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.
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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.
MONTEBELLO, N.Y. — Mack-Cali Realty Corp. has completed the disposition of 400 Rella Blvd. in Montebello for $28.3 million. The three-story, 195,375-square-foot office building, which was Mack-Cali’s sole asset in Rockland County, N.Y., was 75.8 percent leased at the time of sale. Jeffrey Prezant of Cushman & Wakefield represented Mack-Cali in the transaction.
HOUSTON — Global Transportation has leased 10,719 square feet at the Norfolk Tower building, located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, The Realty Associates Fund IX LP. Phil Arnett represented Global Transportation in negotiations.
LOS ANGELES — Face First has signed a five-year lease for 6,331 square feet at LC3: Lindero Canyon Creative Campus in the Los Angeles submarket of Westlake Village. The creative office campus is located at 31416 Agoura Road. Face First was represented by Ryan Harding of Newmark Grubb Knight Frank. The landlord, Agoura and Lindero Associates LLC, was represented by CBRE’s Michael Slater and Tom Dwyer. LC3 was only 36 percent occupied when it was originally purchased by the LLC in late 2012. The occupancy rate now stands at 95 percent.
TAMPA, FLA. — Avison Young has brokered the $3.5 million sale of Stadium Executive Center, a 27,503-square-foot, Class B office building in Tampa. The two-story property is located at 4107 Himes Ave. Trey Carswell and Lauren Coup of Avison Young represented the seller, RMS Assets LLC, in the transaction. The buyer, Roche Surety & Casualty Co. Inc., will occupy the second floor of the property and maintain three leases on the first floor.
ALPHARETTA, GA. — KBS Real Estate Investment Trust (KBS REIT I), a non-traded REIT based in Newport Beach, Calif., has signed a new tenant to a 14,701-square-foot lease at its Great Oaks Center office park in Alpharetta. Ben Parker of Avison Young represented the tenant, Star & Shield Services LLC, in the lease transaction. Elliott Grand and Jeff Keppen of CBRE represented KBS REIT I. Great Oaks Center is located at 11560 Great Oaks Way.