THE WOODLANDS — Newcor Commercial Real Estate has relocated its headquarters to Grogan’s Mill in The Woodlands. Rob Banzhaf and Ryan Dierker of Newcor Commercial Real Estate represented the company in negotiating the lease of the 2,415-square-foot office space located in 10200 Grogans Mill Road. Michelle Ellis-Felder with Rosemont Realty represented the landlord, BIG Woodstead Grogan TIC LLC. The company’s previous headquarters was also located in The Woodlands.
RICHARDSON, TEXAS — KBS Strategic Opportunity REIT, a public, non-traded real estate investment trust based in Newport Beach, Calif., has signed two lease renewals at its Richardson Office Portfolio property totaling 22,511 square feet. Cheryl Mullin & Associates, a law firm, and National Write Your Congressman, an organization dedicated to facilitating communication between elected officials and their constituents, have both renewed their leases. Cheryl Mullin & Associates renewed a 9,340-square-foot lease, while National Write Your Congressman renewed a 13,171-square-foot lease. The buildings are located near the intersection of US-75 Central Expressway and the President George Bush Turnpike. Mark Jordan of Sooner National Property Management LP represented KBS Strategic Opportunity REIT in the transactions.
PITTSBURGH — HFF has arranged $28.8 million in financing for a two-property office and flex warehouse portfolio consisting of 21 buildings totaling 371,773 square feet in Pittsburgh. The borrower, Burns & Scalo Real Estate Services Inc., used the loan proceeds to purchase the assets from an undisclosed seller. Constructed between 1985 and 2006, the portfolio includes the 19-building, 87.6-percent leased Abele Business Park located at 2559 Washington Road and the two-building Cedar Ridge Business Park at 200 Cedar Ridge Dr. Mark Popovich and Nick Unkovic of HFF secured the loan through M&T Bank.
PHOENIX – Select Income REIT has purchased the Farmers Insurance Building, a 106,397-square-foot office building in Phoenix, for $16.8 million. The building is located at 16001 N. 28th Ave. in the Arizona Business Park. The property will be managed by Reit Management & Research LLC. The seller, Sabal Financial Group, was represented by CBRE’s Barry Gabel, Chris Marchildon, Ashley Brooks, Jim Bayless and Jenny Aust. Sabal purchased the property through its Granite Twenty Eighth Holdings entity.
LOS ANGELES – A 12,453-square-foot office building in Los Angeles has sold to 3211 Cahuenga LLC for $3.8 million. The building is located at 3211 Cahuenga Blvd. West. It is fully occupied. The LLC was represented by Roger L. Beck of Charles Dunn Company. The seller, a local private investor, was represented by Stacy Vierheilig-Fraser of the same firm.
HOUSTON — Trammell Crow Co. has completed construction on Medical Plaza II at the Memorial Hermann Katy Hospital campus in Houston. The four-story, 100,000-square-foot building is the second building to be developed by Trammell Crow on the 66-acre campus. Memorial Hermann decided to add a new patient tower and additional medical office space in order to accommodate physicians at the hospital. Powers Brown Architecture designed the building. Trammell Crow Co. is developing a similar building to accompany its Medical Plaza I at Memorial Hermann Sugar Land Hospital, which is expected to be completed this fall.
RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Grove Towers, a three-building, 115,413-square-foot office campus in Raleigh. The office park is located at 1001, 1100 and 1110 Navaho Drive in the Six Forks/Falls of Neuse office submarket. Nearby attractions include retail destination North Hills, downtown Raleigh, neighborhoods inside the beltline and Duke Raleigh Hospital. The buyers, Iron Point Partners and Hobbs Properties, purchased the office campus from GT Company LP for an undisclosed amount. Ben Kilgore, Jeff Glenn and Jim McMillan of CBRE|Raleigh represented the seller in the transaction.
OAKLAND, CALIF. — Vertical Ventures has acquired the 525,864-square-foot office portion of Eastmont Town Center in Oakland for a reported $54.5 million. The Class B space is located at 7200 Bancroft Ave. Eastmont Town Center is currently 80 percent occupied by 31 tenants, including agencies from Alameda County and the City of Oakland. Less than 20 percent of the leased space is scheduled to expire within the next five years. There are also multiple long-term leases that will run through 2028. The center originally operated as a mall until it was converted into a government services center in the ‘90s. A second building containing retail space is still on the market. Argosy Real Estate Partners III L.P. and its parallel funds partnered with Vertical Ventures on the transaction. Cushman & Wakefield represented both the buyer and the seller on this transaction. The firm will also provide on-site property management services, while CBRE will handle leasing.
LAKEWOOD, COLO. — Easterly Government Properties Inc. has purchased a 115,650-square-foot office building in Lakewood for $20.2 million. The building is located at 12155 West Alameda Parkway in Lakewood’s Union Square office area. The structure is occupied by the Western Area Power Administration (WAPA). It is leased to the General Services Administration, on behalf of the Department of Energy, until 2029. The property was built in 1999. Easterly was represented by Richard Bird of Marcus & Millichap. The seller, a private investor, was represented by Tammy Saia of the same firm.
SANTA MONICA, CALIF. – JOSS Realty Partners has purchased a 23,531-square-foot boutique office property in downtown Santa Monica for $23.7 million. The Class A property is located at 1315 Lincoln Blvd. in an area known as Silicon Beach. The space is fully occupied by five tenants, including City National Bank, Chandler Chicco Agency, Centro Media, O’Gara Coach Company and Dethrone Basecamp. JOSS paid $1,004 per square foot for the building – one of the highest prices paid for a Los Angeles-area property.