Office

Century City Office Tower Receives $125M Loan

by Nellie Day February 13, 2015

LOS ANGELES — A 28-story office tower in the Los Angeles submarket of Century City has received $125 million in financing. The Class A tower was built in 1969. The 596,856-square-foot tower contains a mixture of FIRE (finance, insurance, real estate) and legal tenants. The non-recourse, fixed-rate loan features a 10-year, interest-only term. It was arranged by George Mitsanas and Doug Tisdale of Newmark Realty Capital’s Los Angeles office through the firm’s correspondent life insurance company lenders. Mitsanas has previously financed this property twice for the borrower.

February 13, 2015

Arizona Office Western

Lincoln Towne Centre in Scottsdale Sells for $58.8M

by Nellie Day February 13, 2015

SCOTTSDALE, ARIZ. — Transwestern Strategic Partners has acquired Lincoln Towne Centre, a 226,112-square-foot office property in downtown Scottsdale, for $58.8 million. The two-building property is located at 4150-4250 N. Drinkwater Blvd. Lincoln Towne Centre is situated directly across from the Scottsdale City Hall, near the Loop 101. Nearly half of the property is occupied by investment-grade tenants, including CAN, Catlin and EMC2. The seller, Equus Capital Partners, was represented by Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield of Arizona. Equus had acquired the asset on behalf of its value-add fund, BPG Investment Partnership IX, L.P. Transwestern acquired the asset on behalf of its TSP Value and Income Fund. Transwestern Strategic Partners is the discretionary investment management arm of Dallas-based Transwestern Investment Group.

February 13, 2015

Office Texas

NAI Partners Negotiates the Sale of Office Property in Houston

by Haisten Willis February 13, 2015

HOUSTON — NAI Partners has negotiated the sale of 2610 W. Sam Houston Parkway,a 24,300-square-foot office building located just north of Westheimer Road. A local law firm purchased the two-story, multi-tenant office property. Doug Pack and Sam Hansen with NAI Partners negotiated the sale on behalf of the unnamed seller.

February 13, 2015

Industrial Northeast Office Pennsylvania

Endurance Real Estate Group Buys 190,729 SF Business Center in Pennsylvania

by Amy Works February 13, 2015

UPPER CHICHESTER TOWNSHIP, PA. — An affiliate of Endurance Real Estate Group has acquired Naaman’s Creek Business Center, a five-building, 190,729-square-foot flex portfolio located in Upper Chichester Township, for $9.8 million, or $51.12 per square foot. Situated within Naaman’s Creek Center, the business center’s five buildings range from 25,000 to 60,000 square feet. At the time of acquisition the property was 50 percent occupied. Built in the late 1990s through the early 2000s, the buildings feature all-masonry facades, 19-foot clear ceiling heights and flexible configurations to accommodate a variety of tenant requirements. The seller was not disclosed.

February 13, 2015

California Office Western

Rancho Cucamonga Office Building Sells for $13.4M

by Nellie Day February 12, 2015

RANCHO CUCAMONGA, CALIF. – A 39,600-square-foot office building in Rancho Cucamonga has sold to CFRE Holdings LLC for $13.4 million. The building is located at 8163 Rochester Ave. CFRE was represented by Cathy Jones, Paul Miachika, Jessica Cegavske and Roy Fritz of Sun Commercial Real Estate. The seller, 8163 Rochester Partners LLC, was represented by Isaiah Harf of Stan Johnson Company.

February 12, 2015

North Carolina Office Southeast

JPB Holdings Acquires TrustAtlantic Office Building in Raleigh for $7.3M

by John Nelson February 12, 2015

RALEIGH, N.C. — JPB Holdings LLC has acquired the 32,272-square-foot TrustAtlantic office building located at 4801 Glenwood Ave. in Raleigh for $7.3 million. The fully leased property’s anchor tenant is TrustAtlantic Bank, with other tenants including Workday Inc., Maginnis Law and Executive Suites of North Carolina. Jimmy Barnes and Whit Brown of NAI Carolantic represented JPB Holdings in the transaction. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the seller. Built in 1973, the Class A office building was renovated in 2009 to LEED Silver standards.

February 12, 2015

Office Texas

CPA:17 – Global Acquires Office and Data Center in San Antonio for $22M

by Haisten Willis February 11, 2015

SAN ANTONIO — W. P. Carey Inc., a global net lease REIT specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net lease properties, has acquired an office and data center facility on behalf of CPA:17 – Global, one of its managed non-traded REITs. The 120,147-square-foot facility is located in San Antonio and is leased to iHeartCommunications Inc. for a period of 20 years. The total acquisition price was approximately $22 million. Constructed in 2002 as a build-to-suit for Clear Channel, the facility serves as the company’s primary IT and finance shared service center.

February 11, 2015

Georgia Office Southeast

Lincoln Property Co. Southeast Arranges Volkswagen’s Office Lease Renewal in Alpharetta

by John Nelson February 11, 2015

ALPHARETTA, GA. — Lincoln Property Co. Southeast has brokered Volkswagen Group of America’s long-term renewal of its 16,557-square-foot office lease in Alpharetta. The automaker renewed its lease at Two Northwinds, a six-story, 146,972-square-foot Class A office building located at 2520 Northwinds Parkway in Atlanta’s North Fulton submarket. Hunter Henritze and Michael Howell of Lincoln Property Co. Southeast represented the landlord, Equity Office, in the lease transaction. Shannon Newell of JLL represented Volkswagen.

February 11, 2015

California Office Western

Laurus Corp. Buys Pasadena Office Building

by Nellie Day February 11, 2015

PASADENA, CALIF. — Laurus Corp. has purchased a 163,194-square-foot office building in Pasadena for a reported $52.5 million. The Class A building is located at 199 S. Los Robles Ave. The property is situated between the cross streets of Cordova and El Dorado, just one block south of the Paseo Colorado lifestyle center. It sits adjacent to the Pasadena Convention Center, near Old Town Pasadena, the Lake Avenue Business and Shopping District and the Del Mar Metro Gold Line Station. Notable employers in the area include the California Institute of Technology, NASA’s Jet Propulsion Laboratory, the Art Center College of Design, Bank of America, OneWest Bank, Tokio Marine Insurance and Western Asset Management.

February 11, 2015

Arizona Office Western

ConneXion Office Building in Tempe Sells for $5.2M

by Nellie Day February 11, 2015

TEMPE, ARIZ. – ConneXion, a 49,464-square-foot office building in Tempe, has sold to ViaWest Group for $5.2 million. The building is located at 7855 S. River Parkway in the ASU Research Park. The property was formerly known as Transamerica Research Center. The seller, Aegon USA, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office, along with Andrew Cheney and Craig Coppola of Lee & Associates. ViaWest plans to hold the property. It will serve as the property manager and asset manager.

February 11, 2015

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