NOVI, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Premier Medical Office, a 44,833-square-foot medical/office building located at 44000 W. 12 Mile Road in Novi. Griffin-American Healthcare REIT III Holdings LP purchased the property for an undisclosed sales price. Built in 2006, the two-story building is occupied by a collection of physician practices. Barry Swatsenbarg and Richard Deptula of Friedman represented the seller and the buyer in the transaction.
SPRING, TEXAS — Construction will soon begin on Havenwood Office Park at 25700 I-45 North, between Woodlands Parkway and Sawdust Road in Spring. The development will replace the current Brookhaven Business Park. Havenwood Office Park will feature a LEED Silver-certified, four-story building spanning 250,000 square feet of Class A office space. Everson Developments LLC is the developer and The J. Beard Real Estate Co. will handle leasing of the space.. The project will be designed by Powers Brown Architects and will be built by EE Reed Construction LP. Amenities will include a parking garage, covered walkways and an outdoor plaza. Construction will be completed in the fourth quarter of 2015.
AUSTIN, TEXAS — GLL Real Estate Partners has acquired Prominent Pointe I and II, a pair of mid-rise office buildings at 8310 N. Capital of Texas Highway in northwest Austin. San Francisco-based Divco West was the seller. Prominent Pointe I and II total 256,027 square feet of Class A office space. Current tenants include IXIA, JMJ Associates, Sony Online, UTC Fire and Security Americas, Texas Hospital Insurance Exchange and the law firm of Naman, Howell, Smith & Lee. Prominent Pointe I was built in 1985 and renovated in 2013. Prominent Pointe II was completed in 2008. The complex offers more than 900 parking spots, most of which are located in a central parking structure.
CHERRY HILL, N.J. — United Realty Trust Inc. has acquired a medical office property located at 7 Carnegie Plaza in Cherry Hill. FRS Carnegie Plaza LLC sold the 90,000-square-foot property sold for $9.3 million. Built in 1988 and last renovated in 2009, the property is fully occupied by Fox Rehabilitation Services, a provider of physical, occupational and speech therapy services. Situated on 17.4 acres, the property provides infrastructure for more than 700 employees and includes 559 onsite outdoor parking spaces. United Realty Trust financed the acquisition in part through a $5.5 million first mortgage loan and a $1.8 million mezzanine loan.
SUNNYVALE, CALIF. — Jay Paul Company has received a $610-million loan to fund the first phase of construction on Google’s new office campus in Silicon Valley. The campus will be located at the intersection of Moffett Park Drive and Bordeaux Drive in Sunnyvale. The first phase will include 943,056 square feet of office space throughout three, eight-story buildings. It will also include two parking structures with 4,300 spaces, as well as a 52,500-square-foot amenities building. The secured, non-revolving, senior loan will also be used to finance the construction of a new fire station for the City of Sunnyvale. Jay Paul Company was represented by Clayton B. Gantz, Grace S. Yang and Scott B. Johnson of Manatt, Phelps & Phillips.
SAN FRANCISCO — A joint venture between Canada Pension Plan Investment Board (CPPIB) and Hudson Pacific Properties has acquired a 45 percent interest in a 1-million-square-foot office building in San Francisco for $219.1 million. The Class A building is located at 1455 Market Street. The 22-story property was acquired by Hudson in December 2010. Hudson will retain a 55 percent ownership in the property, as well as its “general partner” status. It will also continue to oversee the building’s leasing and management. The office building fronts an entire block along 11th Street in San Francisco’s Mid-Market neighborhood. The concrete building was constructed in 1976. It features a nine-story podium topped by a 14-story tower. The building currently serves as the global headquarters for Uber and Square. It was previously a critical data center for Bank of America. A repositioning and expansion of the property’s ground-floor retail will commence early this year. The goal is to attract high-end retail and restaurant users to the space. Hudson plans to use joint-venture proceeds for a like-kind exchange, which could include an acquisition from Blackstone Real Estate Partners V and VI, as part of the Equity Office Properties’ San Francisco Peninsula and Silicon Valley …
LOS ANGELES – Peregrine Realty Partners has acquired an office building in the Warner Center Business Park for $19.5 million. The six-story building is located at 5950 Canoga Ave. in the Woodland Hills submarket. This sale marks the closing of a three-building portfolio that included 5955 De Soto and 21155 Califa Street. The seller, a joint venture between Oakfield Realty Partners and Long Wharf Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.
IRVINE, CALIF. – FNIS Holdings has acquired a 9,900-square-foot office building in Irvine for $3.4 million. The building is located at 8855 Research Drive. FNIS was represented by Blake Garrett of Cushman and Wakefield. The seller, Research Property LLC, was represented by Bob Rieden of Lee & Associates – Newport Beach.
NEWARK, N.J. — The Berger Organization has acquired 58 Park Place in Newark from PPSJ Corp. for an undisclosed price. The 30,000-square-foot office property is 50 percent occupied by the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Habitat for Humanity, which is currently located at 60 Park Place, plans to relocate to the fourth floor of 58 Park Place. This acquisition adds to the company’s current Newark portfolio, which includes 10, 50 and 60 Park Place and 570 and 765 Broad Street. Additional terms of the transaction were not released.
ROCKY HILL AND BERLIN, CONN. — O,R&L Commercial has brokered the $4.63 million sale of a four-building office portfolio in Berlin and Cromwell. Universal Enterprise LLC purchased the properties, which includes one building in Berlin and three buildings in Cromwell, for $4.63 million from RH Medical Center Associates LLC and Mill Crossing Associates, respectively. The 12,000-square-foot medical office building, located at 546 Cromwell Ave. in Rocky Hill, sold for $1.6 million, and the 35,000-square-foot Mill Crossing, located at 1224 Mill St. in Berlin, sold for $3.03 million. The buyer plans to expand the three-building complex at Mill Crossing to include a fourth building featuring 10,000 square feet of office/medical office space. Jay Morris of O,R&L Commercial represented all parties in the transaction.