TYSON’S CORNER, VA. — First Potomac Realty Trust has sold Cedar Hill I & III, two three-story office buildings in Tyson’s Corner, for $27.3 million. The properties total 102,632 square feet and were fully leased as of Sept. 30, 2015. JLL represented the office REIT in the transaction.
DULUTH, GA. — Versant Commercial Brokerage Inc. has acquired two flex office buildings in Duluth, a suburb of Atlanta, for $9.1 million. The properties total 113,035 square feet and are located at 2425 and 2450 Commerce Ave. The properties’ tenant roster includes Metso Automation USA Inc., Vensure Employer Services, Moreland Altobelli Associates and Videojet Technologies. Asset manager Clear Vista Management and property manager Wiedmayer & Co. assisted Versant in the transaction. Versant acquired the buildings on behalf of a group of former tenant-in-common investors, which own the two adjacent buildings. Versant negotiated the acquisition and assisted in financing the acquisition with low-cost debt.
PRINCETON, TEXAS — NOVUS Realty Advisors’ Tom Grunnah has completed the sale 11 acres for client and former property owner Wells Fargo Bank NA. The land is located at the southwest corner of the US Highway 380 and Cypress Bend intersection, just east of downtown McKinney in Princeton. The buyer, F&L LLP, plans to divide the property and sell commercial pad sites to end users.
PARSIPPANY, N.J. — Stan Johnson Co. has brokered the sale of IMS Health Global Headquarters, a medical office building located at 100 IMS Drive in Parsippany. Maryland Associates Limited acquired the 83,477-square-foot property, which is situated on 2.9 acres, from Commercial Realty Group Inc. for $22.2 million. The building’s lease is guaranteed by IMS Health. Joshua Pardue and Tom Georges of Stan Johnson Co. represented the seller and buyer in the transaction.
BALA CYNWYD, PA. — Keystone Property Group has acquired an office building located at One Belmont Avenue in Bala Cynwyd from Maguire & Partners for an undisclosed price. Situated in the City Avenue commercial corridor, the property, also known as the GSB Building, comprises 245,000 square feet of office and ground-floor retail space. Keystone plans upgrades for the existing 12-story building, including new elevators, an upgraded HVAC system, enhanced lobbies and restrooms and an improved parking structure. Located on an eight-acre parcel, the property allows for significant additional mixed-use development opportunities. At the time of acquisition, the property was 93 percent occupied. Robert Fahey, Jerome Kranzel, Erin Hannan of CBRE and Gene McHale of Beacon Commercial represented the seller in the transaction.
COSTA MESA, CALIF. — A joint venture between Prudential Real Estate Investors and McCarthy Cook & Co. has purchased MetroCenter at South Coast, an 800,826-square-foot office campus in Costa Mesa, for an undisclosed sum. The campus is located at 535 Anton Blvd. MetroCenter includes three 12-story office buildings and a three-story healthclub facility. The JV plans to renovate the property by adding on-site amenities to develop a creative office environment. The property will undergo a plaza renovation with collaborative outdoor space, as well as updated lobbies and corridors. It will also add conference center, tenant lounge and rooftop decks.
MIAMI — NGKF Capital Markets has arranged the $40 million sale of Advance Tower, an eight-story, 100,798-square-foot office building in Miami. The seller, JW Advance LLC, a Boca Raton, Fla.-based company that developed and managed Advance Tower since 1986, sold the property to USAA Real Estate Co. Advance Tower will remain the office headquarters of Interval International Inc., a global lodging provider. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller in the transaction.
MEMPHIS, TENN. — In-Rel Properties has purchased iBank Tower, a 276,226-square-foot office building located at 5050 Poplar Ave. in Memphis. According to media outlets, In-Rel Properties purchased the property from an affiliate of Gemini-Rosemont Realty LLC for $19.2 million. In-Rel Properties owns the neighboring Clark Tower and plans to create an 18-acre office campus comprising the two office towers. The Lake Worth, Fla.-based investor will spend up to $1 million on capital improvements to iBank Tower, in addition to the $6 to $7 million investment for Clark Tower’s renovations. The two towers will have shared amenities, parking, security and color schemes. Phil Dagastino Jr., Bentley Pembroke and Anna Tranum of Cushman & Wakefield | Commercial Advisors will lease both towers on behalf of In-Rel Properties.
NORTHBROOK, ILL. — Bradford Allen Realty Services has arranged a 7,700-square-foot lease renewal in Northbrook, approximately 25 miles northwest of Chicago. Lubin-Bergman Organization Inc. will continue occupying its headquarters in a building located at 5 Revere Drive. One Northbrook Place is a Class A office building that features food service within the building and underground parking. Laurence Elbaum of Bradford Allen represented Lubin-Bergman in the transaction. Dan Fernitz of JLL represented the building’s ownership.
LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.