WESTPORT, CONN. — Building and Land Technology (BLT) has acquired Nyala Farms Corporate Center in Westport for $130 million. Situated on 53 acres at 60 Nyala Farms Road, the property offers 372,207 square feet of Class A office space. The office park is currently home to Terex, Bridgewater Associates, Morgan Stanley and RBC, among others. With this acquisition, BLT now owns more than 5 million square feet of office space in Connecticut.
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MORRIS TOWNSHIP, N.J. — Keystone Property Group and Mack-Cali, through a joint venture, has acquired 412 Mt. Kemble Avenue in Morris Township for $45.4 million. Located in Morris County’s corporate corridor, the asset comprises three three-story buildings offering 475,100 square feet of office space. The property offers a variety of tenant amenities, including a fitness center, café, executive parking garage and dual power feeds. Earlier this year, the companies entered into agreements to form various joint ventures to acquire the property as part of a larger portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut.
HOUSTON — Peloton Capital Partners has sold a recently renovated two-building office property in Houston’s Westchase district to Pennybacker Capitol InSite Realty Partners for an undisclosed amount. The properties total 121,700 square feet and are 80 percent occupied. Todd Casper and Mike Hassler with CBRE’s capital markets team arranged the sale. ITT Educational Service Inc. anchors the two-building asset, located at 2950 and 3030 S. Geasner near the Westpark Tollway and U.S. Highway 59.
SACRAMENTO, CALIF. — Jackson Properties has acquired University Office Park, a 130,000-square-foot office campus in Sacramento, for nearly $20 million, according to reports. The six-building campus is located at 777 Campus Commons Drive in the master-planned community of Campus Commons. The campus is situated on 12 acres next to two fully leased office buildings that Jackson recently developed. The transaction includes additional land for future development. The property is flanked by Fair Oaks Boulevard, as well as University and Howe avenues.
LOS ANGELES – NationBuilder has signed a 10-year lease for 54,780 square feet of space in Biltmore Court at the Millennium Biltmore Hotel Los Angeles in Downtown. The property is located at 520 South Grand Ave. The community-building software technology company will occupy the entire second floor of the historic building, which spans from Grand Avenue to Olive Street, overlooking Pershing Square. Renovations to convert this space into a creative office will commence immediately. The Biltmore’s second floor hasn’t been occupied for several decades. This is the largest lease executed in the Biltmore’s history, and the largest office lease by a local technology start-up in Downtown Los Angeles, according to CBRE Research. NationBuilder was represented by Dennis Smith and Griffin Farriss of Travers Realty. The landlord, WHB Biltmore LLC, was represented by CBRE’s Andrew Tashjian.
ALEXANDRIA, VA. — Finmarc Management Inc. has purchased Waterfront Center I and II in Alexandria from Gates Hudson for $31.5 million. The two office buildings total more than 150,000 square feet and are cumulatively 69 percent leased. Waterfront Center I, located at 801 N. Fairfax St., was delivered in 1971, and Waterfront Center II, located at 209 Madison St., was delivered in 1987. With the transaction, Finmarc Management has acquired or disposed of more than $427 million worth of properties in the last 24 months.
MIAMI LAKES, FLA. — Sperry Van Ness South Commercial Real Estate Advisors has arranged the $6.2 million sale of 65,000 square feet of fractured office condos located at 14750 N.W. 77th Court in Miami Lakes. BB&T Bank sold 90 percent of the building’s office condos to the new ownership group, Kislak. Rene Vivo of Vivo Real Estate Group represented Kislak in the transaction. Matthew Rotolante, Caroline Camus and Eric Amat of Sperry Van Ness represented BB&T Bank.
WIXOM, MICH. — Gerdom Realty & Investment has arranged the sale of a 4,000-square-foot office building in Wixom, approximately 35 miles west of Detroit. Trademark Properties of Michigan purchased the building, located in the Crossroads Business Center on Beck Road, for an undisclosed price. Trademark Properties specializes in investing, rehabilitating and developing a variety of distressed real estate properties. Tjader Gerdom of Novi, Mich.-based Gerdom Realty & Investment represented the buyer.
MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has acquired Montville Corporate Campus located at 340-342 Changebridge Road in Montville from Bayer Pharmaceuticals. Situated on 27 acres within a gated site, the campus currently comprises two three-story travertine marble office buildings. VREP plans to rebrand the property and invest nearly $15 million to reposition the buildings for single- or multi-tenant occupancy. The firm also plans to redevelop the campus into a mixed-use live/work/play environment. The acquisition ties to VREP’s role as developer of Bayer Healthcare’s new 94-acre, 675,000-square-foot East Coast Headquarters in Whippany, N.J. As part of VREP’s sale of that site to Bayer in 2012, the firm retained the option to purchase Montville Corporate Campus. Jones Lang LaSalle’s Capital Markets Group negotiated the multimillion-dollar off-market transaction.
SAN JOSE, CALIF. – American Realty Capital has acquired a 165,000-square-foot office campus in San Jose for $52.1 million. The three-building campus is located on River Oaks Parkway at Zanker Road in San Jose. The seller, Bixby Land Company, originally acquired the campus in 2011 in two separate transactions for a total of $19.5 million. The company redesigned the space before leasing it to Nimble Storage. The property includes a 30,000-square-foot outdoor living room that can be used for collaboration or relaxation. American Realty Capital represented itself in this transaction. Bixby was represented by Mark Penrod and Andy Zighelboim of Eastdil Secured.