HOUSTON — National Asset Services (NAS) has arranged the sale of 602 Sawyer St. on behalf of 22 tenant-in-common co-owners. The property, an 85,923-square-foot, seven-story office building, is located in the Midtown submarket of Houston. The tenant-in-common investors purchased the property in 2008. Originally built in 1982, the office property underwent renovations in 1999. NAS represented the tenant-in-common group during the negotiations that resulted in the sale for an undisclosed amount to Houston-based Griffin Partners, who represented themselves in the transaction. NAS assumed asset management responsibility of the property in February 2013 and oversaw several property improvement projects including a remodeling project of the corridors, elevator cabs and restrooms. Prior to the sale, NAS renewed the lease of one of the property’s major tenants, the Houston Police Officer’s Pension System, for a 12,670-square-foot space. At the time of sale, the property was 92 percent leased.
ANN ARBOR, MICH. — Oxford Cos. has acquired McMullen Properties, a 704,000-square-foot portfolio of office properties located on the south side of Ann Arbor, from a local undisclosed seller. Valued at more than $100 million, the portfolio includes 22 buildings in three separate business parks: Atrium Office Center, Eisenhower Commerce Center and Valley Ranch Business Park. At the time of sale, the portfolio was 98 percent occupied by a variety of tenants, including University of Michigan, St. Joe’s, Nexient and Google. Additional terms of the transaction were not released.
ST. LOUIS — NorthMarq Capital has secured $10.5 million for the refinancing of Center 40 Office Building in St. Louis. Located at 1600 Brentwood Blvd., the property offers 105,750 square feet of office space. Jeffrey Chaney of NorthMarq’s St. Louis office arranged the loan, which features a 15-year fixed rate on a 25-year amortization schedule, through NorthMarq’s correspondent relationship with a life insurance company.
SANTA CLARA, CALIF. – Equus Capital Partners has acquired an 80,878-square-foot office/R&D building in Santa Clara for an undisclosed sum. The building is located at 3003 Bunker Hill Lane. It was built in 1980. The fully leased property was renovated in 2014. Jasper Technologies occupies 90 percent of the space. The acquisition was made on behalf of BPG Investment Partnership IX L.P., a discretionary fund managed by Equus. The sellers were TMG Partners and Alcion Ventures.
PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the disposition of its commercial office property located at 14 Sylvan Way within Mack-Cali Business Campus in Parsippany. Griffin Capital Essential Asset REIT II Inc. purchased the 203,506-square-foot property for $81.4 million. In addition to the sales price, Griffin is assuming responsibility for approximately $2 million in future tenant improvement allowance. Developed in 2013, the three-story property is fully leased to Wyndham. Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the transaction.
DETROIT — HFZ Capital has partnered with Southfield, Mich.-based REDICO to acquire the 28-story Fisher Building and the 11-story Albert Kahn Building in Detroit for $12.2 million. The partnership plans to redevelop the properties into a mixed-use office, retail and residential complex, while maintaining the asset’s 2,000-seat Fisher Theatre. Albert Kahn designed both properties. Adam Feldman provided in-house representation for HFZ Group in the transaction. The name of the seller was not released.
DETROIT — Friedman Integrated Real Estate Solutions has brokered the lease of 9,550 square feet of office space in Detroit. Creative Breakthroughs, an IT advisory and network security services firm, will occupy the space, which is located at 1260 Library St. Steven Eisenshtadt and Josh Miller of Friedman represented the landlord, Cork Tusk Development, in the transaction.
GARLAND, TEXAS — Lee & Associates has arranged the sale of a 15,577-square-foot office building located at 1985 Forest Lane in Garland. Brett Lewis and George Tanghongs of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Dorian Business Systems. The seller, RREAF, was represented by Century 21 Judge Fite.
LOS ANGELES — Watt Plaza, a 903,000-square-foot office complex in Los Angeles, has received a $220 million refinance. The complex includes twin 23-story office towers and a 10-story parking structure. Watt Plaza is located at 1875 Century Park East. It was built in 1982. The complex was the first building in the Los Angeles submarket of Century City to receive LEED-Platinum certification. The complex has undergone $42 million worth of renovations since 2003. It is occupied by a mix of legal, accounting and financial services firms. Convenient services at the plaza include a Chase Bank, Starbucks and FedEx store. The 15-year, fixed-rate loan was provided to the Watt Companies by Prudential Mortgage Capital Company. This is the commercial mortgage lending business of Prudential Financial Inc.
TORRANCE, CALIF. — A joint venture between the Muller Company and GreenOak Real Estate has purchased Del Amo Financial Center, a 367,000-square-foot complex in Torrance, for $62.5 million. The complex is located on the corner of Hawthorne Boulevard and Carson Street. Del Amo Financial Center contains a 12-story office tower and a five-story tower, in addition to four circular pavilions. The complex was originally built in 1966 and remodeled in 1998. The JV plans to convert the property into a mixed-use facility that contains office, medical and retail space. The new iteration will also include a 42,000-square-foot health club and 10,000-square-foot restaurant. The complex will be rebranded as Del Amo Crossing once the conversion is complete. The first phase will include the conversion of the five-story tower into a state-of-the-art medical facility that will be designed for large medical groups. It will also modernize the mechanical, electrical and plumbing systems, as well as the common areas and lobby space of the 12-story tower. The portion of the property facing Hawthorne Boulevard may also be repositioned to accommodate for additional retail users. Parking will be re-designed and enhanced to improve access and circulation patterns throughout the entire project. Chris Sinfield and …