BLOOMINGTON, MINN. — KBS Realty Advisors of Newport Beach, California, has acquired Northland Center, a 465,168-square-foot office complex in Bloomington, for $51 million. The property was 89 percent leased at closing; United Properties sold the property. Northland Center is a LEED-EB Silver-rated property located at 3500 and 3600 American Blvd. West. Renovated in 2010, the two-building asset is seven stories high and covers 12.9 acres. Amenities include an onsite, full-service cafeteria, fitness facility with locker rooms and showers, conference rooms, sundry shop, hair salon, dry cleaning service and a car wash/detailing service. Tom O'Brien and Scott Pollock of Cushman & Wakefield/NorthMarq, Minneapolis, represented United Properties in the sale.
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WESTERVILLE, OHIO — The Cooper Commercial Investment Group has arranged the $6.5 million sale of the TPUSA Inc. office building in Westerville, a suburb of Columbus. TPUSA, a subsidiary of the internationally recognized and publicly traded French company Teleperformance, signed a new seven-year lease, with yearly rental increases through 2020 and reimbursments for all operating expenses and also management expense of the property. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, a Cleveland-based private investment group, and the buyer, a New York-based private investment group. The property was sold representing an 8.17 percent capitalization rate and just over $149 per square foot.
MURRIETA, CALIF. – A pair of Class A office buildings in Murrieta has sold to Village Walk Murrieta LP for $7.7 million. The properties contain a total of 37,652 square feet. The first building is called Village Walk Corporate Center. It was built in 2004 at 41391 Kalmia Street. Village Walk is 96 percent occupied by 11 tenants. The second building is located at 41381 Kalmia Street. This building is fully occupied by Pacific Western Bank. Dan Vittoneand Alan Pekarcik of Avison Young represented both the buyer and seller, Village Walk Square LLC, in this transaction.
DALLAS — CBRE has brokered the sale of 1700 Pacific, a Class A office tower in the Dallas central business district. Quebec, Canada-based Olymbec Group bought the property for an undisclosed price. The 49-story tower totals 1.3 million square feet and includes three levels of parking and concourse-level retail. CBRE’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill arranged the sale on behalf of the seller, Berkeley Investments Inc. 1700 Pacific is in walking distance of downtown Dallas destinations including the Tower Club, Main Street Gardens, the Neiman Marcus flagship store and Majestic Theatre. Tenants include Akin Gump Strauss Hauer & Field LLP, Neiman Marcus, Mary Crowley Medical Research Center and Southcross Energy.
CHARLOTTE, N.C. — CBRE has brokered the $64 million sale of Coliseum Centre 3, 5 and 6, three Class A office buildings in the Coliseum Centre office park in Charlotte. The six-story buildings are located at 2550 W. Tyvola Road and 2810 and 2815 Coliseum Centre Drive. Coral Gables-based America’s Capital Partners purchased the properties from Vision Properties/Arena Capital Group and CarVal Investors. Patrick Gildea, Will Yowell and Justin Parsonnet of CBRE represented the sellers in the transaction.
QUINCY, MASS. — HFF has secured $25 million in first mortgage financing for 100 Hancock Street in Quincy. HFF placed the long-term, fixed-rate loan with Peoples United Bank for the borrower, Synergy Investments. Renovated in 2008, the 10-story 204,750-square-foot office building is certified LEED silver and features a full-service cafeteria, fitness center, shared conference facility and a three-level, 329-space parking garage. The property is 95 percent leased to a variety of tenants, including several State of Massachusetts agencies. Greg LaBine and Patrick McAneny led the HFF team representing the borrower in the transaction.
RED BANK, N.J. — Red Bank-based AEP Properties LLC has acquired a three-story, 6,600-square-foot office building located at 213 Route 35 in Red Bank for an undisclosed price. The buyer plans to renovate the building, which is currently vacant, to create a multi-tenant property. Once renovations are complete, Pereless Systems will expand its customer service and support teams into the property. Brian Murphy of Sitar Realty Company represented the buyer in the transaction.
DOWNERS GROVE, ILL. — Marcus & Millichap has brokered the $360,000 sale of a 4,329 square-foot, net-leased property in Downers Grove, a western suburb of Chicago. Accelerated Rehabilitation Centers will occupy space located at 1624 -1626 Ogden Ave. The property sold in 31 days at 90 percent of its original list price. Accelerated Rehabilitation Center has leased the property since 2003. Accelerated’ s lease includes annual rent increases of 4 percent. The property has been 100 percent occupied since 1975. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, in the transaction.
PHOENIX – The Motorcycle Mechanics Institute (MMI) Building in Phoenix has sold to Hyperion Fund LP for $6 million. The MMI Building is located at 2932 W. Deer Valley Road. It is fully leased to UTI on a long-term basis. The building is one of three structures that make up the MMI campus. Hyperion was represented by Eric Wichterman and Mike Coover of Cassidy Turley. The seller, 2932 DVR LLC, was represented by Barry Gabel and Chris Marchildon of CBRE’s Phoenix office.
SCOTTSDALE, ARIZ. – The SAARS Building, an 8,500-square-foot office building in Scottsdale, has sold to 4221 Scottsdale LLC / TradeCor LLC for $2.1 million. The Class B building is located at 4221 North Scottsdale Road in the Old Town Scottsdale entertainment district. It was built in 1982. Mark Bramlett, Eric Wichterman and Mike Coover of Cassidy Turley represented both the buyer and seller, Scottsdale Area Association of Realtors (SAARS), in this transaction.