Office

CBRE Group Arranges $8.4M Sale of New Jersey Office/Retail Property

by Amy Works December 10, 2014

PASSAIC, N.J. — CBRE Group Inc. has arranged the sale of an office and retail property located at 615-625 Main Ave. in Passaic. The 65,000-square-foot building sold for $8.4 million. The building, which includes a two-story parking garage, underwent a $5 million capital improvements program in 2007. Current tenants include Valley National Bank, which has been in the location for more than 40 years. Charles Berger and Elli Klapper of CBRE Tri-State Investments Properties represented the seller and procured the buyer, a long-time CBRE client, in the deal.

December 10, 2014

Midwest Office Retail Wisconsin

The Morgan Partners Arranges Sale of 8,000 SF Bank Property in Neenah, Wis.

by Danielle Everson December 10, 2014

NEENAH, WIS. — The Morgan Partners LLC has arranged the $760,000 sale of an 8,000-square-foot bank property in Neenah. CitizensFirst Credit Union of Oshkosh purchased the property located at 640 S. Green Bay Road. The buyer intends on renovating the building and opening to the public in spring 2015. Ed Bowen and Nicholas Lang of The Morgan Partners represented the buyer. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate-Wisconsin represented the seller, a regional bank.

December 10, 2014

Office Southeast Virginia

Federal Capital Partners Sells Arlington Office Building for $56.2M

by John Nelson December 10, 2014

ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.

December 10, 2014

California Office Western

San Mateo BayCenter Office Campus Receives $86M in Financing

by Nellie Day December 10, 2014

SAN FRANCISCO — San Mateo BayCenter, a 303,257-square-foot office campus in the Silicon Valley submarket of San Mateo, has received $86 million in financing. The Class A campus is located at 901 and 951 Mariners Island Blvd., and 999 Baker Way. San Mateo BayCenter is situated at the intersection of U.S. Highway 101 and Highway 92. The three-building campus was built in 1987. The campus is more than 98 percent leased to tenants like Marketo, Brightedge Technologies and Actuate. The floating-rate, post-acquisition financing was arranged by HFF’s Bruce Ganong, Jordan Angel and Walter Chui on behalf of Rockpoint Group. HFF also handled the property’s sale, which closed in September. The seller was Equity Office Properties.

December 10, 2014

Arizona Office Western

Desert Ridge Corporate Center in Phoenix Sells for $58.6M

by Nellie Day December 10, 2014

PHOENIX — Regent Properties has acquired Desert Ridge Corporate Center (DRCC), a 293,161-square-foot office and retail property in Phoenix, for $58.6 million. The institutional-grade center is located at 20860, 20830 and 20910 N. Tatum Blvd., within the master-planned community of Desert Ridge. DRCC contains two Class A office buildings, in addition to a 17,953-square-foot, multi-tenant specialty retail building. The property is located on land encumbered by a State of Arizona ground lease that has 78 remaining years. Notable tenants at the center include GEICO Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes, Summit Energy, SimonMed Imaging and Scottrade. DRCC was built in 2007.

December 10, 2014

California Office Western

Viewridge Business Park Trades in San Diego

by Nellie Day December 9, 2014

SAN DIEGO – Viewridge Business Park, a 72,571-square-foot office complex in the Kearny Mesa submarket of San Diego, has sold to MIG Real Estate for an undisclosed sum. The park is located at 4711, 4715 and 4719 Viewridge Ave. It is currently 82 percent leased. Notable tenants include Coastal Credit, YARDI and Vericare. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.

December 9, 2014

New York Northeast Office

SL Green Increases Stake in 1745 Broadway Office Condo

by Amy Works December 9, 2014

NEW YORK CITY — SL Green Realty Corp. has acquired additional ownership interest in the 674,000-square-foot office condominium at 1745 Broadway in New York City. The condominium is leased entirely to Random House. SL Green originally acquired a 32.26 percent stake in the property in 2007 and is now increasing its ownership to 56.88 percent as a result of recent transactions. The majority of the interests, consisting of general partnership and limited partnership interests, where purchased from The Witkoff Group in exchange for SL Green Operating Partnership units. By acquiring these interest, the company has consolidated management of the property. Designed by Skidmore, Owings & Merrill, the 50-story office building was completed in 2003.

December 9, 2014

District of Columbia Office Southeast

PRP Acquires Office Building in D.C.’s West End for $31.6M

by John Nelson December 9, 2014

WASHINGTON, D.C. — PRP LLC has purchased a 100,000-square-foot office building located at 2501 M St. N.W. in Washington, D.C.’s West End for $31.6 million. PRP acquired the property from the Association of American Medical Colleges on behalf of one PRP’s real estate funds in partnership with an institutional investor. PRP will convert the building into a 60-unit luxury residential condominium property with 11,475 square feet of retail space featuring outside dining. PRP plans to begin selling condo units in 2015 and deliver the finished homes by mid-2016.

December 9, 2014

Florida Office Southeast

CBRE Brokers Sale of Wells Fargo Center in Downtown Tampa

by John Nelson December 9, 2014

TAMPA, FLA. — CBRE has brokered the sale of Wells Fargo Center, a Class A, 389,608-square-foot office building located at 100 S. Ashley Drive in downtown Tampa. The 22-story LEED Gold-certified building was 93 percent leased at the time of sale to tenants such as Wells Fargo, UBS, USAA, Valet Waste, Phelps Dunbar, AllegiantMD, Warren Averett and Carlton Fields. Wells Fargo Center features a fitness center, café, full-service bank branch, ATM, new conference center and a complimentary shuttle service. Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya of CBRE brokered the transaction.

December 9, 2014

Massachusetts Northeast Office

Jamestown Acquires 220,000 SF Davenport Building in Cambridge

by Amy Works December 8, 2014

CAMBRIDGE, MASS. — Jamestown, a national real estate and investment firm, has acquired the Davenport building in Cambridge from DivcoWest for an undisclosed price. The property was originally constructed in 1860 as the Davenport Furniture Factory. In 1987 the seven adjoining buildings were renovated to function as a single four-story, 220,000-square-foot office building. Recently the building underwent an $18 million capital improvements program to bring the property to modern standards. The property is currently fully leased to seven tenants: HubSpot, Sonos, PowerSteering Software, npg, Nimbus, Atlas Venture and Manta. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield of Massachusetts brokered the transaction.

December 8, 2014

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