SCOTTSDALE, ARIZ. — Arc Construction and MacDonald Development have purchased a 17,711-square-foot building in Scottsdale that houses the Arizona School of Real Estate & Business for $7.7 million. The building is located at 7142 E. 1st St. The sale also included an adjacent parking lot on 40,623 square feet of land. Jon Rosenberg and Keri Davies of LevRose Commercial Real Estate represented the seller, Bill Gray, the school’s original founder.
ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.
NEW YORK CITY — Ariel Property Advisors has arranged the sales of two properties, totaling $11.7 million, in East Harlem. In the first transaction, a private investor acquired a six-story mixed-use property located at 124-128 E. 107th St. in East Harlem for $9.1 million, or $449 per square foot. The 20,395-square-foot building contains 34 residential units, two commercial units and two superintendent units. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property represented the seller, a private real estate firm, and procured the buyer. In the second deal, a private investor purchased a development site located at 2282 Second Ave. in East Harlem for $2.6 million, or $215 per buildable square feet. The property offers approximately 12,191 total buildable square feet for mixed-use development. Samuel Atlas, Tortorici, Sozio, Gillis and Berkowitz of Ariel Property represented the seller, a private real estate firm, and procured the buyer in the transaction.
PLANO, TEXAS — Lincoln Property Co. has debuted its latest Plano properties, named Legacy VI and VII. Built by Bob Moore Construction, Legacy VI and VII include 245,508 square feet of speculative office and tech center space on a 24-acre, three-building campus. Legacy VI includes two 60,428-square-foot flex/tech centers. Legacy VII is a 124,652-squre-foot, two-story office building. The building’s corners and main entrances include spandrel glass curtain wall windows. The lobby is finished with glass, steel, wood and tile. All three buildings were constructed with tilt-up construction. The campus also includes 1,463 parking spaces spanning 582,522 square feet.
WEST CONCORD, MASS. — Oaktree FX, a partnership between Oaktree Development and FX Investments, has opened Brookside Square, a transit-oriented, mixed-use development in West Concord. The $32 million property features 74 luxury apartments and 36,000 square feet of commercial and office space within a short walking distance to the West Concord Commuter Rail Station. The property features a mix of studio, one- and two-bedroom units priced from $1,755 to $3,265. On-site amenities include an underground parking garage, community room with gas fireplace and WiFi access, fitness center and a community deck overlooking Nashoba Brook. The property is managed by WinnResidential.
PORTLAND AND AUBURN, MAINE — CBRE | The Boulos Company has arranged two transactions in Maine. In the first transaction, Wayne Enterprises LLC has acquired a retail and office investment property at 622-624 Congress St. in Portland. The 21,112-square-foot property is currently occupied by United States Postal Service and Mercy Hospital. The seller was Stone Coast Properties LLC. Joe Porta of CBRE | The Boulos Company arranged the transaction. In the second transaction, CEVA Logistics signed a lease for 47,000 square feet of industrial space at 55 Logistics Dr. in Auburn from Gendron & Gendron Inc. Craig Young and Chris Paszyc of CBRE | The Boulos Company arranged the transaction. The sales prices of the transactions were not released.
FORT WAYNE, IND. — Bradley Co. has arranged three leases totaling 10,572 square feet in Fort Wayne. In the first transaction, Convoy Safety Technologies LLC inked a deal to occupy 5,400 square feet of industrial space located at 6049 Highview Drive. Kienan O’Rourke of Bradley represented the tenant in the transaction. The landlord was undisclosed. In a second leasing deal, Benchmark Family Services Inc. agreed to take 3,300 square feet of office space owned by Crown Properties 2 LLC and located at 1625 Magnavox Way. Russ Jehl of Bradley represented both parties in the transaction. In the third deal, Rivers Edge Construction took 1,872 square feet of industrial space located at 7616 DiSalle Boulevard. Russ Jehl of Bradley represented both the landlord, 7616 DiSalle Boulevard Partnership, and the tenant, in the transaction.
DURHAM, N.C. — Federal Capital Partners (FCP) has signed Duke University to a lease renewal and expansion totaling 188,000 square feet in Durham. Duke has extended its lease at Erwin Square Plaza, a Class A, 238,792-square-foot office tower located on Main Street in downtown Durham. Duke University and its affiliates currently lease a majority of the building. FCP’s property is also home to restaurants such as Parizade Café, Local 22 and Guasaca. Brad Corsmeier and John Brewer of CBRE|Raleigh represented FCP in the lease transaction. Austin Koon, Jeff Miller and Maggie Clougherty of Davis Moore Advisors represented Duke University.
WEST PALM BEACH, FLA. — CBRE has brokered the $10.2 million sale of Horizons Office Building, an eight-story, 64,247-square-foot asset located at 1401 Forum Way in West Palm Beach. AW Horizons LLC purchased the office building and an attached parking garage from Pebb Forum LLC. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Anthony Librizzi of CBRE represented the seller in the transaction. Additionally, Jason Hochman of CBRE arranged an $8 million, 10-year acquisition loan through an unnamed CMBS lender on behalf of the buyer.
COSTA MESA, CALIF. — Steelwave & Goldman Sachs has purchased a 180,000-square-foot office campus in Costa Mesa for $48 million. The property is located at 3333 South Susan St. The seller, Emulex Corp., occupies the largest of the three buildings. The remaining two vacant buildings contain a total of 84,000 square feet that will be repositioned as creative office space. The site features 14.2 acres with 3.2 acres that can be used for future development. CBRE’s Paul Jones, Kevin Shannon, Gary Stache, Anthony Delorenzo and Blake Bokosky represented Emulex in the deal.