibank Office Plaza, as Citibank runs a branch on the first floor. Franklin Partners purchased the building from American Realty Advisors in September and plans to relocate its offices to the building as well as handle the property management. John Millner and Ryan Moen of Bradford Allen will handle the leasing management.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has negotiated the lease of 26,607 square feet of office space for Metropolitan Life Insurance Co. in Southfield. Galleria Office Center is located at 300 Galleria Road. David Friedman and Robert Gagniuk of Friedman represented the landlord, Galleria Owner LLC, in the transaction.
SANDY SPRINGS AND MARIETTA, GA. — Stein Investment Group has purchased two office properties in metro Atlanta for a combined $18 million. The Atlanta-based buyer purchased both properties from Baltimore-based Alex Brown Realty. The assets include the 120,000-square-foot Northside Tower located at 6065 Roswell Road in Sandy Springs and the five-building, 60,000-square-foot East Cobb Office Complex located at 1000 Johnson Ferry Road in Marietta. Northside Tower was 95 percent leased at the time of sale to 70 tenants, including Signature Bank. East Cobb Office Complex was 80 percent leased to office and healthcare tenants such as Atlanta Falcons Physical Therapy Centers, Allstate Insurance, Sheffrin Men’s Health and Creative Dentistry. Stein Investment plans to invest $2 million to upgrade Northside Tower and $1 million to update East Cobb Office Complex.
CHARLOTTE, N.C. — Stan Johnson Co. has brokered the $12 million sale of a 76,899-square-foot, freestanding office building and call center located at 14401 Carowinds Blvd. in Charlotte. The property is leased on a long-term basis to iQor, an outsourcing firm that employs more than 1,000 agents at the facility. Britton Burdette of Stan Johnson’s Atlanta office represented the developer, 14401 Southlake Crossing LLC, in the transaction. The buyer was a private investor.
JACKSONVILLE, FLA. — Lingerfelt CommonWealth Partners LLC has sold Riverplace Tower, a 441,000-square-foot office tower located at 1301 Riverplace Blvd. in downtown Jacksonville. The undisclosed buyer purchased the 28-story tower, which is situated along the St. Johns River, for $53.4 million. The new owner has retained Richmond, Va.-based Lingerfelt CommonWealth to operate the asset, which the company purchased in 2014 for $29 million. Ameris Bank has signage on the office tower and occupies the entire 26th floor. The bank also operates a branch in the lobby. Commonwealth Commercial Partners, Lingerfelt CommonWealth’s property management affiliate, will handle day-to-day asset and property management responsibilities at Riverplace Tower. JLL will continue to handle the leasing and marketing of Riverplace Tower on behalf of the new owner. Lingerfelt CommonWealth Partners is a full-service real estate investment management firm with additional offices in Nashville, Jacksonville, Tampa, Charlotte, Raleigh, Greensboro and Hampton Roads. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. In addition to Riverplace Tower, Lingerfelt CommonWealth recently sold the Bank of America Plaza, a …
SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has secured approximately $90 million in acquisition and repositioning financing for an eight-building office and R&D campus in San Diego. The property is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. Financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners. CBRE tailored the balance-sheet financing with a base term of three years and the ability to extend the loan as long as seven years. The non-recourse financing included capital toward the purchase of the property, as well as funding to perform capital improvements to reposition the buildings and amenities. The funds will also cover tenant improvements and leasing commissions. CBRE structured a prepayment provision that will allow Swift to sell individual buildings or refinance with long-term debt. CBRE closed the financing with Acore Capital, a domestic advisor of debt investments that worked on behalf of a Japanese Life Insurance Company.