PORTLAND, ORE. – MBRE Healthcare has acquired Mt. Scott Professional Center II, a 48,500-square-foot medical office building in the Portland submarket of Happy Valley, for $11 million. The center is located off SE Johnson Creek Boulevard. Notable tenants include Mt. Scott Surgery Center, Metropolitan Pediatrics and Adventist Health. MBRE was represented by Brian Norton of KW Commercial. The seller, Mt. Scott Professional Center II LLC, was represented by Raymond Duchek and Thomas McDowell of Norris & Stevens.
EAST HANOVER, N.J. — HFF has brokered the sale of Eagle Rock Executive Office IV, an office building located in East Hanover. Griffin Capital Essential Asset REIT Inc. sold the property to Boxer F3 LLC for $10.95 million, free and clear of existing debt. Boxer Property will manage and lease the facility. Situated on 15.25 acres at 120 Eagle Rock Ave., the three-story 177,820-square-foot building is part of the three-building Eagle Rock Executive Park. The building features a granite and reflective glass curtain wall façade, two-story atrium, full-service cafeteria and adjacent pond with fountains. Current tenants include Prudential, GfK US Holdings, CAI, Fishman McIntyre PC, and John Van Deusen & Associates. Jose Cruz, Kevin O’Hearn, Marc Duval and Andrew Scandalios of HFF represented the seller in the transaction.
ATLANTA — KBS Real Estate Investment Trust III (KBS REIT III) has signed a 24,829-square-foot office lease with Georgia Tech Research Corp. (GTRC) at 171 17th St. in Atlanta. The 21-story, Class A office tower at 171 17th St. is located in the Atlantic Station mixed-use development. The office building was the first LEED Silver Core and Shell-certified building in the world, according to KBS REIT III. Glenn Kolker and Sonia Winfield of Cassidy Turley represented KBS REIT III in the lease transaction.
DOWNERS GROVE, ILL. — J.C. Anderson Inc. has completed a 30,000-square-foot office renovation in Downers Grove. The firm completed a build-out at the Corridors II office building located at 2655 Warrenville Road. The facility will serve as the new headquarters for CompuSystems Inc., a registration service provider for the convention trade show industry. The firm, previously located at 2805 S. 25th Ave. in Broadview, was founded in 1976 and employs approximately 200 people. The renovation included the addition of private offices, conference rooms and workstations. Jason Hawkins, Greg Garland and Bill Dennison led the J.C. Anderson construction team. Dawn Newman of Newman Architecture provided architectural services and Syska Hennessy Group provided engineering.
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 …