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.
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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.
SCHAUMBURG, ILL. — Zurich North America has broken ground on its new facility headquarters in Schaumburg. The multi-line insurance provider purchased nearly 40 acres from Motorola Solutions at the northwest corner of I-90 and Meacham Road to construct its new facility. The new campus will feature 735,000 square feet with the potential to add on in the future. The developer and design builder, Clayco and financier/landlord Stonemont Financial Group, have made a $300 million investment and plan to lease the building to Zurich for the next 26 years.The new facility is scheduled to open in 2016. The Village of Schaumburg assisted in Zurich’s decision to remain in the area, offering incentives through the newly created North Schaumburg Tax Increment Financing district. Zurich is in the final stages of executing a package with the state of Illinois to receive Economic Development for a Growing Economy, or EDGE, incentives, according to the company.Representatives from Zurich, the state of Illinois and the business community recently joined together for a groundbreaking ceremony for the new facility. Zurich currently employs approximately 2,500 people in Schaumburg and also has an office in downtown Chicago. Zurich employs about 60,000 people worldwide serving customers in more than 170 …
EAST RUTHERFORD, N.J. — Newport Beach, Calif.-based KBS REIT II, a public non-traded real estate investment trust, has completed the disposition of Metropolitan Center in East Rutherford. The office property was sold to One Met Center LLC, which is owned and operated by Vision Properties, a wholly owned subsidiary of Arena Capital Group, for $108.7 million. Located at One Meadowlands Plaza, Metropolitan Center is a 15-story, 421,317-square-foot LEED Gold-certified office building. The property is also adjacent to MetLife Stadium and the American Dream development, which is slated to include 1.7 million square feet of retail space and 1.2 million square feet of attractions and dining.
SAN ANTONIO — Stream Realty Partners has broken ground on a Class A office project in San Antonio, Lockhill Crossing. The development will consist of a five-story, 126,626-square-foot office building at the corner of Lockhill Selma Road and Loop 1604. The building is situated on approximately 17 acres, and offers a 4.2 per 1,000-square-foot parking ratio with executive covered parking egress and ingress from Loop 1604 and Lockhill Selma Road, highway visibility, monument signage opportunities, Class A finishes and energy efficient systems and materials. Stream Realty has leased 16 percent of the development to two undisclosed tenants. The building is scheduled to be completed in the second quarter of 2015. Stream Realty will lease and manage the project.