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.
Office
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.
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.
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.