Office

Admiral Capital, SDM Partners Sell Atlanta Office Building

by John Nelson February 19, 2015

ATLANTA — Admiral Capital Group and its joint venture partner SDM Partners have sold 200 Ashford Center, a 158,384-square-foot office building in Atlanta’s Central Perimeter submarket. Built in 1989, the office building is located near the intersection of Ashford Dunwoody Road and Mt. Vernon Highway. The buyer was Parmenter Realty Partners, a fully integrated real estate investment, management and development firm headquartered in Miami with more than $1 billion in assets under management. Cushman & Wakefield represented both the buyer and sellers in the transaction.

February 19, 2015

California Office Western

Santa Ana Office Building Sells for $12.7M

by Nellie Day February 19, 2015

SANTA ANA, CALIF. – A 152,705-square-foot office building in Santa Ana has sold to Small Giant for $12.7 million. The nine-story building is located at 1200 North Main. It was 55 percent leased at closing. The property was built in 1971 and renovated in 1997. The seller, Positive Investments, was represented by Dan Vittone and Alan Pekarcik of Avison Young.

February 19, 2015

Office Utah Western

Traeger Wood Pellet Grills Leases Space in Salt Lake City

by Nellie Day February 19, 2015

SALT LAKE CITY – Traeger Wood Pellet Grills has leased 28,740 square feet at Wilmington Gardens in the Salt Lake City submarket of Sugar House. The new mixed-use project will be located at 1215 East Wilmington Ave. It will contain 75,000 square feet of office and 25,000 square feet of retail, in addition to 100 condo and apartment units. It is expected to be completed this March. The developer is Wilmington Gardens Group, a partnership between Woodbury Corporation, Colmena Group and Dee’s Inc. Traeger was represented by Aaron Jones of Newmark Grubb Acres.

February 19, 2015

Illinois Loans Midwest Office

Cohen Financial Arranges $8.3M Acquisition Loan for Office Property

by Danielle Everson February 18, 2015

OAKBROOK TERRACE, ILL. — Cohen Financial has arranged an $8.3 million acquisition loan for a mid-rise office building located at 2 Trans Am Plaza Drive in Oakbrook Terrace. The property is a 5-story office building adjacent to a Marriott Courtyard hotel. The property is leased to multiple tenants. Dan Rosenberg of Cohen Financial’s Chicago office secured the loan with American Capital Ltd., a publicly traded private equity firm and global asset manager. The borrower is American Landmark Properties, a commercial real estate owner/manager experienced in office properties.

February 18, 2015

New York Northeast Office

Dalan Management Buys Two Midtown South Office Buildings for $36M

by Amy Works February 18, 2015

NEW YORK CITY — Dalan Management has purchased two 12-story office buildings located at 10 and 12 East 33rd St. in New York City’s Midtown South neighborhood. The assets, which feature 22 full-floor office lofts and ground-floor retail space, sold for $36 million as part of a 1031 exchange. Additionally, the properties, which total 61,100 square feet, are zoned for conversion to residential or hotel space. Timour Shafran and Phil Fierro of Citicore represented Dalan, while Pavan Uttam of UP Real Estate Advisors represented the seller, Adee Associates, in the transaction.

February 18, 2015

New Jersey Northeast Office

JV Buys 345,218 SF Morris Corporate Center Building in New Jersey

by Amy Works February 18, 2015

PARSIPPANY, N.J. — A joint venture between Intercontinental and Ivy Realty has acquired Morris Corporate Center 4 (MCC 4) in Parsippany for an undisclosed price. Situated within the 182-acre Morris Corporate Center campus, MCC 4 offers 345,218 square feet of office space within two interconnected five-story buildings at 369 and 379 Interpace Parkway. Constructed in 2000, MCC 4 is the newest office building at Morris Corporate Center. Jeffrey Dunne, Kevin Walsh, Brian Schulz, Frank Maresca, Remy deVarenne and Sarah Jones-Maturo of CBRE represented the seller, a subsidiary of MetLife, in the transaction.

February 18, 2015

California Office Western

Meridian Provides $35M in Financing for San Francisco Office, Retail Property

by Nellie Day February 18, 2015

SAN FRANCISCO — Meridian Capital Group has provided $35 million in acquisition financing for an office and retail property in San Francisco. The 46,000-square-foot property is located at 166 Geary Street in the city’s Union Square area. The loan was provided to The Jackson Group, Sun Equity Partners and Concord Real Estate. The 36-month, floating-rate mortgage was structured to accommodate the sponsors’ unique business plan. The borrowers plan to separate the asset into two commercial condos post-closing by pre-allocating $25 million to one portion of the asset and $10 million to the remainder. Financing was provided by a national balance sheet lender. It features full-term, interest-only payments. The loan was arranged by Shaya Ackerman and Moshe Majeski of Meridian Capital Group.

February 18, 2015

Colorado Office Western

Palisades Private Capital Fund Buys Plaza Quebec in Centennial for $12.7M

by Nellie Day February 18, 2015

CENTENNIAL, COLO. — Palisades Private Capital Fund I (PPCFI) has acquired Plaza Quebec, a 94,394-square-foot office building in Centennial, for $12.7 million. The Class A building is located at 6025 South Quebec Street in the southeastern suburbs of Metro Denver. Plaza Quebec was built in 1984 and renovated in 2009. It is 85 percent occupied by tenants like Cherry Creek Mortgage Company and Peoples National Bank. The property is situated on the edge of Greenwood Plaza, near Greenwood Athletic Club and the boutique Village Shops at the Landmark. PPCFI is a $50-million fund sponsored by Palisades Mexico Partners (PMP). PMP is a partnership between Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors LLC, and Finsa Global Equities, owned by Sergio Argüelles, president and CEO of FINSA, an industrial real estate development firm. The seller, Crown West Realty LLC, was represented by Tim Richey and Mike Winn of CBRE. Financing was arranged by Brad Zampa of CBRE.

February 18, 2015

California Office Western

Katella Property Owner Buys Los Alamitos Office Building

by Nellie Day February 17, 2015

LOS ALAMITOS, CALIF. – Katella Property Owner has purchased a 149,326-square-foot office building in Los Alamitos for an undisclosed sum. The building is located at 3131 Katella Ave. Katella Property Owner was represented by Shaun R. McCullough of Lee & Associates–Long Beach. The seller, Supermedia Services, was represented by Case Commercial. McCullough and Jeff Coburn will serve as the new owner’s exclusive leasing agents.

February 17, 2015

California Office Western

Los Angeles Office Building Changes Hands

by Nellie Day February 17, 2015

LOS ANGELES – A 37,962-square-foot office building in Los Angeles has sold to a medical group. The price was not disclosed. The nine-story building is located at 8436 West 3rd Street. It is situated a half-block east of La Cienega. The medical group intends to occupy a portion of the property. The seller, CIM Group, was represented by Lynwood Fields and Bob Safai of Madison Partners.

February 17, 2015

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