SAN FERNANDO, CALIF. – The Elk’s Lodge Building in San Fernando has sold to Mayfair Investment Co. LLC for $2 million. The property is located at 804 Pico Street. It contains 20,000 square feet on nine contiguous parcels. The 77-year-old facility will continue to house Elks Lodge 1539. Mayfair was represented by Ash Joshi of Capital Realty Solutions. Elks member Robert Paul represented the seller, Elks San Fernando LLC.
Office
HOUSTON — West Memorial Place, a 330,000-square-foot Class A office building has been topped out. The nine-story building is 50 percent leased and will open in early 2015. It is deigned to meet LEED Platinum standards. Skanska Commercial Development is the owner of the site and HOK is the building’s architect. Skanska USA Building is the project’s construction manager.
PALM BEACH GARDENS, FLA. — Cassidy Turley has arranged a $28 million loan for Golden Bear Plaza, a three-building, Class A office park spanning 243,000 square feet in Palm Beach Gardens. The asset is located at 11760, 11770, 11780 and 11790 Highway 1. The park features private terraces, floor-to-ceiling windows, a fitness center, on-site property management and views of the Atlantic Ocean. Philip Mudd and Bradley Geiger of Cassidy Turley arranged the loan through Guggenheim on behalf of the borrower, Equus Capital Partners Ltd.
CONCORD, MASS. — Paradigm Capital Advisors, in partnership with Alcion Ventures, has acquired a Concord Farms, a suburban office park in Concord. Situated on 31 acres, the 293,789-square-foot office complex consists of five two- and three-story buildings. The buyers plan to reposition the existing buildings into modern office space and re-introduce the park to the suburban market.
PARAMUS, N.J. — United Water Management & Services Inc. has signed a 20-year lease for 116,360 square feet of space at Mack-Cali Centre VI in Paramus. Located at 461 From Road, the five-story, 253,554-square-foot office building is currently 86.5 percent leased. The property features an on-site cafeteria and roving security. The building is part of Mack-Cali Realty Corp.’s 279-property portfolio.
ROYAL OAK, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 3,900-square-foot office building in Royal Oak, a northern suburb of Detroit. The property is located at 116 East 7th St. ?The office building is less than a mile from Oakland Community College – Royal Oak Campus. The seller, Kayser Street Enterprises LLC, sold the space to Rabbi Eli Mayfield. The new owner plans to remove the current building and replace it with a community center for young adults. Rob Hibbert of Friedman represented the seller.
IRVINE, CALIF. — J & R Main Street LLC has purchased a 143,695-square-foot office building and an adjoining data center in Irvine for $36 million. The property is located at 2525 Main Street. It is situated near the 405 and 550 freeways in the Airport Area submarket. The building is 85 percent leased to tenants like Advanstar Communications, OSI Consulting and a colocation facility operated by GrupoSMS. The LLC was represented by JLL’s Joe Bevan. The seller, Main Street Office Partners LLC, was represented by David Dowd of Cushman & Wakefield. Bevan will handle the building’s leasing, along with JLL’s Wade Clark and Bryce Mordoff. The firm’s property management team will also manage the building.
MARIETTA, GA. — Atlanta-based SDM Partners has purchased Sandy Plains Business Park, a 167,329-square-foot office/flex business park in Marietta, a northwest suburb of Atlanta. SDM purchased the three-building asset from an unnamed global investment manager. The property was 94 percent leased at the time of the sale. The Bank of North Georgia, represented internally by Mark Hancock, provided acquisition financing, and Rooker Properties provided equity financing. Colliers International’s Atlanta office will provide leasing and property management services at the business park. Matt Tritschler of Avison Young represented the seller in the transaction.
WARREN, N.J. — HFF has secured a $46.3 million loan, on behalf of Normandy Real Estate Partners, for Center 78 in Warren. Located at 184 Liberty Corner Road, the Class A property offers 371,680 square feet of office space. The LEED Gold-certified property was originally built in 1982 and renovated between 2012 and 2013. Jon Mikula and Michael Lachs led the HFF team that arranged the three-year, floating-rate loan with Square Mile Capital Management LLC.
NORWALK, CONN. — Matrix Investment Group has acquired 535 Connecticut Avenue, a 179,000-square-foot office building in Norwalk. 535 Connecticut Avenue LLC, a joint venture between KABR Real Estate Investment Partners and Blackpoint Partners, sold the property for $13.5 million. The office building, which is 45 percent leased, features a fitness center, cafeteria and 95 percent covered parking. Jeffrey Dunne and Steven Bardsley of CBRE Group’s Institutional Properties represented the buyer and the seller in the transaction.