UPLAND, CALIF. – Alta Medical Center, a 24,212 square foot medical property in Upland, has sold to Elat Properties for $5.5 million. The center is located at 1113 Alta Ave. The center is currently 93 percent leased. About 34 percent of its current leases will expire in the next few years. The space was built in 1989. CBRE’s Bryan Lewitt, John Oien, and Chris Isola represented both the buyer and the seller, Alta Investment Properties LLC, in this transaction.
INDEPENDENCE, OHIO — Time Equities Inc. has acquired a six-property office portfolio in Independence for $20 million. The Rockside Office Portfolio includes six commercial buildings spread across three office parks totaling 422,037 square feet. Buildings within this acquisition include: Rock Run North, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Rock Run Center, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Freedom Square I, a four-story, Class B, 40,435-square-foot building located at 4401 Rockside Road; Freedom Square II, a five-story, Class B, 114,680-square-foot building located at 6000 Freedom Square Drive; Freedom Square III, a four-story, Class A, 71,052-square-foot building located at 4511 Rockside Road; Oak Tree Place, a five-story, Class B, 69,318-square-foot building located at 6111 Oak Tree Boulevard. The portfolio was 66 percent occupied to 29 tenants at the time of sale. Jim Postweiler of JLL Capital Markets Group brokered the deal on behalf of the seller, Duke Realty. In-house counsel represented TEI while Angela Hsu of Duke Realty represented the seller. JLL will manage the property. CBRE will lease space within the portfolio.
CHANHASSEN, MINN. — Grandbridge Real Estate Capital closed a $4.9 million first mortgage loan secured by a 115,520-square-foot office/warehouse located in Chanhassen. Dave Rasmussen of Grandbridge originated the fixed-rate loan for the undisclosed borrower through a life insurance company. The property was fully leased with 55 percent office finish.
ATLANTA — Atlanta-based Regent Partners has entered into an agreement with Stamford, Conn.-based Building and Land Technology to sell the “King” and “Queen” office buildings in Atlanta’s Central Perimeter submarket. The two towers are located in the 2.2 million-square-foot Concourse Corporate Campus, a mixed-use business park located at the confluence of I-285, Georgia 400, Hammond Drive and Peachtree Dunwoody Road. The Atlanta Business Chronicle is reporting that the deal could fetch $480 million to $500 million. Regent Partners, along with its investment partners, purchased Concourse Corporate Center in October 2012 for roughly $312 million.
ITASCA, ILL. — Adelphia Properties has arranged the $1.2 million sale of Itasca Park Place Plaza in Itasca. The 22,000-square-foot property is located at 913-935 Irving Park Road. The strip center includes retail and office spaces. Simeon Spirrison and George Spirrison of Adelphia Properties represented the seller and the buyer, both private investors.
MIAMI — Marcus & Millichap has brokered the $11.3 million sale of a 35,000-square-foot, one-story office and warehouse building in Flagler Station at 10325 N.W. 112th Ave. in Miami. The property is fully leased to Wells Fargo and acts as the bank’s primary cash transfer station in the South Florida region. Wells Fargo’s lease expires in February 2024. The building has 110 parking spaces and two loading docks. Completed in 2009, the property is surrounded by an eight-foot security fence with electronic and video surveillance. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, DRA Advisors LLC, in the transaction. The Taylor-Zang-Dougherty Group and the MacLaren Group — part of Marcus & Millichap’s Philadelphia’s office — represented the buyer, an investor based in Philadelphia. Andrew Dansker of Marcus & Millichap’s Institutional Property Advisors’ capital markets division arranged $7.9 million in acquisition financing.
CARROLLTON, TEXAS — Henry S. Miller has arranged a 7,402-square-foot lease for CR Assembly in Carrollton. CR Assembly leased 7,402 square feet of a 30,240-square-foot, multi-tenant building from 3220 Commander Inc. The light assembly office/warehouse is located on the west side of Addison Airport off of Midway Road. Jim Turano of Henry S. Miller’s office division arranged the lease.
LEBANON, N.J. — Colliers International has arranged the sale of two office buildings, known as 100 Corporate Drive and 200 Corporate Drive, located at 78 Corporate Center in Lebanon. The three-story buildings, which total 185,866 square feet, sold for $5.8 million. The 92,925-square-foot property at 100 Corporate Drive is currently 39 percent occupied, and the 92,941-square-foot property at 200 Corporate Drive, which includes a full-service cafeteria, is vacant. Jeffrey Oram and Jacklene Chesler of Colliers International represented the seller, Torchlight Investors, and procured the buyer, a New Jersey-based private investor, in the transaction.
IRVINE, CALIF. — The Hoag Health Center – Irvine has received $41.2 million in a construction-to-permanent loan. The center will be located at the intersection of Alton Parkway and Sand Canyon Avenue, directly across from Hoag Hospital Irvine. The 150,000-square-foot medical office development contains three Class A, 50,000-square-foot ambulatory care centers with flexible floor plans. It is scheduled for completion in early 2016. The 12-year, fixed-rate loan is interest-only during the two-year construction period. The fixed rate was locked over eight months in advance of the loan closing. HFF’s Zach Koucos, Aldon Cole and Tim Wright secured the loan on behalf of Pacific Medical Buildings (PMB). The firm is also servicing the loan, which was secured through a correspondent life insurance company.
PORTLAND, ORE. — BDC Advisors has acquired a 96,250-square-foot office building in Portland for $35.3 million. The mid-rise building is located at 2100 Southwest River Parkway in the city’s Central Business District. The Class A building is situated in the south end of CBD on the Willamette River. It sits adjacent to the southern-most part of Waterfront Park, less than a mile southeast of Downtown. The eight-story property was built in 1995. It is fully leased to two tenants. The transaction was executed by HFF. The seller was Clarion Partners. HFF also secured a seven-year, fixed-rate acquisition loan for BDC through a regional bank.
